By Peter S. Morrell
Air shipping finance, with its complexity and certain wishes reminiscent of direction rights, airport slots, plane leasing innovations and widespread flyer programmes, calls for particular wisdom. whereas there are various monetary administration and company finance texts to be had, few of those offer reasons for the singularities of the airline with labored examples drawn without delay from the itself. Revised and up to date in its 3rd variation, this across the world well known and revered e-book offers the necessities to figuring out all components of airline finance. Designed to deal with all of the unique components of monetary administration in an air shipping context, it additionally exhibits how those healthy jointly, whereas each one bankruptcy and subject presents an in depth source which are additionally consulted individually. Supported at every one degree through sensible airline examples, it examines the monetary developments and customers for the airline as a complete, contrasting the advancements for the key areas and airways. very important thoughts in monetary research are utilized to the airline undefined, including severe dialogue of key concerns. completely amended and up-to-date all through, the 3rd version displays the various advancements that experience affected the when you consider that 2001. It beneficial properties a number of very important new subject matters, together with affordable companies (LCCs), gasoline hedging and US bankruptcy eleven provisions. The sections on airline sales, bills and beta values were accelerated. New case reports were extra, in addition to the most recent on hand monetary information. the variety and standpoint is even more than sooner than, with major growth of fabric particular to the USA and Asia. The publication is a key source for college students of airline administration, and a cosmopolitan and authoritative consultant for analysts in monetary associations and consultancies, executives in airways and comparable industries, and civil aviation departments.
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Additional info for Airline Finance
15 billion from Hire Purchase arrangements. Most of the reduction from the previous year came from repayment of the latter, and no new long-term loans were taken out during the last ﬁnancial year. Airline Financial Statements 35 Provisions These are deﬁned as amounts which are retained to provide for any liability or loss which is either likely to be incurred, or certain to be incurred but uncertain as to the amount or the date on which it will arise. Major examples of this, usually falling into the latter category, are accelerated depreciation or write-downs on aircraft, pensions, retirement beneﬁts, severance pay and legal damages.
This will allow comparison between two major international airlines, incidentally both members of the same one-world strategic alliance, but based in different continents and applying different accounting standards. The British Airways and AMR accounts will be compared, however, wherever possible with those of other airlines which use different accounting conventions and present the data in different formats. The accounts describe the ﬁnancial position of the airline at a particular moment or between two points in time.
There are considerable variations in the presentation and format of airline accounts world-wide, as well as the details provided in published reports. The statements of British Airways (BA) will be used throughout this and the next chapter as examples. This is because the published accounts of this airline: • • • • are in the English language. provide a reasonable amount of detail and supporting notes. reﬂect many of the more recent recommendations and standards from accounting bodies. were also shown in summary form according to US GAAP principles, illustrating how sensitive an airline’s net proﬁt is to accounting principles.