Airline Current Business Environment Alex Heiter

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1 Airline Current Business Environment Alex Heiter Istanbul Technical University Air Transportation Management M.Sc. Program Network, Fleet and Schedule Strategic Planning Module 2: 28 March 2016

2 The underlying dynamics of our industry Fleet Capacity Growth Airline Profitability Airline Capacity Decisions Economic growth Fleet Capacity Requirement Traffic growth Parked Airplanes New Airplanes Used Airplanes Long term Delayed Retirement Liberalization Exogenous shocks Utilization Short term Low High Capital intensity to adjust capacity 2

3 World Business Environment Key Developments Indicator Updates Economic environment (GDP growth, Trade volumes, Oil prices, Exchange rates, Financial markets) Geopolitical environment (Gov t actions, Regional conflict) Passenger demand (Traffic volumes, Yields) Passenger Capacity (Airline schedules, Parked fleet, Utilization rates, Load factors) Air cargo demand (Traffic volumes, Yields) Air cargo capacity (Parked fleet, Utilization rates, Load factors) Airline financials (Industry profitability, Airline performance, Airplane financing) Global GDP growth below trend 2016 but stronger service sectors support traffic China transition continues: industry weaker, consumption/services stronger US Dollar strength impacting travel patterns, airline financials Brent oil at ~$35/bbl, volatile; mid-term (5+ year) outlooks for $80+/bbl Financial market volatility potential risk to consumer sentiment Export-Import Bank board quorum unlikely in the near term Iran nuclear deal implemented but hurdles remain U.S. and Cuba agree to restore scheduled flights Traffic up 5.4% in December, +6.5% in 2015 (IATA) Outlook for continued at/above long-term average Global capacity growth stable at ~6%, regional variation Load factors, utilization near/at record highs Parked fleet stable, slightly up due to Transaero Traffic up 0.8% in December, +2.2% in 2015 (IATA) Outlook: growth in 2016 but below long-term average Significant variation between regions Large freighter utilization at/near prior peaks Parked current-generation airplanes Airlines managing economic uncertainty, volatile fuel prices Airline industry net margins doubled to 4.6% in 2015; 2016 forecast ~5% North America over half industry profitability 3

4 World Economic Outlook European Union CAGR 1.8% 1.8% 1.8% United States 2.4% 2.4% 2.4% China Japan Other Asia LatAm ex. Brazil MidEast Brazil Russia and CIS India Other Europe Africa Canada Australia/NZ World Growth: % % % % Based on IHS Monthly Interim Forecast (February 2016 Update Annual Real GDP) Note: China includes Hong Kong and Macau. China s stand alone growth rates: %, %. 6.7% 0.6% 3.4% 1.7% 2.5% -3.7% -2.9% 7.5% 2.2% 2.7% 1.2% 2.4% $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20, GDP, Billions real (2010) U.S. Dollars 6.2% 0.9% 3.4% 1.5% 2.2% -3.7% -1.2% 7.5% 2.1% 2.7% 1.3% 2.1% 6.1% 0.9% 3.9% 2.9% 3.9% 1.7% 2.4% 7.3% 2.4% 3.8% % Growth to remain muted in 2016, acceleration in

5 Real GDP growth in % Emerging Markets Real GDP Growth Outlook forecast all Emerging Markets Brazil Russia India China Source: IHS Economics, February 2016 forecast Russia, Brazil slowing Emerging Market growth in the near term 5

6 Real GDP growth in % Advanced Economies Real GDP Growth Outlook forecast all Advanced Economies United States Japan Eurozone Source: IHS Economics, February 2016 forecast Economic growth slightly accelerating in Advanced Economies 6

7 World Economic Outlook GDP growth slightly up in 2016 Main drivers: oil, monetary stimulus, U.S. economy Risks: financial markets Advanced economies improving Emerging markets mixed Real annual GDP Growth (%) Long-term average Forecast Economies leaving Great Recession era Outlook supports traffic growth Uncertainty remains elevated! Watch items: Geopolitical hotspots Oil/FX volatility China spillovers Success of monetary policy Source: IHS (February 2016 Interim Forecast) Global economic growth slow in 2016, accelerating in

