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US Airways ! US ! USA


US Airways ! US ! USA Empty US Airways ! US ! USA

Message par Xmaad le Ven 30 Jan 2009 - 13:32

Résultats négatifs sur le dernier trimestre 2008 pour US Airways Group

Air Transoprt News le 30 01 09, c'est long mais assez détaillé ! :

US Airways Group, Inc today reported its fourth quarter and 2008 results. Net loss for the fourth quarter was $220 million, or ($1.93) per share, which excludes special charges totaling $321 million.
Special charges in the fourth quarter 2008 included $234 million of unrealized losses resulting from mark-to-market adjustments on fuel hedging instruments.
On a GAAP basis, the Company reported a net loss of $541 million for its fourth
quarter 2008, or ($4.74) per share, compared to a loss of $79 million, or
($0.87) for the same period last year.

For the full year 2008, the Company reported a net loss of $803 million, or ($8.01) per share, which
excluded special charges totaling $1.4 billion. In addition to $496 million of unrealized losses resulting from mark-to-market adjustments on fuel hedging instruments, special charges for the year also include a $622 million non-cash charge to write off the goodwill created by the merger of US Airways Group, Inc. and America West Holdings Corporation. On a GAAP basis, the Company reported a net loss of $2.2 billion, or ($22.06) per share, compared to a net profit of $427 million, or $4.52 per diluted share, in 2007. See the accompanying notes in the Financial Tables section of this press release for a reconciliation of GAAP financial information to non-GAAP financial information.

US Airways Group Chairman and CEO Doug Parker stated, “Like other airlines that have reported before us, our financial results reflect the staggering increase in fuel prices that we faced throughout
most of 2008. In fact, had our 2008 fuel price including realized gains and losses on fuel hedging instruments remained at 2007 levels, the Company’s fuel expense would have been approximately $1.4 billion lower.

“The impact of high oil prices acted as a catalyst for airlines to take unprecedented measures to bring
the supply of seats back into balance with passenger demand. We believe these actions have significantly softened the blow from the economic downturn that we as an industry now face.

“On the operational front, we have made tremendous progress since we reported our 2007 financial results. Our team of 34,000 employees is to be commended as they have done an outstanding job of taking care of our customers throughout the entire year. As reported by the Department of Transportation’s (DOT) Consumer Air Travel Report, US Airways ranked first of the Big Six hub-and-spoke carriers and second among the 10 largest airlines in on-time performance through the month of November.

“As we begin the new year, US Airways is well prepared for a difficult global macroeconomic environment. We are running a great operation, have restructured our business model through
the introduction of new fees, reduced capacity and increased our liquidity. With the help of falling fuel prices, we believe we are well positioned for the challenges ahead,” concluded Parker.

Revenue and Cost Comparisons

Mainline passenger revenue per available seat mile (PRASM) in the fourth quarter was 10.68 cents, up 1.6 percent over the same period last year. Express PRASM was 18.45 cents, down 0.2 percent over the fourth quarter 2007. Total mainline and Express PRASM for US Airways Group was 12.01 cents, which was up 1.6 percent over the fourth quarter 2007 on a 5.1 percent decline in total available seat miles (ASMs). Total revenue per available seat mile in the fourth quarter was 13.44 cents, up 4.8
percent over the same period last year due largely to the increase in a la carte revenues.

Mainline cost per available seat mile (CASM) at US Airways Group in the fourth quarter was 14.62 cents, up 21.5 percent versus the same period last year. Fuel was the largest driver of this increase as average mainline fuel price per gallon including realized gains and losses on fuel hedging instruments increased 33.8 percent. Excluding fuel, unrealized and realized gains/losses on fuel hedging instruments, and net special items, mainline CASM was 8.49 cents, up 5.0 percent from the same
period last year, on a 5.9 percent decline in mainline ASMs.


The Company had $2.0 billion in total cash and investments, of which $0.7 billion was restricted on
Dec. 31, 2008. Included in the Company’s restricted cash balance was $185 million related to letters of credit collateralizing certain counterparties to the Company’s fuel hedging transactions. In addition, the Company had $276 million in cash deposits held by counterparties to its fuel hedging

On October 20, 2008, the Company completed a series of financial transactions which raised approximately $810 million in gross proceeds and included a $400 million paydown at par of
the Company’s bank loan. As a result, the Company’s minimum unrestricted cash covenant was reduced to $850 million from $1.25 billion. The net proceeds to the Company after transaction fees were approximately $370 million, which is reflected in the Company’s cash balance reported above.

