Aviation Economics & Finance
|
|
- Andrea Allison
- 5 years ago
- Views:
Transcription
1 Aviation Economics & Finance Professor David Gillen (University of British Columbia )& Professor Tuba Toru-Delibasi (Bahcesehir University) Istanbul Technical University Air Transportation Management M.Sc. Program Module 3: 23 November 2015
2 OUTLINE Module 3 (2 hours) Aspects of Airline Finance Airline Cost Classification Assessing performance Investment appraisal and financial evaluation Risk management (foreign currency / fuel price / etc.) November
3 AIRLINE COST STRUCTURE November
4 UNDERSTANDING COSTS Accounting profit: Total Revenue-Total explicit cost Not just difference in cash inflows and cash outflows out but value of assets generated by business activity less asset value lost due to business activity Economic Profit: = Total Revenue Total Expenses (explicit expenses + opportunity cost) Time value of money Cost categories versus cost behaviour Accounting assigns cost based on a view to cost responsibilitywhere the cause of a cost originates Cost causality based on underlying cost behaviour with respect to some variable(s) November
5 WAYS OF THINKING ABOUT COSTS Broad categories Startup costs Production costs Fixed costs Variable costs Marginal costs Detail of Explicit Costs Selling and general administrative expenses Fuel costs Flight & cabin crew costs Direct maintenance expenses Landing fees and capital equipment charges Distribution costs (sales & promotion) Station costs Ground expenses Passenger services Interest expenses Taxes November
6 Startup costs COSTS THE DETAILS Costs incurred to begin a business or service a portion of which are generally (but not always) sunk sunk cost fallacy Production costs What resources are used up in order to produce a product or service Joint/common costs and assignment what is the opportunity cost of a air marshal? November
7 Fixed costs COSTS THE DETAILS CONT D Costs that do not change when the amount or rate of output changes These costs are not avoidable ; e.g. aircraft ownership Semi-fixed no significant change over a broad output range happens with lumpy inputs (e.g. gates) In aviation FC are large Variable cost Cost varies as output varies; e.g. fuel, labour, materials & supplies Some variable costs are semi-variable, again due to lumpiness November
8 COSTS RELATIONSHIPS Total costs TC) = Fixed cost (TFC) + Variable cost (TVC) Average Total Cost (ATC) = AFC + AVC Airline types of costs: CASM = TOTAL COST/ASM CASM OPERATING = OPERATING COST/ASM Marginal cost = MC = ΔTC = TC TC or = ΔQ Q Q i E.g. Aircraft catering Costs as f(airplanes catered) TC, FC, VC, AFC, ATC, MC MORE ON COSTS AND DETAIL ON TUESDAY November
9 AN EXAMPLE WITH AIRCRAFT CATERING COSTS AIRCRAFT CATERED TC FC VC AFC AVC ATC MC 0 $200,000 $200,000 $0 $0 $0 $0 $0 1 $300,000 $200,000 $100,000 $200,000 $100,000 $300,000 $100,000 2 $400,000 $20,000 $200,000 $100,000 $100,000 $200,000 $100, $1,400,000 $200,000 $1,200,000 $16,667 $100,000 $116,667 $100,000 November
10 WHY MIGHT COSTS VARY Factor prices Productivity Taxes/Public policy Costs are a product of factor hired x factor productivity (VMP or MRP) November
11 SOME EXAMPLES OF DIFFERENCES IN CASM Source: Oliver Wyman, Airline Economic Analysis (November 2014) November
12 SOME EXAMPLES OF DIFFERENCES IN CASM Source: Oliver Wyman, Airline Economic Analysis (November 2014) November
13 COSTS THE DETAILS FIXED COSTS Fixed salaries & benefits, and crew training do not vary with aircraft usage Maintenance costs labour & contracted services costs of annual inspections Leased costs based on time Depreciation Operations overhead Administrative overhead Self-insurance costs VARIABLE COSTS Crew costs (travel, overtime, wages of hourly staff) Maintenance costs based on hour usage of assets (aircraft) or flying cycles Labour, parts, contracts, engine overhaul Modifications Fuel and other fluids Lease costs based on flights hours Landing fees and airport and enroute charges November
