View
2
Download
0
Category
Preview:
Citation preview
www.aeropodium.com
CONFERENCES & AVIATION WORKSHOPS
© AlixPartners, LLP, 2012 www.alixpartners.com
4th International Repossession Conference – Dubai (following Miami and London)
‘Bizjets in China, growth and risks of repossession’
December 9th, 2012
Leonard Favre
• Introduction
• Historical Market Development in China
• China Market Characteristics
Agenda
• China Market Characteristics
• Future Trend and Key Success Factors in China Market
• Executive Summary
www.alixpartners.com 2
Large and medium business jet accounts for 70% of total fleet while Gulfstream and Bombardier are the leading OEMs in China market
35%
33%
13% 12%
26%31%
China Business jet fleet structure by 2011 – by aircraft size and by OEM
3
13% 12%
3% 2% 1% 1%
Gulfstream Bombardier Cessna Hawker Airbus Dassault Boeing Embraer
43%
Large Medium Small
Large and medium business jet accounts for around 70% of total fleet in China
Gulfstream and Bombardier are dominated in China business jet market – account for 68% of total fleet
Sources: CAAC, Company website, AlixPartners Analysis
The segmentation is structured through a combination of range, cabin volume and price according to Business and Commercial Aircraft Magazine� Large – Prices between $46M and $68M, offering over 5,000 NM of range and 1,500 ft3 (42.5 m3) to 3,000 ft3 (85.0 m3)� Medium - Prices between $18M and $42M, offering 3,100 to 5,000 NM of range and 700 ft3 (19.8 m3) to 1,500 ft3 (42.5 m3)� Light - Prices between $7M and $18M, offering 1,700 to 3,100 NM of range and 300 ft3 (8.5 m3) to 700 ft3 (19.8 m3)
www.alixpartners.com
Large business jet has much higher market share in China than other markets and continue gaining market share
2005-2010 2011
China
24%
40%
36% 31%
50%
19%
Business Jet Deliveries
2011-2030
Will the segment structure in China market keep current trend or change in future to be consistent with global structure?
Global
Sources: GAMA, CAAC, AlixPartners Analysis
8%
36%56%
13%
41%
46%
Large Medium Light
22%
32%
46%
www.alixpartners.com 4
China has a very low number of business jet fleet relative to it’s size of economy
China historical fleet development
1022
37
59
95
136
185
2005 2006 2007 2008 2009 2010 2011
�During 2000-2007, China business jet was developed in a very slow pace, the accumulated deliveries for business jet is less than 50 units
�Since 2008, China market demand jump from a small pool of fleet units base
1.3%
5
9700
18001400
380 380 350 320 136 110
2010 Business jet fleet by region
�However, by 2011, China still only has a very low number of business jet fleet relative to it’s size of economy - As the 2nd
large economy in the world, China accounts for only around 1% of global fleet in 2010 and 1.3% in 2011
China accounts for only 1% of global business
jet fleet in 2010 and 1.3% in 2011
1.3%
Sources: CAAC, GAMA, AlixPartners Analysis
www.alixpartners.com
Because of the barrier of underdevelopment of infrastructures and regulatory limitation for general aviation
� The infrastructure of general aviation industry is under development
− Shortage of airport− Limitation of air traffic control capacity
and capability− Lack of FBO− Limitation of MRO service capacity and
capability
� Low altitude aviation is controlled by the Army of China and general aviation is constricted - altitude below 600 meter is still not open to the publics
� Commercial air traffic has already occupied the limited altitude released by China Army
� Limited air traffic release for business jet -black out period in some airports (Beijing etc)
Regulatory limitation Under development of infrastructures
6
China Accelerates Opening the sky, a recent very good news!
In what is widely seen as a move heralding the long-awaited boom in China’s civil aviation market, government officials now say more than a third of the country’s airspace below 4,000 meters (13,000 feet) is now open to general aviation. Even this will more ease the helicopter business, including for VIP transport, it path the way for Business Jet general aviation.
