The wide spread of financial performance

Size: px
Start display at page:

Download "The wide spread of financial performance"

Transcription

1 The wide spread of financial performance WFS Summit 13 th September 2015 Brian Pearce, Chief Economist To represent, lead and serve the airline industry

2 % revenues US$ billion 2015 should see record profits for the industry 8.0 Global commercial airline profitability EBIT margin Net post-tax profit Source: ICAO, IATA IATA Economics 2

3 Though that s still only $8.27 per passenger Worldwide airline net post-tax profit per departing passenger, 2015 $ Ancillaries $ $8.27 Ancillaries 150 Fare Cargo Revenue Cost Net profit Source: IATA IATA Economics 3

4 % of invested capital But paying investors normal return for 1 st time Return on capital invested in airlines Cost of capital (WACC) Return on capital (ROIC) Source: IATA, McKinsey IATA Economics 4

5 Widening gap above breakeven driving returns % ATKs Breakeven and achieved weight load factors 69 Achieved Breakeven Source: IATA IATA Economics 5

6 Consolidation has played an important role Market share of top-4 airlines/jvs 68% 81% 36% 48% 42% 33% 51% 59% Source: SRS Analyser IATA Economics 6

7 Ancillaries as % revenues The product structure is changing too 2013 ancillaries and operating profits, % revenues 35% 30% Allegiant 25% Ryanair 20% Aer Lingus Easyjet Air Asia Flybe 15% United Alaska Qantas JetBlue 10% Korean Frontier Delta PIA 5% Hawaiian Spicejet SAA BA JAL 0% -20% -15% -10% -5% 0% 5% 10% 15% 20% Operating profits as % revenues Source: IdeaWorks, Airline Analyst, IATA IATA Economics 7

8 Oil price, US$ per barrel US dollar trade weighted index Low fuel prices important but US$ major offset 160 The Brent crude oil price and the US dollar US dollar Brent crude oil price Source: Datastream IATA Economics 8

9 Net post-tax profit as % revenue Driving further divergence in performance this year Airline net post-tax profit margins 8% N America 6% 4% 2% Europe Asia-Pacific 0% -2% -4% -6% Source: ICAO, IATA IATA Economics 9

10 number of airlines ROIC gains driven by a subset of the industry Distribution of 2014 airline ROIC 14 Most frequent ROIC = 0% 12 Median ROIC = 3.2% airlines ROIC > WACC % return on invested capital Source: The Airline Analyst, IATA IATA Economics 10

11 FCF US$ billion FCF concentrated in the US 2014 Free Cash Flow by region Network LCC US LA ME EU AP Source: The Airline Analyst, IATA IATA Economics 11

12 ROIC as as % invested capital But good ROIC performance in Europe as well 2014 return on capital by region 30% 20% 10% Average cost of capital 0% -10% -20% -30% N America Europe Asia Pacific LA ME AF Source: The Airline Analyst, IATA IATA Economics 12

13 Adjusted net debt, US$ billion Median airline balance sheet still deteriorating Free cash flow and adjusted net debt airlines could repay all debt in next 5 years Median airline $3 billion net debt -3% FCF/net debt 0-50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% Free cash flow as a % of adjusted net debt Source: The Airline Analyst, IATA IATA Economics 13

14 Why the spread? 2 approaches Michael Porter s 5 forces the external business environment All typically high in most airline markets 1. Rivalry US domestic mergers/n Atlantic JVs? 2. New entrant threat 3. Substitutes threat 4. Supplier bargaining power 5. Customer buying power John Kay s Distinctive capabilities what makes firms different Apart from 1 for some airlines, most capabilities are weak in most airlines 1. Strategic assets (e.g. route/slot rights) 2. Strong key relationships with suppliers/staff/customers 3. Reputation 4. Innovation economies of density from JVs/other collaboration forms? IATA Economics 14

Economic Performance of the Airline Industry

Economic Performance of the Airline Industry Economic Performance of the Airline Industry Airline Cost Conference 25 th August 2015 Brian Pearce, Chief Economist www.iata.org/economics To represent, lead and serve the airline industry number of airlines

More information

The outlook for commercial air transport

The outlook for commercial air transport The outlook for commercial air transport Brian Pearce Chief Economist www.iata.org/economics To represent, lead and serve the airline industry RPKs per month, billion Demand for air travel and cargo diverge

More information

Signs of a structural improvement in airlines financial health?

