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Global - Airlines 0199 - 0756 - 2010
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INDUSTRY PROFILE
Global Airlines
Reference Code: 0199-0756
Publication Date: December 2011
EXECUTIVE SUMMARY
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EXECUTIVE SUMMARY
Market value
The global airlines industry grew by 11.9% in 2010 to reach a value of $501.2 billion.
Market value forecast
In 2015, the global airlines industry is forecast to have a value of $713.6 billion, an increase of 42.4%
since 2010.
Market volume
The global airlines industry grew by 5.7% in 2010 to reach a volume of 2,373.1 million passengers.
Market volume forecast
In 2015, the global airlines industry is forecast to have a volume of 3,046.4 million passengers, an
increase of 28.4% since 2010.
Market segmentation I
Domestic is the largest segment of the global airlines industry, accounting for 64% of the industry's total
volume.
Market segmentation
Americas accounts for 44.4% of the global airlines industry value.
Market rivalry
Rivalry in the global airlines industry is strong, due in part to the sheer size of competitors and the
difficulties in exiting the industry.
CONTENTS
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TABLE OF CONTENTS
EXECUTIVE SUMMARY 2
MARKET OVERVIEW 7
Market definition 7
Research highlights 8
Market analysis 9
MARKET VALUE 10
MARKET VOLUME 10
MARKET SEGMENTATION I 12
MARKET SEGMENTATION II 13
FIVE FORCES ANALYSIS 13
Summary 14
Buyer power 15
Supplier power 16
New entrants 18
Substitutes 20
Rivalry 22
LEADING COMPANIES 24
Air France KLM 24
British Airways Plc 28
Deutsche Lufthansa 32
MARKET FORECASTS 36
Market value forecast 36
Market volume forecast 36
APPENDIX 38
Methodology 38
Industry associations 39
Related Datamonitor research 39
Disclaimer 40
CONTENTS
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ABOUT DATAMONITOR 41
Premium Reports 41
Summary Reports 41
Datamonitor consulting 41
CONTENTS
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LIST OF TABLES
Table 1: Global airlines industry value: $ billion, 2006–10 10
Table 2: Global airlines industry volume: million passengers, 2006–10 11
Table 3: Global airlines industry segmentation I:% share, by volume, 2010 12
Table 4: Global airlines industry segmentation: % share, by value, 2010 13
Table 5: Air France KLM: key facts 24
Table 6: Air France KLM: key financials ($) 26
Table 7: Air France KLM: key financials (€) 26
Table 8: Air France KLM: key financial ratios 26
Table 9: British Airways Plc: key facts 28
Table 10: British Airways Plc: key financials ($) 29
Table 11: British Airways Plc: key financials (£) 29
Table 12: British Airways Plc: key financial ratios 30
Table 13: Deutsche Lufthansa: key facts 32
Table 14: Deutsche Lufthansa: key financials ($) 33
Table 15: Deutsche Lufthansa: key financials (€) 34
Table 16: Deutsche Lufthansa: key financial ratios 34
Table 17: Global airlines industry value forecast: $ billion, 2010–15 36
Table 18: Global airlines industry volume forecast: million passengers, 2010–15 37
CONTENTS
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LIST OF FIGURES
Figure 1: Global airlines industry value: $ billion, 2006–10 10
Figure 2: Global airlines industry volume: million passengers, 2006–10 11
Figure 3: Global airlines industry segmentation I:% share, by volume, 2010 12
Figure 4: Global airlines industry segmentation: % share, by value, 2010 13
Figure 5: Forces driving competition in the global airlines industry, 2010 14
Figure 6: Drivers of buyer power in the global airlines industry, 2010 15
Figure 7: Drivers of supplier power in the global airlines industry, 2010 16
Figure 8: Factors influencing the likelihood of new entrants in the global airlines industry, 2010 18
Figure 9: Factors influencing the threat of substitutes in the global airlines industry, 2010 20
Figure 10: Drivers of degree of rivalry in the global airlines industry, 2010 22
Figure 11: Air France KLM: revenues & profitability 27
Figure 12: Air France KLM: assets & liabilities 27
Figure 13: British Airways Plc: revenues & profitability 30
Figure 14: British Airways Plc: assets & liabilities 31
Figure 15: Deutsche Lufthansa: revenues & profitability 35
Figure 16: Deutsche Lufthansa: assets & liabilities 35
Figure 17: Global airlines industry value forecast: $ billion, 2010–15 36
Figure 18: Global airlines industry volume forecast: million passengers, 2010–15 37
MARKET OVERVIEW
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MARKET OVERVIEW
Market definition
The airlines industry comprises passenger air transportation, including both scheduled and chartered, but
excludes air freight transport. Industry volumes are defined as the total number of revenue passengers
enplaned (departures) at all airports within the country or region, excluding transit passengers who arrive
and depart on the same flight code. For the US and Canada, transborder passengers departing from
either country are considered as part of the international segment. Industry value is defined as the total
revenue obtained by airlines from transporting these passengers. This avoids the double-counting of
passengers. All currency conversions in this profile were carried out using constant 2010 average annual
exchange rates.
For the purposes of this report, the global market consists of North America, South America, Western
Europe, Eastern Europe, MEA, and Asia-Pacific.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Venezuela.
Western Europe comprises Belgium, Denmark, France, Germany, Greece, Italy, the Netherlands,
Norway, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Eastern Europe comprises the Czech Republic, Hungary, Poland, Romania, Russia, and Ukraine.
