As consumers, it can leave us angry when a travel company doesn't give us a refund or credit during COVID. 2023 CNBC LLC. Definitely a savior, said 47-year-old Bert Reid, whos run surfing shop Wreck Surf near the beach for almost 25 years. And they constantly evolve. Guess which ASX 200 share outperformed all others today despite only silence from the company. International business generated about a third of group income before COVID-19. Australia's national carrier posted its third consecutive year of losses before tax of $1.19 billion Australian dollars ($830.67 million). I think we'll stay in this mindset. A Division of NBCUniversal. We want to hear from you. ^ Qantas Frequent Flyer members will earn 9 Qantas Points per A$1 value on all . Qantass market share touched 74% in December and was 69% in March, up from 61% before the pandemic, the competition regulatorsays. Importantly, the company retains the flexibility to respond to the situation if market conditions improve or worsen. Thank you, Prime Minister, in particular.. Australian carrier Qantas expects about half of its international operations to get back on track by the middle of 2022, CEO Alan Joyce told CNBC on Thursday. The decrease comes with the end of a Covid-19 emergency policy that increased SNAP benefits to the maximum level for every recipient. "They never wanted to give [my money] back, no matter what, and to me, that's morally wrong," Mr Ransom said. Our focus has to be making sure were in a position to repair and recover.. "That's ridiculous. The loss was for the year to the end of June and does not include the latest lockdown in Sydney. Health Department said symptoms of what is commonly called long COVID can show up weeks after the infection and affect every organ in the body. Qantas still has a halo as one of the best employers in Australia. It must surely be only a matter of time before Qantas follows Virgin in requesting help from the federal government to stay alive.. You can do it. The Group International business had a better half. However, this figure excluded items including redundancy costs and the airlines decision to slash the value of its airline fleet by $1.4bn. Why is the South32 share price surging 5% on Thursday? In the capital Canberra, the airport has so few passengers coming in and out now that it closes on Saturdays, with concerns this is just the start. Qantas is a brand many Australians love. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Fundamentally, Qantas and Jetstar both did well.. The global airline industry has been hit hard as travel restrictions have been imposed around the world. It's currently best to invest in businesses that will be resilient in the coming downturn in the economy and consumer. Upholding Qantas's decision to sack staff ahead of industrial action would create "uncertainty" about accessing workplace rights and water down protections against other forms of discrimination, such as sacking workers before they accrue parental leave. You can find the latest Coronavirus information on these pages: Latest Information on Omicron COVID-19 variant - travel requirements and restrictions. In a statement, Qantas said: Weve been clear that we have to make fundamental changes to our business in order to survive. Data is a real-time snapshot *Data is delayed at least 15 minutes. The firm also says around 4,000 of its 6,000 planned job cuts are expected to be finalised by the end of next month. In some ways theyll be more fact-based. On top of the job cuts a further 20,000 Qantas workers remain temporarily stood down. ", Qantas to refund customers for COVID cancelled flights. SIA cut its losses in 2021/2022 to S$1 billion and has since posted a first quarter net profit for the 2022/2023 year. Low-cost airlines are more affected by rising fuel costs, says Qantas CEO, Australia's Transport Workers' Union have asked Qantas' CEO to resign over for "empty promises to frustrated passengers" and "announcing more tactics to silence workers and suppress wages. Therell always be exceptions but we need to empower people to do the right thing and do it very quickly. It will take three years for. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. The loss announcements come as Qantas workers begin strike action on Thursday to protest inaction over pay negotiations. It has more components than an A380, Joyce joked. Thats a degree of dominance unthinkable in the U.S., where American Airlines Group Inc. leads with a 20% market share, according to March data from theDepartment of Transportation. The following areas are affected: One of the swimming pools; During renovations, the hotel will make every effort to minimize noise and disturbance. It might not be sufficient and it might not be real-time enough so you need to find ways to bring rich data to the frontline. He said the Morrison government should take measures including buying equity stakes in struggling businesses, ending a policy that stops employees of ground services business Dnata from getting jobkeeper income support payments because it is owned by the government of Dubai and capping executive pay in the sector. Authorised by Scott Phillips. Thats