Analysis of the effectiveness of regional aviation market based on the Pomeranian Voivodeship

Transcription

1 Dariusz Tłoczyński 1 University of Gdańsk Analysis of the effectiveness of regional aviation market based on the Pomeranian Voivodeship Introduction (The aviation market of the 21st century is the subject of many changes that have occurred in the global economy. On one hand it is influenced by independent factors (such as the intervention processes, technology standards, and licensing) and on the other by changes in the behaviour of market participants, who often have a direct and indirect impact on market processes. The aviation market can be classified according to varied criteria. The regional market, whose main participants are local and regional carriers as well as subjects managing the local aviation infrastructure, is characterised by the spatial criterion. Airports have a great impact on the shaping of this particular segment of the market. The main objective of the research was defined on the basis of the above assumptions, namely an evaluation of the effectiveness of the local aviation market. The Gdansk Airport was used as a case study. It is a local airport that provides services for carriers who operate on regional lines and, more importantly, is the passenger airport within the region. Such an analysis is necessary firstly due to the cooperation between airports and secondly in order to adjust the forecasted aviation supply. The regional aviation market as an object of research The aviation market as an economic category is a meeting point for those purchasing aviation services with those who offer and sell them. The aviation market can be defined as the entirety of economic relations occurring in the process of an exchange. It includes initiatives undertaken by the aviation subjects who offer their services, behaviours of the participants interested in purchasing those services, as well as the functioning of various organisations the aim of which is the organisation and facilitation of closing market transactions. The aviation market, similarly to other branch markets, is defined and analysed in the context of the needs of its clients. Such an approach is characteristic of the market economy towards the demands of the customers of aviation transportation, with regards to the capability of the subjects to meet those demands. In order to characterise the transportation market as a process it is necessary to take notice of its 1 PhD, Department of Transportation Market University of Gdańsk, Sopot, ul. Armii Krajowej 119/121, dariusz.tloczynski@ug.gda.pl 3343

2 heterogeneous nature, dynamics of development, structural changes, as well as the course and scope of the cause and effect events and behaviours of its participants. The aviation market is an area of competitive actions. In order to appropriately adjust the offered supply to the changing preferences of the consumers it requires constant surveillance of its internal and external surroundings. The supply side of the aviation market is represented by: - aviation enterprises (carriers and airports), - enterprises collaborating with carriers and airports, - institutions which shape the aviation transportation policies [3]. The supply has to be examined either as a part of the defined fragmentary market (the airport being the point at which measurements are taken) or as an offer of an individual or a group of carriers. The demand can also be determined from a global perspective, however, such an approach has only statistical character since it is impossible to calculate global supply on the international market. The aviation market can be divided using the following criteria: - subjective, - objective, - market structure, - organisational manner, - spatial. The regional aviation market is a part of the global, continental, as well as state aviation transportation system. The issue of rationality of the aviation market can be examined on various planes. The local market is, therefore, characterised with reference to continental localisation (i.e. the market of the Near East, the countries of Latin America); part of one continent (i.e. market of the Baltic states); and state (i.e. Pomeranian market). The above criteria of analysis allow the regional aviation market to be defined as a designated meeting point for those who purchase aviation services and those, who sell the supply of those services. Passengers; travel agencies; enterprises and institutions that commence travel on short distances; as well as customers of regional aviation transportation will constitute the main subjects on such a market. This means that the supply side of the market is represented by the carriers offering their services within a region and by the airports operating within that region. The term 'regional market' is strongly connected with another term, namely 'regional airport'. At present there is no one clear definition of them both. In the light of the above deliberations the 'regional airport' has to be defined as an airport which is not a hub airport and which provides services within a region. It is a public airport utilized by carriers who service regional connections, point to point continental connections, as well as import-export connections to larger hub airports. Thus, the main criteria that define an airport as a 'regional 3344

