Peter S Morrell
Airline Finance
Peter S Morrell
Airline Finance
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Revised and updated in its fifth edition, this internationally renowned and respected book provides the essentials to understanding all areas of airline finance.
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Revised and updated in its fifth edition, this internationally renowned and respected book provides the essentials to understanding all areas of airline finance.
Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
Produktdetails
- Produktdetails
- Verlag: Taylor & Francis
- 5th edition
- Seitenzahl: 328
- Erscheinungstermin: 10. Juni 2021
- Englisch
- Abmessung: 234mm x 156mm x 21mm
- Gewicht: 662g
- ISBN-13: 9780367481414
- ISBN-10: 0367481413
- Artikelnr.: 69983515
- Verlag: Taylor & Francis
- 5th edition
- Seitenzahl: 328
- Erscheinungstermin: 10. Juni 2021
- Englisch
- Abmessung: 234mm x 156mm x 21mm
- Gewicht: 662g
- ISBN-13: 9780367481414
- ISBN-10: 0367481413
- Artikelnr.: 69983515
Peter S. Morrell graduated in economics from Cambridge University and subsequently gained a master's degree in air transportation from the Massachusetts Institute of Technology, where he worked on NASA-sponsored research into airline forecasting and profitability. He has a doctorate in airline capital productivity from Cranfield University. He initially worked with merchant bank Lazard Brothers, in the City, before joining the Association of European Airlines in Brussels as an economist in 1971. He worked as an air transport consultant from 1978 to 1991, when he joined Cranfield's Department of Air Transport, retiring in 2011. He is a former head of the Department of Air Transport at Cranfield University, where he had a chair in air transport economics and finance. He is now an independent aviation advisor and a visiting professor at Cranfield University, and is on the editorial board of the Journal of Air Transport Management and Tourism Economics. He is the author of Airline Finance (the fifth edition of which will be published in 2021, and a Chinese edition in 2007), Moving Boxes by Air: The Economics of International Air Cargo, second edition with Thomas Klein (2018), and has written many papers for both academic and industry journals.
Preface
Chapter 1 Industry Financial Performance
1.1 Government Regulation of Airlines: The 'Level Playing Field'
1.2 World Airline Financial Results
1.3 Factors Affecting Financial Results
1.4 Key Financial Issues
1.5 Financial Implications of Environmental Measures
1.6 Conclusions
Chapter 2 Airline Financial Statements
2.1 Introduction
2.2 Profit and Loss Account (Income Statement)
Cathay Pacific Airways Ltd.
American Airlines
Cathay Pacific Airways and American Airlines Compared: Income Statement
Lufthansa Group and Other Airlines: Income Statement
2.3 Balance Sheet
Assets
2.4 Balance Sheet Comparison: Cathay Pacific Versus American Airlines
2.5 Cash Flow Statement
2.6 Value Added Statement
2.7 Cash Value Added
2.8 Progress Towards Greater Accounting Standardisation
Appendix 2.1 Frequent Flyer Programme Award Accounting
Appendix 2.2 Accounting for Finance and Operating Leases
Chapter 3 Airline Financial Ratios
3.1 Performance/Earnings Ratios
3.2 Risk or Solvency Ratios
3.3 Liquidity Ratios
3.4 Stock Market Ratios
3.5 Inter-Airline Comparison of Financial Ratios
3.6 Interpretation Problems
Chapter 4 Airline Valuation
4.1 The Valuation of Intangible Assets
Route or Traffic Rights
Factors Determining the Value of Traffic Rights
Rights to Airport Slots
Valuation Methods
4.2 The Valuation of Tangible Assets
4.3 The Valuation of the Airline as a Whole
