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8/2/2019 Industry Outlook Presentation December 2011
1/17
To represent, lead and serve the airline industry
The outlook for airtransport marketsand the industryDecember 2011www.iata.org/economics
http://www.iata.org/economicshttp://www.iata.org/economics8/2/2019 Industry Outlook Presentation December 2011
2/17
Airline cash flows down by Q3 but not bad
-5
0
5
10
15
20
2006 2007 2008 2009 2010 2011
% r
e v e n u e s
EBITDA as % revenues, seasonally adjusted
Source: Bloomberg
USairlines
Q3
Asia-Pacificairlines
Europeanairlines
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3/17
Asset utilization underpinned profitability
Passenger load factor and aircraft utilization, seasonally adjusted
Source: IATA
73%
74%75%
76%77%
78%
79%
80%
7.6
7.7
7.8
7.9
8.0
8.1
8.2
8.3
8.4
8.5
8.6
2007 2008 2009 2010 2011
Single aisle aircraftutilization
Passenger load factor
A v e r a g e
d a
i l y h o u r s
f l o w n
% A
S K
s
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4/17
Fall of cargo: utilization hard to sustain
11
12
13
14
15
16
17
270
290
310
330
350370
390
410
430
450
2007 2008 2009 2010 2011
F T K s p e r m o n
t h , b
i l l i o n
R P K s p e r m o n
t h ,
b i l l i o n
Total air travel and air freight volumes, seasonally adjusted
FTKs
RPKs
Source: IATA
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5/17
Fragile EU foundation to air travel strength
Segment flow data, % growth year to September
-15%
-10%
-5%
0%
5%
10%
15%
TransAtlantic Within Europe Europe-Asia TransPacific Within Asia
Freight Passengers
Sources: IATA
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6/17
International trade has stopped growing
-25
-20-15
-10
-50
5
10
15
20
2008 2009 2010 2011
% c
h a n g e o v e r y e a r
Premium passengers and world trade growth
Sources: IATA, CPB Netherlands
International trade in goods
Premium passenger numbers
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7/17
Business confidence has slumped
-40%
-30%
-20%
-10%
0%10%
20%
30%
40%
50%
2008 2009 2010 2011
Air freight and purchasing managers confidence (advanced 2 months)
Sources: IATA, Haver
Growth in purchasingmanagers confidence
Growth in air freight
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8/17
EU austerity budget measures increase
0
0.2
0.40.6
0.8
1
1.2
1.4
1.6
1.8
EU US OECD
2010 2011 2012
Change in non-interest Government deficit as a % of GDP
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9/17
Airlines: slow or no growth markets in 2012
Growth in global air travel (RPK) and air freight (FTK)
-10%
-5%
0%
5%
10%
15%
-30%
-20%
-10%
0%
10%
20%
30%
40%
2008 2009 2010 2011 2012
Air travelgrowth(right scale)
Air freightgrowth
Source: IATA
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10/17
-15%
-10%
-5%
0%
5%
10%
15%
40
50
6070
80
90
100
110
120
130
140
2005 2006 2007 2008 2009 2010 2011 2012
% ch
an
g ev
er s u s pr evi o
u s y e a
r
U S $ p e r b a r r e
l
Oil price(left scale)
Industrialproductiongrowth(right scale)
Supply squeeze keeps fuel price relatively high
Brent oil price and world industrial production growth
Source: OECD
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11/17
Airline profits forecast to fall further in 2012
Source: IATA
-30-25-20
-15-10-5
0510
1520
-9.0
-6.0
-3.0
0.0
3.0
6.0
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
2 0 1 0
2 0 1 1 F
2 0 1 2 F
U S $ b i l l i on %
r e v e n u e s
Global commercial airline profitability
Net posttax losses(right scale)
EBIT margin(left scale)
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12/17
European airlines hit hardest in 2012
-1%
0%
1%
2%
3%
4%
5%
6%
EuropeNorth
AmericaAsia
PacificMiddleEast
LatinAmerica Africa
% o
f r e v e n u e
Net post -tax profits as a % of revenues
2010 2011F 2012F
Source: IATA
http://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economicshttp://www.iata.org/economics8/2/2019 Industry Outlook Presentation December 2011
13/17
Eurozone is still not out of trouble
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2008 2009 2010 2011
Italy
Spain
France
UK
Sweden
10-year Government bond spreads over Germany, % points
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14/17
Eurozone will need additional financingBudget deficits and refinancing needs
0
100
200
300
400
500
600
Italy & Spain Greece EFSF 'rescue fund'
Refinancingneed 2011
Budgetdeficit2011
b i l l i o n
Sources: Bloomberg
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15/17
OECDs assessment of the downside risk
-4
-2
0
2
4
6
8
10
Eurozone US China World
The OECD's assessment of the downside risk to GDP
2011
2012 central forecast
2012 OECD scenario
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16/17
Little chance of other markets
escaping EU crisis
40
60
80
100
120
140
2000 2002 2004 2006 2008 2010
I n d e x e d
t o e q u a
l 1 0 0 i n 2 0 0 4
Passenger flows by major route area
Pacific
N. Atlantic
Within AsiaWithin Europe
Europe-Asia
9-11dot.com bust SARS
Greatrecession
Volcanic
ash cloud
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17/17Source: IATA
-30-25-20
-15-10-5
0510
1520
-9.0
-6.0
-3.0
0.0
3.0
6.0
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
2 0 1 0
2 0 1 1 F
2 0 1 2 F
U S $ b i l l i on %
r e v e
n u e s
Global commercial airline profitability
Net post
tax losses(right scale)
EBIT margin(left scale)
OECD scenario would push
airlines back into loss
Bankingcrisis
scenario
Centralforecast
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