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2012年9月22日 (土)

日航再上場 課題も残したスピード再建

The Yomiuri Shimbun (Sep. 22, 2012)
JAL's swift turnaround doesn't end aviation industry problems
日航再上場 課題も残したスピード再建(9月21日付・読売社説)

Japan Airlines has returned to the Tokyo Stock Exchange two years and seven months after delisting.
 経営破綻した日本航空が、2年7か月で東京証券取引所に再上場した。

The relisting of JAL after such a short period is unparalleled by any turnaround in the past, but this is just the beginning of the former national flag carrier's true reconstruction.
過去に例がない「スピード再建」だが、これからが本当の勝負である。

JAL filed for bankruptcy under the Corporate Rehabilitation Law in January 2010, and its shares were delisted the following month.
 日航は2010年1月に会社更生法の適用を申請し、翌月に上場廃止となっていた。

The firm's shares on Wednesday, the first day of trading since the delisting, closed at 3,830 yen, more than they were priced at for their initial public offering. It has been smooth sailing for JAL stock transactions so far.
取引初日の19日の終値は、売り出し価格を上回る3830円を付け、その後も順調な売買が続いている。

The recovery of the carrier's business performance has been stunning, and far swifter than expected. JAL has been reborn as one of the world's most profitable aviation companies. Investors appear to highly rate its current corporate value.
 予想以上のV字回復で、日航は世界屈指の収益を上げる航空会社に生まれ変わった。投資家はその企業価値を評価したのだろう。

The government-backed Enterprise Turnaround Initiative Corporation of Japan, which held almost all JAL shares, has sold off all of its share holdings, garnering 650 billion yen in proceeds. This means ETIC has successfully recouped the entire 350 billion yen of taxpayer money injected for JAL's resuscitation and also has made a sizable profit on the sale of JAL shares.
 日航株のほとんどを保有する企業再生支援機構は、全株売却して6500億円を手にした。日航に出資した公的資金3500億円を全額回収した上、売却益も得た。

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Profits due to assistance

We are pleased that JAL did not plunge into a second failure, and that a further financial burden on taxpayers was averted.
2次破綻に陥らず、国民負担を回避できた点は歓迎できる。

A key factor behind JAL's resuscitation in a short period is its success in improving the high-cost management system that was a major pending problem after the carrier's bankruptcy filing.
 日航が短期間で再生した要因は、更生法適用で懸案だった高コスト体質を改善できたことだ。

By pushing ahead with drastic business restructuring programs, such as slashing personnel and withdrawing from unprofitable air routes, JAL posted operating profits of 204.9 billion yen in the business year that ended in March 2012, topping the firm's previous high.
 人員削減や不採算路線からの撤退など大規模なリストラを進め、12年3月期の営業利益は過去最高の2049億円に膨らんだ。

The effect of coercive business improvement steps for JAL through the bankruptcy protection under law was substantial.
法的整理による強制的な経営改革の効果は大きかったと言える。

In the rehabilitation process, JAL received assistance from both the private and public sectors, including provision of taxpayers' money, tax breaks and debt waivers from creditor banks. JAL should never forget that its colossal profits have been realized thanks to these helping hands.
 公的資金や銀行の債権放棄、法人税減免という官民の支援を受けた。それが巨額の利益を実現したことも忘れてはなるまい。

From now on, JAL must consolidate its management capability for flying solo. Its ability to hammer out a business strategy will be tested amid increasingly severe competition in the aviation industry, including the emergence of new low-cost carriers in Japan.
 今後求められるのは経営の自立である。格安航空会社の台頭などで競争が一段と激しくなる中、戦略が問われよう。

JAL now aims to grow by expanding its international transportation capacity by 25 percent, boosting routes in Asia and elsewhere.
 日航は、アジアなどでの国際線の輸送能力を25%拡大するなど、国際線を成長の柱に据える。

It may be right for the carrier to shift the focus of its strategy from business restructuring efforts to going on the offensive.
 合理化戦略から積極攻勢に転じるのはいい。

However, if JAL expands routes and purchases new aircraft recklessly, it could repeat the bankruptcy-causing mistakes of the past.
だが、破綻の一因となった無理な路線拡大や航空機材購入に走れば、「いつか来た道」に戻りかねない。

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Gaps in terms of competition

Of key significance to the carrier's future growth is its ability to beef up managerial capability and prevent itself from slipping into complacency about its current high profitability.
 現在の高収益に慢心せず、経営体力をいかに維持・強化できるかが成長のカギを握る。

The reconstruction of JAL presents a question concerning how the government should extend assistance to failed firms.
 日航再建は、破綻企業への政府支援のあり方にも課題を残した。

This is because a gap in business performance has opened up between JAL, which has been revived through generous government assistance, and its longtime rival All Nippon Airways Co. which has continued flying under its own power.
手厚い支援で復活した日航と、自力経営を続ける全日本空輸との間に格差が生じたためだ。

JAL's after-tax profits for last fiscal year, which ended in March 2012, were six times higher than ANA's, and JAL's profits for the current fiscal year are expected to be more than three times higher than ANA's.
 12年3月期の税引き後利益は、日航が全日空の6倍に達し、13年3月期でも3倍以上の開きが見込まれる。

In addition, corporate tax breaks for JAL are expected to remain in place for some time.
日航の法人税減免はしばらく続く見通しだ。

It is significant that Fair Trade Commission Chairman Kazuhiko Takeshima has told a Diet committee the favorable treatment of JAL "has undoubtedly had a major impact on competition conditions" in the aviation industry.
 竹島一彦公正取引委員長が国会答弁で、「明らかに競争条件に大きな影響が出ている」との見解を示した意味は大きい。

The government should study ways of securing fair competition among airlines through such means as reasonable allocation of flight slots at Tokyo's Haneda Airport.
 羽田空港の発着枠配分などを通じて、公正な競争環境の確保を検討することが求められよう。

(From The Yomiuri Shimbun, Sept. 21, 2012)
(2012年9月21日01時40分  読売新聞)

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