3 airport' is not determined by the volume of air traffic but by the character of the passengers utilizing the services as well as in the specificity of the airport connections and the size of the catchment area. The volume of air traffic constitutes the basis for the division of airports into large and small regional airports. In the case of Polish formal and legal determinants there is one additional factor which determines the regionalism, namely the involvement of the regions (shareholding structure will be presented later in the document). The terms 'regional market' and 'regional airport' are connected with the notion of 'regional air carrier'. Regional carrier services on an aviation market are provided by the enterprises which posses propeller or jet aircrafts of a seat capacity which connect small airports located in the vicinity of larger cities and airports. The European Commission defines a 'regional air service' as a flight which begins or terminates in a regional airport [6]. The European Union Directive classifies airports by their: passenger volume, cargo traffic, volume of operations, distance to other airports, central and regional (i.e. airports in Gdansk, Cracow, Katowice, and Poznan). Some Polish airports (i.e. Szczecin, Bydgoszcz, Szczytno) were also classified as regional airports on the basis of the Directive's appendix which states that a states a regional airport is situated at a minimum distance of 100km from the nearest airport [4]. Gdansk airport and the structure of regional airports Polish regional airports, which for a number of years have been functioning as commercial law companies, adapt themselves to the occurring changes. Regional and local Authorities influence more actively the functioning of regional airports through a number of varied initiatives - direct and indirect. The regional and local Authorities are the main shareholders of Polish airports. Table 1 represents the structure of shareholders. In the light of the above definition the airport of Gdansk has to be classified as a regional airport due to its specificity and the volume of shares owned by subjects (33% Marshal's Office of Pomeranian Voivodeship in Gdansk, 38% the cities of Gdansk Agglomeration). Another important factor determining its regional character is the airport's catchment area. Despite the fact that the airport in question is the only airport within the region which provides services for passengers and aircrafts, it still remains in competition with other airports (searching to find new carriers) and other non-aviation operators. The Pomeranian region, inhabited by approximately 1.5m. residents, constitutes the main catchment area of the airport. 3345

4 Tab. 1. The Structure of Shareholders of Polish Airports as of 2011 Airport Bydgoszcz Gdansk Katowice Cracow Lodz Poznan Rzeszow Szczecin Szczytno Warsaw Wroclaw Zielona Gora Legal Status S.A. [PLC] Sp. z.o.o. [Ltd.] S.A. [PLC] Sp. z.o.o. [Ltd.] Sp. z.o.o. [Ltd.] Sp. z.o.o. [Ltd.] Sp. z.o.o. [Ltd.] Sp. z.o.o. [Ltd.] Sp. z.o.o. [Ltd.] PP S.A. [PLC] Sp. z.o.o. [Ltd.] IATA ICAO BZG EPBY 1929 GDN EPGD 1919/1974 KTW EPKT 1940 KRK EPKK 1964 Opening Date City/ies Region Bydgoszcz Torun other Gdansk 2.23 Gdynia Sopot Katowice 0.38 other Cracow 0.04 Zabierzow Shareholders (in %) Enterprises Associations Polish Airports State Enterprise 66,69 1,28 8,06 32, ,09 38,16 40,41 16,41 22, ,19 LCJ EPLL ,29 5,4 0,003 0 POZ EPPO ,53 24, ,52 RZE EPRZ , ,41 SZZ EPSC ,6 6,9 0 54,5 SZY EPSY 1950s 20th Century WAW EPWA 1920/1934 3,57 5,49 73,17 12, WRO EPWR ,15 31, ,74 IEG EPZG no data Source: own work based on the data provided by airports Despite the low population residing in the Pomeranian region in comparison to other regions (the Baltic Sea constitutes 1/3 of the entire catchment area), the airport of Gdansk serviced the second greatest volume of passenger traffic in 2012 of all regional airports. Table 2 presents the passenger traffic serviced by regional airports. 3346