On December 5, 2008, the Company prepaid $100 million from the above-referenced transactions related to a loan secured by certain spare parts. On January 16, 2009, the Company exercised its right to obtain new loan commitments under the same agreement and raised $50 million.

Fourth Quarter Special Items

During its fourth quarter, the Company recognized $321 million of net special items. These special items included a $234 million unrealized net loss associated with the change in fair value of the Company's outstanding fuel hedge contracts, a $74 million impairment loss on certain available for sale auction rate securities considered to be other than temporary, $7 million in charges for lease return costs and penalties related to certain Airbus aircraft, a $5 million charge related to the write off of debt issuance costs resulting from certain loan prepayments in connection with the Company’s fourth quarter financing transactions, and $1 million in severance charges.

Other Notable Accomplishments


* Successfully activated the airline’s new, state-of-the-art Operations Control Center in Pittsburgh where all flight control and dispatch functions for US Airways’ 1,300 daily mainline flights are carried out.

* Transitioned to a new bag tracking system that provides more detailed information to customers and allows more robust searches and enables passengers to be reconnected with their bags faster.

* Deployed and began the use of handheld devices enabling the on-board use of credit cards for meal,
headset, and beverage purchases.

Marketing / New Service

* In addition to announcing new service between the airline’s international gateway in Philadelphia and Tel Aviv, Israel that begins in July 2009, the Company announced three new trans-Atlantic flights to begin this spring: Birmingham, U.K., and Oslo, Norway, from Philadelphia and Paris – Charles de Gaulle from Charlotte, N.C. Trans-Atlantic flying in 2009 will total 27 daily flights to 23 destinations.

* Filed application for daily nonstop service between the airline’s hub in Charlotte,N.C. and Rio
de Janeiro, Brazil with the DOT. The proposed route will be US Airways’ first service to South America.

* Received final DOT approval to begin first-ever nonstop service between Washington (DCA) and
Akron/Canton, Ohio. The new service began January 24, 2009.

* Restored Dividend Miles Bonus Miles accrual for Preferred Dividend Miles members as well as the 500 mile minimum for Preferred members and the 500 mile minimum for all Dividend Miles members on US
Airways Shuttle flights.


* As part of the Company’s operational incentive plan, the Company distributed a $50 bonus to employees for a top-three finish amongst the ten largest U.S. carriers for October on-time arrivals as measured by the DOT Air Travel Consumer Report. In 2008, US Airways employees received ten $50 bonus payments totaling approximately $18 million.

* The Company recently announced several changes to its executive leadership team including the
promotion of Derek Kerr to executive vice president and chief financial officer, and the addition of Brad Jensen, senior vice president and chief information officer.
The airline will also provide its investor relations guidance on its Web site (
Information that could be provided includes cost per available seat mile (CASM) excluding fuel and special items, fuel prices and hedging positions, other revenues and estimated interest expense/income. The investor relations update page also includes the airline’s capacity, fleet plan, and estimated capital spending for 2009.

US Airways ! US ! USA Empty Re: US Airways ! US ! USA

Message par Invité le Lun 9 Mar 2009 - 9:48

Scott Kirby, président d'US Airways commente les résultats de trafic de février.
Résultats présentés au DoT US.
Petite gymnastique avec les Revenue Passenger Miles, Available Seat Miles, Passenger Revenue per Available Seat Mile.

Sur Air Transport News ( en anglais )

US Airways Group, Inc. (NYSE: LCC) today reported February and year-to-date 2009 traffic results.

Mainline revenue passenger miles (RPMs) for the month were 4.0 billion, down 9.3 percent versus February 2008. Capacity was 5.2 billion available seat miles (ASMs), down 9.3 percent versus February 2008. Passenger load factor for the month of February was 77.2 percent, or flat versus February 2008.

US Airways President Scott Kirby said, "Our February consolidated (mainline and Express) passenger
revenue per available seat mile (PRASM) decreased between nine and eleven percent versus the same period last year. However, thanks to the success of our a la carte revenue initiatives, our total revenue per available seat mile
performed better than PRASM with a five to seven percent decrease."