8 World Trade 200 Volume Index (s.a = 100); indicator of world merchandise trade Emerging Markets World Trade Advanced Economies Source: Netherlands Bureau for Economic Policy Analysis ( International trade weakness since start of year BOEING PROPRIETARY 8

9 Consumer Confidence United States European Union Economic Sentiment Indicator Consumer Component Japan China Confidence around decade-high in US, improving Sources: Global Insight, in EU European Commission BOEING PROPRIETARY 9

10 Exchange Rates 135 Monthly Average Exchange Rates /$ /$ USD strengthening USD weakening Source: Pacific Exchange Rate Service; Last data point for monthly average: February 2016 U.S. dollar strength continues BOEING PROPRIETARY 10

11 Oil and jet fuel prices Avg Ann Prices 2008 $ $ $ $ $ $ $ $ $34 $/Barrel (Brent Crude Oil) Jet Fuel $/gallon (US Gulf Coast Jet Fuel) Forecasts EIU IHS PIRA OxEcon Brent Crude Oil Oil price forecasts are nominal annual average prices for Historical data source: EIA Volatility returns, mid-term price outlooks $70-80/bbl BOEING BOEING PROPRIETARY 11

12 World Passenger Traffic and Capacity 15% YoY Growth World 15% YoY Growth US Domestic 1 ASK RPK 1 5% 5% -5% Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15-5% Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 15% YoY Growth Europe 15% YoY Growth Asia Pacific Int l 1 1 5% 5% -5% Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15-5% Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Source: ATA, AEA, AAPA, IATA, ALTA, CAAC, airline reports, Boeing market analysis All major regions performing well in October BOEING PROPRIETARY 12

13 Emerging Market Traffic and Capacity YoY Growth 25% 2 15% 1 5% -5% Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Source: CAAC China 35% 3 25% 2 15% 1 5% -5% India YoY Growth (Pax) Dom Intl Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Source: Airports Authority of India Latin America Middle East Int l 25% 2 YoY Growth ASK RPK 25% 2 YoY Growth 15% 15% 1 1 5% 5% -5% Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Source: ALTA -5% Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Source: IATA Strong performance in emerging markets but LatAm slowing BOEING PROPRIETARY 13

14 E 2016F E 2016F Near-term Traffic Outlook Passenger and Cargo Passenger traffic Air cargo traffic 2 Annual Growth Annual RPKs (trillions) 7 2 Annual Growth Annual RTKs (billions) % 6 15% % 4 5% % % 50-15% Passenger traffic resilient, renewed cargo market weakness 14

15 Passenger Capacity World Load Factor 9 Airlines adjusting capacity in response to demand, route profitability Load factors are at or near record 85% highs throughout the year; March should just be an anomaly due to Easter timing 75% Parked fleet - typical seasonal trends 65% Utilization near peaks, single aisle more seasonal 6 J F M A M J J A S O N D Global passenger capacity growing broadly in balance with traffic 15

16 F Passenger demand Passenger Traffic Emerging markets GDP, middle 2 Annual Growth Annual RPKs (trillions) 7 class growth 15% 6 New airline business models 1 5 Demographics support leisure travel 5% 4 3 Air travel relative affordability -5% 2 Business travel revenue focus, travel -1 1 intensive sectors outperforming -15% 0 Source: ICAO, BCA Passenger traffic resilient due to multiple factors 16

17 Passenger Load Factors 9 85% 8 75% 7 65% 6 Load Factor World J F M A M J J A S O N D 9 85% 8 75% 7 65% 6 Load Factor US Domestic J F M A M J J A S O N D 9 85% 8 75% 7 65% 6 Load Factor Europe 9 85% 8 75% 7 65% 6 J F M A M J J A S O N D J F M A M J J A S O N D BOEING PROPRIETARY Load Factor Asia Pacific Int l Record high load factors from traffic growth, capacity discipline 17

18 F 2015F Air cargo demand Traffic recovery began 2Q2013 Significant regional variation Large freighter utilization recovering Load factors improving, yields pressure easing 2 15% 1 5% Air cargo traffic Annual Growth Annual RTKs (billions) % Near-term cargo market challenges, long-term growth market 18