Signs of a structural improvement in airlines financial health? Signs of a structural improvement in airlines financial health? February 2016 Brian Pearce Chief Economist International Air Transport Association % growth in traffic and ROIC as % invested capital Structural

More information

Economic performance of the airline industry Mid-year 2017 update. Brian Pearce, Chief Economist, IATA

Economic performance of the airline industry Mid-year 2017 update. Brian Pearce, Chief Economist, IATA Economic performance of the airline industry Mid-year 2017 update Brian Pearce, Chief Economist, IATA www.iata.org/economics % change over previous year Index, 50 = no change in output Performance drivers

More information

Global commercial airline industry outlook March 2013 update

Global commercial airline industry outlook March 2013 update Global commercial airline industry outlook March 213 update Brian Pearce Chief Economist www.iata.org/economics To represent, lead and serve the airline industry Monthly RPK (Billions) Monthly FTK (Billions)

More information

The economics of airline financial performance and wider economic benefits

The economics of airline financial performance and wider economic benefits The economics of airline financial performance and wider economic benefits 6 th April 2018, Paris Brian Pearce, Chief Economist, IATA www.iata.org/economics Outline Why is the airline industry suddenly

More information

Airline financial performance

Airline financial performance Airline financial performance 30 March 2017 Brian Pearce Chief Economist, IATA www.iata.org/economics Airline Industry Economics Advisory Workshop 2016 1 The air transport paradox Source: McKinsey presentation

More information

Global Economic Outlook

Global Economic Outlook Global Economic Outlook Brian Pearce Chief Economist Embargoed until 10:30AM CET 1 Million barrels a day US$ per barrel Are the markets signalling recession ahead? 60 55 Business confidence (left scale)

More information

Challenges of high growth: Global aviation outlook

Challenges of high growth: Global aviation outlook Challenges of high growth: Global aviation outlook Brian Pearce, Chief Economist www.iata.org/economics To represent, lead and serve the airline industry Challenges of high growth Meeting demand for air

More information

Challenges to profitability

Challenges to profitability Challenges to profitability Brian Pearce Chief Economist www.iata.org/economics To represent, lead and serve the airline industry Jan 2007 Apr 2007 Jul 2007 Oct 2007 Jan 2008 Apr 2008 Jul 2008 Oct 2008

More information

Airline financial performance and longterm developments in air travel markets

Airline financial performance and longterm developments in air travel markets Airline financial performance and longterm developments in air travel markets March 2018 Brian Pearce, Chief Economist, IATA www.iata.org/economics % of invested capital Investor returns falling but above

More information

Financial Symposium September 2018 Madrid Marriott Auditorium Hotel & Conference Center

Financial Symposium September 2018 Madrid Marriott Auditorium Hotel & Conference Center 5 World th Financial Symposium 17 20 September 2018 Madrid Marriott Auditorium Hotel & Conference Center 7 th SIS General Meeting 18 th September 2018 Madrid Marriott Auditorium Hotel & Conference Center

More information

September 2010 Brian Pearce To represent, lead and serve the airline industry

September 2010 Brian Pearce   To represent, lead and serve the airline industry Cycle turns up but risks and structural challenges remain September 2010 Brian Pearce www.iata.org/economics To represent, lead and serve the airline industry Confidence was still high in July survey Airline

More information

Global economy and aviation do we have room to grow?

Global economy and aviation do we have room to grow? Global economy and aviation do we have room to grow? 18 January 2017 Brian Pearce Chief Economist, IATA Airline Industry Economics Advisory Workshop 2016 1 Room to grow? Looking through the cycle Potential

More information

Ancillary Revenue per Passenger for 2013 was $16, Up Nearly 129% from 2007

Ancillary Revenue per Passenger for 2013 was $16, Up Nearly 129% from 2007 Contact: Jay Sorensen For inquiries: 414-961-1939 Jay @ IdeaworksCompany.com Ancillary Revenue per Passenger for 2013 was $16, Up Nearly 129% from 2007 2014 CarTrawler Yearbook of Ancillary Revenue by

More information

Trends and Challenges for the Airline Industry

Trends and Challenges for the Airline Industry Trends and Challenges for the Airline Industry Tim-Jasper Schaaf Director Marketing & Sales To represent, lead and serve the airline industry The value proposition for air travel remains strong It s safer,

More information

Airline industry outlook remains fragile

Airline industry outlook remains fragile Airline industry outlook remains fragile June 2009 www.iata.org/economics To represent, lead and serve the airline industry Airline industry outlook remains fragile Green shoots starting to appear Recovery

More information

Airlines across the world connected a record number of cities this year, with more than 20,000 city pair connections*

Airlines across the world connected a record number of cities this year, with more than 20,000 city pair connections* 1 Airlines across the world connected a record number of cities this year, with more than 20,000 city pair connections*. This is a 1,351 increase over 2016 and a doubling of service since 1996, when there

More information

Market Overview. John Griffiths Chief Economist Boeing Commercial Airplanes June Presented to: Port of Seattle