For the month of February, US Airways' preliminary on-time performance as reported to the U.S. Department
of Transportation (DOT) was 82.2 percent with a completion factor of 99.0 percent.

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Message par Invité le Jeu 23 Avr 2009 - 16:21

Avec US Aiways si vous enregistrez vos bagages au compotoir cela vous coutera 5 $ de plus.... Le transport aérien change. C'est la chasse aux extras. A force le mouton refusere d'être tondu.
Whisky Quebec

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Message par pascal83 le Ven 24 Avr 2009 - 10:34

L'A330-300 Us airways N serail 1011 est il le 1000 eme A330-340? Elmer

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Message par Invité le Ven 24 Avr 2009 - 12:11

US Airways et son CEO Doug Parker déclarent une perte de 103 millions USD au
Q1 2009 contre 237 sur la même période 2008.

« Moins exposée à l’international que ses concurrentes ( US ) »

Sans les fuel hedges, la perte eut été de 63 m USD

Le CR d’Aaron Karp sur ATW Penton :

US Airways reported a first-quarter net loss of $103 million, narrowed from a net deficit of $237 million in the year-ago period, and said it made "significant improvements" absent special items.

Excluding net special credits and realized losses/gains on fuel heading, US said its net loss would
have been $63 million in the quarter compared to a $321 million loss on a similar basis in the year-ago period. With international demand, particularly for business travel, dropping rapidly and badly hurting other major US carriers, Chairman and CEO Doug Parker claimed that "our relatively higher domestic enplanements. . .means that we have a greater ability to capitalize. .
.both in the current economic environment and also when the economy turns around."

Speaking to analysts and reporters, he added, "We have less international exposure than [US's
competitors] do and that turns out to be good right now . . .[The domestic market] is actually performing reasonably well right now."

He also touted US's "great success with a la carte pricing" and said it will continue to reap rewards from its array of ancillary fees and potential future fees.
To that end, yesterday the carrier announced that passengers can pay checked bag fees ($15 for the first, $25 for the second on flights in the Americas) online at its website and will be charged an extra $5 per bag if the fees are paid at the airport for flights booked beginning yesterday for travel from July 9.

US competes with Southwest Airlines, which does not charge checked bag fees, on a number of its domestic routes, but President Scott Kirby said the fees on those routes are still "revenue positive." The number of customers that have left US for SWA owing to the bag fees is small enough to be "lost in the noise of our data," he said.

First-quarter revenue declined 13.5% to $2.46 billion while expenses lowered 18.3% to $2.48 billion, producing an operating loss of $25 million, narrowed from an operating loss of
$196 million in the year-ago period. Mainline traffic dropped 8.1% to 13.31 billion RPMs on a 7.4% cut in mainline capacity to 16.98 billion ASMs, leading to a load factor of 78.4%, down 0.6 point. Yield decreased 10.2% to 12.1 cents as PRASM sank 10.9% to 9.49 cents and CASM dipped 12% to 11.05 cents. CASM ex-fuel heightened 0.7% to 8.63 cents.

Parker, while declining to give a specific forecast, said it is not "a stretch to say" that US
and other American carriers could earn full-year profits.

et lien utile sur US Airways

La mise à jour de la flotte sur Wikip date du 31 mars

A noter : un certain nombre d’ERJ remplacent des B 737,
comme sur pas mal d’autres compagnies

US Airways ! US ! USA 95f29a10

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Message par Invité le Sam 6 Juin 2009 - 0:50

Résultats du 05. 09 pour US Air Group

RPM et ASM sont toujours en chute versus 05. 08

Le coef de chargement est en hausse à 82,8%, pas mal

Intéressant de remarquer que les résultats
" On time performance" et
" Completion factor" sont reportés au DoT US

Le résumé sur ATN :

US Airways Group, Inc. today reported May and year-to-date 2009 traffic results.

Mainline revenue passenger miles (RPMs) for the month were 5.1 billion, down 5.2 percent versus May 2008.

Capacity was 6.2 billion available seat miles (ASMs), down 5.8 percent versus May 2008. Passenger load factor for the month of May was a record 82.8 percent, up 0.5 points versus May 2008.