Discounted Cash Flow (DCF) Method
Ratio Method
4.4 Aircraft Valuation
4.5 Ratings Agencies
Chapter 5 Sources of Finance
5.1 Sources of Internal Finance
5.2 Sources of Short-Term External Finance
5.3 Sources of Long-Term External Finance
Shareholders' Equity Capital
Preference Share Capital
Bonds/Debentures/Unsecured Loan Stock/ABS
Equipment Trust Certificates
Term Loans
Leasing
Manufacturer's Support
Islamic Finance
5.4 Institutions Involved in Aircraft Finance
Banks
Export Credit Agencies
Operating Lessors
Governmental Financing Organisations
Chapter 6 Equity Finance
6.1 Share Issues
6.2 Equity Finance for Start-Up Airline
6.3 Foreign Ownership Limits
6.4 Share Trading and Stock Market Listings
6.5 Initial Public Offering (IPO)
6.6 Mergers and Cross-Border Investment
Chapter 7 Airline Privatisation
7.1 Introduction
7.2 Previous Airline Privatisation Case Studies
Full Privatisation Through Flotation - British Airways
Full Privatisation Through Trade Sale and Flotation - Qantas
Gradual Privatisation - Lufthansa
Partial Privatisation - Kenya Airways
Full Privatisation and Trade Sale - Iberia
Gradual Privatisation and Acquisition - Air France
7.3 The Results So Far by Region
North America
Caribbean
Central and South America
Europe
Africa/Middle East
Asia/Pacific
7.4 Re-Nationalisation
Alitalia
TAP Air Portugal
Chapter 8 Airline Financial Planning and Appraisal
8.1 Budget Preparation and Control
8.2 Working Capital Management
Current Assets - Stocks
Current Assets - Cash and Marketable Securities
Current Liabilities
8.3 Financial Planning
Cash Flow Forecasts
Decision Criteria
Discount Rate Calculation for NPV
Which Criterion to Choose?
Risk and Uncertainty
8.4 Start-Up Airline Business Plan
Chapter 9 Risk Management: Foreign Currency and Interest Rates
9.1 Exchange Rate Volatility
9.2 Airline Trading Exposure to Currency Movements
9.3 Airline Balance Sheet Exposure to Currency Movements
9.4 Airline Foreign Exchange Risk Management
9.5 Interest Rate Exposure
Chapter 10 Risk Management: Fuel Prices
10.1 The Need and Means to Hedge Fuel
10.2 Examples of Airline Fuel Hedging Practice
Chapter 11 Aircraft Leasing
11.1 Finance Lease
Japanese Leveraged Leases
US Leveraged Leases
European Leveraged Leases
Extendible Operating Leases
11.2 Operating Lease
11.3 Japanese Operating Lease (JOL)
11.4 Wet Lease
11.5 Sale and Leaseback
Appendix 11.1 Lease rental calculations
Appendix 11.2 Lease versus buy decision
Chapter 12 Aircraft Securitisation
12.1 Equipment Trust Certificates: ETCs and EETCs
12.2 Securitisation
ALPS 92-I Securitisation
ALPS 94-I Securitisation
Airplanes 96 Securitisation
ALPS 96-I Securitisation
12.3 Early Securitisations (2005-2008)
12.4 Conclusions
Chapter 13 Airline New Entry and bankruptcy
13.1 Airline New Entry
13.2 Airline Exit - Bankruptcy
13.3 Airline Consolidation - Mergers and Acquisitions
13.4 North America - Chapter 11 Bankruptcy
13.5 Latin America
13.6 UK/Europe
13.7 Australasia
13.8 Summary
Chapter 14 Industry Financial Prospects
14.1 World Airline Traffic and Financial Forecasts
14.2 World Airline Capital Expenditure Projections
14.3 World Airline Financial Requirement Forecasts
14.4 The Prospects for Cross-Border Mergers
Glossary of terms and abbreviations
Bibliography
Chapter 1 Industry Financial Performance
1.1 Government Regulation of Airlines: The 'Level Playing Field'
1.2 World Airline Financial Results
1.3 Factors Affecting Financial Results
1.4 Key Financial Issues
1.5 Financial Implications of Environmental Measures
1.6 Conclusions
Chapter 2 Airline Financial Statements
2.1 Introduction
2.2 Profit and Loss Account (Income Statement)
Cathay Pacific Airways Ltd.
