Documente Academic
Documente Profesional
Documente Cultură
14000
US$/RTK in 2014US$
2.50
12000
10000 2.00
8000
4000
1.00
2000
0 0.50
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017
80 8%
Operating profit (Left axis) Operating margin (Right axis)
70 7%
60 6%
50 5%
40 4%
30 3%
20 2%
10 1%
0 0%
-10 -1%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017f
60
Africa L America Middle East
50
Asia Pacific Europe N America
40
30
20
10
-10
2010 2011 2012 2013 2014 2015 2016 2017f
16.32
15
10 9.10
8.67
7.70
6.94
6.03
4.96 5.31
5
2.87
2.15 1.78
-1.45 -1.50
-5
Nth America Latin America Europe Asia Pacific Africa Middle East Industry
20.0 10%
15.0 8%
10.0 6%
5.0 4%
0.0 2%
-5.0 0%
-10.0 -2%
-15.0 Net profit (Left axis) Net profit margin (RHS) -4%
-20.0 -6%
-25.0 -8%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017f
1.5
1.0 2%
0.5
0.0 0%
-0.5
-1.0 -2%
-1.5
-2.0 Net profit (Left axis) Net profit margin (RHS) -4%
-2.5
-3.0 -6%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017f
Source: A4A 10
U.S. Pax Airline Profitability Substantially Below Starbucks / Apple / McDonalds
Source: A4A 11
Demand for air travel to double over the next 20 years
Global passengers (billion, O-D basis)
10
A Pick-up in Protectionism
8
4
3.3bn
2
2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036
7
6.5 6.4
4
3.5
3.4
3.1
3
2.2 2.2
2.0
2 1.8
0
Euro area Emerg. Eur. CIS Emerg. Asia Lat.Am MENA SSA China India US