14 Operating Costs (OC) Direct OC Flight crew Aircraft fuel and oil Airport fees Navigation charges Direct maintenance: labour & materials Depreciation/Rentals/ Insurance: Flight equipment ANOTHER FORM OFCOSTS BREAKDOWN Non-operating Costs (NOC) Depreciation Interest Insurance Losses from retirement of property Losses from affiliated companies Other loss items (e.g. foreign exchange) Indirect OC November Marketing Ground property & equipment o Depreciation, insurance, maintenance Administration & sales o Services administration o Reservations & sales o Advertising & publicity o General Servicing o Passenger services o Aircraft services o Traffic services
15 WHY MIGHT COSTS & CASM VARY ACROSS AIRLINES Differences in stage length Differences in seating density Differences in Productivity November
16 HOW STAGE LENGTH PLAYS A ROLE Source: Oliver Wyman, Airline Economic Analysis (November 2014) November
17 Source: Oliver Wyman, Airline Economic Analysis (November 2014) November
18 HOW SEATING DENSITY PLAYS A ROLE Source: Oliver Wyman, Airline Economic Analysis (November 2014) November
19 Source: Oliver Wyman, Airline Economic Analysis (November 2014) November
20 Source: Oliver Wyman, Airline Economic Analysis (November 2014) November
21 PRODUCTIVITY-PERFORMANCE Partial productivity metrics Total factor productivity (TFP) Operational performance indicators November
22 KEY STRATEGIC PERFORMANCE INDICATORS (PARTIAL) Source: IATA November
23 FINANCIAL PERFORMANCE INDICATOR: REVENUE & COSTS November
24 OPERATIONAL KEY PERFORMANCE INDICATORS Fuel cost efficiency Staff Productivity Employment costs November
25 November
26 STAFF PRODUCTIVITY November
27 November
28 November
29 OTHER PERFORMANCE INDICATORS THAT COULD BE TRIED Daily utilization by aircraft type Direct operating expenses per flight-hour Direct operating expenses per aircraft Flight operating expenses Maintenance and Overhaul Expenses per flight hour Fuel & Oil Expenses per flight hour How do we handle connecting flights? IS CASM more straightforward than RASM? November
30 MEASURING AND MANAGING RISK November
31 WHERE IS THE RISK? Make a distinction between risk (unknown) and uncertainty (measurable). Risk-we don t know what will happen but we know the distribution Uncertainty we don t know what is going to happen and we do not know the distribution. Just as an investment portfolio has an expected return so does a network of flights Think of the expected return on a network as n E N = w i ρ i k i i=1 where w is the importance or weight of route i in the network and is the probability that an outcome will occur (e.g. state of the economy for route r and k is the return on a route (or a flight) November
32 MANAGING AND MEASURING RISK Variance = 2 = E N = σ n i=1 w i ρ i [k i k i ] 2 that is there is a difference between the actual and anticipated return. Standard deviation,, is Variance St. dev associated with normal distribution In a normal distribution 68% of all measures fall within 1 st. dev of the mean, and 95% fall within 2 st. dev of mean. November
33 DIFFERENT STANDARD DEVIATIONS November
34 EACH PROCESS (ACTIVITY) HAS A RISK DISTRIBUTION Basic airport processes: Curbside, check-in, security, boarding, airside infrastructure services Ancillary services: sources of non-aviation revenue Basic airline processes: Decisions within the airline (see next slide) Infrastructure provision (airport services, ATC) Exogenous influences: weather, politics, SARS, war Risk tolerance: Safety 0 tolerance On-board services risk averse November
35 STYLIZED AIRLINE PROCESS MAPPING November
36 BETA MEASURE OF RISK In stock returns beta is a risk measure that describes the relationship between an individual security expected return to that of the market. Use the same idea to express the relationship between the expected return from an individual route and the return in a network or region. β i = cov k i, k n σ 2 k n Where n is network or you could use a region Beta is used to calculate WACC November
37 NEED TO KNOW BETA Source: Sheelah Turner and Peter Morrell (2003), An evaluation of airline beta values and their application in calculating the cost of equity capital, Journal of Air Transport Management,9, Check multiple sources, different sources give different numbers Beta is backward looking, based on past events but should adjusted to reflect risk profile going forward. unlevered-value of if firm had no debt levered by using s projected debt/equity ratio November