19 World air cargo traffic recovering since mid % Monthly Change YoY 12-Month Rolling Average Sources: IATA Carrier Tracker (industry international scheduled freight) and A4A US domestic cargo traffic. Air cargo traffic down -0.9% in November 2015 YoY, up 2.6% YTD 19

20 Thousands The strength of the air cargo recovery varies by region of airline domicile and/or business model Air cargo traffic up 2.6% YTD 2,600 2,400 2,200 2,000 November 2015 year-to-date 12-month rolling average shows 2.9% increase 1Q was stronger with 5.1% growth, 2Q increased 2.5%, while 3Q was slower at 0.7% growth 4.5% growth in ,800 1,600 1,400 1,200 1, (200) Africa Asia Pacific PRC Carriers Europe Express Carriers* Latin America Middle East North America (400) Sources: IATA Carrier Tracker (Industry international scheduled freight), A4A US domestic cargo traffic, and Boeing analysis * Fedex and UPS freighter flown statistics only per A4A 20

21 Airline revenues and costs $ (billions) $/ATK Fuel Exp Non-Fuel Exp Revenues $0.70 $0.65 $0.60 $0.55 $0.50 $0.45 $0.40 $0.35 $0.30 Unit Revenue Unit Cost Unit Cost ex Fuel F F Source: IATA, December 2015 Financial Forecast & BCA Market Analysis Airlines generating strong revenue growth, managing non-fuel costs BOEING PROPRIETARY 21

22 International Fare Development $900 $850 $800 $750 $700 $650 International Fare Per Transaction ($) USGC Oct Jet Fuel Price 2013 $ $ $1.39 $600 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Data source: ARC Settlements and Operations statistics Average international fares at lowest level in 4 years BOEING PROPRIETARY 22

23 Commercial parked fleet trends December 2015 Total Parked Fleet In-Production Parked Fleet 2,500 # of Aircraft % of Fleet 15% 500 # of Aircraft % of Fleet 3.5% 2,000 12% % 1,500 9% ,000 6% % 500 3% 0 Dec-11 Dec-12 Dec-13 Dec-14 Dec % Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 AC Types Included: All Western-built Jets > 90 seats Airplane types included: 737NG, 747-8, 767, 777, 787, A320 Family, A330, A350 and A380 2,313 airplanes parked at year-end % of total fleet and 2.7% of in-production fleet parked 23

24 Airplane Utilization Trends (thru September 2015) Flight Hours Per Day (12-month moving average) Single Aisle Passenger Twin Aisle Pax and Freighter Passenger Passenger Freighter Single Aisle Passenger includes 717, 737 and 757 (all variants) Twin Aisle passenger Large Freighters include 777Fs and 747 Fs (-400Fs and 8Fs) Passenger and freighter utilization stable at record levels 24

25 F Airline industry operating profitability $60 Operating Profit/Loss (Billions) Operating Margin 12% $50 1 $40 8% $30.. 6% $20 4% $10 2% $0 ($10) -2% ($20) -4% Source: ICAO ( ) and IATA December 2015 ( ) Airlines managing economic uncertainty, volatile fuel prices BOEING PROPRIETARY 25

26 Regional profitability outlook Net Profit (billions $) E 2016F N. Amer Europe Asia MidEast LatinAm Africa Source: IATA, December 2015 North America leading industry profitability BOEING PROPRIETARY 26

27 Regional profitability 16% 14% 12% 1 8% 6% 4% 2% -2% -4% EBIT Margin, % revenues 14.3% 6.6% 5.3% 2.9% F 1.3% -1.7% N. Amer Europe Asia MidEast LatinAm Africa Source: IATA, December 2015 North America leading industry profit margins BOEING PROPRIETARY 27

28 Business Environment Near-term Baseline outlook for improving global economic High oil price volatility/uncertainty returns, price outlook for recovery into mid-term Global passenger traffic growing at/above long-term average rate; emerging markets leading Airlines adding capacity in response to traffic growth; adjusting networks with focus on profitability Air cargo traffic cyclical downturn after strong 2014, expected to recover in 2016, capacity metrics up Airline profit outlook very good due to low fuel prices, North American airlines leading Airlines restructuring networks, fleets, partnerships, and driving down controllable costs Industry is healthy despite ever-present challenges BOEING BOEING PROPRIETARY 28

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