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Authors
Advisor(s)
Abstract(s)
Este estudo procurou concretizar os seguintes objetivos: analisar profundamente a situação da TAP num contexto pré-pandémico e aferir se esta se encontrava numa situação de falência; utilizar rácios financeiros estudados para auxílio e comparabilidade entre companhias aéreas e identificar diferenças entre TAP, Iberia, Lufthansa e Air France-KLM em situação pré pandemia; identificar principais problemas da TAP; destacar pontos fortes na Iberia, Lufthansa e Air France-KLM; identificar reestruturações possíveis para a TAP.
De forma a concretizar os objetivos propostos o estudo aborda a evolução da aviação comercial e a sua rentabilidade, a sustentabilidade económica e da aviação, identificando-se os principais modelos de negócio: as companhias de bandeira, as lowcost e as charter, e ainda, possibilidades de reestruturação, tais como o outsourcing e o downsizing.
No estudo empírico analisaram-se os relatórios e contas da TAP de 2011 a 2019, da Iberia, da Lufthansa e da Air France-KLM, de 2017 a 2019 através de rácios como: a margem EBITDA, a margem EBIT, o valor da remuneração por colaborador, o peso de gastos essenciais face às vendas, a autonomia financeira, a rentabilidade operacional das vendas e a rentabilidade líquida das vendas.
Da comparação entre as companhias analisadas, a TAP estava em situação de falência técnica, apresentando um comportamento irregular na apresentação de resultados e uma realidade contrastante com as outras companhias em estudo.
Foi-nos possível definir como principais problemas da TAP ao nível da gestão o overinvestement, o overtrading, as remunerações desajustadas, a concorrência com as companhias lowcost, e o negócio do Brasil.
Como reestruturações possíveis definimos: venda do segmento da manutenção Brasil; reformulação do sistema remuneratório com avaliação de opções de outsourcing; redimensionar a atual frota para o nível de atividade de forma a permitir rentabilidade; investir na inovação e processos digitais que permitam libertar recursos humanos.
This study sought to achieve the following objectives: deeply analyze the situation of TAP in a pre-pandemic context and assess whether it was in a situation of bankruptcy; use financial ratios studied for aid and comparability between airlines and identify differences between TAP, Iberia, Lufthansa and Air France-KLM in a pre-pandemic situation; identify TAP's main problems; highlight strengths in Iberia, Lufthansa and Air France-KLM; identify possible restructurings for TAP. In order to achieve the proposed objectives, the study addresses the evolution of commercial aviation and its profitability, economic and aviation sustainability, identifying the main business models: flag companies, lowcost and charter companies, and also, restructuring possibilities, such as outsourcing and downsizing. The empirical study analyzed the reports and accounts of TAP from 2011 to 2019, of Iberia, Lufthansa and Air France-KLM, from 2017 to 2019 through ratios such as: EBITDA margin, EBIT margin, remuneration value per employee, the weight of essential expenses compared to sales, financial autonomy, operational sales profitability and net sales profitability. From the comparison between the companies analyzed, TAP was in a situation of technical bankruptcy, presenting an irregular behavior in the presentation of results and a reality that contrasts with the other companies under study. It was possible for us to define the main problems of TAP at the management level as overinvestment, overtrading, inappropriate remuneration, competition with low cost companies, and the business in Brazil. As possible restructurings we define: sale of the Brazil maintenance segment; reformulation of the remuneration system with evaluation of outsourcing options; resizing the current fleet to the level of activity in order to allow profitability; invest in innovation and digital processes that free up human resources.
This study sought to achieve the following objectives: deeply analyze the situation of TAP in a pre-pandemic context and assess whether it was in a situation of bankruptcy; use financial ratios studied for aid and comparability between airlines and identify differences between TAP, Iberia, Lufthansa and Air France-KLM in a pre-pandemic situation; identify TAP's main problems; highlight strengths in Iberia, Lufthansa and Air France-KLM; identify possible restructurings for TAP. In order to achieve the proposed objectives, the study addresses the evolution of commercial aviation and its profitability, economic and aviation sustainability, identifying the main business models: flag companies, lowcost and charter companies, and also, restructuring possibilities, such as outsourcing and downsizing. The empirical study analyzed the reports and accounts of TAP from 2011 to 2019, of Iberia, Lufthansa and Air France-KLM, from 2017 to 2019 through ratios such as: EBITDA margin, EBIT margin, remuneration value per employee, the weight of essential expenses compared to sales, financial autonomy, operational sales profitability and net sales profitability. From the comparison between the companies analyzed, TAP was in a situation of technical bankruptcy, presenting an irregular behavior in the presentation of results and a reality that contrasts with the other companies under study. It was possible for us to define the main problems of TAP at the management level as overinvestment, overtrading, inappropriate remuneration, competition with low cost companies, and the business in Brazil. As possible restructurings we define: sale of the Brazil maintenance segment; reformulation of the remuneration system with evaluation of outsourcing options; resizing the current fleet to the level of activity in order to allow profitability; invest in innovation and digital processes that free up human resources.
Description
Mestrado em Gestão e Empreendedorismo
Keywords
Rentabilidade Sustentabilidade Aviação comercial Modelos de negócio Reestruturação Profitability Sustainability Commercial aviation Business models Restructuring
Citation
Mamede, F. G. M. (2022) Sustentabilidade e rentabilidade do setor da aviação comercial. (Dissertação de mestrado não publicada). Instituto Politécnico de Lisboa, Instituto Superior de Contabilidade e Administração de Lisboa. Disponível em http://hdl.handle.net/10400.21/15431