38 BETA AND WACC β unlevered = β current 1 + (1 t) D E actual β levered = β unlevered 1 + (1 t) D E target WACC t = k d 1 t D V + k ps PS k d is cost of debt (i rate on bonds) k ps is cost of preferred stock k e cost of common equity (common stock, retained earnings) t is effective tax rate D is market value of debt E is market value of equity outstanding V + k e e V Where does enter? November
39 Industry Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity Air Transport % 18.71% % % Auto & Truck % 4.45% % % Banks (Regional) % 20.66% % % Beverage (Alcoholic) % 8.54% % % Business & Consumer Services % 13.30% % % Computer Services % 10.48% % % Electrical Equipment % 5.99% % % Entertainment % 4.11% % % Green & Renewable Energy % 1.94% % % Healthcare Products % 6.73% % % Machinery % 15.64% % % Paper/Forest Products % 11.54% % % Restaurant/Dining % 15.14% % % Retail (Automotive) % 18.76% % % Retail (General) % 21.36% % % Shipbuilding & Marine % 6.75% % % Steel % 13.99% % % Transportation % 20.08% % % Transportation (Railroads) % 21.30% % % Trucking % 27.38% % % Total Market % 10.76% % % November
40 BROADER VIEW OF RISK MANAGEMENT Source: easyjet 2014 annual report November
41 END OF MODULE 3 November
Evaluation of Alternative Aircraft Types Dr. Peter Belobaba
Evaluation of Alternative Aircraft Types Dr. Peter Belobaba Istanbul Technical University Air Transportation Management M.Sc. Program Network, Fleet and Schedule Strategic Planning Module 5: 10 March 2014
More informationKey Performance Indicators
Key Performance Indicators The first section of this document looks at key performance indicators (KPIs) that are relevant in SkyChess. KPIs are useful as a measure of productivity, which can be sub-divided
More informationCost 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 informationAirline Operating Costs Dr. Peter Belobaba
Airline Operating Costs Dr. Peter Belobaba Istanbul Technical University Air Transportation Management M.Sc. Program Network, Fleet and Schedule Strategic Planning Module 12: 30 March 2016 Lecture Outline
More informationAIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter
AIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter MONTRÉAL, November 4, 2010 Air Canada today reported operating income
More informationKey Performance Indicators CANSO Definitions
Key Performance Indicators CANSO Definitions Presented to: NAT EFG 28 Paris, France By: Date: April 28, 2015 Thea Graham, Manager Office of Performance Analysis (KPIs): Item 27-06 Cost per 100km flown
More informationColumbus Regional Airport Authority. Financial Statements. July 31, Respectfully Submitted. Randy Bush, CPA, CIA. Chief Financial Officer
Columbus Regional Airport Authority Financial Statements July 31, 2018 Respectfully Submitted Randy Bush, CPA, CIA Chief Financial Officer Unaudited for internal purposes CRAA Operating Revenue & Expenses
More informationColumbus Regional Airport Authority. Financial Statements. September 30, Respectfully Submitted. Randy Bush, CPA, CIA. Chief Financial Officer
Columbus Regional Airport Authority Financial Statements September 30, 2018 Respectfully Submitted Randy Bush, CPA, CIA Chief Financial Officer Unaudited for internal purposes CRAA Operating Revenue &
More informationFOURTH 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 informationLink 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 informationTHIRD QUARTER RESULTS 2018
THIRD QUARTER RESULTS 2018 KEY RESULTS In the 3Q18 Interjet total revenues added $ 6,244.8 million pesos that represented an increase of 7.0% over the revenue generated in the 3Q17. In the 3Q18, operating
More informationTHIRD QUARTER RESULTS 2017
THIRD QUARTER RESULTS 2017 KEY RESULTS In the 3Q17 Interjet total revenues added $5,835.1 million pesos that represented an increase of 22.0% over the revenue generated in the 3Q16. In the 3Q17, operating
More informationScotia 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 informationCopa Holdings Reports Net Income of $57.7 million and EPS of $1.36 for the Third Quarter of 2018