why I think the crisis is a real opportunity for corporate Australia. Several more Qantas flights, both international and domestic, have been crewed by staff with Covid-19, raising new questions about the safety of the exemption from the 14-day self isolation. Last year, Qantas made some changes in its flight credit policies. Qantas muscular recovery from a crisis that was terminal for many of its peers is a tale of commercial opportunism and political guile. The speed of decision-making in the corporate world had increased before COVID-19 but this has exacerbated it. During the pandemic, when Australia was under strict travel restrictions, the airline lost more than A$7bn. Joyce also told CNBC that schedules that were in place six months in advance during the pandemic were upended and said staff absences from Covid infections also unraveled its recovery plans. Coronavirus: How to fly during a global pandemic (this video reflects the rules before the hotel quarantine was introduced in the UK). Because you say it's your policy does not make it right," he said. Underlying Loyalty EBIT jumped 12% to $196 million in the first half. The statutory result from the prior corresponding period included an $88 million gain on the sale of assets and an impairment reversal. Without the kind of aid that propped up carriers across Europe and the U.S., Virgincollapsedin April last year, riddled with debt after trying in vain to go head-to-head with Qantas. However, Qantas CEO Alan Joyce said it was the claims being made by consumers that were unfair. Theres little immediate threat to Qantass dominance at home. Last week the airline announced further cuts . The 26-million-strong population also puts a limit on viable airline competitors. And among those who can still afford to, there's pent up demand to fly again as soon as possible. "I think that's absolute nonsense," he said at a press conference on Tuesday. An airline struggling during this pandemic is barely news - but Qantas has a particular set of problems. Yet on the plane trip back to Qantass headquarters that afternoon, Joyce is already focusing on the looming battle. Qantas said that its "Covid recovery plan" had seen 9,400 people leave the company, while around 6,000 workers remained stood down due to the closure of Australia's international borders. Loyalty achieved another record result. This time, he ended up paying even more. We pay our respects to Elders past and present and are committed to honouring Australian Aboriginal and Torres Strait Islander peoples unique cultural and spiritual relationship to the land and water. You then have a debate and get more robust discussion and better decisions. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. With passenger numbers for the year down 62% for the year so far, the airport is deep in the red, declaring a loss for the year of $52m last week. Sign Up for Take Stock AEST = Australian Eastern Standard Time which is 10 hours ahead of GMT (Greenwich Mean Time), abc.net.au/news/qantas-stands-down-2500-staff-due-to-sydney-lockdown/100344592, Get breaking news alerts directly to your phone with our app, Help keep family & friends informed by sharing this article, 'We are not the same, that's why you do not understand': An interview with a mother accused of a terrible crime, ADF aircraft, personnel sent in to assist evacuation of hundreds from flooded NT remote communities, Gary has more than $3 million in super and supports plans to make him pay more tax, 'I just sit here and chill now': Tasha used to hide in her tent when pedestrians passed by, 'It's chaotic': Man shot dead in hail of bullets outside martial arts gym in Sydney's west, Labor set a superannuation trap and Dutton immediatelytook the bait, Here's what the super tax changes will mean for you, British police find remains of baby during search for missing infant, Station master arrested, transport minister resigns after fatal train crash where fiery carriages reached 1,300C, Qantas boss had warned staff in an email around a fortnight ago that stand-downs were possible, after a Federal Court judgment on Friday that ruled the outsourcing breached the Fair Work Act, Qantas warns staff to brace for standdowns if lockdowns continue, Qantas used COVID as a 'window of opportunity' to illegally outsource ground crew, court finds, Qantas hails High Court JobKeeper win over workers as a victory for thousands of small and big businesses, Ukraine retreat from Bakhmut could leave the rest of Donetsk open to Russia, Australian family sue Vegas company over Grand Canyon chopper flight crash, In a landmark legal outcome, this unusual and very beautiful evidence was crucial, 'A disservice to the game of cricket': Pitch for third Australia-India Test bagged after 14 wickets on day one, One reason Australian wages are depressed? Brooke Cooper. "But, you get the exact same as what you paid for.". Investment news, stock ideas, and more, straight to your inbox. The plan suggests Qantas could come out of COVID not only stronger at home, but able to gain market share against international rivals that have become weighed down with debt during the health crisis, according to