American Airlines
Cathay Pacific Airways and American Airlines Compared: Income Statement
Lufthansa Group and Other Airlines: Income Statement
2.3 Balance Sheet
Assets
2.4 Balance Sheet Comparison: Cathay Pacific Versus American Airlines
2.5 Cash Flow Statement
2.6 Value Added Statement
2.7 Cash Value Added
2.8 Progress Towards Greater Accounting Standardisation
Appendix 2.1 Frequent Flyer Programme Award Accounting
Appendix 2.2 Accounting for Finance and Operating Leases
Chapter 3 Airline Financial Ratios
3.1 Performance/Earnings Ratios
3.2 Risk or Solvency Ratios
3.3 Liquidity Ratios
3.4 Stock Market Ratios
3.5 Inter-Airline Comparison of Financial Ratios
3.6 Interpretation Problems
Chapter 4 Airline Valuation
4.1 The Valuation of Intangible Assets
Route or Traffic Rights
Factors Determining the Value of Traffic Rights
Rights to Airport Slots
Valuation Methods
4.2 The Valuation of Tangible Assets
4.3 The Valuation of the Airline as a Whole
Discounted Cash Flow (DCF) Method
Ratio Method
4.4 Aircraft Valuation
4.5 Ratings Agencies
Chapter 5 Sources of Finance
5.1 Sources of Internal Finance
5.2 Sources of Short-Term External Finance
5.3 Sources of Long-Term External Finance
Shareholders' Equity Capital
Preference Share Capital
Bonds/Debentures/Unsecured Loan Stock/ABS
Equipment Trust Certificates
Term Loans
Leasing
Manufacturer's Support
Islamic Finance
5.4 Institutions Involved in Aircraft Finance
Banks
Export Credit Agencies
Operating Lessors
Governmental Financing Organisations
Chapter 6 Equity Finance
6.1 Share Issues
6.2 Equity Finance for Start-Up Airline
6.3 Foreign Ownership Limits
6.4 Share Trading and Stock Market Listings
6.5 Initial Public Offering (IPO)
6.6 Mergers and Cross-Border Investment
Chapter 7 Airline Privatisation
7.1 Introduction
7.2 Previous Airline Privatisation Case Studies
Full Privatisation Through Flotation - British Airways
Full Privatisation Through Trade Sale and Flotation - Qantas
Gradual Privatisation - Lufthansa
Partial Privatisation - Kenya Airways
Full Privatisation and Trade Sale - Iberia
Gradual Privatisation and Acquisition - Air France
7.3 The Results So Far by Region
North America
Caribbean
Central and South America
Europe
Africa/Middle East
Asia/Pacific
7.4 Re-Nationalisation
Alitalia
TAP Air Portugal
Chapter 8 Airline Financial Planning and Appraisal
8.1 Budget Preparation and Control
8.2 Working Capital Management
Current Assets - Stocks
Current Assets - Cash and Marketable Securities
Current Liabilities
8.3 Financial Planning
Cash Flow Forecasts
Decision Criteria
Discount Rate Calculation for NPV
Which Criterion to Choose?