Asia-Pacific comprises Australia, China, India, Indonesia, Japan, New Zealand, Singapore, South Korea,
Taiwan, and Thailand.
Middle East-Africa (MEA) comprises Egypt, Israel, Nigeria, Saudi Arabia, South Africa, and United Arab
Emirates.
MARKET OVERVIEW
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Research highlights
The global airlines industry had total revenue of $501.2 billion in 2010, representing a compound annual
growth rate (CAGR) of 4.2% between 2006 and 2010.
Industry volumes increased with a CAGR of 2.6% between 2006-2010, to reach a total of 2,373.1 million
passengers in 2010.
The performance of the industry is forecast to accelerate, with an anticipated CAGR of 7.3% for the five-
year period 2010 - 2015, which is expected to drive the industry to a value of $713.6 billion by the end of
2015.
MARKET OVERVIEW
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Market analysis
The moderate annualized growth figures for the global airline market 2007-2010 masks a more volatile
yearly performance, with strong growth in value up to 2008 followed by a sharp decline in 2009, then
recovery in 2010.
The global airlines industry had total revenue of $501.2 billion in 2010, representing a compound annual
growth rate (CAGR) of 4.2% between 2006 and 2010. In comparison, the European and Asia-Pacific
industries grew with CAGRs of 5% and 3.3% respectively, over the same period, to reach respective
values of $165.9 billion and $89 billion in 2010.
Industry volumes increased with a CAGR of 2.6% between 2006-2010, to reach a total of 2,373.1 million
passengers in 2010. The industry's volume is expected to rise to 3,046.4 million passengers by the end of
2015, representing a CAGR of 5.1% for the 2010-2015 period.
Domestic sales had the highest volume in the global airlines industry in 2010, with total sales of 1,518.3
million passengers, equivalent to 64% of the industry's overall volume. In comparison, sales of
International had a volume of 854.9 million passengers in 2010, equating to 36% of the industry total.
The performance of the industry is forecast to accelerate, with an anticipated CAGR of 7.3% for the five-
year period 2010 - 2015, which is expected to drive the industry to a value of $713.6 billion by the end of
2015. Comparatively, the European and Asia-Pacific industries will grow with CAGRs of 8.6% and 7.2%
respectively, over the same period, to reach respective values of $251.1 billion and $126.1 billion in 2015.
MARKET OVERVIEW
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MARKET VALUE
The global airlines industry grew by 11.9% in 2010 to reach a value of $501.2 billion.
The compound annual growth rate of the industry in the period 2006–10 was 4.2%.
Table 1: Global airlines industry value: $ billion, 2006–10
Year $ billion € billion % Growth
2006 424.5 319.7
2007 471.1 354.8 11.0%
2008 522.7 393.6 10.9%
2009 447.8 337.2 (14.3%)
2010 501.2 377.4 11.9%
CAGR: 2006–10 4.2%
Source: Datamonitor D A T A M O N I T O R
Figure 1: Global airlines industry value: $ billion, 2006–10
Source: Datamonitor D A T A M O N I T O R
MARKET VOLUME
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MARKET VOLUME
The global airlines industry grew by 5.7% in 2010 to reach a volume of 2,373.1 million passengers.
The compound annual growth rate of the industry in the period 2006–10 was 2.6%.
Table 2: Global airlines industry volume: million passengers, 2006–10
Year million passengers % Growth
2006 2,144.9
2007 2,283.5 6.5%
2008 2,277.1 (0.3%)
2009 2,244.7 (1.4%)
2010 2,373.1 5.7%
CAGR: 2006–10 2.6%
Source: Datamonitor D A T A M O N I T O R
Figure 2: Global airlines industry volume: million passengers, 2006–10
Source: Datamonitor D A T A M O N I T O R
MARKET SEGMENTATION I
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MARKET SEGMENTATION I
Domestic is the largest segment of the global airlines industry, accounting for 64% of the industry's total
volume.
The international segment accounts for the remaining 36% of the industry.
Table 3: Global airlines industry segmentation I:% share, by volume, 2010
Category % Share
Domestic 64.0%
International 36.0%
Total 100%
Source: Datamonitor D A T A M O N I T O R
Figure 3: Global airlines industry segmentation I:% share, by volume, 2010
Source: Datamonitor D A T A M O N I T O R
MARKET SEGMENTATION I
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MARKET SEGMENTATION II
Americas accounts for 44.4% of the global airlines industry value.
Europe accounts for a further 33.1% of the global industry.
Table 4: Global airlines industry segmentation: % share, by value, 2010
Category % Share
Americas 44.4
Europe 33.1
Asia-Pacific 17.8
Middle East & Africa 4.7
Total 100%
Source: Datamonitor D A T A M O N I T O R
Figure 4: Global airlines industry segmentation: % share, by value, 2010
Source: Datamonitor D A T A M O N I T O R
FIVE FORCES ANALYSIS
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FIVE FORCES ANALYSIS
The airlines market will be analyzed taking airline companies as players. The key buyers will be taken as
leisure and business travelers, the latter considered as business-to-business (b2b), and fuel suppliers,
aircraft manufacturers, and skilled employees as the key suppliers.
Summary
Figure 5: Forces driving competition in the global airlines industry, 2010
Source: Datamonitor D A T A M O N I T O R
Rivalry in the global airlines industry is strong, due in part to the sheer size of competitors and the
difficulties in exiting the industry.
