Marc Livinec, Sector Advisor - Euler Hermes€¦ · Marc Livinec, Sector Advisor + 33 184 11 6198...
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Transcript of Marc Livinec, Sector Advisor - Euler Hermes€¦ · Marc Livinec, Sector Advisor + 33 184 11 6198...
Sources: OMT, FactSet, Allianz Research, Euler Hermes forecasts
Sources: IATA, FactSet, Euler Hermes, Allianz Research
0
2,000
4,000
6,000
8,000
10,000
0
300
600
900
1,200
1,500
1,800
10 11 12 13 14 15 16 17 18 19 20f
Number of tourists, world (lhs)
RPK, world (rhs)
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
10 11 12 13 14 15 16 17 18 19 20
Ch
an
ge
(3m
/3m
)
RPK (passenger)
FTK (freight)
Sources: IATA, FactSet, Allianz Research, Euler Hermes calculations
Sources: IATA, FactSet, Global Insight, Allianz Research, Euler Hermes estima-
tions
-75
-50
-25
0
25
50
75
0
150
300
450
600
750
900
2010 2012 2014 2016 2018 2020f 2022f
USD
bn
USD
bn
Revenues (lhs)
Operating income (rhs)
500
1,000
1,500
2,000
2,500
3,000
50,000
60,000
70,000
80,000
90,000
100,000
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
RP
K b
nU
SD
bn
World GDP (lhs)
Global air transport demand (rhs)
Sources: Bloomberg, national sources