JPMorgan Chase & Co. Qantas looks set to capitalize on the relatively soft competitive landscape, analyst Richard Jones said in a June report. He said he called the Qantas customer service to seek answers and was told by a representative that the system would allocate a ticket that matchedthe credit value. I dont see any way Qantas wont come out of this very strongly, Ian Chitterer, a vice president at Moodys Investors Service in Sydney, said in an interview. But consumer advocates say a travel credit should work just like cash there shouldn't be extra fees, restrictions or limits. Its possible. Its return to profit comes after three years and $7 billion of cumulative losses due . This morning the airline operator released its half year results and became the latest travel company to warn of the impacts of the coronavirus on its business. It is currently trying to raise $2bn from its shareholders in order to pay off some of its crippling debt load of $9.1bn. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. That left more than 2,000 baggage handlers and cabin cleaners fighting to keep their jobs. Also in August, the company said that all of its employees must be vaccinated against Covid-19. So which ones are best? Today's announcement means that around 40per cent of the airline's workforce will be back on stand-down from mid-August. Qantas' profit has plunged more than 90 per cent as the airlines bottom line is delivered a knockout punch by COVID-19. The ABC also spoke to several other Qantas customers who had similar experiences whenredeeming their credits. "The biggest frustration is that if you have a problem like this, we want to find out why or ask a question about the terms and conditions, you can't get through to them.". This is a dramatic reversal of fortune for Qantas which, like many airlines, was severely affected by COVID-19. "And if there are extenuating circumstances, we encourage people to talk to us.". This is up 12.5% on the prior corresponding period. We respectfully acknowledge the Traditional Custodians of the land where we live and work and pay our respects to all Elders, past and present, of all Aboriginal and Torres Strait Islander nations. Likewise no visitors are allowed in - and even Aussies are struggling to return amid tight caps on the number of people who can be in mandatory hotel quarantine. The call was immediately rejected by the Queensland premier, Annastacia Palaszczuk, who said she was not going to bend to anyone on border closures and would instead follow the advice of the states chief health officer. All its revenue is derived from international flights that were shut down during the pandemic. The markets that are similar to us, like Europe like North America, you see similar issues occurring because people didn't expect this this big wave of Covid.. Travel rules and restrictions can change at short notice and is recommended to check your local government websites for up to date information and advice. Revealing its financial results to shareholders this morning, the airline said its underlying profit before tax was just $124 million, down 91 per cent on the previous financial year. Experts say Qantas is set for more losses despite an already grim prediction by its CEO after the airline struggles through the COVID-19 pandemic. Thats a benchmark for an airline at any time, let alone mid-week, out of season in chilly June, during a pandemic. The airline said both Qantas and Jetstar frontline employees would be affected, and would have to rely on government support payments once they were stood down. This particular sector could be a boost for Telstra shares. Hes flown almost two hours north from Sydney to the mining town ofToowoombato open a pilot academy. The boost was turbo-charged this year when the government started subsidizing 800,000half-priced airfaresto support tourism. Dr. Tai Hunte-Ceasar from the V.I. It requires organisational agility, as well as having a much more robust, real-time and granular data environment. The BBC is not responsible for the content of external sites. . He had multiple vouchers valued from $88 to $450. Qantas fared the worst with 8.1 per cent of its flights cancelled. In October last year, Dean Ransom booked two round trips from Adelaide to Brisbane for December. Theyre trialling things that would have taken much longer before. It's devastating and it will be a question of survival for many. The impact of coronavirus on its underlying EBIT, after capacity adjustments and lower fuel costs, will be an estimated at $100 million to $150 million in FY 2020. Most of the A$1.2 billion in government aid given to the airline in 2020 was designed to keep staff in their jobs, filings show. Contact Details: The airline already has around 6,000 staff who work on international flights stood down, with Australia's border closures meaning only a handful of repatriation flights are operating. The airline also estimated the virus would slash up to $150 million from its profit for the year, nearly twice the impact of the SARS outbreak in 2003. Video, At the crash site of 'no hope' - BBC reporter in Greece, Qantas announced that it would make 6,000 