Risk and Uncertainty
8.4 Start-Up Airline Business Plan
Chapter 9 Risk Management: Foreign Currency and Interest Rates
9.1 Exchange Rate Volatility
9.2 Airline Trading Exposure to Currency Movements
9.3 Airline Balance Sheet Exposure to Currency Movements
9.4 Airline Foreign Exchange Risk Management
9.5 Interest Rate Exposure
Chapter 10 Risk Management: Fuel Prices
10.1 The Need and Means to Hedge Fuel
10.2 Examples of Airline Fuel Hedging Practice
Chapter 11 Aircraft Leasing
11.1 Finance Lease
Japanese Leveraged Leases
US Leveraged Leases
European Leveraged Leases
Extendible Operating Leases
11.2 Operating Lease
11.3 Japanese Operating Lease (JOL)
11.4 Wet Lease
11.5 Sale and Leaseback
Appendix 11.1 Lease rental calculations
Appendix 11.2 Lease versus buy decision
Chapter 12 Aircraft Securitisation
12.1 Equipment Trust Certificates: ETCs and EETCs
12.2 Securitisation
ALPS 92-I Securitisation
ALPS 94-I Securitisation
Airplanes 96 Securitisation
ALPS 96-I Securitisation
12.3 Early Securitisations (2005-2008)
12.4 Conclusions
Chapter 13 Airline New Entry and bankruptcy
13.1 Airline New Entry
13.2 Airline Exit - Bankruptcy
13.3 Airline Consolidation - Mergers and Acquisitions
13.4 North America - Chapter 11 Bankruptcy
13.5 Latin America
13.6 UK/Europe
13.7 Australasia
13.8 Summary
Chapter 14 Industry Financial Prospects
14.1 World Airline Traffic and Financial Forecasts
14.2 World Airline Capital Expenditure Projections
14.3 World Airline Financial Requirement Forecasts
14.4 The Prospects for Cross-Border Mergers
Glossary of terms and abbreviations
Bibliography
Preface
Chapter 1 Industry Financial Performance
1.1 Government Regulation of Airlines: The 'Level Playing Field'
1.2 World Airline Financial Results
1.3 Factors Affecting Financial Results
1.4 Key Financial Issues
1.5 Financial Implications of Environmental Measures
1.6 Conclusions
Chapter 2 Airline Financial Statements
2.1 Introduction
2.2 Profit and Loss Account (Income Statement)
Cathay Pacific Airways Ltd.
American Airlines
Cathay Pacific Airways and American Airlines Compared: Income Statement
Lufthansa Group and Other Airlines: Income Statement
2.3 Balance Sheet
Assets
2.4 Balance Sheet Comparison: Cathay Pacific Versus American Airlines
2.5 Cash Flow Statement
2.6 Value Added Statement
2.7 Cash Value Added
2.8 Progress Towards Greater Accounting Standardisation
Appendix 2.1 Frequent Flyer Programme Award Accounting
Appendix 2.2 Accounting for Finance and Operating Leases
Chapter 3 Airline Financial Ratios
3.1 Performance/Earnings Ratios
3.2 Risk or Solvency Ratios
3.3 Liquidity Ratios
3.4 Stock Market Ratios
3.5 Inter-Airline Comparison of Financial Ratios
3.6 Interpretation Problems
Chapter 4 Airline Valuation
4.1 The Valuation of Intangible Assets
Route or Traffic Rights
Factors Determining the Value of Traffic Rights
Rights to Airport Slots
Valuation Methods
4.2 The Valuation of Tangible Assets
4.3 The Valuation of the Airline as a Whole
Discounted Cash Flow (DCF) Method
Ratio Method
4.4 Aircraft Valuation
4.5 Ratings Agencies
Chapter 5 Sources of Finance
5.1 Sources of Internal Finance
5.2 Sources of Short-Term External Finance
5.3 Sources of Long-Term External Finance
Shareholders' Equity Capital
Preference Share Capital
Bonds/Debentures/Unsecured Loan Stock/ABS
Equipment Trust Certificates
Term Loans
Leasing
Manufacturer's Support
Islamic Finance
5.4 Institutions Involved in Aircraft Finance
Banks
Export Credit Agencies
Operating Lessors
Governmental Financing Organisations
Chapter 6 Equity Finance
6.1 Share Issues
6.2 Equity Finance for Start-Up Airline
6.3 Foreign Ownership Limits
6.4 Share Trading and Stock Market Listings
6.5 Initial Public Offering (IPO)
6.6 Mergers and Cross-Border Investment
Chapter 7 Airline Privatisation
7.1 Introduction
7.2 Previous Airline Privatisation Case Studies
Full Privatisation Through Flotation - British Airways
Full Privatisation Through Trade Sale and Flotation - Qantas
Gradual Privatisation - Lufthansa
Partial Privatisation - Kenya Airways
Full Privatisation and Trade Sale - Iberia
Gradual Privatisation and Acquisition - Air France
7.3 The Results So Far by Region
North America
Caribbean
Central and South America
Europe
Africa/Middle East
Asia/Pacific
7.4 Re-Nationalisation
Alitalia
TAP Air Portugal
Chapter 8 Airline Financial Planning and Appraisal
8.1 Budget Preparation and Control
8.2 Working Capital Management
Current Assets - Stocks
Current Assets - Cash and Marketable Securities
Current Liabilities
8.3 Financial Planning
Cash Flow Forecasts
Decision Criteria
Discount Rate Calculation for NPV
Which Criterion to Choose?