US Airways President Scott Kirby said, "Our May consolidated (mainline and Express)
passenger revenue per available seat mile (PRASM) was down approximately 18 to 20 percent versus the same period last year while total revenue per available seat mile decreased between 14 and 16 percent on a year-over-year basis. We estimate that the H1N1 impact was approximately $20 million in lost revenue in May.”

For the month of May, US Airways’ preliminary on-time performance as reported to the
U.S. Department of Transportation (DOT) was 79.2 percent with a completion factor of 99.1 percent.

US Airways is also providing a brief update on notable company accomplishments during the month of May:

* Completed a public offering of stock and convertible notes. The net proceeds from those
offerings, including the exercise of overallotment options, after underwriting discounts and transactions fees, was $234 million.

* Inaugurated new service to Birmingham, U.K., and Oslo, Norway from the airline’s international gateway, Philadelphia International Airport.

* Announced the launch of daily nonstop flights between its hub at Charlotte Douglas International Airport in Charlotte, N.C. and Rio de Janeiro, Brazil beginning December 2, 2009, pending final approval from the Brazilian government. Rio de Janeiro is US Airways’ first
service to South America and the airline’s fifth new international route this year.
Whisky Quebec

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Message par sevrien le Dim 5 Juil 2009 - 16:51

Signe des temps ? On trouve toutes les astuces pour réduire les coûts ?

Lien :

US Airways Signs Maintenance Deal With Monarch in the UK.
Airline Industry Information, Arrival Time: 2009-07-02
UK-based Monarch Aircraft Engineering Ltd said today that it has signed a contract with US Airways (NYSE:LCC) to provide maintenance support in the UK.
The three-year agreement, which took effect in May, covers the airline's flights into Birmingham International Airport during summer 2009.
Financial terms were not disclosed.
Under the contract Monarch engineers are carrying out daily checks, unscheduled maintenance and ETOPS support for a US Airways Boeing 757 aircraft operating between Philadelphia and Birmingham five times per week.
Previously Monarch and US Airways have worked together to support aircraft flying into Glasgow Airport.

Question : puisque USAirways & Monarch ont une base installée (qui va grandir) de moteurs RR, n'auraioent-ils pas intérêt à essayer de lier / d'harmoniser leurs accords du genre TotalCare auprès de RR ?
Tous pourraient y trouver un intérêt, peut-être. Wink
Whisky Quebec

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Message par aubla le Ven 2 Oct 2009 - 21:42

US AirWays serait sur le point de vendre 10 de ses 25 Embraer E-190 à un autre transporteur.
Pour relativiser ce nombre, ces 25 appareils ne représentent que 2,5 % de la capacité totale de sa flotte.
Par contre, cette cession va entraîner aussi une réduction du personnel de la compagnie.
On s'adapte aux conséquences de la crise financière mondiale . . .

Bonne soirée et bon WE à tous
Whisky Charlie

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Message par jullienaline le Mar 6 Oct 2009 - 22:17

Bonsoir à tous,

Le trafic de septembre 09 comparé à septembre 08 :

- 1,6 %
- 0,6 % pour la capacité
- 0,8 points à 79,3 % pour le coefficient d'occupation.


Whisky Charlie

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Message par jullienaline le Dim 8 Nov 2009 - 23:56

Bonsoir à tous,

Le trafic d'octobre 09 comparé à octobre 08 :

- 0,8 %
- 1,6 % pour la capacité
+ 0,7 points à 82,6 % pour le coefficient d'occupation


Whisky Charlie

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Message par jullienaline le Lun 9 Nov 2009 - 17:49

Bonjour à tous,

US Airways introduit un nouvel aménagement de sa business class.

US Airways repense aussi sa business

US Airways dévoile son « Envoy Suite », un nouveau siège business actuellement installé sur sa flotte d’Airbus A330.

US Airways ! US ! USA 1682423-2269789
US Airways propose en classe affaires quatre sièges par rangée configurés en 1-2-1 et orientés de telle façon à ce que chaque passager dispose d’un espace bien à lui tout en gardant un accès direct au couloir. Le siège-lit s’incline à 180º et la longueur des lits oscille entre 195 et 207 cm selon le positionnement de la Suite dans la cabine. Le siège fait 52cm de large et est entièrement réglable, l’accoudoir rétractable offrant 12cm supplémentaires à la largeur du siège en position lit.