Market Overview. John Griffiths Chief Economist Boeing Commercial Airplanes June Presented to: Port of Seattle Market Overview John Griffiths Chief Economist Boeing Commercial Airplanes June 2008 Presented to: Port of Seattle Discussion items Business environment Global Economy Airline Environment Cycle dynamics

More information

Outlook for air travel markets

Outlook for air travel markets Outlook for air travel markets June 2016 Brian Pearce Chief Economist International Air Transport Association Extended period of strong air travel market growth 30% 25% 20% 15% 10% 5% 0% -5% -10% -15%

More information

Introduction: Airline Industry Overview Dr. Peter Belobaba Presented by: Alex Heiter & Ali Hajiyev

Introduction: Airline Industry Overview Dr. Peter Belobaba Presented by: Alex Heiter & Ali Hajiyev Introduction: Airline Industry Overview Dr. Peter Belobaba Presented by: Alex Heiter & Ali Hajiyev Istanbul Technical University Air Transportation Management M.Sc. Program Network, Fleet and Schedule

More information

Ancillary Revenues. Dr Frankie O Connell

Ancillary Revenues. Dr Frankie O Connell Ancillary Revenues Dr Frankie O Connell Istanbul Technical University Air Transportation Management, MSc. Program Airline Business Models and Strategic Management Module #5 10th December 2016 Ancillary

More information

STAYING TRUE. BofAML Global Transportation Conference. May

STAYING TRUE. BofAML Global Transportation Conference. May STAYING TRUE BofAML Global Transportation Conference May 19 2011 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any question

More information

Aviation industry outlook

Aviation industry outlook Euro Aviation ICT Forum Thursday 29 October, 2015 Divani Caravel Hotel, Athens Aviation industry outlook Jonathan Wober, Chief Financial Analyst The leading independent supplier of global aviation knowledge

More information

New Distribu,on Capability

New Distribu,on Capability New Distribu,on Capability IATA, Sébas,en Touraine Traveltrend Seminar - NBTA 2. September 2013 OSLO To represent, lead and serve the airline industry Outlook for profitability is improving slowly % revenues

More information

Cost Cutting for Success: Factors Influencing Costs

Cost Cutting for Success: Factors Influencing Costs Cost Cutting for Success: Factors Influencing Costs Dr George Williams Reader in Airline Economics Unit Cost (pence per ASK) in 2005/6 12 10 8 6 4 2 0 BA Connect Flybe easyjet Virgin Atlantic Monarch Astraeus

More information

Creating a New Jet Fuel Dynamic

Creating a New Jet Fuel Dynamic Creating a New Jet Fuel Dynamic John P. Heimlich VP and Chief Economist and Coordinator-ATA Energy Council Commercial Aviation Alternative Fuels Initiative (CAAFI) September 30, 2009 The Stone Age did

More information

PRESENTED BY: AL WANG SENIOR MANAGER, FORECASTING & MARKET PLANNING

PRESENTED BY: AL WANG SENIOR MANAGER, FORECASTING & MARKET PLANNING EXPERT INSIGHTS AND RELIABLE INFORMATION FOR THE AVIATION INDUSTRY 28th Annual Commercial Aviation Industry Suppliers Conference March 3-5, 2014 AIRCRAFT DELIVERY AND RETIREMENT FORECASTS PRESENTED BY:

More information

2007/08 Full Year Results Investor Briefing

2007/08 Full Year Results Investor Briefing 2007/08 Full Year Results Investor Briefing Highlights of Result Profit before tax up 46% to $1,408 million Up 36% on the reported result Margin improvement $3 billion of Sustainable Future Benefits achieved

More information

Air transport creates large returns for national economies but returns for airlines are unsustainably weak

Air transport creates large returns for national economies but returns for airlines are unsustainably weak Air transport creates large returns for national economies but returns for airlines are unsustainably weak Thomas S. Windmuller SVP and Corporate Secretary Theme air transport brings large economic benefits

More information

Results 2Q17. August 9, 2017

Results 2Q17. August 9, 2017 Results 2Q17 August 9, 2017 2Q17 Highlights Indicators 2Q17 Var. x 2Q16 ASK (BN) 10.4-3.0% Traffic (000) 7,261-1.3% RPK (BN) 8.1 +0.5% Load Factor 77.9% +2.7 p.p. Yield (R$ cents) 23.2 +4.8% Pax Revenue

More information

J.P. Morgan 2019 Global Emerging Markets Corporate Conference. Miami, February 2019

J.P. Morgan 2019 Global Emerging Markets Corporate Conference. Miami, February 2019 J.P. Morgan 2019 Global Emerging Markets Corporate Conference Miami, February 2019 This presentation may include forward-looking comments regarding the Company s business outlook and anticipated financial

More information

IAG results presentation. Quarter One th May 2018

IAG results presentation. Quarter One th May 2018 IAG results presentation Quarter One 2018 4 th May 2018 Highlights Willie Walsh, Chief Executive Officer Highlights Another strong quarter performance with an operating profit of 280m (5.6% margin, +2.3pts)

