In recent years, because airline licenses, time, pilots and other resources are scarce resources, many social capitals originally in real estate and manufacturing have also taken a fancy to the "cake" of airlines, hoping to enhance the value of airline licenses through the increase of fleet size, and land in the capital market or sell them again in a few years.
For example, at the end of 2020, Longjiang Airlines, which suffered losses year after year and had difficulties in operation, was applied for auction by creditors. In the end, its debt is very high. Only five planes and 98% equity of Longjiang Airlines, which basically did not exist in good times, were taken away by a Jiangsu enterprise. Okay Airways, the first private airline to fly to the sky, experienced many major shareholder changes on 20 19, and continued its life through the injection of external funds from shareholders.
But it is not easy to rely on the value-added cash of airline licenses now, and to maintain the operation of airlines, it is necessary to continuously inject funds.
Causes of Civil Aviation Losses in Recent Years
In 2022, the COVID-19 epidemic recurred. Affected by the epidemic control policy and people's willingness to travel, the passenger load factor of civil aviation decreased and the demand dropped significantly. Compared with 202 1, the passenger traffic and turnover of civil aviation have fallen off a cliff. According to the information in the annual report, in 2022, the passenger traffic of the whole industry was 25171320,000, down 42.9% from the previous year. The number of domestic air routes was 249.8525 million, a decrease of 43 1% over the previous year. The decline in passenger income is the direct cause of the loss.
In addition, occasionally affected by the COVID-19 epidemic, high oil prices and exchange rate fluctuations also caused some losses. In 2020, the global epidemic will hit the world economy hard and the demand for crude oil will shrink. As one of the main operating costs of airlines, jet fuel's performance is greatly affected by the fluctuation of jet fuel price.
From the perspective of exchange rate, airline leasing liabilities, bank loans and other loans are mainly US dollars, euros and Japanese yen. Assuming that other risk variables except the exchange rate remain unchanged, the exchange rate change of RMB against the US dollar makes RMB appreciate or depreciate 1%. Therefore, directly or indirectly affected by the COVID-19 epidemic, the loss of the civil aviation industry continued to expand during the three years of the epidemic.