Despite the large number of buyers, their power is strengthened by high price sensitivity as product
differentiation tends to be minimal, with negligible switching costs. Budget airlines can compete intensely
on price with the legacy carriers. Supplier power is strong as airlines must enter into contracts with aircraft
suppliers. Boeing and Airbus dominate the jetliner market; the relative lack of alternatives increases their
power. Changing fuel prices could make it difficult to maintain margins and discourage new players to
enter the market. Strong rivalry results from factors such as low switching costs for buyers, and a focus
on passenger transport that leaves carriers vulnerable to declines in demand in an industry that is highly
sensitive to the state of the wider economy.
FIVE FORCES ANALYSIS
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Buyer power
Figure 6: Drivers of buyer power in the global airlines industry, 2010
Source: Datamonitor D A T A M O N I T O R
Airlines generally have a large number of buyers. Many of these are individual consumers purchasing
flights directly from the airline, although there are B2B sales to charter companies, discounters, and
similar buyers. Price sensitivity is high; a result of factors such as the growth of online price comparison
sites, corporate travel expense policies for business flyers, and, for the legacy airlines like British Airways,
Lufthansa, and Cathay Pacific competition from low-cost carriers such as Ryanair and Jetstar. This tends
to strengthen buyer power in the airlines market. However, airlines can defend themselves against this by
differentiating their service in several ways. A common strategy for easing price competition is to focus on
the additional features available on higher-priced flights, such as extra leg room, in-flight entertainment,
and so on. The inherent switching costs for buyers in the airline market are negligible, which strengthens
buyer power. In response, airlines often use loyalty schemes. BA Miles are offered to flyers with BA and
can also be gained through purchases of goods and services, such as hotel stays, from partner
companies; they can be redeemed for free flights and other incentives. United Airlines has Mileage Plus,
and Japanese carrier JAL has Mileage Bank. The air miles lost should a buyer choose to travel with
another airline can be viewed as a switching cost. Where the buyers are individual travelers, whether
leisure or business, there is no opportunity for them to integrate backwards or for the airlines to integrate
forwards; however, vertical integration is more feasible between airlines and companies such as travel
agents. Overall, buyer power is moderate.
FIVE FORCES ANALYSIS
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Supplier power
Figure 7: Drivers of supplier power in the global airlines industry, 2010
Source: Datamonitor D A T A M O N I T O R
Airlines must enter into contracts when buying or leasing aircraft from suppliers. Breaking these contracts
can often imply a heavy financial cost. Furthermore, Boeing and Airbus effectively form a duopoly of
suppliers of new jetliners, especially in the large jetliner category, with planes such as the 747 and A380.
In the market for lower-capacity regional jets and propeller-driven aircraft, companies such as Embraer,
ATR, and Bombadier are significant suppliers. The relative lack of alternative manufacturers or substitute
inputs increases supplier power. In an industry where reliability and safety are critical, the quality of the
planes and their maintenance are highly important; another factor that boosts supplier power. Staffing
costs for an airline are substantial, with large numbers of flight and ground personnel, including
mechanics, reservation and transportation ticket agents required for an efficient service. Aviation fuel is
another vital input. International Air Transport Association (IATA) data indicates that for the global
industry, the high price of crude oil and its derivatives in 2008 meant that fuel accounted for 33% of total
airline costs, compared to less than 18% before 2005. The IATA estimates fuel costs to now represent
29% of the total operating costs in 2011, up from 26% in 2010. Relatively few companies supply aviation
fuel, strengthening supplier power, although airlines generally defend against price rises using hedging
strategies. Supplier power is restricted by the improbability of these suppliers integrating forwards into the
airline business. In addition, although a company like Boeing has alternative sources of revenue, notably
defense aerospace, civil aviation remains a very significant part of its business. In 2010, Boeing
generated around 50% of total revenues from its global commercial airplanes division.
FIVE FORCES ANALYSIS
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Airbus itself is dominated by its passenger jetliner business, although parent company EADS is more
diversified, with space, helicopter, and defense divisions. If a supplier lacks diversity, it is more dependent
on airlines as customers, weakening its supplier power. Commonly, airlines are forming alliances with one
another, not only to achieve network size economies through code sharing, but also to achieve scale
economies in the purchase of fuel, and even of aircraft. Combining forces to make purchases serves to
increase the industry players' bargaining power and therefore reduce supplier power. It is currently
virtually impossible to find substitutes for the inputs required for airlines to operate – an airline must have
aircraft, a supply of aviation fuel and a sufficient workforce before it can offer flights. Unlike other modes
of transport, airlines have no alternative source of energy. Overall, supplier power is assessed as strong.
