This document provides a summary of UAL Corporation's performance in 2007 and 2008, as well as its strategies to address challenges from high fuel prices. Key points include:
1) 2007 was UAL's most profitable year since 1999, with over $1 billion in operating income. However, rising fuel costs have severely impacted financial performance in 2008.
2) UAL is taking actions like capacity reductions, raising new capital, developing new revenue streams, and increasing fuel hedging to address the fuel price crisis.
3) Looking ahead, UAL aims to strengthen its competitive position through cost cutting, operational improvements, investments in products/services, and expanding its partnership with Continental Airlines.
Hospitality Lawyer with pearls from NYU - Bjorn Hanson & Economists 6 2 08Jim Butler
Hotel Lawyer in NY. We cover many topics at wwwHotelLawBlog.com, but ne of the things that has fascinated me about the hospitality industry for more than 20 years now, is the close -- almost intimate -- relationship of industry performance to the U.S. economy's performance. Some might say this is intuitive, that when the economy does well, all business does well. But that is not always true. There are some businesses which do better in hard times, like discount and bargain stores, and there are some that seem impervious, like ultra luxury goods. However the relationship of the lodging industry's performance to the general economy, has been carefully documented by the experts, and it is worth noting. The implications are interesting.
Here is the presentation made at the NYU Hotel Investment Conference on June 2, 2008, along with his other panelists about the current state of our domestic and global economy, along with implications for the hospitality industry.
Hospitality Lawyer with pearls from NYU - Bjorn Hanson & Economists 6 2 08Jim Butler
Hotel Lawyer in NY. We cover many topics at wwwHotelLawBlog.com, but ne of the things that has fascinated me about the hospitality industry for more than 20 years now, is the close -- almost intimate -- relationship of industry performance to the U.S. economy's performance. Some might say this is intuitive, that when the economy does well, all business does well. But that is not always true. There are some businesses which do better in hard times, like discount and bargain stores, and there are some that seem impervious, like ultra luxury goods. However the relationship of the lodging industry's performance to the general economy, has been carefully documented by the experts, and it is worth noting. The implications are interesting.
Here is the presentation made at the NYU Hotel Investment Conference on June 2, 2008, along with his other panelists about the current state of our domestic and global economy, along with implications for the hospitality industry.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
1. UAL Corporation
Calyon Airline Conference 2008
September 18, 2008
2. Safe Harbor Statement And
Non-GAAP Reconciliation
The information included in this presentation contains certain statements
that are “Forward-Looking Statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are subject to
a number of assumptions, risks and uncertainties related to the Company’s
operations and the business environment in which it operates. Actual results
may differ materially from any future results expressed or implied in such
Forward-Looking Statements due to numerous factors, many of which are
beyond the Company’s control, including factors set forth in the Company’s
Form 10-K for 2007 and other subsequent Company reports filed with the
United States Securities and Exchange Commission. Persons reviewing this
presentation are cautioned that the Forward-Looking Statements speak only
as of the date made and are not guarantees of future performance. The
Company undertakes no obligation to update any Forward-Looking
Statements.
Information regarding reconciliation of certain non-GAAP financial measures
contained in this presentation is available on the Company's web site at
www.united.com/ir
p. 2
3. United Performed Well In 2007
• 2007 was the most profitable year since 1999
– Over $1 billion of operating income
– Over $600 million of pre-tax profit
• $2.1 billion in operating cash flow
– 37% higher than 2006
• $2.3 billion in debt reduction
• Competitive Pre-Tax Margin
p. 3
4. Unprecedented Rise In Jet Fuel Prices Has Put
Severe Pressure on Financial Performance
Jet A and WTI Spot Prices United Consolidated Fuel Expense
~$8.8
$ Billions
$180 $4.45
~$2.9B
$160 $3.95
Jet A
($/gal)
$140 $3.45
$5.9
$5.7
$3.8B
$120 $2.95 $4.7
+81%
$100 $2.45 $3.4
$2.3
$80 $1.95 $2.1
WTI Crude
Oil
$60 $1.45
($/barrel)
$40 $0.95
2002 2003 2004 2005 2006 2007 2008E
Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08
Reflects Jet A and WTI crude prices from January 1, 2007 through September 16, 2008
p. 4
5. Pre-Tax Margin and Cash Flow Generation
Pre-Tax Margin Free Cash Flow/Total Revenue
Pre-Tax Margin Free Cash Flow/Total Revenue
Twelve Months Ended June 30, 2008 Twelve Months Ended June 30, 2008
Twelve Months Ended June 30, 2008 Twelve Months Ended June 30, 2008
1.3% UAL AMR DAL CAL NWA LCC
0.5%
0.5%
(0.1)% (0.8)% (1.2)%
(2.5)% (2.6)%
(4.1)%
(5.0)%
(8.0)%
NWA CAL DAL LCC UAUA AMR (8.2)%
Adjusted for Unrealized Hedge Gains
Sources: Company press releases and Earnings Calls.
