- Publication venue
- Publication date
- 17/12/2021
- Field of study
O ano de 2020 vai ficar marcado na história pela pandemia causada pela Covid-19. O alto Ãndice de transmissão da doença afetou a maioria das economias a nÃvel mundial, particularmente, o setor da aviação. O receio da população em viajar acrescido à s medidas de confinamento impostas por governos e ao encerramento de fronteiras, resultou num cenário temporário de aeronaves inoperacionais. Como consequência, enquanto algumas companhias aéreas decretaram falência, outras encontraram-se completamente dependentes de ajudas financeiras do Estado como forma de ultrapassar a crise que se desenhava. Todas as dificuldades enfrentadas resultaram num prejuÃzo estimado, a nÃvel mundial, para o setor em cerca de aproximadamente US118,5bilho~es(IATA,2020).TendoemcontaqueaatividadeprincipaldascompanhiasaeËŠreassoËŠeËŠpossıˊveldecorreratraveËŠsdousodesuasaeronaves,oobjetivodopresenteestudoconsistiuemestimar,combasenaNormaInternacionaldeContabilidaden.º36–Imparidadedeativos,aquantiarecuperaËŠveldestesativosdosetordaaviac\c​a~ocomercialeuropeu.Paraestefim,aplicou−seumametodologiaqueteveemconsiderac\c​a~oumaamostra,nomeadamenteosGruposAirFrance−KLM,IAG,LufthansaeRyanair,paraasquaisfoiaplicadaaabordagemdosFluxosdeCaixaEsperados,calculandoovalorpresenteatraveËŠsdeumataxadedesconto.Paraesteefeito,foiapuradooCustoMeËŠdioPonderadodeCapital.Opresenteestudoteveemconsiderac\c​a~odoiscenaËŠriosdistintos,sendoummaisprovaËŠvel,ondearecuperac\c​a~odosetorocorreraËŠnoanode2024,eumsegundomenosprovaËŠvel,ondearecuperac\c​a~oocorreraËŠem2027.Ospressupostosconsideradosnapresentedissertac\c​a~opermitiramconcluirqueosGruposLufthansaeRyanairna~oindicamqualquerperdaporimparidadeaserreconhecidanascontasafindarem31.12.2021.ParaoGrupoIAG,concluıˊmosquepoderaËŠocorrerumareversa~odaperdaporimparidadereconhecidaem2020.Porfim,paraoGrupoAirFrance−KLM,verificaËŠmosanecessidadedereforc\c​araperdaporimparidadeaqualascenderiaaproximadamentea674M€.Theyearof2020willbemarkedinhistorybythepandemiccausedbytheCovid−19outbreak.Worldwideeconomiesandmarketshavebeenaffectedbytheconsequencesofthehighlytransmissibledisease,particularlytheaviationsegment.Thefearofthepopulationtotravelcombinedwiththeimposedrestrictionstakenbythegovernmentstocontainthespreadofthecontamination,suchaslockdownsandbordersclosures,haveresultedinaircraftsbecomingtemporarilyinoperable.Asaresult,whilemanyairlineswentbankrupted,otherbecamedependentofStaterescueloansastheonlywaytoturnaroundandsurvivethecrisis.TheestimatedlossesofUS 118,5 billion (IATA, 2020) worldwide have hit the sector due to the unprecedent market turbulence.
Considering that the main activity of airlines is only possible through their aircrafts, the objective of this study consists in estimating, based on International Accounting Standard n.º 36 – Impairment of Assets, the recoverable amount of these assets in the European Union commercial aviation sector. For this purpose, a methodology that took into consideration a sample was applied. This sample consists of the Air France-KLM, the IAG, the Lufthansa and the Ryanair Groups. The assumption of Expected Cash Flows was applied, these being discounted using a discount rate. For this purpose, the Weighted Average Cost of Capital has been taken into consideration.
In the present study, we presumed two distinct scenarios, one being more probable, where the recovery of the sector will occur in the year 2024, and another less probable, where the recovery will occur in the year 2027. The assumptions considered in this dissertation allowed us to conclude that Lufthansa and Ryanair Groups do not indicate any impairment loss to be recognized on the reporting date of 12.31.2021. For the IAG Group, we concluded that there could be a reversal of the impairment loss recognized in 2020. Finally, for Air France-KLM Group, we verified the need to reinforce the impairment which would amount to approximately €674M.Mestrado em Contabilidad