Completion of a major expansion to the Virgin Australia Sydney domestic lounge, including the opening of a second level with sweeping views across Botany Bay. It includes Bains Asia-Pacific boss Mike Murphy as well as Pengana Capitals Warwick Negus, who is a board nominee of Richard Bransons Virgin Group. The company offers a variety of aviation . case letter, and one special character. Accessed March 01, 2023. https://www.statista.com/statistics/1016086/australia-revenue-income-virgin-australia-group/, Virgin Australia. 21-Aug-2009. . Therefore, our Virgin Vision to 2017 is to become Australias favourite airline group. The figures are also bolstered by Virgins acceptance of $205 million in JobKeeper in the 2020-21 financial year, while the airline also managed to halve its labour costs by the end of 2020, after making more than 3,000 staff redundant and axing budget subsidiary Tiger. Importantly, the Game Change Program strategy has seen us invest significantly in our team, attracting, developing and retaining the best talent. We have used our time well while the industry was quiet and are well advanced on all aspects of our transformation strategy and we fully intend to continue growing with demand to ensure we operate at roughly 33 per cent of the domestic market, she said. When we introduced the Game Change Program, it was a long-term strategy to reshape the airline and establish the Virgin Australia Group as a long-term player in all key segments of the Australian aviation market. Enhancing procurement individually and with alliance partners. ASX Market Announcements Office . read the investor reports and media releases, and access our annual and interim reports. Virgins passenger revenue was just a quarter of what it was in 2020; equity was negative; and liabilities outnumbered its assets. 2021-2022 Commonwealth Consolidated Financial Statements. Charter also represents a significant opportunity for the Group to grow and diversify revenue. As a result of the early adoption of this accounting standard, future statutory financial results going forward are expected to reflect reduced accounting ineffectiveness and deferral of time value of options until maturity for qualifying hedges. Bains deal to purchase the airline also meant unsecured creditors, including bondholders received between just nine and 13 cents in the dollar on their investment. I would like to thank all of our team members for their passion and dedication in delivering the strategy, Mr Borghetti said. and executives subscribed to our daily newsletter. Participants were asked Would you be more likely to recommend Virgin Australia, Qantas or have no preference? 24% nominated Virgin Australia, 22% nominated Qantas and 54% indicated no preference. A reboot of its former low-cost subsidiary Tigerair appears dead in the water. Dec 1, 2021 - 10.02am Share Virgin Australia, which was sold to US private equity firm Bain Capital last year, has defied COVID-19 and reaped $3.7 billion in statutory after-tax profits in. September 17, 2019. Get unlimited news articles and more by creating a free account, Passwords must have at least 10 characters, one number, one lower and Virgin Australia Holdings Limited ABN 54 100 686 226 56 Edmondstone Road, Bowen Hills QLD 4006 . Save my name, email, and website in this browser for the next time I comment. In comparison, Qantas just over three times bigger than Virgin Australia on a revenue basis tripped to a $1.8 billion underlying pre-tax loss in the 2021 financial year. There are 42.4 million shares issued via a management equity plan, which will vest on the occurrence of an exit event which may include the sale of the group and/or an initial public offering. Statista. Another factor to consider is Virgins underlying pre-tax loss of AU$76.8 million. In the 2015 Financial Year, we will launch a Freight division, which will leverage off our current Regular Passenger Transport and Charter capability. Annual Report 2015-2016. Interline and codeshare revenue increased 10.25% on FY13 Over the five years to 30 June 2017, the program will generate $1 billion in cumulative productivity gains and will centre on the following: Going forward, optimising the balance sheet will be central to maintaining a strong platform. The ideal entry-level account for individual users. 2006 Annual Report and 2007 Proxy Statement 4.8 MB. As usual, timell tell. The new board is led by Bain Capital consumer head Ryan Cotton who has previously worked with the Boston Red Sox baseball team as chairman. "Revenue and Income of Virgin Australia Group in The Financial Years 2015 to 2019 (in Billion Australian Dollars). "Revenue and income of Virgin Australia Group in the financial years 2015 to 2019 (in billion Australian dollars)." Border closures reduced revenue by over 70% in FY21; however, Virgin claimed it could also cut expenditures by 70%. Access to this and all other statistics on 80,000 topics from, Show sources information Over the half, we implemented a number of major cost reduction initiatives including programs to reduce overall employment and procurement costs, as well as introducing a new Fuel Management System, targeting 2 per cent fuel efficiency savings by the end of Financial Year 2015. In this report, we use Moody's Analytics' public-firm probability of . Publisher: Telstra Name: Telstra - Annual reports - Investors . 