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Abstract(s)
O setor de companhias aéreas comerciais constantemente é afetado por fatores externos.
Recentemente a pandemia de Covid-19 teve um impacto significativo no setor, para diminuir a
transmissão do vírus foram impostas medidas restritivas à livre circulação. Dessa maneira
muitos voos foram cancelados, a oferta de voos reduzida e algumas companhias cessaram
operações temporariamente. A crise no setor aéreo foi instalada, companhias entraram em
processo de falência e governos ofereceram milhões em auxílio financeiro. Diante deste
panorama, este estudo propõe-se a investigar o efeito do Covid-19 na performance financeira
através de uma análise de indicadores operacionais e financeiros. Trata-se de pesquisa
exploratória e descritiva. Foram selecionadas vinte grandes companhias e foram escolhidas três
métricas operacionais específicas do setor e dez rácios financeiros de modo a abordar a
perspetiva operacional, de liquidez, de rendibilidade, de funcionamento e de financiamento.
Dessa maneira foi feita uma análise entre empresas entre 2016 e 2020. As empresas reagiram
de diferentes maneiras, algumas mais resilientes porque já possuíam forte mercado doméstico,
outras mais frágeis como aquelas que dependiam de voos internacionais. Para se ter uma ideia,
todas empresas apresentaram resultado líquido negativo e quase todas apresentaram fluxos de
caixa negativos. De maneira geral, o covid-19 impactou negativamente os rácios de
funcionamento e financiamento. A maior queda foi nos rácios de rendibilidade, enquanto o
rácio de liquidez geral foi o único a melhorar devido a estratégias mais conservadoras e auxílio
financeiro dos governos.
Commercial airlines industry is constantly affected by external factors. Recently Covid19 pandemic had a major impact in the industry, in order to reduce the transmission of the virus, restrictive measures were imposed on free movement. On this way, many flights were cancelled, the offer of flights was reduced and some companies temporarily ceased operations. The crisis on the sector was established, companies filed for bankruptcy and governments offered millions in financial aid. Given this horizon, this study proposes to investigate the effect of Covid-19 on financial performance through an analysis of airline-specific and accounting-financial ratios. This is exploratory and descriptive research. Twenty large companies were selected and three specific-airline metrics and ten financial ratios were chosen to address the airline-operating, liquidity, profitability, operating and leverage. Therefore, an analysis was made intercompanies from 2016 to 2020. Companies reacted in different ways, some were more resilient because they already had a strong domestic market, others were more fragile, such as those that depended on international flights. Just for an insight, all companies had negative net income and almost all had negative cash flow. Overall Covid-19 negatively impacted operating and leverage ratios. The biggest fall was in profitability ratios, on the other side only current liquidity improved due to more conservative strategies and financial aid from governments.
Commercial airlines industry is constantly affected by external factors. Recently Covid19 pandemic had a major impact in the industry, in order to reduce the transmission of the virus, restrictive measures were imposed on free movement. On this way, many flights were cancelled, the offer of flights was reduced and some companies temporarily ceased operations. The crisis on the sector was established, companies filed for bankruptcy and governments offered millions in financial aid. Given this horizon, this study proposes to investigate the effect of Covid-19 on financial performance through an analysis of airline-specific and accounting-financial ratios. This is exploratory and descriptive research. Twenty large companies were selected and three specific-airline metrics and ten financial ratios were chosen to address the airline-operating, liquidity, profitability, operating and leverage. Therefore, an analysis was made intercompanies from 2016 to 2020. Companies reacted in different ways, some were more resilient because they already had a strong domestic market, others were more fragile, such as those that depended on international flights. Just for an insight, all companies had negative net income and almost all had negative cash flow. Overall Covid-19 negatively impacted operating and leverage ratios. The biggest fall was in profitability ratios, on the other side only current liquidity improved due to more conservative strategies and financial aid from governments.
Description
Keywords
Companhias aéreas comerciais Covid-19 Performance financeira Rácios financeiros Análise financeira Commercial airlines Financial performance Financial ratios Financial analysis