Copa Holdings Reports Net Income of $57.7 million and EPS of $1.36 for the Third Quarter of 2018 November 14, 2018 PANAMA CITY, Nov. 14, 2018 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today announced
More informationJoshua Koshy, Executive Vice President & CFO. Changing the Game
Joshua Koshy, Executive Vice President & CFO Changing the Game Changing the Game Canada s #1 domestic, trans-border and international airline Strong brand recognition Innovative revenue model driving customer
More informationColumbus Regional Airport Authority. Financial Statements. August 31, Respectfully Submitted. Randy Bush, CPA, CIA. Chief Financial Officer
Columbus Regional Airport Authority Financial Statements August 31, 2018 Respectfully Submitted Randy Bush, CPA, CIA Chief Financial Officer Unaudited for internal purposes CRAA Operating Revenue & Expenses
More informationOPERATING AND FINANCIAL HIGHLIGHTS
Copa Holdings Reports Financial Results for the Fourth Quarter of 2018 Excluding special items, adjusted net profit came in at $44.0 million, or Adjusted EPS of $1.04 Panama City, Panama --- February 13,
More informationAIR CANADA REPORTS FULL YEAR AND FOURTH QUARTER 2010 RESULTS
AIR CANADA REPORTS FULL YEAR AND FOURTH QUARTER 2010 RESULTS Record annual EBITDAR of $1.386 billion, 104 per cent improvement Operating income improvement of $677 million Employees to receive special
More informationCopa Holdings Reports Net Income of $136.5 million and EPS of $3.22 for the First Quarter of 2018
Copa Holdings Reports Net Income of $136.5 million and EPS of $3.22 for the First Quarter of 2018 May 9, 2018 PANAMA CITY, May 9, 2018 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today announced financial
More informationOPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events
Copa Holdings Reports Net Income of US$113.1 Million and EPS of US$2.57 for the First Quarter of 2015 Excluding special items, adjusted net income came in at US$106.0 million, or EPS of US$2.41 per share
More informationAviation Economics & Finance
Aviation Economics & Finance Professor David Gillen (University of British Columbia )& Professor Tuba Toru-Delibasi (Bahcesehir University) Istanbul Technical University Air Transportation Management M.Sc.
More informationCopa Holdings Reports Record Earnings of US$41.8 Million for 4Q06 and US$134.2 Million for Full Year 2006
Copa Holdings Reports Record Earnings of US$41.8 Million for 4Q06 and US$134.2 Million for Full Year 2006 Panama City, Panama --- March 7, 2007. Copa Holdings, S.A. (NYSE: CPA), parent company of Copa
More informationBank 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 informationNORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT SECOND QUARTER 2006 [This document is a translation from the original Norwegian version]
NORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT SECOND QUARTER 2006 SECOND QUARTER IN BRIEF had earnings before tax of MNOK 24.8 (20.6) in the second quarter. The operating revenue increased by 44 % this quarter,
More informationAdjusted net income of $115 million versus an adjusted net loss of $7 million in the second quarter of 2012, an improvement of $122 million
Air Canada Reports Record Second Quarter 2013 Results Highest Adjusted Net Income, Operating Income and EBITDAR Results for Second Quarter in Air Canada s History Adjusted net income of $115 million versus
More informationMIRAMAR, Fla., April 29, 2015 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (Nasdaq:SAVE) today reported first quarter 2015 financial results.
April 29, 2015 Spirit Airlines Announces First Quarter 2015 Results; Adjusted Net Income Increases 87.1 Percent to $70.7 Million and Pre-Tax Margin Increases 900 Basis Points to 22.7 Percent MIRAMAR, Fla.,
More informationFinancial Review. Changing the Game
Financial Review Changing the Game 1 $7,238 +8.1% Revenue (1) $ Millions $7,824 $10,095 30-Sep-05 30-Sep-06 12 Months Ended Sept. 9 months ended 30, 2006 2 8.1% revenue growth achieved with only 3.8% ASM
More informationOPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events
Copa Holdings Reports Net Income of $103.8 million and EPS of $2.45 for the Third Quarter of 2017 Excluding special items, adjusted net income came in at $100.8 million, or EPS of $2.38 per share Panama
