美世《Impact of Low Cost Airlines》21页

ImpactofLowCostAirlinesSummaryofMercerStudyCONFIDENTIALMercerManagementConsulting©2002FSMUC1-TRN99901-20020820AuszugAirline_engl.ppt2Preliminaryremark
ThispresentationisasummaryofaMercerstudyontheimpactoflow-costairlinesontheEuropeanaviationindustry.
Thisdocumentprovidesanoverviewofthemostimportantfindingsofouranalysisandtheessentialthesesforfuturetrends.
Forfurtherinformationpleasecontact:DieterSchneiderbauerOlivierFainsilberVicePresidentVicePresidentStefan-George-Ring228,avenueVictorHugo81929München75783ParisCedex16Tel.:[phone]Tel.:[phone]E-Mail:[e-mail]-Mail:[e-mail]lting©2002FSMUC1-TRN99901-20020820AuszugAirline_engl.ppt3SimpleProduct
Nomeals;drinksandsnacksforfree
Narrowseating(greatercapacity)
Noseatreservation;free-seating
Nofrequent-flyerprogramsPositioning
Non-businesspassengers,leisuretraffic,price-consciousbusinesspassengers
Short-haulpoint-to-pointtrafficwithhighfrequencies
Aggressivemarketing
Secondaryairports
CompetitionwithalltransportationcarriersLowOperatingCosts
Lowwages,lowairportfees
Lowcostsformaintenance,cockpittrainingandstandbycrewsduetohomogeneousfleet
Highresourceproductivity:shortgroundwaitsduetosimpleboardingprocesses,noairfreight,nohubservices,shortcleaningtimes
Leansales(highpercentageofonlinesales)ExplanationsBusinessDesignforLow-CostAirlinesThe“low-costcarrier”businessdesignisdefinedbythreekeyelements:SimpleProduct(“NoFrills”)LowCostAirlinesLowOperatingCostsPositioningMercerManagementConsulting©2002FSMUC1-TRN99901-20020820AuszugAirline_engl.ppt4Source:AviationStrategy,Doganis1967-1990
Foundedin1967;flightoperationsbeginin1971forflightswithinTexas
Businessdesign:–Short-tripservice–Lowprices–Highpoint-to-pointfrequencies–Highpunctuality–Nofrills:nomeals,noseatreservation,etc.–Brandimage:“flyingisfun”
Passengersfromcompetitors,butmaincompetitorisroadtraffic
Expandedtosouthwestandwestcoastfrom1978(afterderegulation)1990-2000from2001
Furtherexpansion:–1990Chicagoarea–1993Baltimorearea–1993TakeoverofMorrisAir(SaltLakeCity)–1999Eastcoast
Avoidsdirectcompetitionbychoosing“secondaryairports”
Routeschosenwitheyetomarketdominance;leadershipin93of100topmarketsby1993(highfrequency,lowfare)
1999:fifthlargestUSairlineinnumberofnationalpassengerflights
Retainslowunitcosts(costsperASM):7.66centsinfirstninemonthsvs.7.73centsin2000
AfterSept2001:conservativecapacityadjustmentscomparedtosignificantcapacityreductionsofcompetitorsleadstogainsinmarketshare
NetprofitofUS$413millionin2001is34%lowerthanin2000,butsoleprofitableUSairlinein2001
Southwestintendstocreate4,000newjobsin2002Averageannualgrowthbetween10and15%;continuouslyprofitableExample:SouthwestAirlinesThehistoryofthefirsttrulylow-costairline,Southwest,hasbeenmarkedbygrowthandconstantprofitabilityMercerManagementConsulting©2002FSMUC1-TRN99901-20020820AuszugAirline_engl.ppt5UnitedDeltaUSAirwaysContinentalAmericaWestSouthwest012345640060080010001200Costsperseat/mileAverageSectorLengthinMiles
ComparisonofoperatingcostsforaBoeing737-300
AnalysisofUSairlinesdatafor1998
CostadvantageforSouthwestdespiteshorteraveragedistancesExplanationsUnitCostsCompared:Southwestvs.USAirlinesSouthwestAirlinesSouthwesthasclearcostadvantagesoverUSairlinesAcomparisonofcostsperseat/milerevealsunitcostadvantagesof20to40%forSouthwestSource:AirlineMonitorMercerManagementConsulting©2002FSMUC1-TRN99901-20020820AuszugAirline_engl.ppt61006001,1001,6002,1002,6002002200120001999199819971996199519941993199219911990SouthwestDowJonesTransportationIndexValuePerformanceofSouthwestvs.DJTransportationIndexIndexStockMarketValue:14.5bnUS$SouthwestAirlinesSouthwest’ssuccessisreflectedinitsvalueperformance.SouthwesthasbecometheairlinewiththehigheststockmarketvalueintheworldIndex:November1989=100;yearlyfiguresalwaystakenfromJanuary;source:yahoofinance,multexinvestorMercerManagementConsulting©2002FSMUC1-TRN99901-20020820AuszugAirline_engl.ppt7
Theexpansionoflow-costcarriersinEuropecoincidedwiththefinalderegulationofthemarketduringthe1990s
Genuinelow-costoperationsbeganontheBritishislesinthe1990swithRyanairfromIreland,whichwaspatternedafterSouthwestAirlinesintheUS
Themarketischaracterizedbytheexpansionofexistinglow-costairlines(e.g.Ryanair,easyJet,Go,buzz),newupstarts(e.g.BasiqAir,bmibaby),takeovers(e.g.GobyeasyJet)andbankruptcieswithmarketexits(e.g.ABAirlines,Debonair)
FollowingGreatBritain,low-costcarriersareincreasinglytakingholdontheContinent,oftenwithaggressivemarketingandprices
Low-costairlinesareovertakingestablishedcarriersinmarketcapitalizationonthestockexchangesLow-CostAirlinesinEuropeEuropeanlow-costairlinesareaphenomenonofthe1990sMercerManagementConsulting©2002FSMUC1-TRN99901-20020820AuszugAirline_engl.ppt8NorthAmericaStart
1971Southwest;firstroutesbeginoperations
Furtherexpansionfrom1978followingderegulation(Southwest,AirTranetc.)
1991Ryanairwithrelaunchaslow-costairline
Strongmarketgrowth
1999easyJetestablishesbaseinGeneva(followingtakeoverofTEASwitzerland)
1992VirginExpressstartsupwithbaseinBruss