FIVE FORCES ANALYSIS
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New entrants
Figure 8: Factors influencing the likelihood of new entrants in the global airlines industry, 2010
Source: Datamonitor D A T A M O N I T O R
The economic entrance barriers to the airlines industry are relatively high. For an entirely new company,
they include the considerable up-front outlay needed to obtain planes, although this may not be an issue
for an existing airline beginning to offer flights to a new country or region. Distribution is not particularly
easy, as new players need to establish an online booking system, and relationships with travel agents
and other sales intermediaries. It is also vital to obtain airport ‘slots’ for take-off and landing. There has
been a growth in air traffic over recent years which mean that congestion at airports in many countries is
expected, especially the major hubs. The time slot given to an airline is important, and is something all
airlines negotiate with airports. Established airlines will already hold the monopoly over slots at certain
airports, making it harder for new airlines to infiltrate. This creates difficulties for a new airline aiming to
negotiate prime slots at busy airports and can result in it being restricted to offering flights only at off-peak
times, or having to fly to airports further away from popular destinations. This can be a deterrent to new
airlines, as customers may seek more convenient alternatives. While there is some debate as to whether
traditional scale economies are significant in this industry, it seems likely that being able to offer a wide
range of routes is advantageous. The larger airlines achieve this not only through their own fleet, but
through code sharing agreements with other carriers in alliances; however, a new entrant will not
necessarily be approved for membership. The compound annual growth rate (CAGR) for the 2006-2010
period was a moderate 2.3% and forecast growth is expected to be stronger, which should attract new
entrants.
FIVE FORCES ANALYSIS
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However, with changing fuel prices, it may be difficult to maintain margins, thus discouraging new players.
Regulation forms an additional barrier. The various national civil aviation authorities in Europe, such as
Direction Générale de l’Aviation Civile (DGAC) in France and the Federal Aviation Authority in the US,
regulate areas such as safety, environmental impact, airspace usage, and passenger rights; compliance
raises the cost of entry for a new company. For airline markets, there is an additional regulatory issue to
consider. Cabotage is the provision of domestic transport services in a country by companies based in a
different country. Airline cabotage is generally forbidden, unless explicitly permitted by an agreement
between two or more countries. Cabotage by any EU-based carriers is permitted in any other EU-country;
also, the Open Skies agreement, finalized in mid-2010, accords cabotage rights to US carriers in the EU.
This liberalization should increase the opportunities for market access in this region. However, in other
countries, cabotage is generally not possible, and in some cases foreign ownership of domestic airlines is
also restricted to a certain percentage. Overall, there is a moderate likelihood of new entrants to this
industry.
FIVE FORCES ANALYSIS
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Substitutes
Figure 9: Factors influencing the threat of substitutes in the global airlines industry, 2010
Source: Datamonitor D A T A M O N I T O R
Other forms of transport such as road, rail and marine travel are considered as substitutes to airline
travel. Buyers take into account not only the cost of travel but also how long the journey will take on
corresponding forms of transportation. In larger countries, air travel makes it easier to overcome long
distances and has certain benefits such as shorter travel time than rail travel, even including the time to
check in. However in smaller countries, domestic air travel may not be so appropriate, and rail and road
transportation become more attractive alternatives. Furthermore, many consumers are now aware of the
environmental impact of air travel, and are turning to rail travel instead. It is possible to travel around
much of the world by long-distance bus or train, although levels of service vary and some border
crossings may present a difficulty. Other than cross-border land transport to Canada and South America,
there are few substitutes for international air travel in the US. Its geography isolates it from Europe and
Asia-Pacific, and marine passenger transportation is essentially restricted to leisure cruises. Domestic
flights, which account for almost 87.1% of US passenger volumes can be substituted by car, bus, or rail.
Rail track density is lower in the US than in most major Western European countries. This suggests that
rail travel is not as strong a threat to domestic travel in the US as it might be in some comparable
countries or regions. Bus travel, however, is popular in the US with Greyhound Lines providing an
extensive bus network which links most US cities and also runs services to Canada and Mexico. Fares
are considerably lower than both air and train travel, but these services are more time consuming. Most of
Europe has well-developed land transport infrastructure.
FIVE FORCES ANALYSIS
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Domestic flights, defined as flights beginning and ending in the same country, account for just under one-
third of European air passenger volumes, and can easily be substituted by car, bus, or rail. Cross-border
land transport, including high speed trains in several countries, means that many international flights
within Europe can also be substituted. The Channel Tunnel allows Eurostar to operate trains connecting
the UK to France and beyond. Long distance bus travel is available from companies such as Eurolines,
Busabout, and National Express. Eurolines services are focused on international travelers, and connect
more than 40 European cities. Fares are considerably lower than both air and train travel, but these
services are more time consuming. In Asia-Pacific, domestic flights, which account for 77.4% of air
passenger volumes for the region as a whole, can be substituted by car, bus, or rail. International air
travel is generally less vulnerable to road and rail substitution in this region. Japan, Australia, and Taiwan
are islands with no links to mainland Asia, and land access from the South Korean peninsula to the rest of
the continent is complicated by the need to travel via North Korea. Singapore is connected by a road and
rail bridge to Malaysia. Travel from the more developed regions of China to the west is technically
possible over land, but the distances make this impractical. In contrast, international land travel in Europe
is favored by a dense road and rail infrastructure, and is a more significant substitute to air travel in that
region. For business travel, alternatives include ‘virtual meetings’ via videoconferencing and similar
technologies. The switching costs here are the cost of the equipment required. At present it is not clear
how completely such technologies will replace face-to-face meetings. Overall, the threat from substitutes
is assessed as moderate.