Risk and Uncertainty
8.4 Start-Up Airline Business Plan
Chapter 9 Risk Management: Foreign Currency and Interest Rates
9.1 Exchange Rate Volatility
9.2 Airline Trading Exposure to Currency Movements
9.3 Airline Balance Sheet Exposure to Currency Movements
9.4 Airline Foreign Exchange Risk Management
9.5 Interest Rate Exposure
Chapter 10 Risk Management: Fuel Prices
10.1 The Need and Means to Hedge Fuel
10.2 Examples of Airline Fuel Hedging Practice
Chapter 11 Aircraft Leasing
11.1 Finance Lease
Japanese Leveraged Leases
US Leveraged Leases
European Leveraged Leases
Extendible Operating Leases
11.2 Operating Lease
11.3 Japanese Operating Lease (JOL)
11.4 Wet Lease
11.5 Sale and Leaseback
Appendix 11.1 Lease rental calculations
Appendix 11.2 Lease versus buy decision
Chapter 12 Aircraft Securitisation
12.1 Equipment Trust Certificates: ETCs and EETCs
12.2 Securitisation
ALPS 92-I Securitisation
ALPS 94-I Securitisation
Airplanes 96 Securitisation
ALPS 96-I Securitisation
12.3 Early Securitisations (2005-2008)
12.4 Conclusions
Chapter 13 Airline New Entry and bankruptcy
13.1 Airline New Entry
13.2 Airline Exit - Bankruptcy
13.3 Airline Consolidation - Mergers and Acquisitions
13.4 North America - Chapter 11 Bankruptcy
13.5 Latin America
13.6 UK/Europe
13.7 Australasia
13.8 Summary
Chapter 14 Industry Financial Prospects
14.1 World Airline Traffic and Financial Forecasts
14.2 World Airline Capital Expenditure Projections
14.3 World Airline Financial Requirement Forecasts
14.4 The Prospects for Cross-Border Mergers
Glossary of terms and abbreviations
Bibliography
Chapter 1 Industry Financial Performance
1.1 Government Regulation of Airlines: The 'Level Playing Field'
1.2 World Airline Financial Results
1.3 Factors Affecting Financial Results
1.4 Key Financial Issues
1.5 Financial Implications of Environmental Measures
1.6 Conclusions
Chapter 2 Airline Financial Statements
2.1 Introduction
2.2 Profit and Loss Account (Income Statement)
Cathay Pacific Airways Ltd.