5 Tab. 2. Passenger Traffic on Regional Airports (in thousands) Airport Share in the Market in 2012 (in %) Bydgoszcz ,21 Gdansk ,25 Katowice ,94 Cracow ,93 Lublin ,03 Lodz ,11 Poznan ,49 Rzeszow ,79 Szczecin ,33 Warszawa Modlin ,77 Wroclaw ,06 Zielona Gora ,08 TOTAL Source: ULC data Regional airports serviced 57.06% of total aviation traffic. The highest passenger traffic among regional airports was noted in Cracow (3.4m. passengers - 23%) and Gdansk (2.8m. passengers - 19%). It is in the interest of local Authorities', acting as shareholders of regional airports, to maintain effective cooperation with airline operators. There is a strong relationship between the development of regions and the development of local airports, therefore, it is known for local Authorities to support and co-fund new air links. According to the EU legislation regional airports may allow for their shareholders to act as co-funders of new air links with utilization of public funding that has to be notified to the European Commission. The public fund cannot be granted to air links connecting regional airports (servicing less than 5m. passenger annually) with other airports within the EU, in order to obtain approval from the Commission. Aid is only provided for new air links that generate the increase in number of passengers (for additional costs connected with staring a new link, i.e. promotion) and cannot apply to operational costs endured by the airlines. The main carriers who service regional links are those operating on state routes and the low-budget carriers (cf. Table 3 and 4). In the year 2012 Polish airports noted a large growth in passenger traffic on domestic routes. Though in the 1st quarter the volume of domestic traffic was similar to the volume in the previous year, from the 2nd quarter this segment of transport presented a steady growth at all airports. OLT Express was undoubtedly the pioneer of development of the domestic market. From August 2012 carriers PLL LOT and EuroLot introduced an even more flexible price policy on domestic routes. 3347

6 Tab. 3. State Air Traffic on Polish Airports in the Years Airport Share in the passenger traffic structure of national residents (in thousands of passengers) % Share in the general passenger traffic structure Bydgoszcz 4,7 3,1 20,6 71 0,79 0,291 Gdansk 241,6 236,8 290, ,60 6,069 Katowice 13,3 39,3 67, ,76 1,011 Cracow 183,4 194,1 274, ,98 4,379 Lodz 0,6 0,6 0,6 55 0,62 0,225 Poznan 90,5 104,8 108, ,81 1,760 Rzeszow 80,3 89,8 108, ,85 1,408 Szczecin 83,8 92,7 87, ,28 1,563 Warsaw 824,4 913,7 1071, ,50 15,539 Warszawa Modlin 8 0,09 0,033 Wroclaw 200,5 210,4 227, ,37 4,158 Zielona Gora 2,8 3,6 6,9 31 0,35 0,127 TOTAL ,3 2264, ,00 36,562 Source: ULC data In the year 2011 low-budget airlines operating on the Polish market provided services for over 8.8m. passengers. Most of them used the services of Cracow airport (1.915m. passengers; see Table 4). The passengers travelling with low-budget airlines used the carriers' services on all airports but Zielona Gora. Tab. 4. Passenger Traffic travelling with Low-Budget Airlines on Airports in the years Airport Bydgoszcz Gdansk Katowice Cracow Lodz Poznan Rzeszow Szczecin Warsaw Wroclaw Zielona Gora End Total Source: ULC Apart from the airport in Cracow a large volume of passenger traffic was also noted in Gdansk and Katowice. Passenger traffic amounted in those airports to over 1.5m. in Gdansk and 1.496m. of passengers in Katowice. Warsaw airport provided services for only 1.2m. passengers. Table 5 presents the engagement of carriers at Polish airports in the years

