Presentation - Euler Hermes
Presentation - Euler Hermes
Presentation - Euler Hermes
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Significant drop in profitability of Middle Eastern airlines<br />
Despite having developed their overall capacity and increased their share of the<br />
market, they were not sheltered from the effects of the spike in oil prices<br />
Source: IATA<br />
Copyright <strong>Euler</strong> <strong>Hermes</strong> 2012<br />
Net profitability* of Middle Eastern<br />
transport<br />
Source: consensus – <strong>Euler</strong> <strong>Hermes</strong> estimates<br />
Annual growth rate of passenger capacity (in %)<br />
18<br />
16<br />
14<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
-2<br />
-4<br />
2006 2007 2008 2009 2010 2011<br />
Middle East airlines Global air transport<br />
A push to grow – “whatever it takes”<br />
2009 2010 2011 (e)<br />
+8.5%** +10.3%** +3.0%**<br />
* Net profitability: net income / turnover<br />
** <strong>Euler</strong> <strong>Hermes</strong> panel: Emirates<br />
Continued massive investments in their<br />
fleet, in proportions even higher than the<br />
global growth rate of passenger capacity<br />
15
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