The opening of China’s airspace is now expected to be completed by 2020 – years ahead of schedule, according to the deputy secretary of the National Air Traffic Management Committee…
www.alixpartners.com
Sources: NBAA report (http://www.nbaa.org/ops/intl/mid/20121126-china-accelerates-opening-of-low-level-airspace.php), AlixPartners Analysis
812 15
22
3641
49
0
10
20
30
40
50
60
2005 2006 2007 2008 2009 2010 2011
However China business jet demand started increasing sharply in the global demand downturn period
China Business Jet Delivery (units)
1.5% 1.9% 4.3% 5.6% 7.1%1.4%1.1%Market share
China business jet delivery unit including HongKong, Taiwan and Macau
China market deliveries experienced sharply increasing during 2008-2011 from a low unit base and already account for 7.1% of global deliveries in 2011
CAGR 31%
7
Global Business Jet Delivery (units)
Sources: GAMA; CAAC, OEM’s financial report, AlixPartners Analysis
China business jet delivery unit including HongKong, Taiwan and Macau
Global business jet deliveries decline significantly during 2008-2011 due to global financial crisis306 324
446513
638
740 765
659
502579
732
863
1019
1136
846
727681
0
200
400
600
800
1000
1200
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
www.alixpartners.com
127%698%
1361086
2466
2010 2020 2030
10 year growth rate
And is expected to keep sustainable overgrow to other markets in the next 20 years
China Business Jet Delivery Forecast
46%738%
130
960
1400
2001-2010 2011-2020 2021-2030
10 year growth rate
Global Business Jet Delivery Forecast
�China market demand is expected to keep sustainable overgrow to other market in the next 20 years
�Around 10% of total
Highlights
China Business Jet Fleet Forecast
14700
21600
30900
2010 2020 2030
40%28%
7828
10000
14000
2001-2010 2011-2020 2021-2030
10 year growth rate
Global Business Jet Delivery Forecast �Around 10% of total
business jet demand will come from China in 2011-2030
� China business jet fleet will account for around 8% of global fleet from a low base of 1.3% in 2011
43%47%10 year growth rate
Global Business Jet Fleet Forecast
Sources: Ascend, Bombardier forecast, AlixPartners Analysis, excluded very light jet and large corporate airline categories
8www.alixpartners.com
Mainly driven by robust economic growth, wealth creation, increasing corporate profit, strong government support and penetration growth
Robust economic growth
Wealth creation
� China economy experienced rapid growth in the past 10 years to become the global top 2 high GDP country, future growth will be slow down to adjust the economy structure, but will still keep robust
� A increasing big pool of super wealthy people have set their sights on private jets as the next must-have accessory, like exotic cars, yachts and luxury real estate
� Fast economic growth in the last decade generated many large and profitable state owned and private companies who will be the potential buyers of business jet
9
Corporate profit Increasing
Penetration growth
Strong government support
owned and private companies who will be the potential buyers of business jet
� China government promised to release more traffic rights of altitude between 600 to 1500 step by step to promote the development of general aviation industry
� China government encourage the investment in general aviation infrastructure – airport and operational infrastructure, FBO, FSS, facilities of air traffic control, maintenance and fuel distributions
� Improvements in infrastructure and regulatory limitation and increasing adoption and acceptance of business jet will drive the growth of penetration which is much lower than other countries with similar GDP per capita level
� Sustainable growth of GDP per capital will also support the future penetration growth
www.alixpartners.com
China economy experienced rapid growth in the past 10 years and is expected to continue robust growth
34.1 39.8
47.2
70.59
99.00
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
40.0
60.0
80.0
100.0
120.0 GDP per capita(RMB Trillion)
Growth rate
CAGR 8.4%
CAGR 7.0%
China historical GDP development and forecast
Recession
10