Pre-tax margin adjusted for fresh start accounting
Free Cash Flow defined as cash flows from operations less capital
expenditures, fuel hedge collateral received and purchase deposits paid.
p. 5
6. Raising New Capital
• Renegotiating the Chase contract, raises an additional $1B in
immediate cash
– Includes reducing our credit card holdback and increasing prepaid
– Includes reducing our credit card holdback and increasing prepaid
frequent flyer miles purchased by Chase
frequent flyer miles purchased by Chase
• Recent financing activities raised $550M in cash
– Combination of asset sales, secured aircraft financings and the
– Combination of asset sales, secured aircraft financings and the
release of restricted cash
release of restricted cash
• All together United’s actions increase cash by over $1.7B
p. 6
7. Over $3 Billion Of Unencumbered Hard Assets
Includes High Quality Collateral
Other
8%
Engines
10%
Aircraft
Spare Parts 64%
18%
p. 7
8. Unencumbered Aircraft Are Valued
At Over $2 Billion
Narrow-Body # Unencumbered Average Age
A319-100 9 10.4
A320-200 8 10.8
B737-300 17 20.5
B737-500 26 16.5
B757-200 33 17.1
Wide-Body
B747-400 9 12.6
B767-300 8 13.7
B777-200 6 10.9
TOTAL 116 15.7
p. 8
9. Organization Is Focused On The Core Elements
That Drive Success Outcomes, Matter Most To
Employees, Customers, Shareholders
Core Performance Imperatives Results Success
• Industry-leading margin
1 Industry-leading revenues
and cash flow A respected,
industry-leading
2 Competitive costs
SAFETY
• Unrivaled customer
airline that
satisfaction and experience
3 DOT service basics customers value
• Aligned employees and of which
4 Clean, workable product employees are
• World-class safety
proud
performance
5 Courteous, caring, respectful
p. 9
10. Leading Necessary Capacity Reductions
• Reducing fourth quarter mainline domestic capacity by
15.5% to 16.5%
• Permanently grounding 100 aircraft, including entire 737 fleet
Year over Year 4Q 2008 FY 2009
Capacity (ASMs) (vs. 4Q 2007) (vs. FY 2007)
Mainline (12.5%) to (11.5%) (15.0%) to (14.0%)
Domestic (16.5%) to (15.5%) (20.5%) to (19.5%)
International (8.0%) to (7.0%) (7.0%) to (6.0%)
Consolidated Domestic (14.0%) to (13.0%) (16.5%) to (15.5%)
Consolidated System (11.5%) to (10.5%) (13.0%) to (12.0%)
p. 10
11. Leading Development of New Revenue Streams
• Fee revenue expansion
– Ticketing fees, change fees, and excess baggage fees increased
– Ticketing fees, change fees, and excess baggage fees increased
• First/Second Bag Fee
– United led 2nd Bag Charge; All majors followed
– United led 2nd Bag Charge; All majors followed
– On Monday announced an increase in 2nd bag charge to $50
– On Monday announced an increase in 2nd bag charge to $50
– Represents $300M of additional revenue in 2009
– Represents $300M of additional revenue in 2009
• Travel enhancement products
– Seat up-sell expected to generate $270M in 2009
– Seat up-sell expected to generate $270M in 2009
– Award Accelerator
– Award Accelerator
– New products to generate $100M in 2009
– New products to generate $100M in 2009
More than $1B in Merchandising, Upsell and Fee Revenue
expected in 2009; Incremental Revenue of $700M vs. 2007
p. 11
12. Aggressively Reducing Non-Fuel Costs
$500 Million in 2008
Operating Expense
Savings
Continuous Health & Benefits
Distribution Cost Strategic Sourcing
Improvement Optimization
Reduction Transformation
Since January, When We Forecasted Flat Capacity Growth, Non-Fuel
Since January, When We Forecasted Flat Capacity Growth, Non-Fuel
CASM Guidance has Remained Unchanged Despite 4% to 5% Capacity
CASM Guidance has Remained Unchanged Despite 4% to 5% Capacity
Reduction
Reduction
p. 12
14. Ramping Up Hedge Coverage
• As of Sept 15th, United had hedged 51% of forecasted
Mainline fuel consumption for the second half of 2008