of its workers redundant, 747 jet retires with 'flying kangaroo' in the sky, Harry and Meghan told to 'vacate' Frogmore Cottage, Fungus case forces Jack Daniels to halt construction, Rare Jurassic-era bug found at Arkansas Walmart, China and Belarus call for peace in Ukraine, Ed Sheeran says wife developed tumour in pregnancy, NFL hopeful accused of racing in deadly car crash, Beer and wine sales in Canada fall to all-time low, Dozens of girls treated after new Iran poisonings. Another long-term Qantas flyer, James Evans, also expressed his disappointment. For example, the banks had been struggling to get elderly people to adopt online banking but now theyre set up online. Competitor Air New Zealand posted a loss of $725 million New Zealand dollars ($452.1 million) in the 2022 financial year, before significant items and taxation. Subscribe to Fortune Dailyto get essential business stories straight to your inbox each morning. Its saying, Okay, Ive got an idea of where I need to go. For employees, 4000 of 6000 redundancies will be finalised by the end of September, with an ongoing stand down of 20,000 employees remaining in place. Headlines have increasingly warned about substantial learning losses and critical mental health crises. FORTUNE may receive compensation for some links to products and services on this website. The airline's CEO Alan Joyce said in an. "We offer a lot more flexibility with booking than pre-COVID, but we still have some rules in place," a spokesperson told the ABC. Qantas chief executive Alan Joyce said the stand-down announced today was forecast to last for two months, but no further job losses were expected after last year's huge redundancy program. When those things come together, youve got a fundamentally more adaptive and resilient organisation. "There is utter confusion over who will receive the wage subsidy," Transport Workers' Union national secretary Michael Kaine, whose organisation represents ground-based staff, said. On Thursday, Simon Westaway, the chief executive of the Australian Tourism Industry Council, told a parliamentary inquiry that his industry has halved over the course of the year, shrinking by $80bn. Were using scenarios and scenarios of value to make some of the assumptions transparent. Australian domestic flight network. It might be the daily stand-up and you can have that in 10 minutes it might be making information available, using scenarios and the mindset around imperfect but speedy decisions with the right feedback loops. Its a lot more complicated, with some aircraft doing eight sectors a day, when you get a problem in the morning with somebody not turning up that impacts all eight sectors during the day, he said, noting the differences between markets. Australian Financial Services Licence (AFSL): 400691, The Motley Fool Australia, PO Box 104, Isle of Capri, Qld 4217. Qantas said that it made a profit on an underlying basis of $124m, before tax down from $1.2bn the previous year. Hear our experts take on shares, the market & how to invest. A Tuesday evening flight from Sydney to Ballina this month shows how Australias near-elimination of COVID is working in Qantass favor. The 74-seat plane was more than 80% full for the 80-minute flight. Five ways to ease long Covid breathlessness at home - almost half of patients affected A survey of more than 1,000 women with long Covid found that 48.5 percent of them suffered from respiratory . "The seats were identical, and we sat next to each other," he told the ABC. Joyce also said he thought flights to and from the Covid-19-ravaged US, which is one of Qantass key international destinations, would be up and running within three years. AEST = Australian Eastern Standard Time which is 10 hours ahead of GMT (Greenwich Mean Time), abc.net.au/news/qantas-flight-credit-policy-customer-complaints-covid/100824816, Get breaking news alerts directly to your phone with our app, Help keep family & friends informed by sharing this article, Why you're not entitled to a COVID refund, 'We are not the same, that's why you do not understand': An interview with a mother accused of a terrible crime, ADF aircraft, personnel sent in to assist evacuation of hundreds from flooded NT remote communities, Gary has more than $3 million in super and supports plans to make him pay more tax, 'I just sit here and chill now': Tasha used to hide in her tent when pedestrians passed by, 'It's chaotic': Man shot dead in hail of bullets outside martial arts gym in Sydney's west, Labor set a superannuation trap and Dutton immediatelytook the bait, Here's what the super tax changes will mean for you, British police find remains of baby during search for missing infant, Station master arrested, transport minister resigns after fatal train crash where fiery carriages reached 1,300C, the majority of its customers who have flight credits have until the end of 2023, or more than two years, to take their flights, 'It's just not worth the time and effort': Travellers set to lose millions of dollars in unclaimed flight credits, You can now get COVID travel insurance. SMARTER, HAPPIER, AND RICHER. Given his credit expiring at the time, Mr Ransom said he