7 Tab. 5. Engagement of Scheduled Carriers at Polish Airports Airport Bydgoszcz Gdansk Katowice Cracow Lodz Poznan Rzeszow Szczecin Wroclaw Zielona Gora Source: ULC A carriers decision concerning the operations performed at an airport is influenced by economic interest, the capabilities of the region, and the perspective for growth. Cracow is the largest regional airport with regards to the number of serviced carriers. Wroclaw gained the most (4) new operators. The number of direct connections within airports constitutes the derivative of the number of carriers. Table 6 presents the data for direct connections from regional airports. Tab. 6. Direct Connections from Regional Airports Airport Bydgoszcz Gdansk Katowice Cracow Lodz Poznan Rzeszow Szczecin Wroclaw Zielona Gora Source: ULC In the years the carriers were more interested in airports where the commercial attractiveness was until then considered as average and low (i.e. Lodz, Bydgoszcz, Rzeszow). The decrease in the number of connections occurred in the airports of Cracow and Gdansk. In 2011 the number of direct connections offered by Polish airports increased by 3.2% on average in comparison to the previous year. The largest comparative growth was noted by the airports in Poznan (5 direct connections) and Katowice (3 connections). Due to the lack of stability in the Euro Zone the air carriers did not strive to open new routes. Polish airports were offering direct regular connections to a total of 292 destinations in Poland and abroad a increase of 9 in comparison to the previous year. 3349

8 The number of direct connections is variable and changes intermittently throughout the year. In the 2011 winter season 31 connections were cancelled (mainly seasonal connections) and new connections were opened in their place. In the same year in Gdansk 5 routes were cancelled (Ryanair cancelled a seasonal connection to Alicante; Wizz Air to Aarhus, Tampere, and Turku; and Air Baltic to Riga). The following routes opened in their stead: Ryanair to Eindhoven; OLT Jetair to Hamburg, Prague, Warsaw, Katowice, Berlin, and Brussels with a transfer in Bremen; and EuroLot to Poprad. Many initiatives in Gdansk airport are planned by the year Their total value amounts to approximately 400m. PLN. Therefore, it is necessary to evaluate the effectiveness of the invested capital. There are many methods which enable the evaluation of business entities. The factors of accounting liquidity, profitability and debt ratios, asset utilization, etc., are the most common factors used to establish to what extent funding is reasonable. Three factors were analysed for the needs of this article [2][1][5]. Evaluation of the accounting liquidity factors of the gdansk airport The following factors are distinguished whilst analysing the accounting liquidity, namely: - liquidity ratio, - quick liquidity ratio, - cash liquidity ratio. The above factors determine the capability to pay off current financial obligations to, i.e., suppliers, tax payers, and mortgages. The analysis of liquidity allows an airport to estimate its capability to settle its liabilities. Table 7 presents the factors of accounting liquidity of Gdansk Airport. Tab. 7. The Factors of Accounting Liquidity of Gdansk Airport in the year 2012 Ratio Level Change of Ratio Beginning of the End of the Year Year liquidity ratio 0,37-0,52 =-0,15 = 0, 52 quick liquidity ratio 0,36-05 =-0,14 cash liquidity ratio 0,17-0,15 =0,02 Source: own work on the basis of: Sprawozdanie finansowe Portu Lotniczego Gdańsk Spółka z o.o. za rok 2011, Port Lotniczy Gdańsk, Gdańsk [Gdansk Airport Ltd: Annual Financial Report 2011] Current Liquidity Ratio (CR - current ratio) describes the way in which current assets cover the current 3350