FIVE FORCES ANALYSIS
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Rivalry
Figure 10: Drivers of degree of rivalry in the global airlines industry, 2010
Source: Datamonitor D A T A M O N I T O R
The competitive landscape has several large companies, such as, JAL, Air France-KLM and British
Airways, alongside smaller competitors. Rivalry is increased by the presence of low-cost carriers in the
market, as these companies can compete more intensely on price. Switching costs for buyers are low,
which means that it is easy for them to change to a competitor. In this market, ‘storage costs’ are actually
the costs associated with unsold seats on a flight. Given the cost of fuel, staffing and so on associated
with operating a flight, it is important to maximize the number of seats sold, hence the common policy of
selling slightly more tickets than there are available seats on the understanding that some buyers will not
make their plane. Where storage costs are high, rivalry is intensified. Diversification in the passenger
airlines industry ranges from moderate to little. Most carriers generate additional revenues through freight,
but this is often a small proportion of their total sales. A lack of diversity forces players to compete more
intensely in their single core business. Exit costs are moderate. Planes are important assets with a high
purchase price, which depreciate in value with time and require frequent maintenance expenses. The
difference between the outlay on them and the amount they can be sold for represents a sunk cost for an
airline exiting the market. However, they are mobile. If conditions become tough in the airlines market in
one country, a carrier that wishes to exit is not obliged to try to sell these assets where other companies
are trying to do the same thing. It could sell them in a location where there is high demand for second-
hand planes.
FIVE FORCES ANALYSIS
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However, the airline industry is quite labor-intensive; thus large numbers of employees may need to be
offered severance pay should a company lay them off on exiting this market. Rivalry in the global airline
industry is assessed strong.
LEADING COMPANIES
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LEADING COMPANIES
Air France KLM
Table 5: Air France KLM: key facts
Head office: 45 rue de Paris, 95747 Roissy CDG Cedex, FRA
Telephone: 33 1 41 56 7800
Website: www.airfranceklm-finance.com
Financial year-end: March
Ticker: AF
Stock exchange: Paris
Source: company website D A T A M O N I T O R
Air France-KLM (or the group) is a combined entity of two airlines which include Air France and KLM
Royal Dutch Airlines. The group's main business activity is passenger transportation. The groups is also
involved in other business activities such as cargo transportation, aeronautics maintenance and overhaul
services, and other air-transport related activities, including catering and air transport services. The group
has its operations across Europe, North America, South America, Africa, the Asia Pacific and the Middle
East. Air France-KLM serves 244 destinations in 105 countries world-wide.
In FY2010, the group's fleet comprised 625 aircraft, of which 594 were in operation. The main fleet
consisted of 168 long-haul aircraft, 26 cargo aircraft and 232 medium-haul aircraft. The regional fleet
comprises 199 aircraft. These 168 long-haul aircraft included 13 Boeing 747-400s, 30 Boeing 777-300s,
25 Boeing 777-200s, 18 Airbus 340-300s, 15 Airbus 330-200s, and two Airbus 380-800. In the freighter
aircraft portfolio, the group has five Boeing 747-400 cargo aircrafts, four Boeing 747-200 cargo flights,
and two Boeing 777-cargo flights. In the medium-haul segment, the group has 61 Airbus 320s, 45 Airbus
319s, 24 Airbus 321s, and 18 Airbus 318s.
The group operates its business through four business divisions: passenger, cargo, maintenance and
other.
Passenger business division's operations primarily include passenger transport services, on scheduled
flights that have the group's air code. It also operates passenger transport services, on scheduled flights
which are operated by other airlines under code-sharing agreements. The group primarily operates
through six hubs which include Paris, Amsterdam, Atlanta, Detroit, Minneapolis and New York. In
FY2010, the group carried 71.4 million passengers with a load factor of 80.7%. For the same period the
group generated a total of 251 billion available seat kilometers (ASKs) and 202.4 billion revenue
passenger kilometers (RPKs).
LEADING COMPANIES
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The cargo business division is primarily involved in freight transport through its own flights and by other
partner airlines under code-sharing agreements. The revenue for this division is also derived from sales of
cargo capacity to third parties. In FY2010, the group transported approximately 1.46 million tons of freight
with a load factor of 66.5%. For the same period, the group generated total revenue tonne kilometers
(RTKs) of 11.2 billion and available tonne kilometers (ATKs) of 16.8 billion. In FY2010, the group carried
cargo to 350 destinations in 175 countries.
Air France-KLM is a founding member of SkyTeam since its inception in 2000. SkyTeam brings together
13 member airlines including Aeroflot, AeroMexico, Air Europa, Air France, KLM, Alitalia, China Southern,
CSA, Delta Airlines, Kenya Airways, Korean Airlines, Tarom and Vietnam Airlines. The alliance operates
in countries world-wide with more than 13,133 daily flights to 898 destinations in 169 countries. In
addition, the group is also a member of SkyTeam Cargo. This global alliance dedicated to cargo has
seven airline members including AeroMexico Cargo, Air France Cargo, KLM Cargo, Korean Air Cargo,
CSA Cargo, Delta Air Logistics and Korean Air Cargo. SkyTeam Cargo operates cargo services to 728
commercial destinations in 149 countries with more than 15,000 daily flights.
In addition, the group also offers a frequent flyer loyalty program named Flying Blue that offers rewards to
passengers travelling on certain types of tickets on Air France-KLM or with other partner companies.
Maintenance business division operations include maintenance, repair and overhaul services provided to
airlines within the group and other clients around the world. The maintenance activities are known under
the Air France Industries (AFI) brand and KLM Engineering and Maintenance (KLM E&M). During
FY2010, the group worked and maintained over 1,260 aircraft. The principal activities of the maintenance
division are aircraft maintenance, component overhaul and engine overhaul.