Use annual average RMB/USD exchange rate for GDP per capital convert Sources: China statistic year book; World Bank, AlixPartners Analysis
China GDP experienced rapid growth in the past 10 years, even in the period of global recession in 2008-2010, China GDP is expected to continue robust growing in 2011-2020
11.0 12.0 13.6 16.0 18.3 21.2
25.7 30.1
34.1
0.0%
2.0%
4.0%
-
20.0
40.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2015E 2020E
www.alixpartners.com
Continuous wealth creation provide a big pool of potential business jet customers
427
182
107
72 72 6249
36
4
428
192176
11695 86
55 56
6
North America
Europe China Russia and CIS
Asia ex.China
Middle East
India Latin America
Africa
2010 2011
Number of wealthy people with > 1 billion USD assets
�A increasing big pool of super
wealthy people have set their
sights on private jets as the next
must-have accessory, like exotic
cars, yachts and luxury real estate
�Around 13% of super wealthy
people (with >100 million RMB net
assets) are interested in buying
business jet
4000
60000
5000
63500
>Billion RMB >100million RMB
2010 2011
17%
15%
13%
7%
3%
35% Others
Jiangsu
Zhejiang
Shanghai
Guangdong
Beijing
2M
2.7M
>1 million USD
17%
17%
14%
7%
3%
35%Others
Jiangsu
Zhejiang
Shanghai
Guangdong
Beijing
Number of wealth people pool and regional distribution in China
CAGR 25%
CAGR 25%
CAGR 6%
CAGR 6%
CAGR 35%
CAGR 35%
Sources: Hurun Research Institute; Forbes magazine; AlixPartners Analysis
www.alixpartners.com 11
Increasing number of large corporate and their profit improvement will also support business jet demand growth
Global Corporate Profits vs. Business Jet Deliveries (number of aircraft 1995 –2013E)
�Net profit for China listed
companies decreased by 13% in
2008 comparing to 2007 due to
global financial crisis
�However it recovered quickly in
2009 and hit to the peak of YoY
growth rate (39%) in 2010
�Profit growth in 2011 slowed down,
but still robust
�The potential pool of company that
can afford business jet keep
growing in the past several years
467 407
524
728
825
-0.2
-0.1
0
0.1
0.2
0.3
0.4
0.5
-
100
200
300
400
500
600
700
800
900
2007 2008 2009 2010 2011
Average net profit Growth rate
12
Sources: J.P.Morgan Aerospace and Defense; Business Jet Monthly – December 2010; Wind Information; AlixPartners Analysis
Average Net Profit for Companies listed in Mainland China(million RMB)
470
716
969
1117
2008 2009 2010 2011
Number of Listed Company (with net profit >100 million RMB)
www.alixpartners.com
Government support will help progressively removal the barrier of infrastructure shortage and regulatory limitation
�Encourage general aviation enterprises and private sector to take part in:
• Construction of general aviation airports and operational infrastructure facilities
• Building up and perfecting the facilities of air traffic control, maintenance and fuel distribution
• Forming a group of flight service stations
Highlights
� Scheduled civil transport airport
188 ≥ 230
� General Aviation Fleet Hour
140K 300K
13
• Forming a group of flight service stations (FSS)
• Introducing fixed base operations (FBO)
• Establishing new fuel distribution centers in Harbin, Hohhot, Urumuchi and Zhuhai
�Nurture 3 to 5 leading companies for general aviation
�Expand maritime patrol and country wide search and rescue
140K 300K
� General Aviation Aircraft
1,010 ≥ 2,000
� Pilots
24,000 40,000
Sources: Chinese government 5 year plan for general aviation industry
www.alixpartners.com
Improvements in infrastructures and regulatory limitation and increasing adoption and acceptance will drive the growth of penetration
Market forecast
2011 Business Jet Penetration in the G20 and others
Business Jets/ Capita (M)
CER, 423UK, 419
� Forecasters correlate business jets numbers and per capita levels
� Business jet penetration in China is much lower than other G20 countries with similar level of GDP per capital due to the
14
Source: GAMA
GDP (K$)/ Capita
CER, 423UK, 419
AUS, 139
INDO, 19CHINA, 62
www.alixpartners.com
of GDP per capital due to the barrier of shortage of infrastructure and regulatory limitation