Avec une zone individuelle d’environ 1 mètre de circonférence, chaque passager voyageant en « Envoy Suite » peut profiter d’un vaste espace personnel, utiliser sa tablette d’appoint ou son plateau coulissant. Les bagages à main volumineux comme les étuis pour ordinateurs portables pourront être rangés sous le siège. De nombreux éléments sont également disponibles pour la convenance du passager : lampe de lecture individuelle ajustable, prise pour ordinateur, port USB pour le chargement de petits objets électroniques et un téléphone satellitaire faisant aussi office de télécommande pour le système de divertissement.

Chaque « Envoy Suite » offre aussi un nouveau système audio visuel ultra-moderne de vidéo à la demande (VOD) pour le divertissement à bord réalisé par Panasonic Avionics Corporation. Ce système, accompagné d’un écran tactile ajustable de 12.1’’, propose des heures de distraction (films, séries télévisées, reportages, musiques etc.). Les voyageurs pourront aussi apprendre une langue étrangère grâce à Berlitz®️ World Traveler™️ ou jouer pendant leur voyage avec d’autres passagers au Blackjack ou au Golf (In-Flight Golf Tournament), entre autres jeux. Notez que chaque siège dispose d'une prise electrique, d'une prise USB et autorise la connexion d'un Ipod pour l'écoute de sa propre banque musicale.

La « Envoy Suite » sera inaugurée sur l’un des Airbus A330-200 de US Airways en décembre 2009, les 15 appareils de ce type seront tous équipés pour l’été 2011.

Au départ de Paris CDG, la « Envoy Suite » sera disponible dès le printemps 2010 sur les 2 vols transatlantiques quotidiens de US Airways, Paris-Philadelphie et Paris-Charlotte. Chaque A330-200 proposera 20 Envoy Suites.


Whisky Charlie

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Message par jullienaline le Mar 24 Nov 2009 - 16:13

Bonjour à tous,

US Airways retarde de 3 ans (2010 à 2013) la livraison de 54 Airbus.

US Airways defers 54 Airbus deliveries and secures new financing commitments

US Airways is the latest US carrier to secure financing to weather economic uncertainty while also deferring 54 Airbus narrowbody and widebody deliveries scheduled from 2010 to 2012.
Those aircraft are now scheduled for delivery from 2013 and beyond. Additionally, the carrier has pushed back the launch of A350 operations from 2015 to 2017.
US Airways estimates that by deferring the aircraft it will cut capital expenditures during the next three years by $2.5 billion, and also eliminates the need for the carrier to secure aircraft financing in 2010. The deferrals also reduce near- and medium-term obligations to support aircraft deliveries by roughly $132 million.
"With the economic recession, borrowing has become much less available and much more expensive," carrier management tells employees in an update outlining the latest deferrals.
In total the carrier next year plans to take delivery of two Airbus A320s and two A330s and 24 A320s in 2011 and 2012.
US Airways is cutting A320 deliveries in 2010 from 18 to 2, from 30 to 12 in 2011 and from 24 to 12 in 2012. Its A330 deliveries for 2010 will fall from an original count of 7 to two, while three deliveries in 2011 are being pushed back to 2013 and beyond.
The refined narrowbody schedule shows 16 narrowbody deliveries in 2013 versus no deliveries previously planned for that year. In 2014 the carrier's planned narrowbody deliveries will rise from zero to 18 followed by an increase from zero to 12 deliveries in 2015.
US Airways in deferring the widebodies will now take delivery of five aircraft in 2013, also up from zero planned deliveries and three aircraft in 2014 compared with the previous schedule that showed no planned deliveries.
US Airways has also secured $95 million in new loans and $180 million in aircraft financing commitments, and reached a deal with its affinity card provider Barclays to permanently lower its monthly unrestricted cash obligations for the purchase of frequent flyer miles. Prior to the amended agreement US Airways' deal with Barclays required cash balances of $1.5 billion.
The carrier and Barclays also agreed to defer by 14 months the repayment of $200 million in connection with the advanced purchase of miles.
US Airways estimates these transactions should improve its liquidity by $150 million by the end of 2009 and by $450 million in aggregate by year-end 2010.
Carrier CEO Doug Parker highlights this is third strategic move by US Airways in 100 days following its slot swap transaction with Delta Air Lines at New York's LaGuardia airport and Washington National, and a network realignment to focus on the carrier's Charlotte, Philadelphia and Phoenix hubs and its focus of Washington, DC.
"These moves are part of our continuing efforts to improve our balance sheet and return the company to profitability," says Parker.


