Qantas Group reduces commitments for 787-9 aircraft, to receive compensation for 787 delays

Qantas Group announced (23-Aug-2012) plans to restructure its fleet plan as part of the five-year Qantas International turnaround plan. The plan will see its commitments for 85 Boeing 787-9 aircraft reduce to 50 options and purchase rights. These will be brought forward by two years to be available for delivery from 2016. Meanwhile deliveries of 15 787-8 aircraft to Jetstar will continue as planned with the first aircraft to be delivered in 2H2013. This will see the transfer of A330 aircraft from Jetstar to Qantas Domestic in order to eventually retire 767 aircraft from the Qantas fleet. Qantas stated it is to receive AUD433 million (USD453 million) in compensation for the late arrival of the aircraft, AUD355 million (USD371 million) of which will be paid in FY2013. [more - original PR] [more - CAPA Analysis]

Qantas Group: "The B787 is an excellent aircraft and remains an important part of our future. However, circumstances have changed significantly since our order several years ago. It is vital that we allocate capital carefully across all parts of the Group.... We have the right fleet strategy to deliver continued customer satisfaction and position us for sustainable growth over the long term, while enabling us to retain flexibility and manage our capital requirements appropriately," Alan Joyce, CEO. Source: Company statement, 23-Aug-2012.