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레포트 > 경제경영계열

[회계원리] 항공산업(영문)

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레포트 > 경제경영계열
2009.04.24
37페이지 / doc
2,100원
63원 (구매자료 3% 적립)

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[회계원리] 항공산업(영문)에 대한 자료입니다.

Introduction
I. Why Airlines?
II. Selection Criteria for Individual Enterprises
III. Analysis Method

Industry Analysis
I. Tests of Solvency
II. Tests of Liquidity
III. Tests of Profitability
IV. Tests of Activity
V. Tests of Growth Rates

Evaluation
I. Evaluation Method
II. The Result

본문내용

Introduction

I. Why Airlines?
Profit margins for airlines have always been thin, falling well below the average profitability
of U.S. corporations. Since 2000, margins have been consistently negative. Major air carriers have recorded a surprising loss and have fallen down constantly for the past 7, 8 years. Depressions in the airlines industry were caused by many factors. First, unexpected accidents including 9.11 have been a big shock to the industry. It has made people fear to fly across the country. Moreover, oil price has increased substantially, due to Iraq war and the restless conditions of the Middle East, not to mention the vast oil consumption of China.

Even now for airline companies, the conditions have not been normalized. However, it looked like the carriers are on the verge of finding their way out from the long depression. Airlines industry had hit their bottom during 2003. In 2006, U.S. airlines generated an operating margin of 4.6 percent on operating profits of $7.5 billion. As a result, the industry posted net earnings of $3.0 billion and a net profit margin of only 1.9 percent. While this is well below the average for U.S. corporations in 2006, we can see it as an encouraging result. But to make matters worse, an economic depression, fundamentally caused by subprime mortgage incident, is hanging dark clouds over the whole industry once again.

As you can see, it is quite sure that the airlines industry is going through a very turbulent situation. Our team focused on the unique situations that the industry is facing, and thought it would be a valuable attempt to find a steady and reliable company to invest in among them. Also, we believe that the company which can overcome such long and harsh economic hardships, (which the airlines industry has been facing for almost a decade), will also be more profitable than other competitors, when industry at last escape from a long tunnel of depression. Therefore, our objective of this report is to find stable and sustainable, and also profitable company within the airlines industry.

II. Selection Criteria for Individual Enterprises
To sort out 7 enterprises before the evaluation process, we have selected two major indexes related to the Airlines industry. One is AMEX Airline Index. It is designed to measure the performance of highly capitalized companies in the airline industry. The index tracks the aggregate performance of major U.S. and overseas airlines. Another is the listings from ATA (Air Transport Association of America) which aligned the airline companies in the order of operating revenue. By comparing these two data, we have successfully selected 7 companies to be used in our research. The following airline companies are chosen through the aforementioned procedures.

1. Alaska Airways
Alaska Air Group, Inc., through its subsidiaries, Alaska Airlines, Inc. and Horizon Air Industries, Inc., operates as an airline company serving destinations in the western United States, Canada, and Mexico. It provides passenger air services; and freight and mail services primarily to and within the state of Alaska, and on the West Coast.

2. American Airlines
AMR Corporation (AMR), through its subsidiaries, operates as a scheduled passenger airline in the United States. The company, through its principal subsidiary, American Airlines, Inc., provides scheduled jet service to approximately 170 destinations throughout North America, the Caribbean, Latin America, Europe, and Asia.

3. Continental Airlines

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