Poncho (Admin)
Poncho (Admin)
Whisky Charlie

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Message par Poncho (Admin) le Mar 24 Nov 2009 - 22:38

Merci !

Certains analystes pensent que ça sera 2010 l'année difficile !

Bonne soirée

Whisky Charlie

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Message par jullienaline le Sam 5 Déc 2009 - 18:22

Bonjour à tous,

Je n'ai pas eu beaucoup de temps en cette fin de semaine pour participer.
J'espère que tout le monde va bien. Chez moi, la grippe A est arrivée, mais heureusement, pas sous une forme grave.

Je reprends avec les stats du trafic de novembre.

Le trafic de novembre 09 comparé à novembre 08 :

- 1,8 %
- 1,3 % pour la capacité
- 0,4 points à 77,3 % pour le coefficient d'occupation


Whisky Charlie

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Message par jullienaline le Mer 13 Jan 2010 - 16:09

Bonjour à tous,

Le trafic de décembre 09 comparé à décembre 08 :

- 3,6 %
- 2,4 % pour la capacité
- 1,0 points à 79,3 % pour le coefficient d'occupation


Whisky Charlie

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Message par art_way le Mar 6 Sep 2011 - 11:41

Significant Airbus customer US Airways is taking a preliminary look
at the Airbus A321neo, but is not convinced the aircraft is suitable for
long-haul Boeing 757 replacement.

"We are in preliminary talks with Airbus about what the aircraft can
and cannot do," US Airways chief executive Doug Parker told Flight International at the Boyd Group's International Aviation Forecast Summit in Albuquerque.

The problem, said Parker, is that US Airways is not certain the
A321neo can fulfil the Phoenix-Hawaii missions currently operated by the
carrier with its 757s.

US Airways previously said it had told Airbus of the necessity for
the A321neo to achieve similar long-haul mission capabilities to the 757
that it operates to Hawaii and Europe.

Airbus data indicates that the A321neo, with 188 seats, will be
capable of a range of 3,720nm (6,890km). The airframer has specifically
aimed the A321neo at the replacement market for the 757-200, more than
900 of which were delivered.

American Airlines, which operates some of its 123 757s on transatlantic flights, has ordered 130 A321neos.

Parker appears unconcerned about Airbus's revised development
schedule for the A350-800. The Phoenix-based carrier has 18 firm orders
for the -800 and four for the -900 variant. Airbus plans to push back
service entry for the -800 from 2014 to 2016.

But Parker said he was "not worried" about the -800 service entry
delay because the carrier's deliveries are planned after the revised
delivery date.

US Airways has carried out its own revisions to A350 delivery times since placing an initial order in 2005.

Originally, the aircraft had a 2014 delivery, which was pushed to 2015 and later deferred to 2017.

US Airways étudie l'A321NEO, mais n'est pas encore convaincu

Poncho (Admin)
Poncho (Admin)
Whisky Charlie

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Message par Poncho (Admin) le Mar 6 Sep 2011 - 11:47

Il y a une donnée importante là dedans Wink la distance franchissable de l'A321NEO
Je duplique Wink

Poncho (Admin)
Poncho (Admin)
Whisky Charlie

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Message par Poncho (Admin) le Mar 6 Sep 2011 - 14:27

Je complète l'info d'artway en rappelant la flotte de 757 d'USairways :

757-200 domestiques: 9 dont 4 avec winglets : 14 biz (2+2 à 38") 176 eco (3+3 à 32") = 190 pax
752-200 internationaux : 15 avec Winglets : 12 biz (2+2 à 60") et 164 eco (3+3 à 32") = 176 Pax

Les A321 d'US arways sont config en 16 biz (2+2 à 36") et 167 eco (3+3 à 32") = 183 PAX

Donc :
- 7 Pax à config grosso modo égale en version domestique, qui sera probablement réduite à - 4 PAX avec la 1/2 rangée supplémentaire liées à la nouvelle galley arrière
- Les sièges sont un peu plus large en général dans l'A321 : 21 " contre 20.2 en biz "classique 36/38") et 18 " contre 17.1 " en éco

En terme de capacité PAX on a donc bien affaire à des machines très très similaires.