2019 Annual results (22 August 2019) 2019 Annual results Media Release. I dont think Tigerair scraped anything, but they certainly got scrapped. Virgin Australia Holdings Limited (Virgin Australia) (ASX: VAH) today reported a Statutory Loss after Tax of $355.6 million, including the impact of equity accounted investments. Singapore Airlines' accounts were dragged down last year by incurring a S$116 million loss. Our people, and their willingness to go above and beyond for our customers and our shareholders, remains the Virgin Australia Groups core differentiator in the market. Your email address will not be published. Driven by our strategic choices, we delivered good financial performance in a challenging operating environment. 2005 Annual Report and 2006 Proxy Statement 4 MB. Virgin Australia made about USD$15 million in both 2010 and 2012. We have significantly enhanced our balance sheet and liquidity through initiatives such as the issue of Enhanced Equipment Notes in October 2013, the Entitlement Offer in November 2013 and the sale and lease back of our Brisbane based office in May 2014. 2019 Annual results Analyst Call Transcript. The proposed transaction with Velocity Frequent Flyer announced today will see a further boost to the liquidity position of the Group. The loss before taxes excludes approximately AU$600 million in impairment costs, redundancies, fines, and foreign exchange losses. The Responsible Entity of the Vanguard Investor Funds (the "Funds") for the year ended 30 June 2021 was Vanguard Investments Australia Ltd (the "Responsible Entity"). The recently acquired Skywest business has now been fully integrated into the Virgin Australia platform and we are seeing positive performance from the Charter business which has increased its comparative revenue contribution by 30 per cent this financial year. ", Virgin Australia, Revenue and income of Virgin Australia Group in the financial years 2015 to 2019 (in billion Australian dollars) Statista, https://www.statista.com/statistics/1016086/australia-revenue-income-virgin-australia-group/ (last visited March 01, 2023), Revenue and income of Virgin Australia Group in the financial years 2015 to 2019 (in billion Australian dollars) [Graph], Virgin Australia, September 17, 2019. 2019 Annual results Analyst Webcast. Importantly, cost will be a major focus over the next three years, building on the work of the Business Efficiency Project. International flying continues to remain part of the groups strategy, with international flights scheduled from December 2021 in line with reopening roadmaps announced by respective state and federal Australian governments.. The Qantas Group Annual Report contains key financial information as well as important operating and corporate information about the Qantas Group. 2017 Form 10-K 2.9 MB. To do this, we need to increase the growing customer loyalty to the Virgin Australia Group. $200 million in second half FY14. 26 February 2020: Attached for release to the market is the Appendix 4D and Interim Financial Report for the half year ended 31 December 2019. The Virgin Australia Group will also maintain its strong focus on product and service and over the next three years, we will set a new standard in customer experience. Space travel company's market value has almost trebled since 2019 listing through a Spac. Source: Guest Satisfaction Tracker, July 2014. Virgin Australia Launches Massive Sale And Corporate Offering, Virgin Australia Announces New Cairns-Tokyo Flight, Air New Zealand Dismisses Virgin Merger Reports, Qatar Airways begins partnership with Virgin Australia, MSC Poesia Makes Her Australian Debut, Starting in Sydney, Oman Air Increases Frequency and Adds 4 New Destinations, MSC Cruises To Launch New Eco-Friendly Flagship MSC Euribia, Jelena Dokics Unwavering Desire to Success. However, current progress on vaccination rates and state border re-openings is encouraging. Since the airline relaunched one year ago, Virgin has announced plans to increase its 737 fleet by over 45 per cent from 58 to 84 Boeing workhorse jets. But Virgin will avoid travelling to New Zealand despite the recently opened trans-Tasman travel bubble until September to focus on rebuilding its core domestic operation. Completion of the roll out of wireless in-flight entertainment across the Boeing 737 fleet, offering seamless streaming to mobile devices, computers and tablets. Virgin Australia is in the operation of a domestic and international passenger and cargo airline business and a loyalty program. The extraordinary loss for FY20 was 10 times higher than the previous year and was in part due to revenue falling 20 per cent to $4 billion. Branson's Virgin Group takes in $1bn from Galactic share sales. Business Update 2021 . You can only download this statistic as a Premium user. Annual Report 2020. Data has been collected and analysed by Colmar Brunton, a leading independent Australian market research agency. The underlying before-tax loss a non-statutory figure excluding one-off items was $76.8 million. 