スペインのイベリア航空は、競争性の低さと Ryanair や Vuelingなどの格安 航空会社との競争で2012年1月ー9月には2億6200万0000ユーロの赤字。イベリア航空の将来は真っ暗！
Iberia vuela con rumbo incierto
Agobiada por los números rojos y la pérdida de competitividad, la aerolínea
de bandera emprende un duro ajuste de plantilla y una drástica reducción de rutas
Cristina Galindo Madrid 23 DIC 2012 - 01:15 CET
Iberia flies uncertain course
Overwhelmed by the red and the loss of competitiveness, the airline
Flag undertakes a hard adjustment template and a drastic reduction in routes
Cristina Galindo Madrid 23 DIC 2012 - 01:15 CET
"First it was Gibraltar, now, Iberia," could be read on a sign hanging by the workers of the airline at the airport of Barajas. The company's merger with British Airways, materialized in 2011 through IAG holding, is seen by the staff and some of the Spanish public as a battle between old imperiosque has opted in favor of London, while shareholders respond that economic crisis, increased competition and employee resistance to change in recent years explains the problems Iberia. Note who is to blame for the crisis facing the flag carrier, which has always been considered a national symbol, the direction of Iberia is in an uncertain time.
The turmoil began to hit the company in 2008, when the global financial collapse plunged air traffic and dragged the whole sector. No one was spared. Neither Iberia, which recorded its first operating loss in 13 years. Gone was a decade of prosperity, marked by the privatization of the company went public and its increasingly close alliance with British Airways, with whom he shares crossed for a decade until it was a merger that was taken for granted.
Four years after the start of the decline, Iberia is in the red and on November 9 announced the elimination of 4,500 jobs (23% of the workforce), while his British partner and has returned to profit. Many European airlines have been affected by the European debt crisis, but perhaps Iberia has been one of the hardest hit. "The basis of the whole problem is the crisis hitting the Spanish economy, with an unemployment rate that clears the 25%," explains Ivan San Felix, senior analyst in the airline industry Renta 4. So far this year, traffic at the airport of Barajas has fallen by 8.5%. "All finished off by the price of fuel, which is very high, and now accounts for 30% of operating costs for airlines," he adds.
The 'low cost' have caused great damage to paths short and medium haul
The unstoppable rise of low cost airlines is another key to understanding why Iberia posted losses of 262 million euros in the first nine months of the year (about the same as winning British Airways between January and September). Spain is one of the world's countries with higher traffic density low cost. Companies like Ryanair and Vueling have become leaders in the Spanish market. "Low-cost airlines have expanded smoothly in Barajas airport, because historically had lower rates, but now has decided to raise them, and also has excess capacity, so there is room for all competitors," explains Fageda Xavier, an economics professor at the University of Barcelona.
The low cost have caused significant damage to the short and medium routes within Iberia. The average cost per passenger for Easyjet ranges from 60 to 70 euros on a short haul flight to Iberia is between 125 and 135 euros, according to industry estimates. Since 2006, the market share of Iberia in that business segment has fallen by 20%. The almighty Ryanair dominates this market, with a share of 21%, according to data released in a recent report by Goldman Sachs, which draws on the number of seats available per route kilometer (ASK), one of the measures used by the industry to measure the ability. Iberia followed with 11%, and Vueling, with 9%.
Hundreds of workers at a rally in Iberia's Barajas T4 to protest the transformation plan / EFE
The economic difficulties plaguing Iberia there are the structural. All analysts agree that is a major productivity problem: the workers are on average fewer hours than employees of its rivals and charges more. The average salary of a commander of Vueling is 102,000 per year, and fly 786 hours a year. In Iberia, a short-haul pilot earns 194,000 euros on average for 665 flight hours, according to data provided by the company.
The problems with the low cost and the domestic and European flights Iberia facing affect the company's main market: transoceanic travel, especially between Europe and Latin America. Elena Hernandez, analyst Savings Corporation, explains that "to feed the long haul, Iberia has to hold a short and medium-haul with a cost structure significantly ahead" of its rivals. And with the crisis, fewer Latin American immigrants traveling to Spain or spend a holiday in their home country. "That's the biggest challenge you face: you have to optimize routes and costs to return the company to be efficient and generating cash which became" the expert added.
The 13 loss-making routes Iberia lost 100 million per year, a figure almost positive for Goldman Sachs, which expects the network restructuring the company provides "easy profit gains." The initial goal of the airline is to cut by 15% the number of routes in 2013. Actually, Iberia has announced that as of April 1 will stop flying to Havana and Santo Domingo to San Juan de Puerto Rico will have to go through Miami.
The company wants to reduce the workforce by up to 35% salary
"Many routes flagship airlines have been loss-making for years, but were offset by other cost-effective," said an analyst with years of industry experience who prefers anonymity. "Before these losses were more bearable, because this was a business of glamor and five-star hotels, but increasingly requiring greater profitability to the business, which now looks more like a bus company," says the expert, who gives an example of Gol, Brazil's second largest airline, founded in 2001 by a family devoted to road passenger transport.
The legacy is weighing in Iberia. According to the plan submitted by the company on November 9, also planned the elimination of 4,500 jobs, of which 3,000 will be early retirement, and salary reductions of 25% to 35% on average. Iberia sources say there is no other way to save the company to cut workforce capacity and to increase the competitiveness and profitability, and stop bleeding loss.