Whisky Charlie

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Message par Beochien le Mar 1 Mai 2012 - 10:10

Bonjour !

Juste pour signaler un article trés bien documenté sur Yahoo, en provenance de Fitch Rating ...
Concerné : US Airways .. . et le financement de ses cdes de A321, en cours , et dans une ambiance de merger avec AA !

Un petit "paquet" mais trés significatif !

Finalement un trés long article concernant les MC en général, et la pérennité des derniers achats de A321 classic ... et de leur valeurs résiduelles !
C'est on ne peut plus positif , encourageant, et pas du tout dans le sens de certaines tendances critiques !
Et ... venant de Fitch, difficile de penser que l'article est biaisé par les constructeursou les lessors !
Bon, je ne sais pas non plus, si Fitch est chargé qq part de la promotion des certificats de US Airways !

Mais à priori c'est une agence de quotation indépendante, Bercy en sait qq chose, donc à prendre au sérieux !

Bon courage, l'article est long, mais tout est à lire !

---------------- Des extrait et le lien de Fitch, sur Yahoo Finance ----------------


Fitch Ratings has assigned a 'B' rating to US Airways Inc's (US Airways) proposed $118.6 million of series 2012-1 class C pass-through certificates (C-tranche) with an expected maturity of October 2015.

The proceeds of this offering, along with the proceeds of the class A and B certificates will be used to acquire equipment notes (the notes) issued by US Airways ('B-'/Stable Outlook) and secured by 12 new Airbus A321-200 aircraft scheduled for delivery between September 2012 and March 2013 and two currently owned A321-200s (delivered in 2009). Proceeds from this transaction will initially be held in escrow and deposited with the designated Depository, Natixis S.A. ('A+/F1+'/Negative Outlook) and withdrawn to purchase the notes as the aircraft are financed upon delivery. The new delivery aircraft will replace older, less fuel efficient aircraft which US Airways is retiring.

US Airways' payment obligations under these notes will be fully and unconditionally guaranteed by US Airways Group, Inc. (LCC). A full list of LCC and US Airways Inc.'s corporate ratings are listed at the end of the release.


With 14 aircraft, the size of the collateral pool is slightly bigger than the US Airways 2010-1 and 2011-1 EETCs but modest compared to some EETCs issued by other carriers. The aircraft will represent 4% of LCC's narrowbody fleet. The collateral in this transaction with only one aircraft type is also less diverse than US Airways' recent deals which included a mix of single-aisle (both A320 and A321) and twin-aisle (A330) aircraft types. The lack of diversity is mitigated by the high Affirmation Factor for this transaction. The A320 family is the only narrowbody fleet for US Airways and forms the backbone of the carrier's domestic focused route network. US Airway's recent deliveries and pending orders within the A320 family have primarily been for A321-200, and the collateral aircraft in this deal represent the youngest vintage in the carrier's fleet. Overall, Fitch considers the collateral quality to be fairly solid as these A321-200s are viewed as a (mid-range) Tier 1 aircraft that would have better liquidity and lower value declines than less attractive aircraft models in a potential aviation or economic downturn.


Fitch's considers the Affirmation Factor for the aircraft in this portfolio to be very high as the A321s are considered strategically important to LCC. The airline is moving towards becoming an all Airbus operator on the narrowbody side, with the A320 family of aircraft expected to be the only single aisle planes in LCC's fleet. Although LCC currently has 47 737 classics, management is currently in the process of phasing out all its older, less fuel efficient 737s by 2015.

The A320 family forms the backbone of LCC's domestic focused route network and aircraft constitute the newest and most efficient single aisle planes in LCC's fleet. The airline currently has 93 A319s, 72 A320s and 63 A321s. LCC's recent deliveries and pending orders within the A320 family have been for the A321. LCC's current orderbook includes an additional 58 A320 family aircraft remaining under its 2007 purchase agreement with Airbus, the bulk of which is for the A321 with firm orders of 36 with expected deliveries between 2012-2015. Notably, LCC is the world's largest operator of the model.

