スペインの格安航空会社のVuelingは、将来有望
El futuro pasa por Vueling
La compañía presidida por Josep Piqué podría asumir parte del corto y medio radio de Iberia
Fernando Barciela 23 DIC 2012 - 00:00 CET
The future is Vueling
The company led by Josep Piqué could take some of the short and medium haul Iberia
Fernando Barciela 23 DIC 2012 - 00:00 CET
Why have you decided the Irishman Willie Walsh, CEO of IAG, conduct a tender offer for Vueling? Because, according to the industry agree, the airline grows as few, earn more and more money, will be cheaper and also act as a solution to the problems of Iberia. Founded in July 2004, taken public in 2007 and now owned by Iberia in 45.8%, Vueling is the reverse of the situation such as the flag carrier. While Iberia has suffered a gradual decline of their business, from 5,516,000 in 2008 to 4,872,000 in 2011 (11.6% less), the company headed by former minister Josep Pique and described as "fantastic" by Walsh, has grown in revenue in the same period: from 441 to 863 million, 95.7% more.
Theirs has been supersonic. In the last four years, Vueling has doubled its number of passengers, from 6.2 to 12.3 million. And while Iberia will end the year with heavy losses, Vueling had a net profit of 50.1 million in the third quarter, which this year will be the fifth in benefits. "We are growing so much," says Julio Rodriguez, commercial director of the company, "we are an oddity among airlines in southern Europe." And this year. Vueling can end 2012 with about 1,100 million turnover, 25% more.
The bid for the 54.2% that the group does not possess Vueling IAG, announced in November and scheduled for the first quarter of 2013, values the company at 208 million euros, 7 euros per share. In fact, one of the shareholders of Vueling, with packages of around 3% (BNP Paribas, Deutsche Bank or Farringdon), find the price seems very low, which could lead to IAG to offer a bit more. "Seven euros seems little," said Joaquin Garcia Romanillos, airline analyst at Kepler Capital Markets. "The value could be around nine."
The sum may seem small investors who went to Vueling IPO in 2006, when he came to 30 euros. After a steep climb, to 45 euros in the coming months, the company based in El Prat de Llobregat (Barcelona) described an inverse path to market that recorded in its business: in the days before the bid was worth about five euros. It is one of those rare cases of lack of interest from investors that many do not fully understand. "We know that sometimes the prices do not reflect the potential of a company," says Rodriguez.
The airline grows like few others, gaining more money and is a good price
Able to fight and win the likes of Ryanair, Iberia subsidiary far has shown not only to its parent than it is able, it will multiply its size. "Our project," says commercial director, "has been growing in Spain, but further out, in the Northern European markets." Vueling Markets that have not scared, because, says Rodriguez, "our costs very competitive field allow us to beat stronger airlines." He cites the example of Germany, where they have begun to fly this year and which will go from 4 to 10 destinations. The company also recently opened its third international base-plus-Amsterdam and Paris in Florence. All this so you have 70 aircraft, over 200 routes to 101 destinations across Europe in 2013.
Among the reasons for this success is a culture low cost, very difficult to achieve in subsidiaries flagship airlines. "Keep holding tightly controlled costs," explains Lorenzo Luccheti, pilot and chief of the section on Vueling SEPLA union, "and runs a very efficient controls, allowing you to make the most of their resources." Including the departure of the pilots, which is due, Luchetti continues, that "we intend to make an effort so that the company could be competitive and grow." That low cost culture has allowed to carry out a transition to a model closer to that of conventional companies, albeit with the best price. "We were born as a low cost," says Rodriguez, "but we now offer a product similar to companies such as Iberia, BA and Air France."
Vueling shares with the only low cost airline model (A-320), through the operational bases and point to point routes, high fleet utilization and presence. But it resembles the traditional seat selection, frequency level, the use of major airports, the connecting flights, loyalty programs and the use of agencies. He has been strengthening its business customers and 44% of the total, with offerings like the Classe Excellence. It has also benefited from its merger with Clickair in 2009 and the demise of Spanair.
While not commenting on the issue Vueling, has spread the impression that the company could gain many of the routes short and medium haul Iberia exploiting a model where Vueling be responsible for feeding the long-haul flights that. A crucial issue, since 70% of long-haul passengers of Iberia at Barajas comes from other airports. "It has all the logic," said Garcia Romanillos, "as it fails to exploit efficiently Iberia those routes, Vueling what it could do." In fact, this model was tested two years ago, before the merger Iberia-BA, but was abandoned due partly to opposition from unions that Iberia to cede to Vueling these routes, especially in Madrid-Barajas .
IAG's bid for the 54.2% stake is scheduled for early 2013
That now seems to be reissuing this possibility. Vueling has experience in this type of flight: in 2011 carried more than two million passengers in connection to companies like American Airlines, BA and Iberia itself. Iberia unions still do not accept that possibility. "We felt very bad that the OPA IAG announced just a day before it filed the Plan Transforms" complains Manuel Atienza, UGT spokesman in Iberia. "We believe there has been an unfair attitude Iberia". Atienza believes "if Vueling starts operating in Barajas to feed Iberia routes, this is over. We will not allow it. "
Other sources go further and add that this would not be the only function of Vueling and that the CEO would intend to use the company as a means to force the restructuring of Iberia. "One of the purposes of the tender offer," said Garcia Romanillos, "Vueling is to exercise with greater pressure, as if they told the unions: 'If you let us restructure Iberia, Vueling route grow." Atienza says the same. "We are concerned that Vueling will be under the control of IAG, which will be used to put the screws to Iberia". These perceptions match Walsh recent statements in which he complained that so far "there has been no response from the workers to support the magnitude of the problems in Iberia".
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