CN100 hails a new breed of leaders

摘要

On page 18 you'll find the CN100 2020. It reveals an industry that, prior to lockdown at least, had got itself in the best shape it's been in for years. Cash was up and debt was down, boosting financial resilience. Margins also held firm in a market that, lest we forget, was no picnic in 2018 and 2019 thanks to the political turmoil. Perhaps most notable of all has been the change among the big tier ones. We'd become used to reporting aggregate losses in the hundreds of millions and average margins in negative territory. That is no longer the case. Most tier ones, after periods of serious pain, have sorted themselves out.