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<br /> The Aviation Industry Leaders Report 2022:<br /> Re<br /> ecovery through Resilienc<br /> www.aviationnews-online.com www.kpmg.ie/aviation<br /> For what’s next in aviation.<br /> Navigating Change. Together. Your Partner For What’s Next<br /> CONTENTS<br /> 2 List of Contributors and Acknowledgements<br /> 4 Foreword from Joe O’Mara, Head of Aviation, KPMG Ireland<br /> 6 Chapter I<br /> Airlines: Getting Back to Business<br /> 20 Chapter II<br /> Aircraft Leasing: Proven Resilience<br /> 41 Chapter III<br /> Capitalising on Cargo<br /> 47 Chapter IV<br /> Rightsizing the Fleet<br /> 50 Chapter V<br /> Aviation and the Environment<br /> 56 Final Thoughts<br /> THE AVIATION INDUSTRY LEADERS REPORT 2022<br /> For the fifth year running, Airline Economics and KPMG have ga<a title="Global Leaders Report 2022 page 1" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=1"> The Aviation Industry Leaders Report 2022: Re eco</a> <a title="Global Leaders Report 2022 page 2" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=2"> For what’s next in aviation. Navigating Change. T</a> <a title="Global Leaders Report 2022 page 3" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=3"> CONTENTS 2 List of Contributors and Acknowledge</a> <a title="Global Leaders Report 2022 page 4" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=4"> AIRLINE ECONOMICS RESEARCH Aviation Industry Gl</a> <a title="Global Leaders Report 2022 page 5" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=5"> AIRLINE ECONOMICS RESEARCH Johann </a> <a title="Global Leaders Report 2022 page 6" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=6"> AIRLINE ECONOMICS RESEARCH RECOVERY THROUGH RE</a> <a title="Global Leaders Report 2022 page 7" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=7"> opportunities. Given those that join the leasing </a> <a title="Global Leaders Report 2022 page 8" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=8"> Chapter I Airlines: Getting Back to Business</a> <a title="Global Leaders Report 2022 page 9" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=9"> AIRLINE ECONOMICS RESEARCH A lmost two </a> <a title="Global Leaders Report 2022 page 10" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=10"> AIRLINE ECONOMICS RESEARCH </a> <a title="Global Leaders Report 2022 page 11" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=11"> 2003 2004 2005 2006 </a> <a title="Global Leaders Report 2022 page 12" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=12"> AIRLINE ECONOMICS RESEARCH beleaguered those ai</a> <a title="Global Leaders Report 2022 page 13" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=13"> -110 Feb-20 Mar-20 Apr-20 May-20</a> <a title="Global Leaders Report 2022 page 14" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=14"> AIRLINE ECONOMICS RESEARCH </a> <a title="Global Leaders Report 2022 page 15" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=15"> the end of 2021, while AirAsia X and Garuda Indon</a> <a title="Global Leaders Report 2022 page 16" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=16"> AIRLINE ECONOMICS RESEARCH Headwinds to recover</a> <a title="Global Leaders Report 2022 page 17" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=17"> GROWTH FRONTIERS DUBLIN 9-11 MAY 2022 The RD</a> <a title="Global Leaders Report 2022 page 18" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=18"> AIRLINE ECONOMICS RESEARCH Airline Finance </a> <a title="Global Leaders Report 2022 page 19" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=19"> enabled the pricing to be reduced significant</a> <a title="Global Leaders Report 2022 page 20" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=20"> AIRLINE ECONOMICS RESEARCH Labour issues </a> <a title="Global Leaders Report 2022 page 21" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=21"> AIRLINE ECONOMICS RESEARCH Challenger airlines </a> <a title="Global Leaders Report 2022 page 22" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=22"> Chapter II Aircraft Leasing: Proven Resilience</a> <a title="Global Leaders Report 2022 page 23" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=23"> AIRLINE ECONOMICS RESEARCH Th</a> <a title="Global Leaders Report 2022 page 24" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=24"> AIRLINE ECONOMICS RESEARCH Leasing market share</a> <a title="Global Leaders Report 2022 page 25" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=25"> AIRLINE ECONOMICS RESEARCH 24000 20000 160</a> <a title="Global Leaders Report 2022 page 26" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=26"> AIRLINE ECONOMICS RESEARCH between</a> <a title="Global Leaders Report 2022 page 27" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=27"> AIRLINE ECONOMICS RESEARCH CHART 14: TOP 30 LEA</a> <a title="Global Leaders Report 2022 page 28" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=28"> AIRLINE ECONOMICS RESEARCH Scaling Up </a> <a title="Global Leaders Report 2022 page 29" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=29"> AIRLINE