Aegean Airlines Για Τα Έτη 2014 - 2018

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Aegean Airlines Για Τα Έτη 2014 - 2018 Σχολή Κοινωνικών Επιστημών Μεταπτυχιακό Πρόγραμμα Σπουδών Τραπεζική Διπλωματική Εργασία Η Επίδραση της Χρηματοπιστωτικής Κρίσης στην Ελληνική Αεροπορική Αγορά: Μελέτη Περίπτωσης της Αεροπορικής Εταιρείας Aegean Airlines για τα έτη 2014 - 2018 Βασιλική Σιάτου Επιβλέπων καθηγητής: Νικόλαος Ηρειώτης Πάτρα, Ιούλιος 2020 Η παρούσα εργασία αποτελεί πνευματική ιδιοκτησία της φοιτήτριας Σιάτου Βασιλικής που την εκπόνησε. Στο πλαίσιο της πολιτικής ανοικτής πρόσβασης ο συγγραφέας/δημιουργός εκχωρεί στο ΕΑΠ, μη αποκλειστική άδεια χρήσης του δικαιώματος αναπαραγωγής, προσαρμογής, δημόσιου δανεισμού, παρουσίασης στο κοινό και ψηφιακής διάχυσής τους διεθνώς, σε ηλεκτρονική μορφή και σε οποιοδήποτε μέσο, για διδακτικούς και ερευνητικούς σκοπούς, άνευ ανταλλάγματος και για όλο το χρόνο διάρκειας των δικαιωμάτων πνευματικής ιδιοκτησίας. Η ανοικτή πρόσβαση στο πλήρες κείμενο για μελέτη και ανάγνωση δεν σημαίνει καθ’ οιονδήποτε τρόπο παραχώρηση δικαιωμάτων διανοητικής ιδιοκτησίας του συγγραφέα/δημιουργού ούτε επιτρέπει την αναπαραγωγή, αναδημοσίευση, αντιγραφή, αποθήκευση, πώληση, εμπορική χρήση, μετάδοση, διανομή, έκδοση, εκτέλεση, «μεταφόρτωση» (downloading), «ανάρτηση» (uploading), μετάφραση, τροποποίηση με οποιονδήποτε τρόπο, τμηματικά ή περιληπτικά της εργασίας, χωρίς τη ρητή προηγούμενη έγγραφη συναίνεση του συγγραφέα/δημιουργού. Ο συγγραφέας/δημιουργός διατηρεί το σύνολο των ηθικών και περιουσιακών του δικαιωμάτων. Η Επίδραση της Χρηματοπιστωτικής Κρίσης στην Ελληνική Αεροπορική Αγορά: Μελέτη Περίπτωσης της Αεροπορικής Εταιρείας Aegean Airlines για τα έτη 2014 - 2018 Βασιλική Σιάτου Επιτροπή Επίβλεψης Διπλωματικής Εργασίας Επιβλέπων Καθηγητής: Συν-Επιβλέπων Καθηγητής: Νικόλαος Ηρειώτης Μάριος Μενεξιάδης Πάτρα, Ιούλιος 2020 i Περίληψη Οι αερομεταφορές προσφέρουν τη φυσική σύνδεση απομακρυσμένων περιοχών σε ελαχιστοποιημένο χρόνο. Οι αερομεταφορές αποτελούν βασικό πυλώνα της οικονομικής ανάπτυξης καθώς δημιουργούν θέσεις εργασίας, διευκολύνουν το εμπόριο και τον τουρισμό. Ιδιαίτερα για τη χώρα μας ο ρόλος τους στην ανάπτυξη του τουρισμού και της οικονομικής δραστηριότητας γενικά είναι σημαντικός τόσο σε εθνικό όσο και σε περιφερειακό επίπεδο, ενώ παράλληλα διασφαλίζουν την κοινωνική και γεωγραφική συνοχή. Ο κλάδος των αερομεταφορών παραδοσιακά συνδέεται με τις διακυμάνσεις της οικονομίας και η ζήτηση για αερομεταφορές είναι ευαίσθητη στις εξωτερικές επιδράσεις, οδηγώντας συχνά σε κρίσεις. Η χρηματοπιστωτική κρίση που εμφανίστηκε στα τέλη του 2008, έπληξε τις αερομεταφορές σε διεθνές επίπεδο, οδηγώντας σε μεγάλες οικονομικές απώλειες και επιτάχυνε την αναδιάρθρωση και τη συγκέντρωση του κλάδου μέσω πτωχεύσεων, εξαγορών και συμμαχιών. Στην Ελλάδα η χρηματοπιστωτική κρίση του 2008, λόγω των διαθρωτικών και δημοσιονομικών προβλημάτων της χώρας μας οδήγησε την οικονομία σε παρατεταμένη ύφεση. Η ζήτηση για αερομεταφορές μειώθηκε οδηγώντας τον κλάδο των αερομεταφορών, που χαρακτηριζόταν από το δυοπώλιο και την υψηλή συγκέντρωση, σε οικονομικές απώλειες, οδηγώντας τελικά στην εξαγορά της Olympic Air από την Aegean Airlines και στη δημιουργία ενός μεγάλου αερομεταφορέα στην ελληνική αγορά. Η ανάλυση των χρηματοοικονομικών καταστάσεων που πραγματεύεται η παρούσα διπλωματική εργασία επιχειρεί να αξιολογήσει την οικονομική επίδοση του μεγαλύτερου αερομεταφορέα της χώρας μας, Aegean Airlines. Λέξεις – Κλειδιά Αερομεταφορές, Aegean Airlines, Χρηματοπιστωτική Κρίση, Αριθμοδείκτες i The Impact of the financial Crisis on Greek Air Transport Sector: Case Study Analysis on Aegean Airlines 2014 - 2018 Vasiliki Siatou Abstract Air transport offers a physical connection of remote areas in reduced time, while it constitutes a key pillar of economic growth, as it creates employment, facilitates trade and tourism. Especially for Greece, the role of air transport in the development of tourism and economic activity in general is important both at national and regional level, while ensuring social and geographical cohesion. Air transport sector has traditionally been associated with fluctuations in the economy, while the demand for air transport is susceptible to external impacts, often leading to crises. The financial crisis, which erupted in late 2008, hit aviation internationally, leading