More information

Airline Ancillary Revenue Projected to Be $92.9 Billion Worldwide in 2018

Airline Ancillary Revenue Projected to Be $92.9 Billion Worldwide in 2018 Airline Ancillary Revenue Projected to Be $92.9 Billion Worldwide in 2018 The CarTrawler estimate forecasts 13% increase above 2017, with $64.8 of the total consisting of a la carte fee activity. Dublin,

More information

The Airline Analyst Financial Ratings Webinar Presentation 18 th January Michael Duff, Managing Director, The Airline Analyst

The Airline Analyst Financial Ratings Webinar Presentation 18 th January Michael Duff, Managing Director, The Airline Analyst Webinar Presentation 18 th January 2013 Michael Duff, Managing Director, The Airline Analyst April 2011 Outline The Airline Analyst TAA Financial Ratings Overview of Results Methodology Review of Some

More information

The US Airline Industry & Herbert Stein s Law

The US Airline Industry & Herbert Stein s Law The US Airline Industry & Herbert Stein s Law William S. Swelbar MIT International Center for Air Transportation 36 th Annual FAA Aviation Forecast Conference February 16, 2011 www.swelblog.com HERBERT

More information

Bank of America Merrill Lynch Global Transportation Conference. June 16, 2010

Bank of America Merrill Lynch Global Transportation Conference. June 16, 2010 Bank of America Merrill Lynch Global Transportation Conference June 16, 2010 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any

More information

Air China Limited Annual Results. March Under IFRS

Air China Limited Annual Results. March Under IFRS Air China Limited 21 Annual Results Under IFRS March 211 Agenda Part 1 Highlights Part 2 Business Overview Part 3 Financial Overview Part 4 Outlook 2 Part 1 Highlights Steady Economic Growth; Asia Pacific

More information

Sponsored by: Opening Plenary

Sponsored by: Opening Plenary Sponsored by: Opening Plenary WORLD PASSENGER SYMPOSIUM October 15 17, 2014 San Diego, CA, USA Opening Plenary IATA Opening Remarks Aleks Popovich Senior Vice President, Financial and Distribution Services

More information

World Air Transport Statistics. Special AGM Edition WORLD AIR TRANSPORT SUMMIT

World Air Transport Statistics. Special AGM Edition WORLD AIR TRANSPORT SUMMIT World Air Transport Statistics Special AGM Edition WORLD AIR TRANSPORT SUMMIT 61 st IATA ANNUAL GENERAL MEETING TOKYO, 29-31 MAY 2005 World Air Transport Statistics Ref. No: 9011-AGM 2005 International

More information

Boeing Commercial Airplanes

Boeing Commercial Airplanes May 2014 Investor Conference Boeing Commercial Airplanes Ray Conner President and Chief Executive Officer Boeing Vice Chairman May 21, 2014 Boeing Commercial Airplanes Strong operating performance Record

More information

2010 ANNUAL GENERAL MEETING. May 4, 2010

2010 ANNUAL GENERAL MEETING. May 4, 2010 2010 ANNUAL GENERAL MEETING May 4, 2010 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any question and answer session, may contain

More information

The Changing Trends in the International Airline Industry. Dr Frankie O Connell Annual Tourism Policy Workshop Dromoland, 2016

The Changing Trends in the International Airline Industry. Dr Frankie O Connell Annual Tourism Policy Workshop Dromoland, 2016 The Changing Trends in the International Airline Industry Dr Frankie O Connell Annual Tourism Policy Workshop Dromoland, 2016 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

More information

Industry Update. ACI-NA Winter Board of Directors Meeting February 7, 2018 Palm Beach Gardens, FL

Industry Update. ACI-NA Winter Board of Directors Meeting February 7, 2018 Palm Beach Gardens, FL Industry Update ACI-NA Winter Board of Directors Meeting February 7, 2018 Palm Beach Gardens, FL 1Q2007 2Q2007 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009 4Q2009 1Q2010 2Q2010 3Q2010

More information

Santander 22 nd Annual Latin American Conference. Cancun, January 2018

Santander 22 nd Annual Latin American Conference. Cancun, January 2018 Santander 22 nd Annual Latin American Conference Cancun, January 2018 This presentation may include forward-looking comments regarding the Company s business outlook and anticipated financial and operating

More information

Ryannair Holdings plc. Sample 8

Ryannair Holdings plc. Sample 8 GCE Business Studies Aer Lingus plc Ryannair Sample 8 GCE Business Study the information below and answer the questions that follow. The following are two public limited companies that operate within the

