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<br /> The Aviation Industry Leaders Report 2021:<br /> Route to Recovery<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<br /> Contributors and<br /> Acknowledgements<br /> 4 Foreword from Joe<br /> O’Mara, Head of<br /> Aviation, KPMG<br /> Ireland<br /> 6 Chapter One:<br /> Surviving the Crisis<br /> This chapter considers<br /> the macroeconomic and<br /> geopolitical shock of the<br /> coronavirus pandemic<br /> and its impact on the<br /> fundamentals of the<br /> aviation industry.<br /> 10 Regional Review<br /> Chapter One<br /> incorporates a regional<br /> review of the aviation<br /> ma<a title="Leaders Report 2021 page 1" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=1"> The Aviation Industry Leaders Report 2021: Route</a> <a title="Leaders Report 2021 page 2" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=2"> For what’s next in Aviation. Navigating Change. T</a> <a title="Leaders Report 2021 page 3" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=3"> CONTENTS 2 List of Contributo</a> <a title="Leaders Report 2021 page 4" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=4"> AIRLINE ECONOMICS RESEARCH CONTRIBUTORS TO THE </a> <a title="Leaders Report 2021 page 5" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=5"> For what’s next for your business. Together, we’</a> <a title="Leaders Report 2021 page 6" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=6"> AIRLINE ECONOMICS RESEARCH ROUTE TO RECOVERY W</a> <a title="Leaders Report 2021 page 7" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=7"> AIRLINE ECONOMICS RESEARCH Given t</a> <a title="Leaders Report 2021 page 8" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=8"> Chapter One Surviving the Crisis</a> <a title="Leaders Report 2021 page 9" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=9"> AIRLINE ECONOMICS RESEARCH The world at the end</a> <a title="Leaders Report 2021 page 10" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=10"> RPKs FTKs GlobalGDP,%change</a> <a title="Leaders Report 2021 page 11" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=11"> The severity of the COVID-19 impact on air </a> <a title="Leaders Report 2021 page 12" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=12"> 60 AIRLINE 20 Regional review -20 % chan</a> <a title="Leaders Report 2021 page 13" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=13"> AIRLINE ECONOMICS RESEARCH INTERNATIONAL PASSEN</a> <a title="Leaders Report 2021 page 14" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=14"> AIRLINE ECONOMICS RESEARCH </a> <a title="Leaders Report 2021 page 15" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=15"> Aset Management • • • • Remarketing Services</a> <a title="Leaders Report 2021 page 16" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=16"> AIRLINE ECONOMICS RESEARCH deferral of new deli</a> <a title="Leaders Report 2021 page 17" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=17"> AIRLINE ECONOMICS RESEARCH EU</a> <a title="Leaders Report 2021 page 18" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=18"> AIRLINE ECONOMICS RESEARCH cost long-haul trans</a> <a title="Leaders Report 2021 page 19" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=19"> ASIA-PACIFIC The Asia-Pacific region is large </a> <a title="Leaders Report 2021 page 20" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=20"> AIRLINE ECONOMICS RESEARCH In </a> <a title="Leaders Report 2021 page 21" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=21"> Surviving rather than thriving is now the prime o</a> <a title="Leaders Report 2021 page 22" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=22"> AIRLINE ECONOMICS RESEARCH come with environmen</a> <a title="Leaders Report 2021 page 23" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=23"> and with more lockdowns weakening airlines furt</a> <a title="Leaders Report 2021 page 24" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=24"> AIRLINE ECONOMICS RESEARCH expected the Thai go</a> <a title="Leaders Report 2021 page 25" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=25"> AIRCRAFT. LEASING. INVESTMENT. </a> <a title="Leaders Report 2021 page 26" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=26"> AIRLINE ECONOMICS RESEARCH Government aid provi</a> <a title="Leaders Report 2021 page 27" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=27"> AIRLINE ECONOMICS RESEARCH STATE AID FOR AIRLIN</a> <a title="Leaders Report 2021 page 28" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=28"> AIRLINE ECONOMICS RESEARCH Air</a> <a title="Leaders Report 2021 page 29" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=29"> restructurings. The next four or five months </a> <a title="Leaders Report 2021 page 30" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=30"> AIRLINE ECONOMICS RESEARCH place. He praised th</a> <a title="Leaders Report 2021 page 31" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=31"> ABOVE & BEYOND GECAS is a world-leading aviation</a> <a title="Leaders Report 2021 page 32" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=32"> Chapter Two Fleet Focus</a> <a title="Leaders Report 2021 page 33" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=33"> AIRLINE ECONOMICS RESEARCH A irlines have</a> <a title="Leaders Report 2021 page 34" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=34"> AIRLINE ECONOMICS RESEARCH American Airlines </a> <a title="Leaders Report 2021 page 35" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=35"> in a survival mode, so they’re going to operate t</a> <a title="Leaders Report 2021 page 36" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=36"> AIRLINE ECONOMICS RESEARCH well as senior secur</a> <a title="Leaders Report 2021 page 37" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=37"> for some types. In September, Boeing confirmed tha</a> <a title="Leaders Report 2021 page 38" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=38"> AIRLINE ECONOMICS RESEARCH Engine OEMs too </a> <a title="Leaders Report 2021 page 39" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=39"> DUBLIN | IRELAND Delivering lift to airline c</a> <a title="Leaders Report 2021 page 40" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=40"> AIRLINE ECONOMICS RESEARCH that have good busin</a> <a title="Leaders Report 2021 page 41" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=41"> AIRLINE ECONOMICS RESEARCH Return of the MAX </a> <a title="Leaders Report 2021 page 42" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=42"> If MCAS is activated in non- normal conditio</a> <a title="Leaders Report 2021 page 43" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=43"> At the time the aircraft was grounded,</a> <a title="Leaders Report 2021 page 44" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=44"> AIRLINE ECONOMICS RESEARCH ALC has recently</a> <a title="Leaders Report 2021 page 45" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=45"> Importantly, Ryanair describes the aircraf</a> <a title="Leaders Report 2021 page 46" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=46"> Chapter Three The Credit Challenge</a> <a title="Leaders Report 2021 page 47" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=47"> For what’s next in Aviation. Navigating Change. T</a> <a title="Leaders Report 2021 page 48" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=48"> AIRLINE ECONOMICS RESEARCH A t the star</a> <a title="Leaders Report 2021 page 49" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=49"> years and especially for institutions who are rel</a> <a title="Leaders Report 2021 page 50" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=50"> AIRLINE ECONOMICS RESEARCH operating lease sinc</a> <a title="Leaders Report 2021 page 51" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=51"> assets including slots, gates and routes. But al</a> <a title="Leaders Report 2021 page 52" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=52"> AIRLINE ECONOMICS RESEARCH funding. American ha</a> <a title="Leaders Report 2021 page 53" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=53"> AIRLINE ECONOMICS RESEARCH MileagePlus has </a> <a title="Leaders Report 2021 page 54" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=54"> AIRLINE ECONOMICS RESEARCH Delta by far rais</a> <a title="Leaders Report 2021 page 55" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=55"> As previously referred to in this report, f</a> <a title="Leaders Report 2021 page 56" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=56"> AIRLINE ECONOMICS RESEARCH the </a> <a title="Leaders Report 2021 page 57" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=57"> Strengthened global expertise to help clients rea</a> <a title="Leaders Report 2021 page 58" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=58"> AIRLINE ECONOMICS RESEARCH weather aviation ban</a> <a title="Leaders Report 2021 page 59" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=59"> senior/junior debt only with the issuer retaining</a> <a title="Leaders Report 2021 page 60" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=60"> Chapter Four The post-Covid world</a> <a title="Leaders Report 2021 page 61" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=61"> AIRLINE ECONOMICS RESEARCH I ndustry analys</a> <a title="Leaders Report 2021 page 62" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=62"> AIRLINE ECONOMICS RESEARCH on these long-haul</a> <a title="Leaders Report 2021 page 63" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=63"> so have access to financing, debt and hybrid equit</a> <a title="Leaders Report 2021 page 64" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=64"> AIRLINE ECONOMICS RESEARCH the sale-leaseback m</a> <a title="Leaders Report 2021 page 65" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=65"> Vmo Aircraft Leasing, a new company committed ca</a> <a title="Leaders Report 2021 page 66" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=66"> AIRLINE ECONOMICS RESEARCH AIRLINE WINNERS The </a> <a title="Leaders Report 2021 page 67" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=67"> THE SUSTAINABILITY IMPACT The Environment Socia</a> <a title="Leaders Report 2021 page 68" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=68"> AIRLINE ECONOMICS RESEARCH and </a> <a title="Leaders Report 2021 page 69" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=69"> For what’s next in Aviation. Navigating Change. T</a> <a title="Leaders Report 2021 page 70" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=70"> AIRLINE ECONOMICS RESEARCH Final Thoughts 2020</a> <a title="Leaders Report 2021 page 71" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=71"> For what’s next for your business. Together, we’</a> <a title="Leaders Report 2021 page 72" href="https://secure.viewer.zmags.com/publication/b10f81b8?page=72"> For what’s next in Aviation. Navigating Change. T</a>