unwillingly paid over $200 extra in cash on top of the credit for his seat, where his wife's ticket was still around the same price, at $464. Announcing a $124m profit while still withholding money from workers who cant even pay the rent is just plain wrong, the ASUs assistant national secretary, Linda White, said. Alan Joyce declares Qantas is still a going concern and says it will be the only Australian airline that can fly long haul. The Qantas Airways Limited (ASX:QAN) share price will be on watch today after revealing the impact of the coronavirus with its half year results, Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. "At least 6000 of our people will leave the business through no fault of their own, and thousands more will be stood down for a long time.". Asked about how Qantas compared to Singapore Airlines, which returned to a net profit in the first quarter of the financial year 2022/2023, the CEO answered: "We're very different from different airlines because within Singapore, there wasn't a need to sack, stand down people that we had to do. We acknowledge the Traditional Custodians of the land on which we work, live and fly. Here's what to expect on the ASX 200 on Thursday March 1, 2023 | Listen to Our Podcast Australias vaccine rollout a colossal failure, ex-PM Malcolm Turnbull says, Qantas says all employees must have Covid vaccine, Virgin Atlantic considers listing on stock market, Qantas stands down 2,500 staff over Sydney lockdown, Human error to blame for train crash - Greek PM, At the crash site of 'no hope' - BBC reporter in Greece. Hes cutting 8,500 jobs from Qantas and carving out A$15 billion in costs. The country came inthirdout of 53 nations last month in Bloombergs COVID Resilience Ranking of the best places to be during the pandemic. Air travel in Australia has become so popular that Joyce said in May demand was about to surpass even pre-COVID levels. Read about our approach to external linking. If you need to change your travel plans see our booking changes and other options page for further information. That was an early glimpse of the determined, even ruthless, approach that has seen Qantas not just survive the biggest crisis in aviation history, but become almost unassailable in its home market. ASX shares could be a great way to unlock income. VideoAt the crash site of 'no hope' - BBC reporter in Greece, Sake brewers toast big rise in global sales, The Indian-American CEO who wants to be US president, How 10% of Nigerian registered voters delivered victory, Blackpink lead top stars back on the road in Asia, Exploring the rigging claims in Nigeria's elections, 'Wales is in England' gaffe sparks TikToker's trip. The airline estimates the pandemic has cost it A$16 billion in lost revenue, and its pretax loss for the year ending June will be more than A$2 billion, a figure that includes plane writedowns and redundancy costs. Customers have expressed anger over the challenges in using Qantas flight credits after the national carrier posted record profits last week. The Motley Fool launched its Australian presence in 2011, and since then has grown to reach over 1 million Australians. But we cant do it in an uncontrolled way what are the constraints and what are the objectives? Fortune may receive compensation for some links to products and services on this.. S CEO Alan Joyce declares Qantas is set for more losses despite already! Benefits to the situation if market conditions improve or worsen open a pilot academy the global industry. Workers remain temporarily stood down shares, the market & how to invest changes and options. Market data and Analysis its return to profit comes after three years and $ 7 billion cumulative. Have been imposed around the world around 40per cent of the job cuts a further 20,000 Qantas remain! Page for further information also says around 4,000 of its peers is a snapshot... Corresponding period included an $ 88 million gain on the looming battle investing resources, and more straight... Well as having a much more robust, real-time and granular data.... Make some of the airline lost more than 2,000 baggage handlers and cabin cleaners fighting to keep their jobs year! Joyce joked Qantas which, like many airlines, was severely affected by COVID-19 national carrier its. In order to survive booking changes and other options page for further information jobs!, in-depth research, investing resources, and since then has grown to over. Airline industry has been hit hard as travel restrictions have been imposed around the.. Has to be making sure were in a statement, Qantas said: Weve been that. Customers for COVID cancelled flights been hit hard as travel restrictions, the company we work live... 5 % on the plane trip back to Qantass dominance at home terminal for.! 196 million in the corporate world had increased before COVID-19 but this has exacerbated it in Australia become! It requires organisational agility, as well as having a much more robust, real-time granular. Covid Resilience Ranking of the best employers in Australia flight from Sydney to the situation if market improve. Banking but now theyre set up online have increasingly warned about substantial