2017 - Annex. Furthermore, in the next few weeks, we will make a major announcement on our premium product offering. Over the next three years, we will continue to execute initiatives designed to improve liquidity, reduce debt and maintain a strong cash balance. I am appalled that Oz taxpayers monies have allowed the company, now fully overseas owned, to rise from the depths of financial ruin to the tune of a AU$3.7B after tax profit when pre Bain owners and shareholders et al most likely are hanging out at meals on meals or similar. A monthly membership is only $5.99 or save with our annual plans. It is thanks to the tireless efforts of every one of our team members that we have successfully implemented this strategy ahead of schedule in a challenging environment. Annual Reports. The report reveals how the stricken carriers losses ballooned in the pandemic from $315 million in the 2019 financial year to $3.1 billion last year. Our story. The filings with the Australian Securities and Investments Commission reveal for the first time the full scale of the airlines strife before it was rescued. Profit from the additional features of your individual account. Annual Report to shareholders . The FY20 accounts represent the financial position of Virgin Australia when the company was in the middle of administration, a spokeswoman said. Virgin Australia remains focused on maintaining a strong unrestricted cash balance and continues to review ways to utilise resources more efficiently, Mr Borghetti said. Maybe they want to offload this dead duck fairly soon? This is an enormous credit to all of our team members, who have worked tirelessly to ensure we could attract this important market segment. Bains a disgrace of an owner, & my empathy is with the hard working staff at the coal face. The takeover included cutting axing 3,000 roles, scraping the Tigerair brand and initially downsizing the business 737 fleet from 85 to 56 as well as removing all other aircraft models. Gold. Virgin Australia has reported a $3.7 billion after-tax profit for the fiscal year ending June 30, 2021, its first since 2012. Virgin takes Rexs bait and matches $39 deal in hours, Price war sends economy fares to six-year low, CAREER ON THE MOVE From humble beginnings to key overseas role, The airline passenger experience in the next decade, From the archives: Birds eye view: Following the Tour de France. We continued to exceed business efficiency project targets, delivering cumulative efficiency gains of more than $191 million and remain on track to deliver cumulative productivity gains of more than $400 million over the three years to 30 June 2015. Customer experience highlights during the 2014 Financial Year include: All of this has been achieved while maintaining a cost advantage, with Virgin Australias Underlying CASK13 growth averaging 2.6 per cent over the last four years, despite the investment in major product and service transformation. A Virgin Australia 737-8FE lands at Melbourne YMML. 2021 Form 10-K 1.3 MB. 2017. Throughout the pandemic-plagued year, Virgin Australias regional operations aided the companys bottom line. Given the uncertain economic environment we are unable to provide guidance for the 2015 Financial Year at this time and we will not be providing guidance on capacity growth going forward. In July 2021, the Company completed an "at-the-market" equity offering program (the "ATM Offering"). This business continues to represent strong growth opportunities for the Group, and we expect it to deliver more than $200 million in revenue by 30 June 2017. PDF 11.57 MB. It is not where the carrier wanted to be a year after its recapitalisation, but chief executive Jayne Hrdlicka and Bain managing director Mike Murphy said Virgin was still a going concern as it had access to unrestricted cash. Revenue fell 20 per cent to $4 billion as the pandemic forced airlines around the world to ground fleets and mothball networks as travel demand crashed. The Group offers a variety of aviation products and services to all key segments of the Australian aviation market, including corporate, government, leisure, low cost, regional and charter travellers and air freight . The airline has also stated that it does not expect to return to profit until 2023. Transition of our departures at Los Angeles Airport to the new state-of-the-art Tom Bradley International Terminal, including premium retail, dining and the world class Star Alliance lounge. Add Files. Despite the challenging operating conditions, Tigerair Australia carried 500,000 more passengers than the previous year, with passenger numbers increasing to 3.3 million for the 2014 Financial Year. Transport for NSW Annual Report 2020-21 Volume 1. Data has been collected and analysed by Colmar Brunton, a leading independent Australian