The other division consists primarily of catering supplied by the group to third-party airlines through
Servair and leisure activities and charter flights operated primarily by Transavia.
Cityjet, a subsidiary of Air France, brought Belgian airline VLM in 2007.
Key Metrics
The company recorded revenues of $27,818 million in the fiscal year ending March 2010, a decrease of
12.4% compared to fiscal 2009. Its net loss was $2,065 million in fiscal 2010, compared to a net loss of
$1,078 million in the preceding year.
LEADING COMPANIES
Global - Airlines 0199 - 0756 - 2010
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Table 6: Air France KLM: key financials ($)
$ million 2006 2007 2008 2009 2010
Revenues 28,417.8 30,570.4 31,944.2 31,760.0 27,817.7
Net income (loss) 1,209.5 1,180.3 990.9 (1,078.3) (2,065.2)
Total assets 35,077.1 35,330.1 40,655.5 38,116.0 36,793.9
Total liabilities 24,674.1 24,186.6 26,595.0 30,668.5 29,689.5
Employees 102,422 103,050 104,659 104,721 106,933
Source: company filings D A T A M O N I T O R
Table 7: Air France KLM: key financials (€)
€ million 2006 2007 2008 2009 2010
Revenues 21,452.0 23,077.0 24,114.0 23,975.0 20,999.0
Net income (loss) 913.0 891.0 748.0 (814.0) (1,559.0)
Total assets 26,479.0 26,670.0 30,690.0 28,773.0 27,775.0
Total liabilities 18,626.0 18,258.0 20,076.0 23,151.0 22,412.0
Source: company filings D A T A M O N I T O R
Table 8: Air France KLM: key financial ratios
Ratio 2006 2007 2008 2009 2010
Profit margin 4.3% 3.9% 3.1% (3.4%) (7.4%)
Revenue growth 13.0% 7.6% 4.5% (0.6%) (12.4%)
Asset growth 14.2% 0.7% 15.1% (6.2%) (3.5%)
Liabilities growth 8.5% (2.0%) 10.0% 15.3% (3.2%)
Debt/asset ratio 70.3% 68.5% 65.4% 80.5% 80.7%
Return on assets 3.7% 3.4% 2.6% (2.7%) (5.5%)
Revenue per employee $277,458 $296,656 $305,221 $303,282 $260,141
Profit per employee $11,809 $11,454 $9,468 ($10,297) ($19,313)
Source: company filings D A T A M O N I T O R
LEADING COMPANIES
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Figure 11: Air France KLM: revenues & profitability
Source: company filings D A T A M O N I T O R
Figure 12: Air France KLM: assets & liabilities
Source: company filings D A T A M O N I T O R
LEADING COMPANIES
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British Airways Plc
Table 9: British Airways Plc: key facts
Head office: Waterside, Harmondsworth, UB7 0GB, GBR
Telephone: 44 20 8738 5117
Website: www.britishairways.com
Financial year-end: BAY
Ticker: London
Source: company website D A T A M O N I T O R
British Airways is one of the world's leading scheduled premium international airlines. At the end of March
2009, the company had 241 aircraft in service with 41 on order. The company serves more than 370
destinations worldwide.
The company operates through two business divisions: airline and non-airline.
The airline business comprises the company's main scheduled passenger and cargo operations. The
company's passenger transportation services include domestic and international air transport, and
scheduled as well as chartered services. In FY2009, the company carried more than 33 million
passengers.
The company's principal place of business is Heathrow, one of the world's premier airport locations, which
serves a large geographical area with a comparatively high proportion of point-to-point business. In
addition, the company has a second base of operations at Gatwick, London. The company operates
offices, maintenance hangars, and other support facilities at Heathrow, Gatwick and other UK airports.
The company also occupies space and desks under lease or license in airports throughout the UK,
including: Manchester, Birmingham, Newcastle, Edinburgh and Glasgow.
The company carried 777,000 tons of cargo to destinations in Europe, the Americas and throughout the
world during FY2009. A majority of the cargo is carried in the holds of passenger aircraft, while the
balance is carried on leased or part-chartered freighter aircraft, where market conditions allow their
deployment.
The company also provides a variety of services to other airlines, including: cargo handling at airports;
airframe maintenance; computer and communications services; and consultancy services. British Airways
has been at the centre of ongoing disputes with employees throughout 2010 as a result of the companies
cost cutting measures. Industrial action has taken place on several occasions.
LEADING COMPANIES
Global - Airlines 0199 - 0756 - 2010
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On November 12, 2009, British Airways confirmed that it had reached a preliminary agreement to merge
with Spanish airline giant Iberia. The merger between the two carriers is expected to create the world's
third-largest airline in terms of annual revenue and the second largest airline group in Europe. The merger
was confirmed on April 8, 2010, and it is expected to be completed by the end of the year under the newly
created Anglo-Spanish Holding Company, International Airlines Group.
Key Metrics
The company recorded revenues of $12,345 million in the fiscal year ending BAY 2010, a decrease of
11.1% compared to fiscal 2009. Its net loss was $656 million in fiscal 2010, compared to a net loss of
$553 million in the preceding year.