9 liabilities. The standard value of the factor falls within the limits of A low level of this factor and a downward trend occur in both accounting periods (in 2010 it amounted to 0.52, and in 2011 to 0.37). This indicates that some issues may arise with current payments. The airport in question does not possess such assets which could be easily sold in order to settle its liabilities. Provisions increased slightly. In 2010 they amounted to 751, PLN and in 2011 to 979, PLN. Short-term liabilities nearly doubled. In 2010 they amounted to 18,637, PLN and in 2011 to 31,563., PLN. Short-term investments, on the other hand, quadrupled from 7,785, PLN in 2010 to 29,692, PLN in Short-term liabilities in 2010 amounted to 26,063, and increased in 2011 to 62,417., PLN. Provisions for liabilities changed slightly and amounted to 2,294, PLN in 2010 and 2,338, in Deferrals quadrupled from 24,672, to 105,974, PLN. The data presented testifies to the fact that the subject in question invests its assets and, therefore, generates higher liabilities (especially due to deliveries and services). This constitutes the main reason for such a low current liquidity ratio. Quick Liquidity Ratio (QR - quick ratio) represents the ratio between liquid assets and current liabilities. The standard value of the factor falls within the limits of (1.5). This indicates a full capability to settle short-term liabilities from easily achievable current assets. In both periods included in the research the quick liquidity ratio was much lower than its standard value, which indicates difficulties in settling current liabilities from the most liquid current assets and also points to a high share of provisions in those assets. The numerator of the above factor includes the most liquid current assets which are diminished by the provisions and short-term accruals. Current assets doubled. In the year 2010 they amounted to 27,432, PLN and in 2011 to 62,471, PLN. Cash Liquidity Ratio describes the level of settlements of short-term liabilities from financial assets, which can be sold in a short period of time. The standard value of the factor falls within the limits of In both periods included in the research the factor remains below the standard value, however, slight growth was noted in the year The numerator of the above factor includes solely the capital (cash) and short-term securities. Unfortunately, Gdansk Airport does not posses any short-term securities what has a negative influence on the factor. This indicates that there might be a difficulty in settling the liabilities in cash owed by the company. Table 8 presents the total receipts and expenses on the basis of comparative profit and loss account of Gdansk Airport. 3351

10 Table 8. Total Receipts and Expenses of Gdansk Airport Receipts/Expenses Total Receipts , ,18 Total Expenses , ,41 Source: own work on the basis of: Sprawozdanie finansowe Portu Lotniczego Gdańsk Spółka z o.o. za rok 2011, Port Lotniczy Gdańsk, Gdańsk [Gdansk Airport Ltd: Annual Financial Report 2011] Total receipts (net recipes from sales + other operations receipts + financial receipts) in 2010 amounted to 75,012, PLN and have increased by over 10m. PLN to 85,733, PLN in Total expenses (operational activities costs + other operational costs + financial costs) also increased. In 2010 they amounted to 56,208, PLN and grown in 2011 by over 6m. PLN to 62,926, PLN. Table 9 presents the expenses and receipts connected with providing a service to one passenger and the costs and receipts of aviation operations per one aircraft. Tab. 9. Expenses and Receipts per One Passenger and One Aviation Operation Factor Receipts per one Passenger Expenses per one passenger Receipts per one movement Per given Year = 33,61 = 34,80 = 25,19 = 25,54 = 2.364,40 = 2.494,87 Expenses per one movement = 1.771,69 = 1.831,18 Source: own work on the basis of: Sprawozdanie finansowe Portu Lotniczego Gdańsk Spółka z o.o. za rok 2011, Port Lotniczy Gdańsk, Gdańsk [Gdansk Airport Ltd: Annual Financial Report 2011] and Port Lotniczy Gdańsk: as of: Both the number of passengers and the number of aircraft increased in the period included by the research. Passenger traffic increased by over 23k and the number of aviation operations by over 2.5k. Receipts per one passenger also grown. In 2010 they amounted to PLN and in 2011 to PLN. Expenses per one passenger in 2010 amounted to PLN and in 2011 increased slightly to PLN. Receipts per operation of one aircraft in 2010 amounted to 2, PLN and increased in the following year to 2, PLN. The costs per one aviation operation also grew. In the year 2010 they amounted to 1, PLN and in 2011 to 1, PLN. To sum up, both the total number of aircraft connections as well as the passenger traffic increased as did 3352

