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E-raamat: Foundations of Airport Economics and Finance

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(Professor of Aviation Management, International University of Applied Sciences, Bad Honnef, Germany)
  • Formaat: PDF+DRM
  • Ilmumisaeg: 21-Mar-2019
  • Kirjastus: Elsevier Science Publishing Co Inc
  • Keel: eng
  • ISBN-13: 9780128105290
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Foundations of Airport Economics and FinanceSuurem pilt
  • Formaat: PDF+DRM
  • Ilmumisaeg: 21-Mar-2019
  • Kirjastus: Elsevier Science Publishing Co Inc
  • Keel: eng
  • ISBN-13: 9780128105290
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Foundations of Airport Economics and Finance analyzes the impact key economic indicators play on an airport’s financial performance. As rapidly changing dynamics, including liberalization, commercialization and globalization are changing the nature of airports worldwide, this book presents the significant challenges facing current and future airports. Airports are evolving from quasi-monopolies to commercial companies operating in a global environment, with ever-increasing passenger and cargo volumes and escalating security costs that put a greater strain on airport systems. This book highlights the critical changes that airports are experiencing, providing a basic understanding of both the economic and financial aspects of the air transport industry.

  • Identifies the economic roots of airport financial performance and how the interplay of its major parameters affects profitability
  • Bridges the gap between the latest airport academic research and real-world airport financial management
  • Covers cases and scenarios of numerous airports from around the world
  • Includes learning aids, such as chapter introductions and summaries, glossary and appendices
List of figures xi
List of tables xv
List of features xix
Preface xxi
Acknowledgments xxv
Abbreviations xxvii
Part I: General Characteristics of the Airport Industry 1(66)
1 The nature of airports
3(14)
1.1 Introduction
3(1)
1.2 The role of airports within the air transport system
4(4)
1.2.1 Common airport characteristics
4(1)
1.2.2 Traffic development
5(3)
1.3 The social, environmental, economic, and political impact of airports
8(3)
1.3.1 Economic and social effects
8(2)
1.3.2 Environmental impact and mitigations
10(1)
1.3.3 Aviation and airport policy
11(1)
Feature 1.1: Airport products and services
11(3)
1.4 Summary
14(1)
References
15(2)
2 The metamorphosis of airports
17(18)
2.1 Introduction
17(1)
2.2 The commercialization of airports
17(8)
2.2.1 Awakening of airport owners
17(2)
2.2.2 Airport business models
19(6)
2.3 The changing surroundings of the airport business
25(3)
2.3.1 Airport security
25(1)
2.3.2 Airport information technology
26(2)
Feature 2.1 The airport of the future
28(3)
2.4 Summary
31(1)
References
32(3)
3 Measuring the financial position
35(14)
3.1 Introduction
35(1)
3.2 Recording business activities
36(9)
3.2.1 The profit and loss account
36(6)
3.2.2 The balance sheet
42(2)
3.2.3 The statement of cash flows
44(1)
3.2.4 The statement of changes in owners' equity
45(1)
3.3 Financial relationships exposed
45(1)
Feature 3.1: International reporting standards
46(1)
3.4 Summary
47(1)
References
48(1)
4 State of the industry
49(18)
4.1 Introduction
49(1)
4.2 Industry profitability
49(5)
4.3 The structure of airport finances
54(3)
4.3.1 Airport revenue structures
54(2)
4.3.2 Airport cost structures
56(1)
4.4 Operational efficiency
57(5)
Feature 4.1: Sector employment
62(2)
4.5 Summary
64(1)
References
64(3)
Part II: The Roots of Airport Economics 67(116)
5 Operating environment
69(24)
5.1 Introduction
69(1)
5.2 The impact of major traffic flows on airport demand
69(5)
5.3 Site-specific factors
74(3)
5.4 Regional location and financial performance
77(6)
Feature 5.1: Aviation policy
83(5)
5.5 Summary
88(1)
References
88(5)
6 Scale of operations
93(12)
6.1 Introduction
93(1)
6.2 Airport capacity and output
93(2)
6.3 Operating size and financial performance
95(3)
Feature 6.1: The impact of airline strategy
