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[转贴] AirAsia的sales異常增長怎麼來的? - 朱冠華

Tan KW
Publish date: Fri, 10 Jun 2016, 11:26 AM
Tan KW
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2016年6月9日 星期四 

 
AirAsia的主sales 分類如下：


Passenger seat sales  
2009年　2,138,011
2010年　2,830,920 (+32.4%)
2011年　3,056,082 (+7.9%)
2012年　3,255,612 (+6.5%)
2013年　3,004,429 (-7.7%)
2014年　2,989,268 (-0.5%)
2015年　3,648,913 (+22.0%)


Aircraft operating lease income  
2009年　320,332
2010年　395,943 (+23.6%)
2011年　495,416 (+25.1%)
2012年　534,873 (+7.9%) 
2013年　666,247 (+24.5%)
2014年　793,020 (+19.0%)
2015年　1,423,122 (+79.4%)


請記住！
AirAsia的飛機租賃，主要還是租給內部公司。其中2014年成立的亞航的租賃公司Asia Aviation Capital(AAC)，所拥有43架A320空巴，主要業務還是租給亞航內部公司。

2013-2014，Passenger seat sales  的Sales出現萎縮-7.7%和-0.5%，但是Aircraft operating lease income  卻背離增長+24.5%和+19.0%。

2015年營業額大增，只要還是Aircraft operating lease income 飆漲79.4%，也背離Passenger seat sales　的+22.0%增長。


另外，Thai AirAsia 的營業額佔了大馬亞航的一半，比起Indonesia，Philippines，India，Japan加起來還多一倍。

2015年，Thai AirAsia的營業額只是從25,355,514,917 Baht 增長16.3%，至29,507,305,473 Baht 。

從營業額增長率來看，2013-2015的Passenger seat sales和Aircraft operating lease income，出現背離。

尤其是2015年的第４季。

2015年的第４季，AirAsia的營業額暴增216,1743.000，等於是前三季的總和。

而利潤從401,095.000暴增到694,331.000；

但是經營現金流只是增加143,038.000。


有一點必須注意，因為AirAsia的租賃對象，主要還是自己內部的公司。

也就是說，這些會誇大其本身sales的真實性。

因為sales有相當部份來源，並不是來自外在市場利潤。


AirAsia 的non-audit fees很高，幾乎和audit fees一樣，有時更高。

http://ckfstock.blogspot.my/2016/06/airasiasales.html

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Discussions
2 people like this. Showing 3 of 3 comments

cruger12345

That is the most stupid and dumb analysis I have ever seen. If you do not know how to read the report you go and clarify with AA. This fellow doesnt understand a thing and when things doesn't add up to his liking he said something is fishy and alleaging people cook the book. If you are so confidence of the shenanigan go and short AA lah it will make you a rich man.

2016-06-10 13:53

YOLOOOO

I dont understand why a person kept doing things that cant let him profit or earn in share market

2016-06-10 14:01

cruger12345

Fluffy ng less passengers doesn't mean revenue will go down. Lease coat is base on the international lease price. If I can charge higher ticket price higher luggage fee or giving less 0 rate tickets but flying less passenges I still could get higher revenue and more cash u moron. If I can get higher revenue and cut more coat on the others like less fuel price what is the problem of paying higher lease.

2016-06-12 15:54

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