日航再建 外資導入で活路は開けるか

The Yomiuri Shimbun(Sep. 13, 2009)
Will foreign capital put JAL on road to recovery?
日航再建 外資導入で活路は開けるか(9月13日付・読売社説)

Japan Airlines, which is undergoing a restructuring program, has entered capital and business tie-up negotiations with major U.S. and European airlines.
 経営再建中の日本航空が、米欧の大手航空会社2社と資本・業務提携交渉に入った。

JAL is considering receiving capital investments from the United States' Delta Air Lines--the world's largest airline--and Air France-KLM--Europe's largest airline--as well as code-sharing on international routes.
 世界最大の航空会社である米デルタ航空と、欧州最大手のエールフランス―KLMから出資を受け、国際線の共同運航でも協力する方向だ。

If JAL reaches such deals, it would be the first time for the nation's flagship carrier to receive assistance from foreign airlines.
 交渉がまとまれば、日本を代表する航空会社が初めて外国の航空会社の支援を仰ぐことになる。

The net loss for JAL's group in the April-June period this year reached 99 billion yen. Its performance has deteriorated because of a decline in passenger numbers stemming from the downturn in the economy since last autumn and the spread of the new strain of influenza.
 日航は、昨年秋以降の景気低迷や新型インフルエンザ流行に伴う旅客減で業績が悪化し、今年4~6月期の最終赤字は990億円になった。

The group's net loss for the current fiscal year is expected to total 63 billion yen.
2010年3月期も630億円の赤字となる見通しだ。

In June, JAL managed to cover its capital shortfall through the receipt of 100 billion yen in bank loans, including a loan from the Development Bank of Japan. It was told, however, that it must undergo drastic restructuring if it were to become eligible for additional financing.
 6月には日本政策投資銀行など主要取引銀行から1000億円の融資を受け、資金不足を解消したが、追加融資は大胆なリストラが条件とされた。

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Tie-ups to boost financial base

JAL, which is restructuring under the supervision of the Construction and Transport Ministry, has been instructed to present an outline of its new management improvement plan by the end of this month. The envisaged capital and business tie-ups with the two foreign carriers form a major component of this plan.
 日航は、国土交通省の監視下で9月末までに新たな再建策の提示を迫られている。2社との提携は、その柱として浮上した。

By accepting foreign investment, JAL will be able to strengthen its financial footing and find it easier to secure additional loans.
 外資を受け入れることで、財務基盤を強化し、追加融資を引き出しやすくする。

JAL also will attempt to make flying more convenient for passengers by joining arms and code-sharing with Delta and Air France-KLM, which have route networks in the United States and Europe, respectively.
 同時に、米欧に路線網を持つ2社と共同運航で手を組み、利用者の利便の向上を図る。

The Japanese airline also aims to slash costs by cutting unprofitable routes.
自前の不採算路線も廃止し、コストを削減する狙いがある。

JAL probably determined a foreign capital tie-up would be an opportunity to help it shake off its dependence on the government--an attribute particular to the airline.
 外資と提携することにより、日航特有の「親方日の丸」の体質を改める契機としたい、との判断もあろう。

The Civil Aeronautics Law, however, restricts the ratio of investment by foreign companies in JAL to less than one-third. Because the amount the two foreign carriers would invest is unknown, it is unclear how much such deals would help shore up JAL's balance sheet.
 だが、航空法の規定で、外資は日航に3分の1未満しか出資できない。2社の出資額も不明で、財務基盤の強化にどこまでつながるかの見通しも立っていない。

JAL also appears to be seeking tie-up partners other than Delta and Air France-KLM. It is predicted that the negotiation process for such alliances could run into difficulties.
 2社以外の提携相手を模索する動きもある。提携交渉の行方には曲折も予想される。

Cooperation from financial institutions is indispensable and JAL has to carry out further restructuring to receive such financial backing.
 取引先金融機関の協力も欠かせない。そのためには、日航の一層のリストラが求められる。

Starting in October, JAL plans to either abolish or reduce the number of flights on 16 domestic and international routes. It also will merge its unprofitable air cargo unit with NYK Line's unit. However, the effect of both measures in boosting profitability will be limited.
 日航は10月以降、国内外の16路線を廃止・減便し、不採算の航空貨物事業を日本郵船と統合する方針を打ち出したが、いずれも収益改善効果は限られている。

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Uncertainty over pensions

The biggest issue now is uncertainty whether JAL will reduce the level of its corporate pension benefits.
 最大の課題は、企業年金給付の引き下げが不透明になっていることだ。

JAL would not be able to make an estimated cost reduction of 88 billion yen without slashing benefits. JAL should speed up its efforts to win over beneficiaries who oppose such cuts in their pensions.
実現しなければ880億円を見込むコストの削減が不可能になる。反対するOBらの説得を急ぐべきだ。

A proportion of loans extended to JAL is guaranteed by the government, and so if the airline fails with its restructuring program, it is taxpayers that will foot the bill.
 日航への融資の一部は国が返済を保証しており、再建に失敗すればそのツケは国民に回る。

The new Democratic Party of Japan-led administration, which is set to be inaugurated this week, has yet to clarify its stance on this issue. It must, however, tackle the reconstruction of JAL from the standpoint of protecting national interests.
今週発足する民主党新政権は、この問題への対応を明確にしていないが、国益を守る観点から日航再建に取り組む必要がある。

(From The Yomiuri Shimbun, Sept. 13, 2009)
(2009年9月13日01時07分 読売新聞)
[PR]

by kiyoshimat | 2009-09-13 09:54 | 英字新聞

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