98(5)
6.4 Summary
103(1)
References
104(1)
7 Capital structure, capital cost, and capital productivity
105(10)
7.1 Introduction
105(1)
7.2 Capital structure
105(2)
7.3 Capital cost
107(1)
7.4 Capital productivity and financial performance
107(2)
Feature 7.1: The weighted average cost of capital
109(2)
7.5 Summary
111(1)
References
112(3)
8 Investment spending
115(14)
8.1 Introduction
115(1)
8.2 Capital projects and funding requirements
115(6)
8.3 Capital expenditure relative to output
121(2)
Feature 8.1: Airport collaborative decision making
123(2)
8.4 Summary
125(1)
References
126(3)
9 Ownership structure
129(34)
9.1 Introduction
129(1)
9.2 The global move toward commercialization and eventually privatization
130(1)
9.3 Approaches to privatization and resulting ownership models
131(5)
9.3.1 Concession
133(1)
9.3.2 Project finance (BOT)
133(1)
9.3.3 Management contract
134(1)
9.3.4 Share floatation
135(1)
9.3.5 Trade sale
135(1)
9.4 Ownership and financial performance
136(3)
9.5 The evolution of airport privatization and investors
139(12)
9.5.1 Review of privatization projects
139(8)
9.5.1.1 Phase 1 (1987-95)
141(1)
9.5.1.2 Phase II (1996-2001)
142(1)
9.5.1.3 Phase III (2002-08)
143(1)
9.5.1.4 Phase IV (2009-16)
144(3)
9.5.2 Summary of main projects, models, and investors
147(4)
9.6 Experiences and consequences
151(5)
9.6.1 Issues arising from airport privatization
151(4)
9.6.2 Looking into the crystal ball
155(1)
Feature 9.1: International airport groupings
156(2)
9.7 Summary
158(1)
References
159(4)
10 Regulatory regime
163(20)
10.1 Introduction
163(1)
10.2 Economic oversight and regulatory tills
164(6)
10.3 Regulation and financial performance
170(1)
Feature 10.1: Airport pricing and charges
171(8)
10.4 Summary
179(1)
References
179(4)
Part III: Financial Management in the Airport Sector 183(76)
11 Specifics of airport economics
185(14)
11.1 Introduction
185(1)
11.2 The two-sided nature of the airport business
185(3)
11.3 Economies of scale and the investment cycle
188(3)
11.4 Implications for financial management
191(2)
Feature 11.1: Toward breakeven and profitability
193(2)
11.5 Summary
195(1)
References
196(3)
12 Managing the financial performance
199(44)
12.1 Introduction
199(1)
12.2 Major issues in financial management and control
200(22)
12.2.1 Tasks and objectives
200(1)
12.2.2 Financial statement analysis
201(21)
12.3 Tools for performance analysis and control
222(15)
12.3.1 Financial ratios
222(6)
12.3.1.1 Financial ratios as a system
222(2)
12.3.1.2 Types of financial ratios
224(4)
12.3.2 Benchmarking
228(3)
12.3.3 Financial controlling
231(1)
12.3.4 Value-based management
232(5)
Feature 12.1: The airport value tree
237(2)
12.4 Summary
239(1)
References
240(3)
13 Financing growth
243(16)
13.1 Introduction
243(1)
13.2 Cash flows for funding
244(1)
13.3 Financing options
245(9)
13.3.1 Bond finance
246(1)
13.3.2 Government programs
247(7)
13.3.2.1 European Union programs
247(4)
13.3.2.2 United States government programs
251(3)
Feature 13.1: Airport valuation
254(2)
13.4 Summary
256(1)
References
257(2)
Appendix A: Airports covered 259(4)
Appendix B: Airport codes 263(6)
Appendix C: Selected current and future airport investment projects in excess of USD 1bn 269(4)
Appendix D: Copenhagen Airports common-size comparative financial statements for the years 2006-15 273(14)
Index 287
Hans-Arthur Vogel is a seasoned air transport economics, markets, and operations expert. Currently he is Professor of Aviation Management at International University of Applied Sciences in Bad Honnef, Germany and previously held senior financial positions with the Fraport Group, a leading international airport company. Dr. Vogel is a founding member of the Air Transport and Aeronautics Education and Research Association and has written for numerous journals, including Journal of Air Transport Management and Research in Transportation Business and Management. He has an MBA in Aviation from Embry-Riddle Aeronautical University and a PhD in Airport Economics and Finance from the University of Westminster.
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