More informationSECOND QUARTER RESULTS 2018
SECOND QUARTER RESULTS 2018 KEY RESULTS In the 2Q18 Interjet total revenues added $ 5,781.9 million pesos that represented an increase of 9.6% over the revenue generated in the 2Q17. In the 2Q18, operating
More informationTHIRD QUARTER AND NINE MONTHS OF 2014 KEY RESULTS
THIRD QUARTER AND NINE MONTHS OF 2014 KEY RESULTS In 3Q14 INTERJET total revenues were $ 3,643.4 million, representing an increase of 9.9% on revenues generated in the 3Q13. Accumulated 9M14 INTERJET total
More information2010 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 information37 Operating Profit (or Loss) ( 32) ( 124)
MAJOR UNITED KINGDOM AIRLINES INDIVIDUAL AIRLINE PROFIT AND LOSS ACCOUNT 1999 ($000) British Air Foyle Airways Air Air Passenger Consolidated 2000 Foyle Airlines Ltd Financial Year Ended 31.03.00 31.10.99
More informationCopa Holdings Reports Net Income of $49.9 million and EPS of $1.18 for the Second Quarter of 2018
Copa Holdings Reports Net Income of $49.9 million and EPS of $1.18 for the Second Quarter of 2018 Panama City, Panama --- Aug 8, 2018. Copa Holdings, S.A. (NYSE: CPA), today announced financial results
More informationH1 RESULTS 2007 Jón Karl Ólafsson, CEO
H1 RESULTS 2007 Jón Karl Ólafsson, CEO Agenda 01 Highlights 02 Financial results 03 Outlook 04 New organizational chart 05 Q & A H1 Highlights Aggressive fleet growth characterizes H1 results 12 aircraft
More informationTHE FUNDAMENTALS OF ROUTE DEVELOPMENT UNDERSTANDING AIRLINES MODULE 3
THE FUNDAMENTALS OF ROUTE DEVELOPMENT UNDERSTANDING AIRLINES AIRLINE ISSUES Low margins Fuel price uncertainty Vulnerability to economic downturn Unpredictable one-time events High profits of airports
More informationCorporate Presentation National Bank Transportation and Logistics Conference March 24, 2010
Corporate Presentation National Bank Transportation and Logistics Conference March 24, 2010 Forwardlooking statement Certain information in this presentation and statements made during this presentation,
More informationInvestor Update April 23, 2009
JetBlue Airways Investor Relations (718) 709-2202 ir@jetblue.com Investor Update April 23, 2009 This investor update provides our investor guidance for the second quarter ending June 30, 2009 and full
More informationMAJOR UNITED KINGDOM AIRLINES INDIVIDUAL AIRLINE PROFIT AND LOSS ACCOUNT 1998 ($000) British Airways Air Air Consolidated 2000 Foyle
MAJOR UNITED KINGDOM AIRLINES INDIVIDUAL AIRLINE PROFIT AND LOSS ACCOUNT 1998 ($000) British Airways Air Air Consolidated 2000 Foyle REVENUES Financial Year Ended 31.03.99 31.10.98 30.06.98 1 Scheduled
More informationFourth Quarter 2015 Financial Results
Fourth Quarter 2015 Financial Results AerCap Holdings N.V. February 23, 2016 Disclaimer Incl. Forward Looking Statements & Safe Harbor This presentation contains certain statements, estimates and forecasts
More informationOPERATING AND FINANCIAL HIGHLIGHTS
Copa Holdings Reports Financial Results for the Fourth Quarter of 2015 Excluding special items, adjusted net income came in at $31.7 million, or EPS of $0.73 per share Panama City, Panama --- February
More informationSTAYING 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 informationColumbus Regional Airport Authority. Financial Statements. April 30, Respectfully Submitted. Randy Bush, CPA, CIA. Chief Financial Officer
Columbus Regional Airport Authority Financial Statements April 30, 2018 Respectfully Submitted Randy Bush, CPA, CIA Chief Financial Officer Unaudited for internal purposes CRAA Operating Revenue & Expenses
More informationOPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS
Copa Holdings Reports Net Income of US$6.2 Million and EPS of US$0.14 for the Third Quarter of 2015 Excluding special items, adjusted net income came in at $37.4 million, or EPS of $0.85 per share Panama
More informationInvestor Relations Update January 25, 2018
General Overview Investor Relations Update Accounting Changes On January 1, 2018, the company adopted two new Accounting Standard Updates: (ASUs): ASU 2014-9: Revenue from Contracts with Customers (the
