坏账拖累MRO收益 | Doubtful Accounts Weigh On MRO Earnings

France is a hotbed of MRO activity, home to not just several airlines but also component shops, independent MROs and industry giants such as Safran.

作为航空运输业乘客需求下降的连锁反应,在MRO企业第二季度业绩报告中这些影响体现得更加明显,尽管危机的严重程度可能尚未在售后市场中体现充分出来。


The knock-on effect of the collapse in passenger demand has become clearer in MRO providers’ second-quarter results, although the full severity of the crisis may be yet to materialize in the aftermarket.


几家大型航空公司和分析师现在预计乘客需求可能人在2024年恢复,比之前预期2023年晚一年,另外许多航空公司受到政府援助计划的资金支撑,而这些援助的资金目前已经逐渐用尽。


In part this is because several big airlines and analysts now expect demand to return only in 2024, a year later than previously anticipated, but it is also because many airlines are being propped up by government schemes that are running out of road.


但即使航空公司曾受益于援助计划,但许多航空公司仍然削减了MRO的支出。


Even with the benefit of such schemes, many airlines already have taken an axe to their MRO outgoings.


“在这场危机中,我们负债累累。我们有的客户即将破产,有的客户正在改变他们的出行合同,”法荷航首席财务官Frederic Gagey在最近对该集团维修技术部门AFI KLM E&M进行业绩评估电话会议,上述表态就是在这个电话会议中提出的。


“With the crisis, we have bad debt. We have clients which are going into bankruptcy. We have clients which are changing their contracts,” said Air France-KLM chief financial officer Frederic Gagey in a recent earnings call on the performance of the group’s technical arm, AFI KLM E&M.


“之所以采取准备金制度,是因为存货过多、或某些合同的盈利能力需要重新评估所致。 因此,几乎有2亿欧元的特殊项目在维修业务的运营中产生了不良的影响。”Gagey补充说。


“There is provision to be taken because there are some excess of stocks or there is some reevaluation of the profitability of some contracts. And because of that, there is almost €200 million of exceptional items, which are hitting as operating result of the maintenance operations,” Gagey added.


该公司的竞争对手汉莎技术公司(Lufthansa Technik)也已减记了其应收账款的价值,而此类问题不仅限于欧洲发生。


Local rival Lufthansa Technik also has written down the value of its receivables, and
such problems are not just confined to Europe.


在美国,截至2020年5月31日的12个月周期中,AAR公司有3100万美元的客户合同终止和重组费用,而前一年周期这些费用为零。


In the U.S., AAR’s customer contract termination and restructuring costs were roughly $31 million for the 12 months to May 31, 2020, versus zero the year before.


目前最大的问题是航空公司的生存环境还将恶化多少。尽管许多航空公司从政府的薪金支持或贷款计划中受益,但仍然有巨额准备金用准备提供用于航空公司的失败和重组。


The big question is how much worse it will get. Hefty allowances already have been made for airline failures and restructurings even though many were benefitting from government payroll support or loan schemes. 


当这些援助资金用完时,或者航空公司用尽了剩余的现金时,MRO企业可能会面临新的业绩估算和更大的资产减记。


When these run out, or when airlines burn through what is left of their liquidity, MRO providers may face a new reckoning and further, larger write-downs.

这条消息是Alex Derber发表的文章。

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