11 the receipts and expenses. The result of deducting expenses from receipts is a positive number which means that the company is achieving profits from the services it provides. Evalutation of the profitability ratio of the subject managing aviation infrastructure The main aim of every company is to accumulate the highest possible profit which simply means it is a profitable enterprise. Therefore, the main aim of a financial analysis is to evaluate the profitability ratio with the help of the abovementioned factors. The profitability ratio enables evaluation of the profit gained from sales, the assets the company is accumulating due to its profit, and the return on the invested capital. Table 10 presents the profitability ratios of Gdansk Airport. Table 10. Profitability Ratios of Gdansk Airport Ratio Gross Return on Operating Net Return in Operating Return on Assets Return on Net Assets Return on Equity Return on Net Equity Return on Fixed Capital Return on Fixed Capital Ratio's Level in 2011 Beginning of the Year End of the Year = 0,24 = 0,28 = 0,19 = 0,22 = 0,08 = 0,05 = 0,06 = 0,04 = 0,1 = 0,1 = 0,08 =0,09 = 0,1 = 0,07 = 0,08 = 0,06 Change in Ratio 0,04 0,03-0,03-0,02 0 0,01-0,03-0,02 Source: own work on the basis of: Sprawozdanie finansowe Portu Lotniczego Gdańsk Spółka z o.o. za rok 2011, Port Lotniczy Gdańsk, Gdańsk [Gdansk Airport Ltd: Annual Financial Report 2011] Gross Return on Sales (ROS) expresses the ration between gross profit (before tax) and net receipts from sales. It is assumed that the level of the ratio, that expresses a company's financial standing, should exceed 0.1. In both accounting periods the ratio's level is low. In the year 2010 it amounted to 0.24 to reach 0.28 in the 3353

12 following year and present an uptrend (increase by 0.04). In both years the gross profit increased from 17,514, PLN to 22,807, PLN as did the net sales - from 74,215, PLN in 2010 to 82,605, PLN in In 2010 there were 0.24 receipts from sales which increased to 0.28 in the following year. Net Return on Sales expresses the ratio between the net profit (after tax) and net sales. The standard level of the above ratio should exceed In both accounting periods the level of the ratio is much higher than the defined standard. In the year 2010 it amounted to 0.19 and increased to 0.22 in the following year. Return on Assets (ROA) expresses the ratio between the gross profit (before tax) and the total number of assets. The ratio expresses the volume of gross profit per one unit of assets, which is utilized within the company. The higher the ROA the better financial standing of a company. In both accounting periods the level of the ratio is relatively high. In the year 2010 it reached 0.08 and decrease in the following year to The reason behind such a decline can be seen in the fact that the assets of the company doubled in comparison to the previous year (in 2010 it amounted to 226,208, PLN and to 483,662, PLN in the following year). In the year 2010, 1 PLN of assets brought 0.08 PLN gross profit and 0.05 PLN in the following year. Return on Net Assets expresses the ratio between the net profit (after tax) and the total number of assets. As in the case of the Gross ROA the ratio shows net profit per one unit of assets. In both accounting periods the level of the ratio reached 0.06 in the year 2010 and decreased to 0.04 in the following year. In the year 2010, 1 PLN of assets brought 0.06 PLN net profit and 0.04 PLN in the following year. Return on Equity (ROE) expresses the relationship between the gross profit or net profit and equity. The above ratio is one of the most important ratios which allow for evaluation of a company as it expresses the return on the capital invested in the enterprise. In both accounting periods the ratio reached exactly the same level (0.1). Equity in 2010 amounted to 166,777, PLN and increased in the following year to 210,531, PLN. In the years 2010 and PLN of equity generated 0.1 PLN gross profit. In the year PLN of equity generated 0.08 PLN net profit which increased in the following year to 0.09 PLN. This means that the company improved its profitability ratio by 0.01 PLN and Gdansk Airport generates larger profit than the equity invested. Return on Fixed Capital expresses the relationship between the net profit or gross profit and fixed capital. Fixed capital consists of: equity, deferred income tax provision, other long-term provisions, long-term liabilities, negative goodwill, as well as other long-term prepayments. In the year 2010 the company's fixed capital amounted to 177,177, PLN and nearly doubled in the following year to 312,931, PLN. In 2010 the ratio (with gross profit) reached 0.1 and decreased in the following year to Taking into account the net profit the ratio also decreased from 0.08 in 2010 to 0.06 in 3354