� Under the assumption that business jets as a function of capita and GDP is constant throughout the world, China is expected to experience a step change in business jets ownership if can removal the barrier
Sustainable growth of GDP per capital will also support the future penetration growth
� China GDP per capita keep rapid growth in 2001-2011 and reach to USD4000+ level in 2009 that is the demand start point for general aviation
� GDP per capital will keep sustainable growth in this decade that will drive the sustainable demand increase of business jet
� Big gap on GDP per capital among different provinces will
1.0 1.1 1.3 1.6 1.9 2.3
2.8
3.7 4.0
4.8
6.0
7.2
10.1
0%
2%
4%
6%
8%
10%
12%
14%
16%
-
2.0
4.0
6.0
8.0
10.0
12.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2015 2020
GDP per capita(KUSD)
Growth rate
2010-2015CAGR 8.4%
2015-2020 CAGR 7.0%
15
13.4 12.8 12.4
9.4 9.1 8.8 7.8 7.8
7.3 7.3
5.9 5.4 5.3 5.2 5.1 5.1 5.1 4.8 4.7 4.6 4.5 4.5 4.4 4.0 4.0 3.9 3.9
3.1 3.0 2.9 2.5
cause the geographic unbalance of business jet demand
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2015 2020
2011 GDP per capita by province (KUSD)
Use annual average RMB/USD exchange rate for GDP per capital convert Sources: China statistic year book; AlixPartners Analysis
www.alixpartners.com
Challenges Ahead
www.alixpartners.com 16
However realization of growth will really depends on how fast China can remove the barriers to growth
Challenges
in China
Challenges
in China
Air traffic restriction
Slow Certification, Registration and approval
process
� Limited air traffic release for business jet - black out period in some airports (Beijing etc) since
� commercial air traffic has already occupied the limited altitude released by China Army
� Shortage of airport
� Shortage of facilities of air traffic control, maintenance
� Preapproval is required to buy business jet
� Certification and registration process is complicated
� The whole process will take more than 3 months
� High operation cost :USD
Source: AlixPartners Analysis
in China
Market
in China
MarketUnder
development of infrastructure
Human Resource Shortage
High Operation /maintenance
cost
traffic control, maintenance and fuel distribution
� Lack of FBO (fixed based operator)
� Lack of in-country MRO and training capabilities and capacities
� Limited capacity of air traffic control management
� Shortage of pilots
� Shortage of well trained and qualified MRO engineers and other service personnel
� High operation cost :USD 80-90K per flight
� Lack of aircraft size differentiation in landing, handling and navigation fees
� High maintenance fee: USD per year
− Small size: 800-1100K
− Medium/large size: 1.6-2.4 million
www.alixpartners.com 17
Under development of infrastuctures – airport, air traffic control capacity, FBO, MRO service capacity and capability
USA
� Airport – 14,951� Paved – 5,000� Scheduled service
airport – 376
USA
� Airport – 14,951� Paved – 5,000� Scheduled service
airport – 376
China
� Airport – 398� Military based and
airfield – 190�Scheduled service
airport – 188
China
� Airport – 398� Military based and
airfield – 190�Scheduled service
airport – 188
Shortage of AirportShortage of Airport
� Current air traffic control system is difficult to meet diversified air traffic requirements –especially rapid growth of general aviation, cargo and branch line air traffics
� Weak air traffic management in medium to small airports in tier 2/3 cities
� IT system is not well integrated � Lack of qualified air traffic control personnel
� Current air traffic control system is difficult to meet diversified air traffic requirements –especially rapid growth of general aviation, cargo and branch line air traffics
� Weak air traffic management in medium to small airports in tier 2/3 cities
� IT system is not well integrated � Lack of qualified air traffic control personnel
Limitations of air traffic control capacityLimitations of air traffic control capacity
18
� Only 3 FBO (Fixed Based Operation) in China –Shanghai, Beijing and Shenzhen
‒ Shanghai Hawker Pacific FBO in Shanghai Hongqiao Airport
‒ Beijing Capital Jet FBO in Beijing airport‒ Shenzhen Jinlu FBO in Shenzhen airport