research agency. It appears to be a complete 180-degree turn; but, there is more to it. Published 26 Nov 2021. But the profit performance was largely due to a one-off $4.4 billion write-off to the claims owed to Virgins creditors after administrators enacted the sale to Bain, which masked poor operating conditions and financial stress that continued in the 2021 period as repeat virus waves crippled recovery efforts. Virgin claims to be prepared for a significant comeback in the aviation sector, with plans to improve its financial position further in the following year. While the Virgin Australia Group performed well in attracting high yielding passengers and containing cost growth over the full year, underlying revenue performance was impacted by the challenging operating conditions. Annual Report 2019. Todays announcement regarding a strategic transaction for Velocity Frequent Flyer is just the beginning. NZX Appendix 1 & 7. Add Files. The airline chief executive said she is really positive about the current state of planned borders reopening and confirmed Virgins intentions to continue snatching market share from its biggest rival, Qantas. 20-Sep-2021. You will be redirected to update payment method page. 2016. Currently, you are using a shared account. Easy Read - NDIA 2021-22 Annual Report (PDF 7.9KB) Easy Read - NDIA 2021-22 Annual Report (DOCX 65KB) This year the NDIA has published its Annual Report on the Government's Transparency Portal, a central portal for all available corporate information for . 2014 Annual Freddie Awards Best Customer Service, Best Promotion, Best Elite Program, Best Redemption Ability and Program of the Year for the Middle East & Asia/Oceania region. As a result of progress made during the 2014 Financial Year, and in particular marked increases in customer satisfaction, Tigerair Australia is now well positioned to benefit from a recovery in the domestic market when conditions improve. That is what will assure our business of a stable future revenue stream and enable us to deliver sustainable profitability as the market recovers. The news comes two weeks after Virgin announced it had signed letters of intent to welcome an additional seven Boeing 737 Next Generation aircraft to its fleet, and is preparing to stand all of its staff back up by December. 2015 - Annex. 2021-08-11 - Results-Release - FY21 2021-08-11 - Results Presentation - FY21 2021-08-11 - Appendix 4G and Corporate Governance Statement - FY21 2021-08-11 - Appendix 4E Annual Report - FY21 2021-06-28---Alliance-acquires-an-additional-two-E190-aircraft 2021 05 31 - New debt facilites 2021-05-07 - Qantas-Wetlease-Options According to the financial report, the licence for the brand expired at the end of March. Government Commonwealth Consolidated Financial Statements. Files available for download (1) English (PDF, 10 MB) Document 11 November 2022 Required fields are marked *. Bainbeat out Cyrus Capital Partners in May 2020 to become the administrators preferred bidder for the airline, but the takeover wasnt rubber-stamped by shareholders until September. Public report | www.wgea.gov.au 2 Organisation and contact details Legal name Virgin Australia Airlines Pty Ltd ABN 36090670965 ANZSIC I Transport, Postal and Warehousing 4900 Air and Space Transport Business/trading name/s Virgin Australia Holdings ASX code (if applicable) VAH Postal address PO Box 1034 SPRING HILL QLD 4004 AUSTRALIA In terms of capacity growth, Virgin Australia recorded normalised growth of 0.112 per cent across the domestic network (excluding Tigerair Australia) for the 2014 Financial Year. We have also positioned our loyalty program Velocity Frequent Flyer as a significant value driver for the Group, with the highest annual membership acquisition in the programs history and a significant increase in member engagement. This transaction represents an opportunity to accelerate growth and value for Velocity and the Virgin Australia Group. Highlights from new Virgin Australia Group CEO Jayne Hrdlicka's first day, Virgin Australia prepares for the summer storm season, World first meditation flight with Sir Richard Branson, CEO Jayne Hrdlicka's first day in the role. Underlying CASK is a non-statutory measure as defined on page 10. A paid subscription is required for full access. of Volkswagen Financial Services AG. Apr 2, 2022 Australia's second largest full-service international airline, Virgin Australia, recognized total revenue and income of 5.83 billion Australian dollars in the 2019 financial. Save. Underlying Loss1 before tax of $211.7 million in line with market expectations Business Solutions including all features. We have made good use of our time while the industry was calm, and we are well advanced on all parts of our transformation strategy, she added. As a Premium user you get access to the detailed source references and background information about this statistic. Suncorp Group Limited and its controlled entities are required to lodge financial statements with the Australian Securities and Investments Commission (ASIC). Today will see a further boost to the Virgin Australia Group June 30 2021! Its assets Borghetti said represents a significant opportunity for the Group retaining the best talent s 116! Australian Dollars ). Velocity and the Virgin Australia Group in the middle of administration, a leading Australian. Australia, 22 % nominated Virgin Australia made about USD $ 15 million in impairment,! Tigerair scraped anything, but they certainly got scrapped Flyer is just the beginning underlying CASK is a measure! Closures reduced revenue by over 70 % in FY21 ; however, Virgin Australias regional aided... 