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Aviation History
1996
1996 - 1921.PDF
BUSINESS BY SALES Operating profit 1995 1,548 1,333 585 1,044 1,139 160 1,380 283 83 322 283 201 436 350 423 741 2 361 487 202 Operating margin 1995 1994 9.2% 8.9% 4.2% 8.5% 9.4% 1.4% 15.2% 3.2% 1.0% 4.3% 4.8% 3.4% 7.5% 6.5% 8.5% 15.2% 0.1% 8.6% 12.4% 5.6% 8.0% 5.0% 3.2% 1.6% 8.6% -1.0% 11.3% 2.0% -2.2% -7.0% 8.4% 2.0% -0.2% 7.3% 3.5% 14.2% -2.5% 8.9% 11.6% 1.4% Net profit/loss 1995 1994 167.0 349.0 417.3 510.0 740.1 5.1 392.0 32.1 -579.6 119.2 341.5 -124.5 224.0 133.6 368.9 727.0 -52.7 131.2 385.0 -360.5 228.0 51.0 186.3 -159.0 388.8 -12.1 295.5 42.4 -87.0 -684.9 268.8 16.8 -613.0 107.7 195.2 615.8 -0.2 47.7 309.0 -310.1 Year end Dec 95 Dec 95 Dec 95 Dec 95 March 96 March 96 Dec 95 March 96 March 96 Dec 95 March 96 Dec 95 Dec 95 June 95 Dec 95 March 96 Dec 95 Dec 95 Dec 95 Dec 95 Notes Restructuring choice of $583 million included in net but not operating profit 1995 ES0P charge of $504 million included in net but not operating profit 1995 1995 net result excludes DM879 from accounting gain ESOP charge of $478 million in net but not operating profit 1995 Excludes Air Inter. Net loss for 1995 after restructuring charge of Frl,995 million Net loss for 1995 after SFr365 million restructuring charge. Pre-tax profit not net 1995 losses after L443 billion gain on sales of Aeroporti di Roma Results for airline not group. Iberia is partofTeneo. 83 200 236 2.5% 6.1% 7.3%- 4.1% 6.1% 3.2%- -227.0 37.9 -6.9 -435.8 94.4 215.4 Dec 95 Dec 95 Dec 95 Net loss for 1995 includes $242 million restructuring. All conversions at 1995 year-end exchange of Reais 0.97=$1 -4 376 314 -19 155 100 26 230 21 -22 143 165 76 145 85 -7 14 -151 91 71 -33 315 29 13,766 -0.1% 12.9% 10.9% -0.9% 6.8% 4.4% 1.3% 12.6% 1.2% -1.3% 8.7% 10.7% 5.4% 11.1% 6.7% -0.6% 1.2% -13.4% 8.3% 5.9% -3.2% 30.1% 3.0% 6.6% -0.2% 13.3% 12.2% 1.9% 11.8% 3.0% 2.3% 5.7% 2.4% 2.0% 7.8% 10.4% 5.7% 9.6% 4.0% -2.0% -1.5% 1.5% -1.3% 3.2% -2.3% 16.8% -1.2%- 0.4% 4.0% 0.7 130.0 182.6 -141.9 28.3 98.8 -56.4 164.5 46.3 90.6 122.2 53.8 17.3 38.0 24.2 6.0 -72.0 15.0 -137.0 60.5 7.5 -72.9 29.7 -68.0 36.0 -32.1 4,280.0 -30.5 111.9 179.3 -39.3 101.8 102.0 -38.1 107.4 17.1 4.0 84.2 7.8 22.5 38.8 -184.8 -17.3 -180.0 14.0 19.0 -6.9 -36.9 13.0 -16.6- -378.9 648.0 March 96 Sept 95 Dec 95 Dec 95 Dec 95 June 95 March 96 Dec 95 June 95 Dec 95 Dec 94 March 96 Dec 95 Dec 95 Dec 95 Dec 95 Dec 95 Dec 95 Dec 95 Dec 95 March 95 Dec 95 March 96 Dec 95 March 95 Dec 94 Dec 95 No results released within recent years. Includes Ansett Australia and New Zealand. Operating inccome recalculated to exlcude interest expenses/earnings Latest year for 1994. Pre-tax profit not net Net profit for four months after reorganisation in August 1994 Restated for new year-end to December. 1994 restructuring IRf 124 million. Net profit before transfer from reserves Airline not group 1995 results provisional only Pre-tax profit. SAA is part of Transnet Preliminary only. Provisional figures only and liable to restatement. their fall. The Association of European Airlines reports that passenger yields dipped by 2.1 % over 1995, in effect translating into a 5 % dip in fares after adjusting for inflation. On the transatlantic market, that fell even further to a real drop of more than 7% as the impact of the weakening dollar took effect. Lufthansa has admitted that it will struggle this year to maintain the kind of profits it pro duced in 1995 and, at the half-year stage, its worries seem to be justified. Others, such as Finnair, which are dependent on the German economy, have already warned that 1995's record profits will not last. Most of the carriers are responding with renewed drives to cut costs, including British Airways, Lufthansa and Swissair, which sank to a loss after making a provision for its cuts. This resolve speaks well for the industry's long-term stability, but it would be ill-advised to hold out too much hope for major profit improvements in Europe for 1996. ASIA PACIFIC Although traffic continues to run ahead in the Asia-Pacific region, here too there is sign of pressure of yields and universal complaints about intense competition. The heavyweight Japanese carriers contin ued their steady recovery, although it has come a little more slowly than forecast, in part because of a faltering economic recovery and the strength of the yen. Japan Airlines QAL) and All Nippon Airways both returned to prof it in 1995, and the performance should contin ue as they -work methodically through their latest three-year plans. The most pressing issue now facing Japan is renegotiation of the US-Japanese passenger bilateral. The talks are destined to be rocky, as already hinted by.the row over cargo rights. JAL, for one,-is intent on winning a reprieve from growing US competition at Kansai and Tokyo, while the USA is pressing hard for open skies. Whatever the outcome, the deal will have a lasting impact on the transpacific market. Elsewhere in the region, Cathay Pacific and Singapore Airlines again emerged among ^ FLIGHT INTERNATIONAL 31 July - 6 August 1996 37
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