� Only 3 FBO (Fixed Based Operation) in China –Shanghai, Beijing and Shenzhen
‒ Shanghai Hawker Pacific FBO in Shanghai Hongqiao Airport
‒ Beijing Capital Jet FBO in Beijing airport‒ Shenzhen Jinlu FBO in Shenzhen airport
Lack of FBOLack of FBO
� In-country maintenance, overhaul and training capabilities and capacities is unlikely to keep pace with fleet growth
� Lack of MRO suppliers for business jet in mainland China
� In-country maintenance, overhaul and training capabilities and capacities is unlikely to keep pace with fleet growth
� Lack of MRO suppliers for business jet in mainland China
Lack of MROLack of MRO
Sources: CAAC, AlixPartners Analysis
www.alixpartners.com
Shortage of human resources - especially pilots and MRO engineers
Shortage of Pilots in China Market
560
24
73
24
30
19
Number of Pilot by 2010 (‘000) Pilot Gap forecast for China Market by 2030 (‘000) � China market required total 73,000 pilot by 2030 for both commercial and business jet
� China has 24,000 pilots by 2010
� China can only train 1500 new pilots per year based on current capacity due to lack of pilot training school, coach and high training cost (double to triple on US
19
Shortage of MRO Engineers in China Market
US China Total pilot required
Current pilot base
New pilot to be provided
Gap
cost (double to triple on US cost)
300
60
240
Total MRO engineer required
Current MRO engineer base
Gap
MRO engineer Gap forecast
for China Market by 2030
(‘000)
� China market required 300,000 qualified MRO engineers by 2015 based on fleet growth forecast
� But China only has 60,000 MRO engineer (including MRO management personnel) by 2010
� Most of MRO engineers are lack of knowledge/experience in MRO for business jet models
Sources: CAAC, Boeing forecast, AlixPartners Analysis
www.alixpartners.com
High operation cost – account for 5-8% on top of total business jet purchase price per year
Business jet annual operation cost in China – Challenge 850 example
1%
3%
3% 7%
Insurance fee Fixed operation cost Variable operation cost
Total operation cost
� Variable cost calculation is based on 300 fleet hour per year
� Operation cost percentage is based on total purchasing cost including import tax, VAT, logistic cost and agency cost
� Fix operation cost includes airport parking fee, safety checking fee, training fee, maintenance fee and etc
� Variable operation cost includes all flight operation fee – salary of pilot,
20
Sources: CAAC, AlixPartners research and analysis
Foreign registry Chinese registry
US$ US$
Ground Handling Fees 6,750.00 4,500.00
Airline countervailing fee 4,400.00 0.00
Navigation Fee 1,400.11 175.01
Total Fees 12550.11 4,675.01
flight operation fee – salary of pilot, cleaning and other related fee, fuel cost, flight insurance fee and etc
Example: Hong Kong – Shanghai return
� Flight operation fee in China differs between foreign registry jet and Chinese registry jet
� Flight operation fee for foreign registry jet is much higher than that for Chinese registry jet
www.alixpartners.com
As Chinese customer prefer well recognized brands and large business jet regardless of trip length
Product Feature Service Requirement Price Sensitivity
Chinese Customer demand characteristics
�Well recognized brands
�Super medium to large cabin aircraft regardless of trip length
�New or nearly new aircraft
�Well recognized brands
�Super medium to large cabin aircraft regardless of trip length
�New or nearly new aircraft
�Full service package since most of them are the first time buyers, including
− Business jet model selection
− Consulting− Price negotiation− Financing
�Full service package since most of them are the first time buyers, including
− Business jet model selection
− Consulting− Price negotiation− Financing
�Relatively low price sensitivity
�Relatively low price sensitivity
� Airlines
� Real Estate
� Casinos and gaming
� Chemicals
� Oil and Gas
� Coal mining
� Electronics
Customer Structure
21
aircraft
�Luxury decoration with specific requirements
�Full seats loading -business and political leaders travel with entourages
�Couch for head person to lie down on
aircraft
