Imark
Forumer storico
Nel recupero di materiale arretrato che mi ero prefissato di postare, c'è questo bel report di Fitch di settembre scorso sulla situazione delle compagnie aeree europe, che interesserà per seguire i bond di Lufthansa, Air France KLM, British Airways ecc.
In estrema sintesi, l'outlook compartimentale per Fitch resta negativo.
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A voi il report, parte prima... la seconda parte risulta non ancora pervenuta...
Eccola... per chi vuole conoscere i conti delle linee aeree europee, focalizza su questo aspetto la seconda parte di quel report... molti grafici, abbastanza facile da consultare...
Fitch: Operating Environment for Europe's Airlines to Remain Tough
05 Nov 2009 7:08 AM (EST)
Fitch Ratings-London-05 November 2009: Fitch Ratings says in a special report published today that it expects the operating environment for Europe's airline industry to remain tough in the short-to-medium term, and that all the major European network carriers will likely experience negative operating margins in 2009.
Despite industry indications that the "green shoots" of a possible recovery have been observed in the third quarter of 2009, evidenced by a stabilisation in air traffic demand, Fitch notes that Europe's major carriers are facing significant hurdles as the winter approaches.
"European airlines have been battling their way through the global recession, but their options are becoming more limited, particularly as many carriers have exhausted cost-cutting initiatives to match revenue shortfalls," says Sabrina Ran, Associate Director in Fitch's EMEA Corporates team. "Uncertainties related to traffic declines, fee increases, slot waivers and potential labour strikes, especially over the Christmas period, will add to the already difficult operating environment."
The high operating leverage of the industry exposes airlines to risks, especially in the current environment. In its second part industry review, Fitch's report examines the crucial cost elements affecting the profitability of Europe's five largest network carriers - Lufthansa, Air France-KLM, British Airways, Iberia, and SAS - and the two major low cost carriers (LCCs), Ryanair and EasyJet. The report also assesses the credit impact that these cost factors are having on the airlines.
The report, entitled 'European Airline Landscape (Part II) - Losing Altitude', is available on the agency's website, FitchResearch.