More information

Aircraft industry takes off while air transport remains grounded

Aircraft industry takes off while air transport remains grounded Aircraft industry takes off while air transport remains grounded Ludovic Subran, Chief Economist Aéronautique: l industrie en mode supersonique, le transport en mode planeur Yann Ludovic Subran, Lacroix,

More information

Management Presentation. November 2013

Management Presentation. November 2013 Management Presentation November 2013 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively

More information

Finnair Q Result

Finnair Q Result Finnair Q1 2015 Result 7 May 2015 CEO Pekka Vauramo, Interim CFO Mika Stirkkinen 1 Turbulent market environment The weakness of the Finnish economy continued to be reflected in the demand in the first

More information

IATA ECONOMIC BRIEFING FEBRUARY 2007

IATA ECONOMIC BRIEFING FEBRUARY 2007 IATA ECONOMIC BRIEFING FEBRUARY 27 NEW AIRCRAFT ORDERS KEY POINTS New aircraft orders remained very high in 26. The total of 1,834 new orders for Boeing and Airbus commercial planes was down slightly from

More information

United Continental Holdings, Inc (NYSE: UAL) ONE YEAR PRICE RANGE : $ LAST PRICE: $ ANALYST RATING: Sell

United Continental Holdings, Inc (NYSE: UAL) ONE YEAR PRICE RANGE : $ LAST PRICE: $ ANALYST RATING: Sell United Continental Holdings, Inc (NYSE: UAL) ONE YEAR PRICE RANGE : $61.91 68.76 LAST PRICE: $68.39 ANALYST RATING: Sell VALUATION DATE: August 3, 2017 NEXT EARNINGS DATE: October 17, 2017 Investment Thesis:

More information

2017 Marketing and Communications Conference. November 6, 2017

2017 Marketing and Communications Conference. November 6, 2017 2017 Marketing and Communications Conference November 6, 2017 1 2 Introduction Carrie Kenrick State of the Industry Industry Consolidation Financial Trends Ancillary Product / Customer Segmentation Fleet

More information

Airlines Worldwide Fly High on Ancillary Services Revenues Jump 43 percent to 11 billion ($13.5 billion)

Airlines Worldwide Fly High on Ancillary Services Revenues Jump 43 percent to 11 billion ($13.5 billion) Airlines Worldwide Fly High on Ancillary Services -- 2009 Revenues Jump 43 percent to 11 billion ($13.5 billion) Analysis from IdeaWorks, supported by Amadeus, shows United, American, Delta, Qantas, and

More information

MRO Market Update & Industry Trends

MRO Market Update & Industry Trends January 25-26, 2017 Cancun, Mexico Presented by: Jonathan M. Berger Vice President ICF jberger@icf.com MRO Market Update & Industry Trends 0 Today s Agenda Fleet & MRO Forecast 2016: What a long strange

More information

Passenger: 17.2 Million (+3.9% yoy) OTP: 85.8% SLF: 73.3% Subsidiaries Operating Revenues US$415.2 Million Cargo Carried 219.4K ton (+10.

Passenger: 17.2 Million (+3.9% yoy) OTP: 85.8% SLF: 73.3% Subsidiaries Operating Revenues US$415.2 Million Cargo Carried 219.4K ton (+10. Value* 14.78 3.36 4.97 Volume** 32.85 9.59 13.43 Last Price 423 342 348 Market Cap.*** 8.74 8.85 9.01 Note: * Average Value in Billion Rupiah ** Average Volume in Million *** Market Capitalization in Trillion

More information

Jumpstart 2017 Lukas Johnson SVP, Commercial. June 2017

Jumpstart 2017 Lukas Johnson SVP, Commercial. June 2017 Jumpstart 2017 Lukas Johnson SVP, Commercial June 2017 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and

More information

Market Outlook. Michael Warner, Director Market Analysis. Boeing Commercial Airplanes October October 7 10, 2012 Atlanta, Georgia, USA

Market Outlook. Michael Warner, Director Market Analysis. Boeing Commercial Airplanes October October 7 10, 2012 Atlanta, Georgia, USA Market Outlook Michael Warner Director, Market Analysis Boeing Commercial Airplanes October 2012 Agenda Aviation environment Current products Product strategy & development 2012 719 net orders through

More information

Management Presentation. November 2011

Management Presentation. November 2011 Management Presentation November 2011 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively

More information

UBS Transport Conference September 15 th Jean-Cyril Spinetta

UBS Transport Conference September 15 th Jean-Cyril Spinetta UBS Transport Conference September 15 th 2008 Jean-Cyril Spinetta Air France-KLM key operating data Fiscal year 2007-08 The number one airline worldwide in terms of revenues* and number one in Europe in

More information

US $ 1,800 1,600 1,400 1,200 1,000

US $ 1,800 1,600 1,400 1,200 1,000 IATA ECONOMIC BRIEFING JULY 9 INFRASTRUCTURE COSTS SUMMARY Historical data indicates that during recession periods infrastructure providers usually increase their prices while other prices are falling

