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WSJ China Starts Airline Aid
China has begun providing billions of yuan in subsidies to its troubled airline industry, but analysts say the amount handed over thus far is too small to do any lasting good.
China Southern Airlines Co. said Thursday its parent has received a three billion yuan subsidy from the Finance Ministry.
China Eastern Airlines Corp. suspended its shares from trading Thursday in Shanghai and Hong Kong while waiting for news on a requested subsidy. Analysts predict China Eastern, the worst-performing of China's three main airlines, will get about the same amount as China Southern.
It is less certain whether flag carrier Air China Ltd., the healthiest of the big three airlines, or its parent will receive government funds.
Analysts say the cash infusions will have little impact on carriers weighed down by high debt loads at the same time they are being hurt by volatile fuel prices and weak international passenger traffic.
Guangdong-based China Southern said in a statement Thursday its parent, China Southern Air Holding Co., is considering injecting the capital into the listed unit. China Southern also is considering a private share placement, but no decision has been made, the statement said.
The capital injection will help with China Southern's short-term cash flow needs, but it is a 'drop in the ocean' compared with its high debt levels and committed capital expenditure, said UBS analyst Damien Horth. 'This is a temporary solution while the government considers possibly wide-ranging industry restructuring,' he said.
China Southern didn't respond to calls seeking comment Thursday.
Daiwa Securities analyst Kelvin Lau said the amount of money handed out illustrates there clearly are limits to Beijing's willingness to help. 'There are many state-owned enterprises waiting for assistance,' Mr. Lau said. 'The government is willing to pay interest on your debt, but not to lower your leverage.'
The airlines were hurt by rising jet fuel prices that went up as crude oil shot to record levels, then at least two of them got burned as oil fell and they lost money on hedging programs.
China Eastern on Thursday reported 1.83 billion yuan of potential losses from its fuel-hedging contracts at the end of October. It earlier reported a fuel-hedging loss of 270.8 million yuan in the third quarter of the year.
The actual amount of any future loss will depend on movements in aviation fuel prices during the remaining period of the hedging contracts, China Eastern said.
PATRICIA JIAYI HO
中国开始向陷入困境的航空业提供数十亿元人民币的财政补贴，但分析师表示，政府目前拿出的资金很有限，恐怕难以带来持久改善。
南方航空周四表示，其母公司获得了财政部的30亿元（合4.393亿美元）补贴资金。
在上海和香港两地上市的东方航空已从周四开始停牌，等待披露其补贴申请的消息。分析师预计，东方航空将得到与南航同样数目的补贴。东航是中国三大航空公司中业绩最差的一家。
现在还不清楚三家公司中财务状况最好的中国国际航空或其母公司是否将得到政府补贴资金。
分析师表示，对于承受巨额负债压力、同时受燃油价格波动和国际航线客流减少打击的航空运输企业来说，这些补贴的帮助不大。
南方航空周四在声明中说，其母公司中国南方航空集团正在考虑向其注入所获补贴。声明说，南航自己也在筹备非公开发行股票，但尚未作出决定。
瑞银分析师豪斯说，注资将有助于补充南航短期的现金流需要，但与其高额负债和必要的资本开支比起来，这些注资只是“杯水车薪”。他说，政府正在考虑可能对航空业进行广泛重组，补贴只是一个权宜之计。
南方航空周四未回复记者的采访电话。
广告大和证券分析师Kelvin Lau说，补贴资金的规模表明，中国政府救助航空业的意愿显然是有限度的。他说，有许多国有企业在等待支持。政府愿意为你的债务支付利息，但不愿帮你降低负债率。
一度创纪录的原油价格导致燃油价格居高不下，对这些航空公司造成了损害；而随着近期油价下跌，三家公司中至少有两家又因为燃油套期保值交易而遭受了损失。
东方航空周四公布说，截至10月底，其燃油套期合约发生了18.3亿元潜在损失。该公司早前还公布，第三季度的燃油套期交易损失为2.708亿元。
东航表示，期货交易的实际损失将取决于余下的合约存续期内航空燃油价格的变动情况。
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发表于 2016-8-12 16:31:59