�Luxury decoration with specific requirements
�Full seats loading -business and political leaders travel with entourages
�Couch for head person to lie down on
− Financing− Import and logistic− License application− Operation
management − Used aircraft
disposition in future
− Financing− Import and logistic− License application− Operation
management − Used aircraft
disposition in future
� Flight trainingWhite good manufactures
� IT
� Energy
� Bank
� Advertising
� Entertainment
Source: AlixPartners Analysis
www.alixpartners.com
Key success factors in China market
� Chinese customers are very keen on well recognized brand
� Increasing brand awareness and establish great brand reputation in China market
Recognized brand
� Deep understanding on customer ‘s demand characteristics by
� Offering full service package are important since Chinese customers are lack of experience
� Providing super quality service is also key to build up long term relationship with Chinese customers
Excellent service
� Critical to long term success since it can not only improve the reaction speed to market needs but also
Local manufac-
22
demand characteristics by segmentation in China market
� Introduce right products to the market with high flexible configuration
Right products
� Developing right go to market model fit for China market is a must
� It can be tailored with successful experience from other markets, not just copy - paste
Right go to market model
speed to market needs but also provide significant total cost advantage to customers
� Obtain other benefits from Chinese government since it is encouraged
manufac-turing
footprint and engineering capability
� Develop right partnership strategy –set up JV with Chinese companies can accelerate the pace of market entry and mitigate the risks
� Build up partnership with right partner – SOE can help acquire more resources from Chinese government
Right partnership
www.alixpartners.com
Executive Summary - Growth and risks of repossession in China
� China account for a very low number of business jet fleet relative to it’s size of economy
� And business jet penetration is also much lower than other G20 countries with similar level of GDP per capital
� Because of the barrier of underdevelopment of infrastructures and regulatory limitation for general aviation in the past
China business jet industry has not grown substantially in the past
But it is expected to boom and keep sustainable growth in the next 20 years
� However China business jet demand started increasing sharply in the global demand downturn period (2008-2011)
� And is expected to keep sustainable overgrow to other markets in the next 20 years
� Mainly driven by robust economic growth, wealth creation, increasing corporate profit, strong government support and penetration growth
Attractive opportunities in all aspects of business aviation but also risks associated
Focus on six key success factors in China market
government support and penetration growth
� Market growth provide attractive opportunities in all aspects of the whole industry chain
� However realization of growth will really depends on how fast China can remove the barrier to growth – air traffic restriction, underdevelopment of infrastructures, human resource shortage, high operation cost and slow certification, registration and approval process
� Increase brand awareness and build up great brand reputation
� Introduce right products fit customer’s demand characteristics to the market
� Develop right go to market model-can be tailored with successful experience, not copy-paste
� Provide full service package and super service to build up long term customer relationship
� Establish local manufacturing footprint and build up local engineering capability
� Develop right partnership strategy – JV with Chinese companies might be the right approach
www.alixpartners.com 23
Notes
www.alixpartners.com 24
Appendix 1: Major business jet dealers in China market
Dealer
Name
Ownership
structure
OEM product Major customer
SOE/Private /WOE/JV
Bom-bardier
Gulf-stream
Cess-na
Embraer-
Dass-aulat
Hawker
Govern-ment
SOE PrivateCom.
ForeignCom.