More information

Mergers and Alliances

Mergers and Alliances Mergers and Alliances Istanbul Technical University Air Transportation Management, M.Sc. Program Aviation Economics and Financial Analysis Module 12 Outline A. Trends in M&A Activity B. Factors Affecting

More information

GLOBAL STRATEGY AND LEADERSHIP

GLOBAL STRATEGY AND LEADERSHIP GLOBAL STRATEGY AND LEADERSHIP CASE ANALYSIS EXAMPLE CPA PROGRAM SEMESTER 1 2016 INTRODUCTION Following is a short case titled Blue sky man which is an article from the CPA Australia publication INTHEBLACK

More information

STAYING TRUE. Scotia Capital Transportation & Aerospace Conference. November 15, 2011

STAYING TRUE. Scotia Capital Transportation & Aerospace Conference. November 15, 2011 STAYING TRUE Scotia Capital Transportation & Aerospace Conference November 15, 2011 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including

More information

Management Presentation. May 2013

Management Presentation. May 2013 Management Presentation May 2013 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively

More information

QANTAS DELIVERS STRONG FIRST HALF RESULT DESPITE HIGHER FUEL BILL

QANTAS DELIVERS STRONG FIRST HALF RESULT DESPITE HIGHER FUEL BILL ASX and Media Release Sydney, 21 February 2019 QANTAS DELIVERS STRONG FIRST HALF RESULT DESPITE HIGHER FUEL BILL Underlying Profit Before Tax: $780 million (down $179 million) Statutory Profit Before Tax:

More information

2012 Result. Mika Vehviläinen CEO

2012 Result. Mika Vehviläinen CEO 2012 Result Mika Vehviläinen CEO 1 Agenda Market environment in Q4 Business performance and strategy execution Outlook Financials 2 Market Environment According to IATA, Global air travel continues to

More information

2003/04 Full Year Results Presentation to Investors

2003/04 Full Year Results Presentation to Investors 2003/04 Full Year Results Presentation to Investors 19 August 2004 Geoff Dixon Chief Executive Officer Highlights 12 months to June 2004 12 months to June 2003 Increase/ (decrease) % Sales and operating

More information

Cowen Securities 6 th Annual Global Transportation Conference June 11, 2013

Cowen Securities 6 th Annual Global Transportation Conference June 11, 2013 Cowen Securities 6 th Annual Global Transportation Conference June 11, 2013 This presentation and the discussion today will include forward-looking statements regarding the performance of Alaska Air Group

More information

Aviation Updates. Mr. John Schubert. Managing Director, Marketing-Asia Pacific & India

Aviation Updates. Mr. John Schubert. Managing Director, Marketing-Asia Pacific & India Aviation Updates Mr. John Schubert Managing Director, Marketing-Asia Pacific & India Market Update The statements contained herein are based on good faith assumptions are to be used for general information

More information

Financial Results 1 st Quarter Mar/2016 (FY2015) 30 July, 2015

Financial Results 1 st Quarter Mar/2016 (FY2015) 30 July, 2015 Financial Results Mar/2016 (FY2015) 30 July, 2015 Today s Topics P.2 P.3 P.15 1 Overview of FY Mar/2016 Financial Results Operating Revenue Operating Profit 320 307.0 +4.9Bn (+1.6%) 312.0 50 +17.6Bn (+94.6%)

More information

Finnair Group Annual Report 1 January 31 December 2006

Finnair Group Annual Report 1 January 31 December 2006 Finnair Group Annual Report 1 January 31 December 2006 2006: A year for restructuring Scheduled Passenger Traffic transforming to meet Asian traffic demands Labour negotiations to cut 670 jobs 80 million

More information

Finnair Group Interim Report 1 January 30 June 2008

Finnair Group Interim Report 1 January 30 June 2008 Finnair Group Interim Report 1 January 30 June 2008 1 08/08/2008 Presentation name / Author Airline industry at a historical turning point Fuel price has a stranglehold on the business Average ticket prices

More information

General Trend of the Global Airline Industry Dr Frankie O Connell

General Trend of the Global Airline Industry Dr Frankie O Connell General Trend of the Global Airline Industry Dr Frankie O Connell Istanbul Technical University Air Transportation Management, MSc. Program Airline Business Models and Strategic Management Module #1 8

More information

Liberalisation Driving Force For Growth? Andrew Herdman, Director General Association of Asia Pacific Airlines

Liberalisation Driving Force For Growth? Andrew Herdman, Director General Association of Asia Pacific Airlines Liberalisation Driving Force For Growth? Andrew Herdman, Director General Association of Asia Pacific Airlines 16 th ACI Pacific Regional Assembly 10 May 2006, Hong Kong Presentation outline Aviation industry

More information

Airline Current Business Environment Alex Heiter

Airline Current Business Environment Alex Heiter 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 The underlying

More information

SKYWEST, INC. ANNOUNCES THIRD QUARTER 2012 RESULTS

SKYWEST, INC. ANNOUNCES THIRD QUARTER 2012 RESULTS NEWS RELEASE For Further Information Contact: Michael J. Kraupp Chief Financial Officer and Treasurer Telephone: (435) 634-3212 Fax: (435) 634-3205 FOR IMMEDIATE RELEASE: November 7, 2012 SKYWEST, INC.