Table 10: British Airways Plc: key financials ($)
$ million 2006 2007 2008 2009 2010
Revenues 13,149.8 13,114.2 13,517.3 13,886.4 12,345.2
Net income (loss) 721.2 447.8 1,050.1 (552.9) (656.3)
Total assets 18,800.4 17,580.4 17,177.3 16,196.7 19,736.2
Total liabilities 15,866.2 15,710.2 12,184.6 13,345.9 9,397.1
Source: company filings D A T A M O N I T O R
Table 11: British Airways Plc: key financials (£)
£ million 2006 2007 2008 2009 2010
Revenues 8,515.0 8,492.0 8,753.0 8,992.0 7,994.0
Net income (loss) 467.0 290.0 680.0 (358.0) (425.0)
Total assets 12,174.0 11,384.0 11,123.0 10,488.0 12,780.0
Total liabilities 10,274.0 10,173.0 7,890.0 8,642.0 6,085.0
Source: company filings D A T A M O N I T O R
LEADING COMPANIES
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Table 12: British Airways Plc: key financial ratios
Ratio 2006 2007 2008 2009 2010
Profit margin 5.5% 3.4% 7.8% (4.0%) (5.3%)
Revenue growth 9.6% (0.3%) 3.1% 2.7% (11.1%)
Asset growth 4.3% (6.5%) (2.3%) (5.7%) 21.9%
Liabilities growth 1.7% (1.0%) (22.4%) 9.5% (29.6%)
Debt/asset ratio 84.4% 89.4% 70.9% 82.4% 47.6%
Return on assets 3.9% 2.5% 6.0% (3.3%) (3.7%)
Source: company filings D A T A M O N I T O R
Figure 13: British Airways Plc: revenues & profitability
Source: company filings D A T A M O N I T O R
LEADING COMPANIES
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Figure 14: British Airways Plc: assets & liabilities
Source: company filings D A T A M O N I T O R
LEADING COMPANIES
Global - Airlines 0199 - 0756 - 2010
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Deutsche Lufthansa
Table 13: Deutsche Lufthansa: key facts
Head office: Von-Gablenz-Strasse 2-6, 50679 Koln, DEU
Website: www.lufthansa.com
Financial year-end: December
Ticker: LHA
Stock exchange: Frankfurt
Source: company website D A T A M O N I T O R
Lufthansa is a German aviation group which operates in several countries. It is also a holding company
which has presence in several segments of the aviation sector. Lufthansa operates through 400
subsidiaries and associate companies. Lufthansa is also the single largest operating company in the
group and, with the exception of its core business (passenger transportation), all the other business
segments are operated as separate companies.
The company has five business segments: passenger airline group; logistics; maintenance repair
overhaul (MRO); catering; and IT services.
The passenger airline group is the largest segment and the core business of Lufthansa; it encompasses
the services provided by other brands, including SWISS, Germanwings, Austrian Airlines, British Midland
Jet Blue and Brussels Airlines. The services are provided through multiple hubs in Frankfurt, Munich,
Zurich, Vienna and Brussels. Lufthansa, SWISS, Austrian Airlines, British Midland and Brussels Airlines
together serve 254 destinations in 101 countries. The passenger airline segment also includes Star
Alliance, which is a network of airlines and currently has about 24 member airlines, serving 916
destinations across 160 countries. The segment also actively invests in other airline companies attaining
either a majority or minority stake and also undertakes total acquisitions.
The logistics segment is operated by Lufthansa Cargo which is a wholly-owned subsidiary of the group
and is an airport-to-airport business. The operations of this segment are divided into three air freight
products: td.Pro which deals with general cargo; td.Flash for express shipments; and the Specials
segment which deals with temperature-sensitive shipments, live animals, airmail and valuable freight.
This segment uses its own fleet of freighters as well as the belly capacity of its passenger aircraft and
road services. The logistics segment serves 300 locations with Frankfurt as its air cargo hub.
Lufthansa Technik, a wholly-owned subsidiary of Lufthansa, operates the MRO segment.
LEADING COMPANIES
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The activities of this subsidiary and its 56 subsidiary and associate companies are categorized into six
business units: maintenance, overhaul, engine services, component services, landing gear services and
completion. The range of services that the segment provides span from repair of individual components to
fully integrated maintenance of entire fleets with reserve engines and diverse components. The segment
caters to commercial aircraft, their engines and components. Lufthansa Technik's stations are located at
all principal German airports and 50 other locations in the world with primary centers located in Hamburg,
Frankfurt, Munich and Berlin.
The catering segment is operated by LSG Lufthansa Service Holding which offers airline catering as well
as in flight service solutions, which include the development, sourcing and logistics of onboard equipment
and the management of all processes that take place before, during, and after the onboard service. The
segment comprises 129 companies and over 200 facilities across 50 countries.
Lufthansa systems, a subsidiary, offers IT solutions to the aviation industry for all business processes like
passenger and cargo services through to flight operations, and the maintenance and overhaul of aircraft.
The segment focuses on integrated platforms with a service portfolio that encompasses the entire range
of IT services, such as consultancy, the development and implementation of industry solutions, as well as
operations of a company's own computer centre. The IT services segment caters to other industries as
well and operates in Germany and 16 other countries. Additionally, Lufthansa also provides flight training
services and business travel management solutions which specialize in dealing with corporate travel.
Key Metrics
The company recorded revenues of $29,499 million in the fiscal year ending December 2010, which was
within 0.1% of the revenue in fiscal 2009. Its net income was $1,498 million in fiscal 2010, compared to a
net loss of $132 million in the preceding year.