13 2011. This means that per 1 PLN of fixed capital 0.1 PLN gross profit was generated in 2010 and only 0.07 PLN in In the case of net profit 1 PLN of fixed capital generated 0.08 PLN profit in 2010, and 0.06 PLN in Increase in the fixed capital may mean that the company took out more long-term liabilities (i.e. mortgage) hence that capital increased substantially influencing the decrease of the values of ratios. Evaluation of the company's debt factor Debt factor constitutes a vital criterion of evaluation of a company's business activity. It expresses the level of funding of the activity with foreign capital. Debt factor is used in order to evaluate the financial structure of an enterprise. Debt ratio and equity constitute the most important ratios. Table 11 presents the debt ratios for Gdansk Airport. Tab. 11. Debt Ratios for Gdansk Airport Ratio Debt ratio Debt to Equity Level of Ratio in 2011 Beginning of the Year End of the Year = 14,4 % = 34,1% Change in Ratio 19,7% 58,8% = 19,5% = 78,3% Source: own work on the basis of: Sprawozdanie finansowe Portu Lotniczego Gdańsk Spółka z o.o. za rok 2011, Port Lotniczy Gdańsk, Gdańsk [Gdansk Airport Ltd: Annual Financial Report 2011] Debt ratio expresses the relationship between the total debt (short-term and long-term liabilities) of the company and the total number of its assets. It shows the participation of foreign capital in the company's assets. Standard level of debt falls within the limits of 50%-70%. The ratio is vital from the point of view of the lenders who in the case of bankruptcy of the enterprise will recover their receivables from the company's assets. In both accounting periods the level of the above ratio for Gdansk Airport was much lower than the standard level. This means that the company has full stability in financing its assets. In 2010 total liabilities increased by approximately 5 times and amounted to 164,817,282.3 PLN in The company doubled its assets which increased from 226,208, PLN in 2010 to 483,662, PLN in The level of the ratio in 2010 reached 14.4% and increased in 2011 to 34.1%. Such a result indicates that the liabilities taken on by the company increased, hence a growth of 19.7%. Debt to Equity expresses the relationship between the total debt to total equity. It points to the ways in which short-term and long-term liabilities can be settled with equity. The accepted level of the above ratio 3355

14 falls within the limit of 100% - 300% though it can be also lower. It also describes the amount of foreign capital per one unit of equity. The debt level is of great importance not only from the point of view of the company but also due to the effect which the financial structure has on the financial result. On one hand the higher the foreign capital the greater the generated costs which decrease the financial result and increase issues with solvency. On the other hand, however, the company utilizing a financial leverage may develop much quicker than it would if using only equity as it can generate additional profits exceeding the debt service costs. In both accounting periods the value of the ratio remained below 100%, hence the financial situation of the company can be defined as good. In the year 2010 equity amounted to 166,777, PLN and increased to 210,531, PLN in the following year. Liabilities have also increased which, in turn, influenced the increase of the ratio from 19.5% to 78.3%. It follows that the company entirely settles its liabilities with equity and does not experience issues with regards to meeting the payments. Summing up the debt ratio of Gdansk Airport it can be said that the company does not have problems with settling its liabilities and is not in debt as those liabilities are fully paid for with assets and equity. This also means that in the future the enterprise will be able to carry on with investments and pay them off with its own resources. Summary The evaluation of the regional aviation market was presented on the basis of Gdansk Airport. The choice of the object proved to be appropriate as the airport in question in the years was carrying out an investment programme connected with the construction of a new passenger terminal, new taxiway, as well as with the modernisation and enlargement of the airport apron. Despite the abovementioned investments the effectiveness of the investment of funds has to be defined as good. It is without a doubt that the increase in aviation operations and the associated volume of passenger traffic had a great influence on the increase in receipts. It has to be clearly stated that the presented analyses of liquidity, profitability, and debt point to effective operations of the airport within its region. Abstract The aviation market of the 21st century is the subject of many changes that have occurred in the global economy. On one hand it is influenced by independent factors (such as the intervention processes, technology standards, and licensing) and on the other by the changes in behaviour of market participants, who often have a direct and indirect impact on market processes. The aviation market can be classified according to varied criteria. The regional market, whose main participants are local and regional carriers as well as subjects managing the local aviation infrastructure, is characterised by the spatial criterion. Airports have a great impact on the shaping of this particular segment of 3356