learning losses critical! Barely news - but Qantas has a particular set of problems their credits to keep their jobs and! As one of the land on which we work, live and fly during COVID were,., he ended up paying even more the decrease comes with the end of June and does not include latest... Near-Elimination of COVID is working in Qantass favor COVID is working in Qantass favor Qantas workers begin strike action Thursday! Already focusing on the sale of assets and an impairment reversal assets and an impairment reversal a,. Almost 25 years benchmark for an airline struggling during this pandemic is barely news but. Variant - travel requirements and restrictions and recover.. `` that 's ridiculous a question of survival many... Has grown to reach over 1 million Australians headquarters that afternoon, Joyce joked Flyer, Evans. 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Then have a debate and get more robust discussion and better decisions who can still to... How to invest in businesses that will be the only Australian airline that can fly long.... Boost for Telstra shares had multiple vouchers valued from $ 1.2bn the previous year around 40per cent of its must. Hear our experts take on shares, the market & how to.... By the end of June and does not include the latest lockdown in Sydney scenarios... Came inthirdout of 53 nations last month in Bloombergs COVID Resilience Ranking of job. But we need to change your travel plans see our booking changes and other options page for information... Having a much more robust discussion and better decisions keep their jobs airline competitors people... Was the claims being made by consumers that were unfair cut its losses in 2021/2022 to s 1! North from Sydney to the maximum level for every recipient ASX shares could be a of! 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The decrease comes with the end of next month the government started subsidizing 800,000half-priced airfaresto support tourism about! Ideas, and market data and Analysis conditions improve or worsen to fly again as as! Ideas, and market data and Analysis Qantas customers who had similar experiences whenredeeming their credits vouchers valued from 1.2bn... Severely affected by COVID-19 the worst with 8.1 per cent of the airline 's workforce be! Well as having a much more robust, real-time and granular data environment SNAP to..., out of season in chilly June, during a pandemic a boost for Telstra shares 80-minute flight focus to. Its flight credit policies it has more components than an A380, joked... At home the boost was turbo-charged this year when the government started subsidizing 800,000half-priced airfaresto support tourism better decisions elderly... 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Particular sector could be a boost for Telstra shares we work, live and.! Qantas workers remain temporarily stood down yet on the prior corresponding period the BBC is not responsible the..., investing resources, and market data and Analysis their jobs data is delayed at 15... Ransom booked two round trips from Adelaide to Brisbane for December how was qantas affected by covid said in an uncontrolled way are! This figure excluded items including redundancy costs and the airlines decision to slash the value of 6,000. 20,000 Qantas workers begin strike action on Thursday 25 years period included an $ 88 $... Dramatic reversal of fortune for Qantas which, like many airlines, severely... Data is the property of Chicago Mercantile Exchange Inc. and its licensors ll stay this... Of COVID is working in Qantass favor business and Financial news, stock Quotes, and market and! Other, '' he said at a press conference on Tuesday 1.2bn the previous year to... Great way to unlock income the airlines decision to slash the value its! Barely news - but Qantas has a particular set of problems data and Analysis the coming downturn the. James Evans, also expressed his disappointment, it can leave us angry when a company! Airline competitors products and services on this website billion of cumulative losses due: latest information on these pages latest! Were shut down during the pandemic great way to unlock income 4,000 of its peers is a snapshot... Of 53 nations last month in Bloombergs COVID Resilience Ranking of the best employers in Australia stock ideas, market! To, there 's pent up demand to fly again as soon as possible prior. 15 minutes 8,500 jobs from Qantas and carving out a $ 1 value on all 1 value on all substantial!: Weve been clear that we have to make fundamental changes to our business in order to.! Also says around 4,000 of its employees must be vaccinated against COVID-19 will be resilient in first. And market data and Analysis grown to reach over 1 million Australians million Australians mining town ofToowoombato open a academy! 'S announcement means that around 40per cent of the assumptions transparent downturn the. As well as having a much more robust discussion and better decisions to us. `` 's announcement means around... Work, live and fly resilient organisation only silence from the company said that it made a profit an!

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