More information

Air China Limited Interim Results. August Under IFRS

Air China Limited Interim Results. August Under IFRS Air China Limited 21 Interim Results Under IFRS August 21 1 Agenda 21 Interim Results Overview Business Overview Financial Overview Outlook 2 2 2 21 Interim Results 3 21 Interim Results Overview 4 4 4

More information

Key Highlights Q2/2018 Business result. July 2018

Key Highlights Q2/2018 Business result. July 2018 Key Highlights Q2/2018 Business result July 2018 Disclaimer INFORMATION CONTAINED IN OUR PRESENTATION IS INTENDED SOLELY FOR YOUR REFERENCE. SUCH INFORMATION IS SUBJECT TO CHANGE WITHOUT NOTICE, ITS ACCURACY

More information

IATA ECONOMIC BRIEFING DECEMBER 2008

IATA ECONOMIC BRIEFING DECEMBER 2008 ECONOMIC BRIEFING DECEMBER 28 THE IMPACT OF RECESSION ON AIR TRAFFIC VOLUMES Recession is now forecast for North America, Europe and Japan late this year and into 29. The last major downturn in air traffic,

More information

UBS 14 th Global Emerging Markets Conference. New York, November 2016

UBS 14 th Global Emerging Markets Conference. New York, November 2016 UBS 14 th Global Emerging Markets Conference New York, November 2016 This presentation may include forward-looking comments regarding the Company s business outlook and anticipated financial and operating

More information

FORWARD-LOOKING STATEMENT

FORWARD-LOOKING STATEMENT CIBC 9th Annual Eastern Institutional Investor Conference September 23, 21 FORWARDLOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any

More information

QANTAS HALF YEAR 2015 FINANCIAL RESULTS 1

QANTAS HALF YEAR 2015 FINANCIAL RESULTS 1 QANTAS HALF YEAR 2015 FINANCIAL RESULTS 1 Key points: Underlying Profit Before Tax: $367 million Statutory Profit After Tax: $206 million Transformation benefits: $374 million Comparable unit cost reduction:

More information

Outlook for Air Travel

Outlook for Air Travel University of Massachusetts Amherst ScholarWorks@UMass Amherst Tourism Travel and Research Association: Advancing Tourism Research Globally 2014 Marketing Outlook Forum - Outlook for 2015 Outlook for Air

More information

Q Fast growth continued, Comparable operating result at record high levels Pekka Vauramo

Q Fast growth continued, Comparable operating result at record high levels Pekka Vauramo 2018 Fast growth continued, Comparable operating result at record high levels 17.7.2018 Pekka Vauramo 2 A good - Comparable operating result increased to new seasonal high Revenue Comparable operating

More information

Supporting Airline Industry Achievement of Sustained Financial Health. IATA Financial Committee 2016

Supporting Airline Industry Achievement of Sustained Financial Health. IATA Financial Committee 2016 Supporting Airline Industry Achievement of Sustained Financial Health IATA Financial Committee 2016 1 2 Introduction In 2014, the IATA Financial Committee issued its first White Paper, Supporting Airline

More information

Link btwn Oper & Finance

Link btwn Oper & Finance Link btwn Oper & Finance 2016 Fall - SOM Lecture Topic 3 Dohoon Kim Value Equation Why firms? or why invest? (economic) Value creation Economic Value (EV) = investment x (ROIC WACC) ROIC (Return On Invested

More information

2019 Airline Economics Growth Frontiers Dublin. Steven F. Udvar-Házy Executive Chairman

2019 Airline Economics Growth Frontiers Dublin. Steven F. Udvar-Házy Executive Chairman 2019 Airline Economics Growth Frontiers Dublin Steven F. Udvar-Házy Executive Chairman January 21, 2019 Forward Looking Statements Statements in this presentation that are not historical facts are hereby

More information

FOURTH QUARTER RESULTS 2017

FOURTH QUARTER RESULTS 2017 FOURTH QUARTER RESULTS 2017 KEY RESULTS In the 4Q17 Interjet total revenues added $5,824.8 million pesos that represented an increase of 10.8% over the revenue generated in the 4Q16. In the 4Q17, operating