For pilots, the airline has suggested a reduction in pay on average 30% (25% in long-haul and 40% on short and medium haul) and increase productivity by 20%. To Justo Peral, section chief in Iberia Sepla union representing the pilots, these measures are "a smoke screen to hide" the real problem: "British Airways is accelerating the looting of Iberia". Sepla The thesis is that the merger is the death sentence for the Spanish airline, because it is being managed from the IAG holding in favor of the British partner. "They're taking our production, loading ..., are plundering, and behind it is the mark of the British pension plans, which could end with the collapse of the company," says Pearl. "The problem is not the salaries of the pilots," he adds.
In Iberia, a short-haul pilot earns 194,000 euros in Spanair, 102,000
The company denies these claims. "Not a penny of Iberia has been transferred to British Airways," said recently the CEO of IAG, Willie Walsh, in an interview with this newspaper. Walsh denied that the box had been funded Iberia pension plans of British and explained that the British airline has already implemented its restructuring, like other major airlines such as Air France-KLM and Lufthansa.
The lack of a clear horizon of future worries Iberia staff. Except Sepla, all unions represented in Iberia (ground workers and flight attendants) have reached an agreement with management this week to call off several days of strikes in January to sit down and negotiate a restructuring plan in five years that ensure their viability, including investments of 1,200 million to buy 23 new aircraft. The non-renewal of the fleet has been another reason advanced by the unions to explain the decline of the company's new aircraft are more fuel-efficient. Union sources recognize that negotiation and adjustment will be hard, but at least they can negotiate on the basis of a future plan.
How will Iberia if it survives
The first question asked by many is what kind of company is Iberia. "He has a clear course to be redesigned, but the goal is clear: to serve as a bridge between Latin America and Europe," said Elena Fernandez, analyst Savings Corporation. "With the necessary adjustments, will continue to be the flag carrier that has been and is," he says. "The setting is unstoppable. Neither the government nor anyone can stop him. It's what they have to do it hard. If they do not, the scenario will be worse. In principle, if you make the adjustment, can maintain its leadership position in Latin America, despite the threat of Air France and the rise of some companies in the region, such as Colombia's Avianca, which is expanding, "says Xavier Fageda.
The priority is to reduce cost and ability to be able to finance new investments, insists the CEO of Iberia, Rafael Sanchez Lozano, who recognized the possibility that restructuring the airline loses the leadership on routes between Europe and Latin America, its market star, to Air France (both have a market share in this segment of around 20%). "Right now we are not competitive, when what we are, we will grow," he promises.
The second question is whether the merger has been beneficial. And that is a question that is formulated both in Spain and in the UK. From Madrid you hear critical voices are convinced that British has benefited and now has no benefits and Iberia. Justo Peral, the Sepla, sees no other explanation for the crisis in Iberia: "70% of customer traffic comes from outside of Iberia and the Spanish crisis would not affect us much. In addition, there is growth in Latin America. " The Sepla coincides with the company to be restructured, has proposed a 51% pay cut for new hires-pilot, but requires a review of the merger agreements. Since IAG is recalled that, during the 13 years of benefits Iberia, British won at least twice.
"The problem is not our salary, but the merger with British" says Sepla
From London, the press has criticized the appropriateness of the choice of a partner Iberia. Iberia's operating losses, which in a recent report Citi estimated at 340 million for the full year, jeopardize the ambitious goal of IAG to generate an operating profit of 1,600 million in 2015. "Unless you make a credible restructuring Iberia, IAG may be forced to depreciate the assets of Iberia with an impact of up to one billion euros", estimated Andrew Light, Citi.
What is clear is that with the merger have gained size-IAG is the third in Europe after Air France-KLM and Lufthansa-at a time of industry consolidation, which has had to unite to face the perpetual battle of the costs caused by the increase in supply, technical development and the emergence of low cost. In the last decade, paired with Air France KLM and Alitalia entered; Lufthansa has joined Swiss Airlines, Austrian Airlines and Brussels Airlines. "The merger with British has been positive and necessary, but the timing (for the impact of the crisis) is not optimal. The main problem is that Europe is taking to carry out a process of consolidation, which is necessary and that the United States has long been going on, "says Elena Fernandez.
All major European airlines have undertaken significant restructuring, except Iberia, say experts consulted. Actually, two adjustments were led by the current CEO of IAG: Walsh earned the nickname the trimmer for its workforce reduction measures and costs in the Irish Aer Lingus, which also was CEO. He has also made adjustments to British. "Iberia merger became worse structured, has taken a long time to react," says Ivan San Felix. The representative said that Iberia Sepla also been adjusted in the past. "From 2004-2006, the fleet has gone from 160 to 100 aircraft, and the workforce from 26,000 to 19,000 people," says Pearl.
The state's role in the future
Remains to be seen what role the Spanish Government in defining the future of Iberia. Through Bankia nationalized and State Industrial Holdings Company (SEPI), the State is the largest shareholder of IAG, with 15% of the capital. But the fact is that this percentage hardly can give control to the Board of Directors, in which there are six representatives and six British Iberia.
The government, mainly through the Minister of Development, Ana Pastor, has made clear it will not allow the capacity reduction of Iberia affect the connectivity of the country or tourism. "The ministry will have to intervene, because of course their interest to maintain a strong airline," says Ivan San Felix. "Early retirement and covenant to negotiate how to boost Iberia can be the basis of an agreement." Although there are clear steps the Government could take to stop a restructuring that was not to his liking, what seems clear is that their pressure was a cause that unions suspend strikes called for these days and the company agreed negotiate a viability plan to five years.
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