Indi-vidual
Avion Pacific Limited
WOE √ √ √ √
Sino Private Aviation
WOE √ √ √ √ √
CBAJET Private √ √ √ √ √ √
CPAC Private √ √
PTE WOE √ √ √ √PTE WOE √ √ √ √
Lily Jet Private √
Chinaga Private √ √
Jinggong Private
Asia Pacific WOE √ √
ACASS WOE
WestjetAircraft
WOE √
Zhuhai XiruiGA
JV √ √
AVIATION SUPPLIES
WOE √ √ √
Sources: Company website, AlixPartners Research and Analysis
www.alixpartners.com 25
Appendix 2: Major operation company in China market
Key operator Ownership
structure
Service provided or business
model
Fleet
2011
Major customer
SOE/Private /WOE/JV
Friction Charter Operationmandate
Govern-ment
SOE PrivateCompany
ForeignCompany
Individual
Deer Jet (Beijing Capital Airlines)
HNA Group:70% Beijing Tourism Group:30%
√√
44√
√√ √
√
BAA Private √ √ 32
Beijing Airlines (Air China)
SOE √ √ 10 √
Lily Jet Private √ √ √ 10 √ √ √ √
Shanxi Sanjin SOE 8 √ √
Mingsheng Private √ √ 7 √ √ √ √
Donghai Jet SOE √ √ 7 √ √ √ √
China Eastern Executive
SOE √ √ 5 √ √ √
YashengMedevac
√ 3 √
Sichuan Xingyao
Private √ √ 2
Big White Bear Private √ √ 2
Zhongfei SOE √ √ 2 √ √
Sources: Company website, AlixPartners Research and Analysis
www.alixpartners.com 26
Appendix 3: Major business jet MRO suppliers in China market
MRO
supplier
Ownership
structure
MRO service OEMs/Models MRO service type
SOE/Private / WOE/JV
Bom-bardier
Gulf-stream
Cess-na
Embraer-
Dass-aulat
Haw-ker Modification
Air frame
Com-ponent
Line Engine
TAMECO(Xiangyu)
JV √
CIRRUS GA JV
ZhongFei JV √
Shanghai Hawker Pacific
JVCE-680
√
Falcon 7X,
900LX, 2000LX
√ √ √
Pacific2000LX
Tianjin Execujet
JV
Sichuan HaiteHigh
Public listed √
Tianjin Air SOE √
Metrojet WOE √ √
STAECO JV
CRJCL604/605
CL850XRS
G450 √ √
HawkerHaikou
RA3901A800XP
√
Sources: Company website, AlixPartners Research and Analysis
www.alixpartners.com 27
AlixPartners is ready to
field a team of relevant
experts whenever and
wherever they are needed.
Our professionals work
from 14 global offices in
more than a dozen different
countries. They speak more
than 50 languages, and
have experience in every
Global Locations
Dubai 7
London20 North Audley Street
London W1K 6WEUnited Kingdom
+44.20.7098.7400
Chicago300 N. LaSalle Street
Suite 1900Chicago, IL 60654
312.346.2500
Dallas2100 McKinney Ave.
Suite 800Dallas, TX 75201
214.647.7500
Detroit2000 Town Center
Suite 2400Southfield, MI 48075
248. 358.4420
Los Angeles515 S. Flower Street
Suite 3050Los Angeles, CA 90071
213.437.7100
New York40 West 57th Street
New York, NY 10019212.490.2500
MilanCorso Matteotti 9
20121 MilanItaly
+39.02.360.12000
MunichMauerkircherstr. 1 a
81679 MunchenGermany
+49.89.20.30.40.00
DüsseldorfKönigsallee 59 a40215 Düsseldorf
Germany+49.211.97.55.10.00
TokyoMarunouchi Building 24F
2-4-1 MarunouchiChiyoda-ku
Tokyo 100-6324 Japan+81.3.5533.4800
ShanghaiSuite 6111
Plaza 66 Building I1266 Nan Jing West RoadShanghai, 200040 China
+8621.6171.7555
Paris49/51 Avenue George V
75008 ParisFrance
+33.1.76.74.72.00
San Francisco4 Embarcadero Center31st Floor, Suite 3110
San Francisco, CA 94111415.848.0283
Washington, DC1602 L Street, NW
Suite 300Washington, DC 20036
202.756.9000
have experience in every
corner of the world.
Call us; we’ll be there
when it really matters.Dubai
Al Fattan Currency House, DIFCPO Box 482093
Dubai, UAE
www.alixpartners.com 28
Recommended