American Airlines
Cathay Pacific Airways and American Airlines Compared: Income Statement
Lufthansa Group and Other Airlines: Income Statement
2.3 Balance Sheet
Assets
2.4 Balance Sheet Comparison: Cathay Pacific Versus American Airlines
2.5 Cash Flow Statement
2.6 Value Added Statement
2.7 Cash Value Added
2.8 Progress Towards Greater Accounting Standardisation
Appendix 2.1 Frequent Flyer Programme Award Accounting
Appendix 2.2 Accounting for Finance and Operating Leases
Chapter 3 Airline Financial Ratios
3.1 Performance/Earnings Ratios
3.2 Risk or Solvency Ratios
3.3 Liquidity Ratios
3.4 Stock Market Ratios
3.5 Inter-Airline Comparison of Financial Ratios
3.6 Interpretation Problems
Chapter 4 Airline Valuation
4.1 The Valuation of Intangible Assets
Route or Traffic Rights
Factors Determining the Value of Traffic Rights
Rights to Airport Slots
Valuation Methods
4.2 The Valuation of Tangible Assets
4.3 The Valuation of the Airline as a Whole
Discounted Cash Flow (DCF) Method
Ratio Method
4.4 Aircraft Valuation
4.5 Ratings Agencies
Chapter 5 Sources of Finance
5.1 Sources of Internal Finance
5.2 Sources of Short-Term External Finance
5.3 Sources of Long-Term External Finance
Shareholders' Equity Capital
Preference Share Capital
Bonds/Debentures/Unsecured Loan Stock/ABS
Equipment Trust Certificates
Term Loans
Leasing
Manufacturer's Support
Islamic Finance
5.4 Institutions Involved in Aircraft Finance
Banks
Export Credit Agencies
Operating Lessors
Governmental Financing Organisations
Chapter 6 Equity Finance
6.1 Share Issues
6.2 Equity Finance for Start-Up Airline
6.3 Foreign Ownership Limits
6.4 Share Trading and Stock Market Listings
6.5 Initial Public Offering (IPO)
6.6 Mergers and Cross-Border Investment
Chapter 7 Airline Privatisation
7.1 Introduction
7.2 Previous Airline Privatisation Case Studies
Full Privatisation Through Flotation - British Airways
Full Privatisation Through Trade Sale and Flotation - Qantas
Gradual Privatisation - Lufthansa
Partial Privatisation - Kenya Airways
Full Privatisation and Trade Sale - Iberia
Gradual Privatisation and Acquisition - Air France
7.3 The Results So Far by Region
North America
Caribbean
Central and South America
Europe
Africa/Middle East
Asia/Pacific
7.4 Re-Nationalisation
Alitalia
TAP Air Portugal
Chapter 8 Airline Financial Planning and Appraisal
8.1 Budget Preparation and Control
8.2 Working Capital Management
Current Assets - Stocks
Current Assets - Cash and Marketable Securities
Current Liabilities
8.3 Financial Planning
Cash Flow Forecasts
Decision Criteria
Discount Rate Calculation for NPV
Which Criterion to Choose?
Risk and Uncertainty
8.4 Start-Up Airline Business Plan
Chapter 9 Risk Management: Foreign Currency and Interest Rates
9.1 Exchange Rate Volatility
9.2 Airline Trading Exposure to Currency Movements
9.3 Airline Balance Sheet Exposure to Currency Movements
9.4 Airline Foreign Exchange Risk Management
9.5 Interest Rate Exposure
Chapter 10 Risk Management: Fuel Prices
10.1 The Need and Means to Hedge Fuel
10.2 Examples of Airline Fuel Hedging Practice
Chapter 11 Aircraft Leasing
11.1 Finance Lease
Japanese Leveraged Leases
US Leveraged Leases
European Leveraged Leases
Extendible Operating Leases
11.2 Operating Lease
11.3 Japanese Operating Lease (JOL)
11.4 Wet Lease
11.5 Sale and Leaseback
Appendix 11.1 Lease rental calculations
Appendix 11.2 Lease versus buy decision
Chapter 12 Aircraft Securitisation
12.1 Equipment Trust Certificates: ETCs and EETCs
12.2 Securitisation
ALPS 92-I Securitisation
ALPS 94-I Securitisation
Airplanes 96 Securitisation
ALPS 96-I Securitisation
12.3 Early Securitisations (2005-2008)
12.4 Conclusions
Chapter 13 Airline New Entry and bankruptcy
13.1 Airline New Entry
13.2 Airline Exit - Bankruptcy
13.3 Airline Consolidation - Mergers and Acquisitions
13.4 North America - Chapter 11 Bankruptcy
13.5 Latin America
13.6 UK/Europe
13.7 Australasia
13.8 Summary
Chapter 14 Industry Financial Prospects
14.1 World Airline Traffic and Financial Forecasts
14.2 World Airline Capital Expenditure Projections
14.3 World Airline Financial Requirement Forecasts
14.4 The Prospects for Cross-Border Mergers
Glossary of terms and abbreviations
Bibliography