• Using combination of three-way collars, collars, and other
structures, primarily on crude oil
% of Forecasted Mainline
Fuel Consumption Hedged
58%
46%
37%
32%
17%
2Q09 2H09
3Q08 4Q08 1Q09
p. 14
15. Improving On-Time Performance
• Increased Focus on
Performance and Execution
• Adding Ground Time
• Increasing by 7 minutes domestically
• Adding Gate Rest Time
• Increasing by 5 minutes at hubs
• Increasing Spare Aircraft
• Increasing from 2.5% to 5%
of scheduled fleet
• New O’Hare Runway to
Open in November
p. 15
16. Investing in Key Products And Services To Drive
Customer Satisfaction, Margin Improvement
• 2008 Capital Expenditure plan reduced by $200M from $650M to
$450M
• Installing new United First Suite and full lie-flat seats in
Business Class
– Customer surveys show that customer satisfaction has doubled
– Customer surveys show that customer satisfaction has doubled
with the product
with the product
New First New Business Class New O’Hare Red Carpet Club
Suite Seat
p. 16
17. Further Strengthening The Operations Team
• Putting in place experienced leaders with proven results, targeting
specific areas of the business
– Named Joe Kolshak, SVP Operations
– Named Joe Kolshak, SVP Operations
– Jim Keenan, SVP United Services
– Jim Keenan, SVP United Services
– Howard Attarian, VP Flight Operations
– Howard Attarian, VP Flight Operations
– Tim Canavan, VP Line Maintenance & Cabin Appearance
– Tim Canavan, VP Line Maintenance & Cabin Appearance
– Donald Dillman ,, VP Operations Control
– Donald Dillman VP Operations Control
p. 17
18. Taking UA/CO Alliance Beyond a Traditional
Partnership
• Comprehensive Plan For Global Cooperation
– Broad domestic and international bilateral code share along with
– Broad domestic and international bilateral code share along with
reciprocal frequent flyer and lounge programs
reciprocal frequent flyer and lounge programs
– Continental joining the Star Alliance
– Continental joining the Star Alliance
– Establishing a 4 carrier trans-Atlantic joint venture
– Establishing a 4 carrier trans-Atlantic joint venture
– Developing plans for cost savings and other synergies that are not
– Developing plans for cost savings and other synergies that are not
dependent on antitrust immunity
dependent on antitrust immunity
p. 18
19. United Well Positioned For Success
• Leading cash flow performance, and generating liquidity
• Maintaining flexibility with unencumbered hard assets, CBAs
• Developing new revenue streams
• Reducing non fuel costs
• Ramping up hedge coverage
• Improving operational performance
• Investing in key products and services
• Strengthening the management team
• Building comprehensive UA/CO partnership
p. 19
22. Free Cash Flow Metrics Reconciliation
Twelve Months
Twelve Months
Ended 12/31/07
Ended 6/30/08
($ in Millions)
$ 2,134
Cash Flow from Operations $ 611
(461)
Less: Capital Expenditures (547)
-
Less: Proceeds from litigation on advance deposits 41
$ 1,673
Free Cash Flow $ 105
Total Revenue 20,143
20,639
8.3%
FCF/Total Revenue 0.5%
Note: $197 million of aircraft refinancing from 2nd half of 2007 excluded from Capital Expenditures in both periods presented above
p. 22
23. Pre-Tax Margin Reconciliation
Twelve Months
Ended 6/30/08
($ in Millions)
Consolidated Operating Revenue $ 20,639
Less: Specials (45)
Consolidated Operating Revenue Ex Specials 20,594
Less: Fresh Start 32
Consolidated Operating Revenue Ex Specials & Fresh Start $ 20,626
Consolidated Income/(Loss) Pre-Tax $ (2,834)
Less: Specials and One-time Gains 2,505
Pre-Tax Income/(Loss) Ex Specials (329)
Less: Fresh Start 264
Pre-Tax Income/(Loss) Ex Specials & Fresh Start (65)
(177)
Less: Fuel Hedge Gains
Consolidated Income Pre-Tax- Ex Fuel Hedge Gains, Specials & Fresh Start $ (242)
Margin Ex Fuel Hedge Gains, Fresh Start & Specials (1.2)%
p. 23