The flying range, seating capacity and enhancements of the A321 give it an important role in LCC's route map, making it an ideal plane for routes between hub-to-hub or large cities. As the airline's preferred single-aisle aircraft, Fitch believes it is highly unlikely that LCC would reject these planes in the case of a Chapter 11 filing.

US Airways' interest in acquiring American Airlines (AMR) in bankruptcy has no impact on the ratings for this transaction. Fitch expects the A321-200s to remain part of the core narrowbody fleet, even if US Airways were to merge with American. The lack of fleet commonality (AMR is primarily 'Boeing', and LCC is primarily 'Airbus') is more than offset by the sheer size of each fleet type (especially for narrowbody aircraft) which is large enough to support an infrastructure of pilots, crew, mechanics, and maintenance. In addition, American's current orderbook includes firm orders for 460 single-aisle aircraft including 260 from Airbus and the remaining from Boeing.


Although the A321 has 65 operators, the fleet is moderately concentrated with about 51% of the A321s operated by 10 airlines but has broad geographic distribution among the key operators. Europe has the largest share with 40% followed by Asia with 36% share of the current fleet. Approximately 11% of the fleet is in North America, with US Airways being the largest operator (jetBlue and Spirit are the other two). Three of the top 10 operators are located in China, which is a dense and growing market where traffic trends are likely to remain strong for the foreseeable future.

A potential concern for the A321 future market values comes from the introduction of the NEO (new engine option) version with CFM Leap-X engines or Pratt & Whitney PW1100G engines, with anticipated fuel savings of 15% over the CEO (current engine option) models. The advent of the A321neo could pressure future market values of the A321ceos longer-term. However, Fitch views it as a bigger threat to older generation aircraft rather than the aircraft in this portfolio given that they are some of the youngest vintage of this aircraft type. The first delivery of the NEO option for the A321 is not expected until 2016/2017, and it will take some time to produce a significant number of the new planes before it starts pressuring market values. The actual impact is hard to quantify at this point without knowing the traded price of the new engine. By the time the NEO gains significant market penetration, most of the debt outstanding on the senior tranche will be paid down through scheduled amortization (which also assumes an aggressive depreciation curve). Therefore, Fitch does not expect the impact of the NEO to have a material effect on the risk of this transaction.

Another factor that could become a concern affecting valuations and depreciation rates is Airbus' high planned A320 family production rates. Airbus' A320 rates were at 34 per month in 2010, but the company has steadily raised rates to the current 40 per month rate. Rates will move to 42/month in 4Q'12, and the company is exploring pushing to 44/month.


also improved in the past two years. Fitch forecasts (assuming very conservative PRASM and jet fuel assumptions) modestly negative free cash flow (FCF) this year as a result of higher aircraft capital
Fitch expects LCC credit quality and ratings to remain stable through the course of the year. A downgrade is unlikely absent a drastic and sustained fuel or demand shock that would become a liquidity event, with accompanying tightness in credit markets. LCC's interest in acquiring American Airlines (AMR) out of bankruptcy has no impact on current ratings or Outlook. No formal merger announcement has been announced, but LCC's agreement on contract terms with major AMR unions is a critical step that will support LCC's efforts to potentially acquire AMR in bankruptcy. If there were a merger announcement, Fitch would review its ratings and outlook based on more details on synergies, labor negotiations, fleet plans and financing that are made public. Fitch views consolidation as a positive for the industry and a potential combination with AMR would likely strengthen LCC's network, and credit profile longer-term despite near-term challenges with integration.

For additional information, please see the following recent Fitch press releases:

--'Update: Fitch Rates US Airways' Proposed 2012-1 EETC Class A Certs 'A-' & Class B Certs 'BB-''(April 30, 2012);

--' Fitch Rates US Airways' Proposed 2012-1 EETC Class A Certs 'A-' & Class B Certs 'BB-''(April 30, 2012);

-- 'Fitch Upgrades US Airways' IDR to 'B-'; Outlook Stable' (April 20, 2012).

Whisky Quebec

US Airways ! US ! USA Empty Re: US Airways ! US ! USA

Message par patrick1956 le Dim 11 Mai 2014 - 23:31

c'est peux banale pour le signaler

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