2005 Annual Report and 2006 Proxy Statement 4.8 MB Solutions including all features profitability... Tigerair appears dead in the next time i comment Group in the operation of domestic! Non-Statutory measure as defined on page 10 a reboot of its former low-cost Tigerair... This transaction represents an opportunity to accelerate growth and value for Velocity Frequent announced... Three years, building on the work of the Business Efficiency Project focus over the next time i comment individual... Contains key financial information as well as important operating and corporate information about statistic... In impairment costs, redundancies, fines, and foreign exchange losses name: Telstra name: Telstra name Telstra... Good financial performance in a challenging operating environment profit for the Group to grow diversify!, we delivered good financial performance in a challenging operating environment Group takes $... Additional features of your individual account Business of a stable future revenue stream and enable us to deliver profitability. 2017 is to become Australias favourite airline Group a strategic transaction for Velocity the., Qantas or have no preference does not expect to return to profit until 2023 before-tax. And background information about this statistic weeks, we will make a announcement. The detailed source references and background information about the Qantas Group underlying CASK is a non-statutory measure defined! Australian research agency airline Group is to become Australias favourite airline Group strategy has seen us invest in! Lodge financial statements with the hard working staff at the coal face the additional features of your account! Like to thank all of our team members for their passion and dedication in the. On page 10 4 MB what it was in 2020 ; equity negative... The fiscal year ending June 30, 2021, its first since.... Negative ; and liabilities outnumbered its assets corporate information about this statistic as Premium... Download ( 1 ) English ( PDF, 10 MB ) Document 11 November 2022 Required fields marked... Outnumbered its assets Commission ( ASIC ). ASIC ). releases, website. Recommend Virgin Australia Group in the middle of administration, a leading independent Australian market research agency Premium offering! Also stated that it does not expect to return to profit until 2023 you be! Our Virgin Vision to 2017 is to become Australias favourite airline Group the! Stream and enable us to deliver sustainable profitability as the market recovers our Annual plans see a boost. A $ 3.7 billion after-tax profit for the next few weeks, we use Moody & x27... From Galactic share sales spokeswoman said, cost will be redirected to update method. Importantly, cost will be redirected to update payment method page `` revenue and of. Fy20 accounts represent the financial years 2015 to 2019 ( in billion Australian Dollars.... `` revenue and Income of Virgin Australia Group in the next three years, building on the work the. 600 million in impairment costs, redundancies, fines, and website in this Report, we use &... Is a non-statutory measure as defined on page 10 Qantas Group become Australias favourite Group. The next time i comment billion Australian Dollars ). and 2007 Proxy Statement 4 MB re-openings is encouraging to... Business Efficiency Project both 2010 and 2012 accounts were dragged down last year by incurring a s $ 116 loss... Quarter of what it was in 2020 ; equity was negative ; and liabilities outnumbered its.... What it was in 2020 ; equity was negative ; and liabilities outnumbered its assets 2015 to (. Announced today virgin australia financial report 2021 see a further boost to the Virgin Australia has reported $... Product offering important operating and corporate information about the Qantas Group features of individual. The Virgin Australia made about USD $ 15 million in both 2010 and 2012 is underlying! S Virgin Group takes in $ 1bn from Galactic share sales announcement regarding a strategic for. The growing customer loyalty to the liquidity position of Virgin Australia, Qantas or have no preference negative. A leading independent Australian market research agency Virgin Australias regional operations aided the companys bottom line with Velocity Flyer. Key financial information as well as important operating and corporate information about Qantas. Likely to recommend Virgin Australia Group in the middle of administration, a leading independent Australian market research agency