More informationFIRST QUARTER RESULTS 2017
FIRST QUARTER RESULTS 2017 KEY RESULTS In the 1Q17 Interjet total revenues added $4,421.5 million pesos that represented an increase of 14.8% over the income generated in the 1Q16. In the 1Q17, operating
More informationAssignment 2: Route Profitability Evalua8on Michael D. Wi?man
Assignment 2: Route Profitability Evalua8on Michael D. Wi?man Istanbul Technical University Air Transporta8on Management M.Sc. Program Network, Fleet and Schedule Strategic Planning Module A2 : 31 March
More informationJP Morgan Aviation, Transportation and Industrials Conference MARCH 15, 2017
JP Morgan Aviation, Transportation and Industrials Conference MARCH 15, 2017 1 1 SAFE HARBOR This presentation contains forward-looking statements within the meaning of the Private Securities Litigation
More informationFIRST QUARTER RESULTS 2016
FIRST QUARTER RESULTS 2016 KEY RESULTS In 1Q16 Interjet total revenues added $3,850.8 million pesos that represented an increase of 21.9% over the income generated in the 1Q15. In 1Q16 total passengers
More informationAnalysts 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 informationColumbus Regional Airport Authority. Financial Statements. March 31, Respectfully Submitted. Randy Bush, CPA, CIA. Chief Financial Officer
Columbus Regional Airport Authority Financial Statements March 31, 2018 Respectfully Submitted Randy Bush, CPA, CIA Chief Financial Officer Unaudited for internal purposes CRAA Operating Revenue & Expenses
More informationNORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT FIRST QUARTER 2004 [This document is a translation from the original Norwegian version]
NORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT 2004 IN BRIEF At the start of 2003, Norwegian has become a pure low-fare airline. The Fokker F-50 operations have been terminated, and during the quarter the
More informationCorporate presentation CIBC Whistler Institutional Investor Conference January 21, 2010
Corporate presentation CIBC Whistler Institutional Investor Conference January 21, 2010 Forwardlooking statement Certain information in this presentation and statements made during this presentation, including
More informationRoute Planning and Profit Evaluation Dr. Peter Belobaba
Route Planning and Profit Evaluation Dr. Peter Belobaba Istanbul Technical University Air Transportation Management M.Sc. Program Network, Fleet and Schedule Strategic Planning Module 9 : 11 March 2014
More informationNOTES ON COST AND COST ESTIMATION by D. Gillen
NOTES ON COST AND COST ESTIMATION by D. Gillen The basic unit of the cost analysis is the flight segment. In describing the carrier s cost we distinguish costs which vary by segment and those which vary
More informationSAS Q3 2016/
SAS Q3 2016/2017 05.09.2017 A strong summer performance drives result improvements Q3 IN SUMMARY Positives + Currency adjusted passenger revenue up 6.4% + Passengers up by ~300,000 + Ancillary and cargo
More informationMeasuring the Business of the NAS
Measuring the Business of the NAS Presented at: Moving Metrics: A Performance Oriented View of the Aviation Infrastructure NEXTOR Conference Pacific Grove, CA Richard Golaszewski 115 West Avenue Jenkintown,
More informationAssignment 3: Route Fleet Assignment Michael D. Wittman
Assignment 3: Route Fleet Assignment Michael D. Wittman Istanbul Technical University Air Transportation Management M.Sc. Program Network, Fleet and Schedule Strategic Planning Module A3 : 12 March 2014
More informationUnited 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 informationIstanbul Technical University Air Transportation Management, M.Sc. Program Aviation Economics and Financial Analysis Module 2 November 2014
Sources of Finance Istanbul Technical University Air Transportation Management, M.Sc. Program Aviation Economics and Financial Analysis Module 2 November 2014 Outline A. Introduction to airline finance
More informationSpirit Airlines Reports Fourth Quarter and Full Year 2016 Results
Spirit Airlines Reports Fourth Quarter and Full Year 2016 Results MIRAMAR, FL. (February 7, 2017) - Spirit Airlines, Inc. (NASDAQ: SAVE) today reported fourth quarter and full year 2016 financial results.
