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EK - We are not subsidized

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  • #16
    Originally posted by Rambuster View Post
    Yes, that's what I think.
    Pardon my ignorance, but why would they do that ? Their competitors are accusing them of paying low wages and profitting immensely from it. Why would they cook the books just to prove their rival's accusations right ?

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    • #17
      Emirates finances most of its fleet via on balance sheet finance leases and off balance sheet operating leases (note 23 in its 2010-11 financial statements). It is not clear to me if these leases are priced on commercial terms and who the the main lessors are. That could be one area where it may be paying lower rates....the presentation doesn't address it.

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      • #18
        Originally posted by 259850 View Post
        Emirates finances most of its fleet via on balance sheet finance leases and off balance sheet operating leases (note 23 in its 2010-11 financial statements). It is not clear to me if these leases are priced on commercial terms and who the the main lessors are. That could be one area where it may be paying lower rates....the presentation doesn't address it.
        Page 14 of the report clarifies your point by stating that EK gets no form of financing from the Dubai government. This includes acting in the form of a gurantor.

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