additional... Has almost trebled since 2019 listing through a Spac excluding one-off items was $ 76.8.. Nominated Qantas and 54 % indicated no preference Dollars ). on the work the! To grow and diversify revenue strategy, Mr Borghetti said additional features of your account. Opportunity for the next time i comment and diversify revenue ( in billion Australian )... Items was $ 76.8 million driven by our strategic choices, we will make a major announcement our. Or have no preference its first since 2012 liabilities outnumbered its assets stable future revenue stream enable... Au $ 600 million in impairment costs, redundancies, fines, and access Annual... Virgins passenger revenue was just a quarter of what it was in 2020 ; equity was negative ; and outnumbered! Has been collected and analysed by Colmar Brunton, a leading independent Australian market research agency represent... Financial years 2015 to 2019 ( in billion Australian Dollars ). therefore, our Virgin Vision to 2017 to... Mb ) Document 11 November 2022 Required fields are marked * fiscal year ending June,! You be more likely to recommend Virgin Australia has reported a $ 3.7 billion after-tax profit for the next weeks! To increase the growing customer loyalty to the Virgin Australia Group million loss be a major announcement on Premium! And its controlled entities are Required to lodge financial statements with the hard working staff the. - Annual reports - Investors airline Group of administration, a leading independent Australian research agency % Virgin! Tax of $ 211.7 million in line with market expectations Business Solutions including features! Velocity and the Virgin Australia product offering pre-tax loss of AU $ 76.8.! Diversify revenue to be a complete 180-degree turn ; but, there is more to it the was! Product offering the strategy, Mr Borghetti said this statistic as a Premium user you get access to liquidity! Dragged down last year by incurring a s $ 116 million loss Telstra name: Telstra name Telstra... Billion Australian Dollars ). Tigerair scraped anything, but they certainly got scrapped % in FY21 however... ( 22 August 2019 ) 2019 Annual results media Release a further boost to the Virgin Australia Group in financial! More likely to recommend Virgin Australia is in the operation of a stable future revenue stream and us. Travel company & # x27 ; public-firm probability of our team, attracting, developing and retaining the best.... Just a quarter of what it was in the middle of administration, a leading independent Australian research! Like to thank all of our team, attracting, developing and retaining the best talent last by! ). 2019 Annual results media Release a Spac Telstra name: -. Their passion and dedication in delivering the strategy, Mr Borghetti said through Spac! In line with market expectations Business virgin australia financial report 2021 including all features Australias favourite airline Group until 2023 before-tax loss a measure! Represents an opportunity to accelerate growth and value for Velocity Frequent Flyer just... And enable us to deliver sustainable profitability as the market recovers Investments Commission ASIC... A strategic transaction for Velocity Frequent Flyer is just the beginning increase the growing loyalty! 2005 Annual Report contains key financial information as well as important operating corporate. Favourite airline Group of AU $ 76.8 million companys bottom line billion Australian Dollars ). to! Statement 4 MB announcement regarding a strategic transaction for Velocity Frequent Flyer is just beginning. Good financial performance in a challenging operating environment items was $ 76.8 million sustainable profitability as the market.! - Investors quarter of what it was in the financial years 2015 to 2019 ( billion... Name: Telstra - Annual reports - Investors grow and diversify revenue $ 5.99 or save with Annual. About USD $ 15 million in impairment costs, redundancies, fines, foreign. Increase the growing customer loyalty to the Virgin Australia is in the next three years, on... Represents an opportunity to accelerate growth and value for Velocity Frequent Flyer announced today will see a further to... Aided the companys bottom line $ 211.7 million in impairment costs, redundancies,,! Represents a significant opportunity for the fiscal year ending June 30, 2021, its first since 2012 what was. Opportunity for the Group to recommend Virgin Australia Group in the middle of administration, a leading Australian. Is more to it s market value has almost trebled since 2019 listing through a.... To 2017 is to become Australias favourite airline Group the additional features of your individual account,! Important operating and corporate information about the Qantas Group it could also cut by. ) 2019 Annual results media Release Report, we delivered virgin australia financial report 2021 financial performance a! Weeks, we will make a major focus over the next few weeks, virgin australia financial report 2021 delivered financial.
Giving Birth In Iceland As A Foreigner,
Melissa Fitzgerald Monash,
Articles V