ECONOMICS RESEARCH AerCap’s twice in a </a> <a title="Global Leaders Report 2022 page 30" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=30"> AIRLINE ECONOMICS RESEARCH For Carlyle Aviatio</a> <a title="Global Leaders Report 2022 page 31" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=31"> initial phases, which is understandable. This has</a> <a title="Global Leaders Report 2022 page 32" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=32"> AIRLINE ECONOMICS RESEARCH Competition Intensi</a> <a title="Global Leaders Report 2022 page 33" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=33"> as its very accretive, it contributes greatl</a> <a title="Global Leaders Report 2022 page 34" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=34"> AIRLINE ECONOMICS RESEARCH pandemic period co</a> <a title="Global Leaders Report 2022 page 35" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=35"> the A350’s benefit. The sale-leaseback market – wh</a> <a title="Global Leaders Report 2022 page 36" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=36"> AIRLINE ECONOMICS RESEARCH Aircraft Leasing De</a> <a title="Global Leaders Report 2022 page 37" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=37"> “The investor response was testament </a> <a title="Global Leaders Report 2022 page 38" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=38"> AIRLINE ECONOMICS RESEARCH Trading returns Les</a> <a title="Global Leaders Report 2022 page 39" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=39"> NEW YORK GROWTH FRONTIERS 20-21 OCTOBER 2022 </a> <a title="Global Leaders Report 2022 page 40" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=40"> AIRLINE ECONOMICS RESEARCH Lessor Financing </a> <a title="Global Leaders Report 2022 page 41" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=41"> percentage of the funds collected that would trig</a> <a title="Global Leaders Report 2022 page 42" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=42"> Chapter III Capitalising on Cargo</a> <a title="Global Leaders Report 2022 page 43" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=43"> The air freight market has continued to be a majo</a> <a title="Global Leaders Report 2022 page 44" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=44"> AIRLINE ECONOMICS RESEARCH are not that old sin</a> <a title="Global Leaders Report 2022 page 45" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=45"> For what’s next in aviation. Navigating Change. T</a> <a title="Global Leaders Report 2022 page 46" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=46"> AIRLINE ECONOMICS RESEARCH chan</a> <a title="Global Leaders Report 2022 page 47" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=47"> perception of the business with bank counterparti</a> <a title="Global Leaders Report 2022 page 48" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=48"> Chapter IV Rightsizing the Fleet</a> <a title="Global Leaders Report 2022 page 49" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=49"> </a> <a title="Global Leaders Report 2022 page 50" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=50"> -030 Jan-20 Feb-20 Mar-20 Apr-2</a> <a title="Global Leaders Report 2022 page 51" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=51"> high. Boeing sold 80 freighters in 2021 – 19 76</a> <a title="Global Leaders Report 2022 page 52" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=52"> Chapter V Aviation and the Environment ESG – a r</a> <a title="Global Leaders Report 2022 page 53" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=53"> At the same time as ramping up production of its </a> <a title="Global Leaders Report 2022 page 54" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=54"> AIRLINE ECONOMICS RESEARCH Sustainable Aviation</a> <a title="Global Leaders Report 2022 page 55" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=55"> For what’s next in a net zero world. Together, w</a> <a title="Global Leaders Report 2022 page 56" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=56"> AIRLINE ECONOMICS RESEARCH Sustainable finance</a> <a title="Global Leaders Report 2022 page 57" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=57"> Paris-based sustainability research group that wa</a> <a title="Global Leaders Report 2022 page 58" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=58"> AIRLINE ECONOMICS RESEARCH Investing in the Fu</a> <a title="Global Leaders Report 2022 page 59" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=59"> eVTOLs Some airlines and lessors are bet</a> <a title="Global Leaders Report 2022 page 60" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=60"> AIRLINE ECONOMICS RESEARCH Final Thoughts Over</a> <a title="Global Leaders Report 2022 page 61" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=61"> For what’s next in aviation. Navigating Change. T</a> <a title="Global Leaders Report 2022 page 62" href="https://secure.viewer.zmags.com/publication/5ce66ae2?page=62"> For what’s next in a net zero world. Together, w</a>