日航公的支援 「親方日の丸」から脱却せよ

The Yomiuri Shimbun(Jun. 23, 2009)
JAL should end dependence on govt
日航公的支援　「親方日の丸」から脱却せよ（6月23日付・読売社説）

The government has officially decided to provide financial support to Japan Airlines, which has been suffering from poor business results, since it apparently can no longer allow Japan's flag-carrier to further decline.
　失速しかけた日本の翼を、これ以上放置できないということだろう。政府は、業績不振が続く日本航空の本格支援に乗り出すことを決めた。

Support for JAL will include an emergency loan worth 100 billion yen to be extended jointly by the government-backed Development Bank of Japan and three major private banks with the government guaranteeing 80 percent of the loan. Along with securing the loan, the government also will directly supervise the reconstruction of the airline.
　日本政策投資銀行が危機対応融資を活用し、大手銀行と共同で日航に約１０００億円を融通する。政投銀融資の８０％は政府が保証する――というのが支援の中身だ。それに伴い、政府は日航の経営再建を直接指導・監督する。

It is unusual for the government to support a private company with such a huge loan, but taking into account the importance of the service JAL provides to the public and the impact it has on the national economy, the government may deem it imperative to act. JAL should fundamentally review its management, considering this its last opportunity to reform itself.
　国が民間企業にこれほどまとまった融資をして経営を支えるのは異例だ。国民生活や経済への影響を考えれば、やむを得まい。日航は改革の最後の機会ととらえ、経営を根本から見直すべきだ。

JAL reported post-tax losses of 63.1 billion yen for the business year ending in March 2009. The airline is expected to declare almost the same amount of losses in the business year to end March 2010, too. It climbed into the black in the business year ending March 2008 for the first time in three years, but returned to the red only one year later.
　日航の２００９年３月期決算は税引き後の損益が６３１億円の赤字となった。１０年３月期もほぼ同額の赤字となる見通しだ。０８年３月期には３年ぶりに黒字になったが、１年で赤字に逆戻りした。

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Combination hurt bottom line

The company's poor performance is attributed to the aftereffects of high fuel prices last year and a sharp decrease in passengers due to the global recession. The decrease in passengers on domestic routes, a major revenue source for All Nippon Airways Co., which is JAL's rival, was small. However, the number of passengers on international routes, a major revenue source for JAL, decreased by more than 10 percent compared to the previous period.
　不振の原因は、昨年の燃料高の後遺症と、世界同時不況による旅客の急減だ。ライバルの全日本空輸が主力とする国内線の落ち込みは小さかったが、日航が収益源とする国際線旅客は前期より１割以上も減った。

JAL has succeeded in cutting labor costs to a certain degree. But the airline has failed to reduce interest-bearing debts quickly and been slow in improving its balance sheet. The company also has delayed in changing its planes to smaller, more fuel-efficient aircraft and investing money in a strategic manner.
　人件費の圧縮はある程度進んだが、有利子負債の削減など、財務体質の改善が遅れ、燃費の良い小型機への切り替えや戦略的な投資が進んでいない。

It can no longer expect a turnaround through mere stopgap cost-cutting measures. JAL should study whether to continue unprofitable businesses, including the option of transferring them to other companies, while it needs to consider not just reducing the number of flights on money-losing routes, but dropping those routes altogether. Such drastic restructuring measures are essential for JAL.
　もはや付け焼き刃の経費削減では、業績の好転は期待できまい。不採算の事業分野は他社への譲渡も含めて存廃を検討し、不採算路線は減便で済まさず、一気に撤退するなど、より踏み込んだリストラ策が不可欠だ。

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Long history of bail-outs

The airline had received emergency loans from the DBJ to help it weather the poor business results it suffered due to the Sept. 11, 2001, terrorist attacks on the United States and other incidents in the past. With the addition of the latest loans, the total extended by the DBJ to JAL would exceed 300 billion yen.
　日航はこれまでも、米同時テロなどで業績が悪化するたびに、政投銀の緊急支援を受けてきた。今回の融資で、政投銀の日航への融資額は３０００億円を超える水準まで膨れあがる。

JAL probably cannot refute criticism that the airline has not yet completed sufficient corporate restructuring, but has no qualms about relying on government-backed bank loans because it has not yet ended its dependence on the government stemming from its days as a government-affiliated company.
　経営改革が不十分なまま、政府系金融機関の融資に頼るのは、特殊法人時代の「親方日の丸」気分から抜け切っていないため、と見られても仕方ないだろう。

JAL cannot win the approval of the public for the government assistance it is to receive without reforming its corporate structure. Some observers point out that eight trade-specific unions at JAL are obstructing restructuring. It is also necessary to stick the knife of reform into such complicated labor-management relations.
　企業体質の改革も進めなければ、公的支援に対する国民の理解は得られまい。職種別組合が八つもあり、リストラの足かせとの指摘もある。この複雑な労使関係にもメスを入れる必要がある。

Meanwhile, aviation authorities are partly responsible for JAL's poor performance because they have built nearly 100 airports around the country and put political pressure on the airline to open unprofitable routes.
　日航の業績不振は、全国に１００近くも空港を建設し、政治的な圧力をかけて不採算路線を開設させてきた航空行政にも責任の一端がある。

In supporting JAL once again, the government and the ruling parties should take this opportunity to closely review past aviation policy.
政府・与党は日航の経営支援を機に、これまでの航空行政も再検証すべきだ。

(From The Yomiuri Shimbun, June 23, 2009)
（2009年6月23日01時33分 読売新聞）