Table 14: Deutsche Lufthansa: key financials ($)
$ million 2006 2007 2008 2009 2010
Revenues 26,294.2 29,700.1 32,945.6 29,518.6 29,498.7
Net income (loss) 1,063.7 2,192.4 806.8 (132.5) 1,498.3
Total assets 25,780.3 29,567.6 29,684.2 34,961.8 38,840.6
Total liabilities 19,283.6 20,427.1 20,518.5 26,746.0 27,792.5
Source: company filings D A T A M O N I T O R
LEADING COMPANIES
Global - Airlines 0199 - 0756 - 2010
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Table 15: Deutsche Lufthansa: key financials (€)
€ million 2006 2007 2008 2009 2010
Revenues 19,849.0 22,420.0 24,870.0 22,283.0 22,268.0
Net income (loss) 803.0 1,655.0 609.0 (100.0) 1,131.0
Total assets 19,461.0 22,320.0 22,408.0 26,392.0 29,320.0
Total liabilities 14,556.8 15,420.0 15,489.0 20,190.0 20,980.0
Source: company filings D A T A M O N I T O R
Table 16: Deutsche Lufthansa: key financial ratios
Ratio 2006 2007 2008 2009 2010
Profit margin 4.0% 7.4% 2.4% (0.4%) 5.1%
Revenue growth 9.9% 13.0% 10.9% (10.4%) (0.1%)
Asset growth 1.0% 14.7% 0.4% 17.8% 11.1%
Liabilities growth (1.3%) 5.9% 0.4% 30.4% 3.9%
Debt/asset ratio 74.8% 69.1% 69.1% 76.5% 71.6%
Return on assets 4.1% 7.9% 2.7% (0.4%) 4.1%
Source: company filings D A T A M O N I T O R
LEADING COMPANIES
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Figure 15: Deutsche Lufthansa: revenues & profitability
Source: company filings D A T A M O N I T O R
Figure 16: Deutsche Lufthansa: assets & liabilities
Source: company filings D A T A M O N I T O R
LEADING COMPANIES
Global - Airlines 0199 - 0756 - 2010
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MARKET FORECASTS
Market value forecast
In 2015, the global airlines industry is forecast to have a value of $713.6 billion, an increase of 42.4%
since 2010.
The compound annual growth rate of the industry in the period 2010–15 is predicted to be 7.3%.
Table 17: Global airlines industry value forecast: $ billion, 2010–15
Year $ billion € billion % Growth
2010 501.2 377.4 11.9%
2011 540.4 406.9 7.8%
2012 574.6 432.7 6.3%
2013 617.9 465.3 7.5%
2014 664.3 500.3 7.5%
2015 713.6 537.4 7.4%
CAGR: 2010–15 7.3%
Source: Datamonitor D A T A M O N I T O R
Figure 17: Global airlines industry value forecast: $ billion, 2010–15
Source: Datamonitor D A T A M O N I T O R
MARKET FORECASTS
Global - Airlines 0199 - 0756 - 2010
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Market volume forecast
In 2015, the global airlines industry is forecast to have a volume of 3,046.4 million passengers, an
increase of 28.4% since 2010.
The compound annual growth rate of the industry in the period 2010–15 is predicted to be 5.1%.
Table 18: Global airlines industry volume forecast: million passengers, 2010–15
Year million passengers % Growth
2010 2,373.1 5.7%
2011 2,498.6 5.3%
2012 2,631.4 5.3%
2013 2,758.1 4.8%
2014 2,896.3 5.0%
2015 3,046.4 5.2%
CAGR: 2010–15 5.1%
Source: Datamonitor D A T A M O N I T O R
Figure 18: Global airlines industry volume forecast: million passengers, 2010–15
Source: Datamonitor D A T A M O N I T O R
APPENDIX
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APPENDIX
Methodology
Datamonitor Industry Profiles draw on extensive primary and secondary research, all aggregated,
analyzed, cross-checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys
and supported by analysis from industry experts using highly complex modeling & forecasting tools,
Datamonitor’s in-house databases provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst
commentary, company profiles and macroeconomic & demographic information, which enable our
researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The
parameters of each definition are carefully reviewed at the start of the research process to ensure they
match the requirements of both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest
industry events and trends
Datamonitor aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – Datamonitor has developed powerful tools that allow quantitative
and qualitative data to be combined with related macroeconomic and demographic drivers to create
market models and forecasts, which can then be refined according to specific competitive, regulatory
and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and
up-to-date
APPENDIX
Global - Airlines 0199 - 0756 - 2010
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Industry associations
International Air Transport Association (IATA)
Travel Industry Designator Service, 800 Place Victoria, P.O. Box 113, Montreal, Quebec, H4Z 1M1,
Canada
Tel.: 1 514 874 0202
Fax: 1 514 874 1753
www.iata.org
International Air Carriers Association
Rue Montoyer, 23, BE-1000 Brussels Belgium
Tel.: 32 2 546 1060
Fax: 32 2 546 1070
www.iaca.be
Association of European Airlines
Avenue Louise 350, B-1050 Brussels, Belgium
Tel.: 32 2 639 8989
Fax: 32 2 639 8999
www.aea.be
Related Datamonitor research
Industry Profile
Airlines in Europe
Airlines in Asia-Pacific
Airlines in the United States
Airlines in the United Kingdom
Airlines in Japan
APPENDIX
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Disclaimer
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