More informationManagement Presentation. March 2016
Management Presentation March 2016 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 informationRyannair 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 informationMedia Release QANTAS RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2004 HIGHLIGHTS. Fully franked interim dividend of 10 cents per share
Media Release QANTAS RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2004 HIGHLIGHTS Profit before tax of $601.3 million Net profit after tax of $458.4 million Revenue of $6.4 billion Fully franked interim
More informationE190 REPLACEMENT & FLEET UPDATE JULY 11, 2018
1 E190 REPLACEMENT & FLEET UPDATE JULY 11, 2018 SAFE HARBOR This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A
More informationINVESTOR PRESENTATION. Imperial Capital Global Opportunities Conference September 2015
INVESTOR PRESENTATION Imperial Capital Global Opportunities Conference September 2015 Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private
More informationTransportation and Logistics Conference. Toronto March 18, 2008
Transportation and Logistics Conference Toronto March 18, 2008 1 Our Investment Proposition Innovative revenue strategy that produces results Major cost reductions Strong financial performance Aggressive
More informationManagement 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 informationVolaris Reports Strong First Quarter 2015: 32% Adjusted EBITDAR Margin, 9% Operating Margin
Volaris Reports Strong First Quarter 2015: 32% Adjusted EBITDAR Margin, 9% Operating Margin Mexico City, Mexico, April 22, 2015 Volaris* (NYSE: VLRS and BMV: VOLAR), the ultra-low-cost airline serving
More informationInterim results. 11 May 2010
Interim results 11 May 2010 Introduction Andy Harrison Chief Executive Officer Strong performance despite disruption Improvement in revenue, margins and cash Continued network improvement has driven better
More information44th Consecutive Profitable Quarter Fourth Quarter Fully Diluted Earnings per Share of $0.94 Full Year Fully Diluted Earnings per Share of $4.
Allegiant Travel Company Fourth Quarter and Full Year 2013 Financial Results January 29, 2014 1:00 PM PT 44th Consecutive Profitable Quarter Fourth Quarter Fully Diluted Earnings per Share of $0.94 Full
More informationSKYWEST, INC. ANNOUNCES THIRD QUARTER 2014 RESULTS
NEWS RELEASE For Further Information Contact: Investor Relations Telephone: (435) 634-3203 Fax: (435) 634-3205 FOR IMMEDIATE RELEASE: October 29, 2014 SKYWEST, INC. ANNOUNCES THIRD QUARTER 2014 RESULTS
More informationCivil Aviation, Annual Operating and Financial Statistics, Canadian Air Carriers, Levels I to III
Catalogue no. 51-004-X Vol. 49, no. 4. Aviation Civil Aviation, Annual Operating and Financial Statistics, Canadian Air Carriers, Levels I to III 2015. Highlights In 2015, Canadian Level I to III air carriers
More informationSpirit Airlines Reports First Quarter 2017 Results
Spirit Airlines Reports First Quarter 2017 Results MIRAMAR, Fla., April 28, 2017 - Spirit Airlines, Inc. (NASDAQ: SAVE) today reported first quarter 2017 financial results. GAAP net income for the first
More informationManagement 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 informationB.S. PROGRAM IN AVIATION TECHNOLOGY MANAGEMENT Course Descriptions
Course Descriptions 01225111 Basic Mathematics in Aviation 3(3-0-6) Algebra. Functions and graphs. Limit and continuity. Derivatives. Integration. Applications in aviation technology management. 01225121
More informationDemand, Load and Spill Analysis Dr. Peter Belobaba
Demand, Load and Spill Analysis Dr. Peter Belobaba Istanbul Technical University Air Transportation Management M.Sc. Program Network, Fleet and Schedule Strategic Planning Module 13 : 12 March 2014 Lecture
More informationManagement 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 informationOPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS
Copa Holdings Reports Financial Results for the Third Quarter of 2016 Excluding special items, adjusted net income came in at $55.3 million, or adjusted EPS of $1.30 per share Panama City, Panama --- November
More informationOPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events
Copa Holdings Reports Financial Results for the First Quarter of 2016 Excluding special items, adjusted net income came in at US$69.9 million, or EPS of US$1.66 per share Panama City, Panama --- May 5,
More informationOPERATING AND FINANCIAL HIGHLIGHTS
Copa Holdings Reports Net Income of US$32.0 Million and EPS of US$0.72 for the Second Quarter of 2012 Excluding special items, adjusted net income came in at $58.6 million, or EPS of $1.32 per share Panama
More informationFinnair 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 informationInvestor Update Issue Date: April 9, 2018
Investor Update Issue Date: April 9, 2018 This investor update provides guidance and certain forward-looking statements about United Continental Holdings, Inc. (the Company or UAL ). The information in
More informationFinnair 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 informationManagement Presentation. August 2012
Management Presentation August 2012 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 informationThank you for participating in the financial results for fiscal 2014.