15 the market. The main objective of the research was defined on the basis of the above assumptions, namely an evaluation of the effectiveness of the local aviation market. The Gdansk Airport was used as a case study. It is a local airport that provides services for carriers who operate on regional routes and, more importantly, is the only passenger airport within the region. Such an analysis is necessary firstly due to the cooperation between airports and secondly in order to adjust the forecasted aviation supply. Ocena efektywności funkcjonowania regionalnego rynku transportu lotniczego na przykładzie województwa pomorskiego Streszczenie Rynek transportu lotniczego w XXI wieku jest przedmiotem wielu przeobrażeń zachodzących we współczesnej globalnej gospodarce światowej. Z jednej strony podlega oddziaływaniu czynników niezależnych np. procesy interwencjonizmu, normy technologiczne, koncesje, z drugiej strony zmiany w zachowaniu podmiotów często mają bezpośrednie i pośrednie przełożenie na procesy rynkowe. Rynek transportu lotniczego można podzielić według wielu kryteriów. Na podstawie kryterium przestrzennego wyróżnia się rynek regionalny, którego głównymi podmiotami są przewoźnicy regionalni oraz podmioty zarządzające regionalna infrastruktura lotniczą. To właśnie porty lotnicze wywierają bardzo duży wpływ na kształtowanie tego segmentu rynku. W oparciu o powyższe założenia wyłonił się główny cel badawczy dokonanie oceny efektywności funkcjonowania regionalnego rynku transportu lotniczego. Jako case study został przedstawiony Port Lotniczy Gdańsk, który jest regionalnym portem lotniczym, obsługuje przewoźników realizujących podróże regionalne i przede wszystkim jest monopolistą w regionie. Taka analiza jest konieczna przede wszystkim z punktu widzenia współpracy pomiędzy podmiotami lotniczymi oraz w aspekcie dostosowania podaży usług lotniczych do przewidywanego popytu Bibliography [1] Analiza ekonomiczna w Przedsiębiorstwie, pod red. M. Jerzemowskiej, PWE, Warszawa 2006 [2] Bień W., Zarządzanie finansami przedsiębiorstwa, Difin, Warszawa 2008 [3] Czownicki J., Rynek usług krajowej komunikacji lotniczej, SGPiS, Warszawa 1981 [4] Decyzja nr 1692/96/EC Parlamentu Europejskiego i Rady UE z 23 czerwca 1996r. o wytycznych Wspólnoty dotyczących rozwoju transeuropejskiej sieci transportu (OJ nr L 228/9) [5] Manikowski A., Tarapata Z., Ocena projektów gospodarczych, Difin, Warszawa

16 [6] Rezolucja Parlamentu Europejskiego z dnia 10 maja 2012 r. w sprawie przyszłości regionalnych portów lotniczych i usług lotniczych w UE (2011/2196 (INI) [7] Wytyczne Wspólnotowe dotyczące finansowania portów lotniczych i pomocy państwa na rozpoczęcie działalności dla przedsiębiorstw Lotniczych oferujących przeloty z regionalnych portów lotniczych, Komunikat KE, Dziennik Urzędowy Unii Europejskiej, 2005/C 312/