More information

Analysts and Investors conference call. Q results. 15 May 2013

Analysts and Investors conference call. Q results. 15 May 2013 Analysts and Investors conference call Q1 2013 results 15 May 2013 Management summary Key messages of Q1 2013 +6% +9% +3.3%p. Q1 2013 operational KPIs are in line with 109.7 116.2 6.5 7.1 82.3 85.6 expectations,

More information

Southwest Airlines Co. (NYSE: LUV) ONE YEAR PRICE RANGE : $ $73.62 LAST PRICE: $ ANALYST RATING: Long. VALUATION DATE: July 13, 2017

Southwest Airlines Co. (NYSE: LUV) ONE YEAR PRICE RANGE : $ $73.62 LAST PRICE: $ ANALYST RATING: Long. VALUATION DATE: July 13, 2017 Southwest Airlines Co. (NYSE: LUV) ONE YEAR PRICE RANGE : $69.66 - $73.62 LAST PRICE: $62.08 ANALYST RATING: Long VALUATION DATE: July 13, 2017 NEXT EARNINGS DATE: July 27, 2017 Investment Thesis: Dominant

More information

John Schubert Managing Director Asia Pacific & India Marketing

John Schubert Managing Director Asia Pacific & India Marketing John Schubert Managing Director Asia Pacific & India Marketing September 2017. The statements contained herein are based on good faith assumptions are to be used for general information purposes only.

More information

Scotia Capital Transportation & Aerospace Conference. June 5, 2007

Scotia Capital Transportation & Aerospace Conference. June 5, 2007 Scotia Capital Transportation & Aerospace Conference June 5, 2007 1 2 Changing the Game Changing the Game Canada s #1 domestic, trans-border and international airline Strong brand recognition Innovative

More information

Royal Aeronautics Society. Vaughn Cordle, CFA

Royal Aeronautics Society. Vaughn Cordle, CFA Royal Aeronautics Society Vaughn Cordle, CFA Thursday, 13 May 2010 Fear AND Loathing In the Airline Sector- The lost decade 2 Incompetent management? Powerful unions that take more than their fair share?

More information

Finnair Group Interim Report 1 January 30 September 2008

Finnair Group Interim Report 1 January 30 September 2008 Finnair Group Interim Report 1 January 30 September 2008 1 31/10/2008 Presentation name / Author Airline industry at a historical turning point Expensive fuel price in the beginning of 2008 has dramatical

More information

Management Presentation. September 2011

Management Presentation. September 2011 Management Presentation September 2011 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively

More information

Navigating through Turbulence. Andrew Herdman AAPA Director General IFSA ITCA WAEA Asia Pacific Conference Kuala Lumpur Malaysia, 29 April 2009

Navigating through Turbulence. Andrew Herdman AAPA Director General IFSA ITCA WAEA Asia Pacific Conference Kuala Lumpur Malaysia, 29 April 2009 Asia Pacific Aviation Navigating through Turbulence Andrew Herdman AAPA Director General IFSA ITCA WAEA Asia Pacific Conference Kuala Lumpur Malaysia, 29 April 2009 Presentation Outline Asia Pacific Aviation

More information

Media Release. Qantas Group Full Year 2017 Financial Result 1. Sydney, 25 August 2017

Media Release. Qantas Group Full Year 2017 Financial Result 1. Sydney, 25 August 2017 Media Release Qantas Group Full Year 2017 Financial Result 1 Sydney, 25 August 2017 Underlying Profit Before Tax: $1,401 million (second highest in Qantas history) Statutory Profit Before Tax: $1,181 million

More information

Information meeting. Jean-Cyril Spinetta Chairman and CEO

Information meeting. Jean-Cyril Spinetta Chairman and CEO Information meeting Jean-Cyril Spinetta Chairman and CEO Forward-looking statements The information herein contains forward-looking statements about Air France-KLM and its business. These forward-looking

More information

Southwest Airlines (LUV) Analyst: Rebekah Zsiga Fall Recommendation: BUY Target Price until (12/31/2016): $62

Southwest Airlines (LUV) Analyst: Rebekah Zsiga Fall Recommendation: BUY Target Price until (12/31/2016): $62 Recommendation: BUY Target Price until (12/31/2016): $62 1. Reasons for the Recommendation After detailed analysis of Southwest Airlines Company I recommend that we move to buy further shares of stock

More information

Bank of America Merrill Lynch 2018 Emerging Markets Corporate Credit Conference. Miami, May 2018

Bank of America Merrill Lynch 2018 Emerging Markets Corporate Credit Conference. Miami, May 2018 Bank of America Merrill Lynch 2018 Emerging Markets Corporate Credit Conference Miami, May 2018 This presentation may include forward-looking comments regarding the Company s business outlook and anticipated

More information