Presentation - Euler Hermes
Presentation - Euler Hermes
Presentation - Euler Hermes
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Air transport<br />
Asia (excluding China): 50% drop in profitability of conventional<br />
Asian airlines, under heavy pressure in 2012<br />
Indicators of legacy Asian airlines activity<br />
Passengers First half<br />
2012<br />
/ first half<br />
2011<br />
*Net profitability = net result / revenue<br />
Aeronautics industry - Air transport / Sector research<br />
© Copyright <strong>Euler</strong> <strong>Hermes</strong> 13-12-2012<br />
2011 / 2010<br />
Traffic +8% +5%<br />
Prices +1% +6%<br />
Capacity +7% +7%<br />
Source: <strong>Euler</strong> <strong>Hermes</strong> sample (ANA, Cathay<br />
Pacific, Korean Airlines and Singapore Airlines)<br />
� Protecting market share impacted prices on a market<br />
that remains strong, but is faced with increasing<br />
competition from local low-cost operators<br />
� Premium passenger traffic is less lucrative<br />
� Cargo activity in Asia: traffic down by 7%, prices down<br />
by 3% in the first half of 2012<br />
2011 2012(e) 2013(p)<br />
Average net profitability* of Asian legacy<br />
air transport 4.0% 2.0% 3.0%<br />
Stronger profitability of Asian airlines in 2013<br />
(e): estimates / (p): forecasts<br />
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