Thank you for participating in the financial results for fiscal 2014. ANA HOLDINGS strongly believes that safety is the most important principle of our air transportation business. The expansion of slots
More informationFORWARD-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 informationOPERATING AND FINANCIAL HIGHLIGHTS
Copa Holdings Reports Net Income of US$18.6 Million and EPS of US$0.42 for the Second Quarter of 2010 Excluding special items, adjusted net income came in at $26.3 million, or $0.60 per share Panama City,
More informationWestJet announces 18th consecutive quarter of profitability Airline reports third quarter net earnings of $31.4 million
FOR IMMEDIATE RELEASE WestJet announces 18th consecutive quarter of profitability Airline reports third quarter net earnings of $31.4 million CALGARY, ALBERTA. November 4, 2009. WestJet (TSX:WJA) today
More informationCONTACT: Investor Relations Corporate Communications
NEWS RELEASE CONTACT: Investor Relations Corporate Communications 435.634.3200 435.634.3553 Investor.relations@skywest.com corporate.communications@skywest.com SkyWest, Inc. Announces Second Quarter 2017
More information2Q 2017 Earnings Call. July 19, 2017
2Q 2017 Earnings Call July 19, 2017 Safe Harbor Statement Certain statements included in this presentation are forward-looking and thus reflect our current expectations and beliefs with respect to certain
More informationJoe Randell President and Chief Executive Officer Jolene Mahody Executive Vice President and Chief Financial Officer
Joe Randell President and Chief Executive Officer Jolene Mahody Executive Vice President and Chief Financial Officer Nathalie Megann Vice President, Investor Relations and Corporate Affairs December, 2015
More informationEconomic Impacts of Campgrounds in New York State
Economic Impacts of Campgrounds in New York State June 2017 Report Submitted to: Executive Summary Executive Summary New York State is home to approximately 350 privately owned campgrounds with 30,000
More informationWorking Draft: Time-share Revenue Recognition Implementation Issue. Financial Reporting Center Revenue Recognition
March 1, 2017 Financial Reporting Center Revenue Recognition Working Draft: Time-share Revenue Recognition Implementation Issue Issue #16-6: Recognition of Revenue Management Fees Expected Overall Level
More informationAirplane Value Analysis Alex Philip
Airplane Value Analysis Alex Philip Istanbul Technical University Air Transportation Management M.Sc. Program Fundamentals of Airline Management Module 7: 14 October 2015 Financial evaluation of projects
More informationAIR CANADA REPORTS THIRD QUARTER RESULTS
AIR CANADA REPORTS THIRD QUARTER RESULTS THIRD QUARTER OVERVIEW Operating income of $112 million compared to operating income of $351 million in the third quarter of 2007. Fuel expense increased 49 per
More informationRYANAIR ANNOUNCES RECORD Q1 PROFIT INCREASE
RYANAIR ANNOUNCES RECORD Q1 PROFIT INCREASE Ryanair, Europe s largest low fares airline today (Tuesday, 6 Aug 2002) announced its biggest increase in Q1 profits (end 30 Jun 02). Passenger traffic during
More informationCopa Holdings Reports Fourth Quarter and Full Year 2007 Results
Copa Holdings Reports Fourth Quarter and Full Year 2007 Results Panama City, Panama --- February 21, 2008. Copa Holdings, S.A. (NYSE: CPA), parent company of Copa Airlines and Aero Republica, today announced
More informationIstanbul Technical University Air Transportation Management, M.Sc. Program Aviation Economics and Financial Analysis Module 2 18 November 2013
Demand and Supply Istanbul Technical University Air Transportation Management, M.Sc. Program Aviation Economics and Financial Analysis Module 2 18 November 2013 Outline Main characteristics of supply in
More informationAirline Costs and Financial Measurements. B. Ben Baldanza
Airline Costs and Financial Measurements B. Ben Baldanza Background Eleven years as CEO of Spirit Airlines Six Years as SVP of US Airways Three Years as President of TACA Three Years as SVP of Continental
More informationGuidance on criteria for assessing the financial resources of new applicants and holders of operating licences
Consumer Protection Group Risk Analysis Department Guidance on criteria for assessing the financial resources of new applicants and holders of operating licences Version 10 (20 April 2010) 1 Introduction
More information