to major financial losses, while it accelerated the restructuring and concentration of the industry through bankruptcies, acquisitions and alliances. The financial crisis of Greece, which began in 2008, due to the structural and fiscal problems, led the economy to a prolonged recession. The demand for air transport decreased, an as a consequence the air transport sector, which was characterized by a duopoly market and high concentration, suffered financial losses, eventually leading to the acquisition of Olympic Air by Aegean Airlines and the creation of a large air carrier in the Greek market. The objective of the thesis is to evaluate the financial performance of Aegean Airlines, the largest air carrier in Greece, through the ratio analysis of the consolidated financial statements. Keywords Air Transport, Aegean Airlines, Financial Crisis, Ratio Analysis, ii Περιεχόμενα Περίληψη ........................................................................................................................ i Abstract .......................................................................................................................... ii Περιεχόμενα ................................................................................................................. iii Κατάλογος Διαγραμμάτων............................................................................................ vi Κατάλογος Πινάκων .................................................................................................. viii Εισαγωγή........................................................................................................................ 1 ΜΕΡΟΣ ΠΡΩΤΟ ............................................................................................................ 2 Κεφάλαιο 1: Η Επίδραση της χρηματοπιστωτικής κρίσης στις διεθνείς αερομεταφορές ........................................................................................................................................ 2 1.1 Σημαντικότητα του κλάδου αερομεταφορών .................................................... 2 1.2 Η Φύση του αεροπορικού προϊόντος ................................................................ 5 1.3 Χαρακτηριστικά του κλάδου αερομεταφορών ................................................. 6 1.3.1 Εμπλεκόμενοι φορείς στον κλάδο αερομεταφορών .................................... 6 1.3.2 Κατηγορίες αερομεταφορέων ...................................................................... 7 1.3.3 Το Παράδοξο της οριακής κερδοφορίας ..................................................... 8 1.3.4 Οι Εξωτερικές επιδράσεις και οι κρίσεις στις αερομεταφορές ................. 10 1.4 Κανονιστικό και ανταγωνιστικό περιβάλλον .................................................. 11 1.5 Συμμαχίες Αερομεταφορέων........................................................................... 14 1.6 Οι επιπτώσεις της κρίσης στις διεθνείς αερομεταφορές ................................. 18 1.6.1 Μείωση ζήτησης και προσαρμογή προσφοράς ......................................... 19 1.6.2 Οικονομικές Επιπτώσεις ............................................................................ 20 1.6.3 Συγκέντρωση του κλάδου των αερομεταφορών........................................ 21 Α. Χρεωκοπίες και εξαγορές ............................................................................ 21 Β. Συγχωνεύσεις και συμμαχίες αερομεταφορέων ........................................... 21 1.6.4 Όξυνση ανταγωνισμού και ενίσχυση των παρεπόμενων εσόδων ............. 22 iii Κεφάλαιο 2: Η Επίδραση της χρηματοπιστωτικής κρίσης στις αερομεταφορές στην Ελλάδα ......................................................................................................................... 24 2.1 Σπουδαιότητα του κλάδου αερομεταφορών στην Ελλάδα ............................. 24 2.2 Σύντομη ιστορική αναδρομή ........................................................................... 25 2.3 Θεσμικό πλαίσιο εγχώριας αγοράς αερομεταφορών ...................................... 26 2.4 Ιδιαίτερα χαρακτηριστικά του κλάδου αερομεταφορών στην Ελλάδα ........... 26 2.4.1 Αερομεταφορείς που δραστηριοποιήθηκαν στην Ελλάδα ........................ 27 2.4.2 Αερολιμένες στην Ελλάδα ......................................................................... 29 2.4.3 Παροχή δημόσιας υπηρεσίας (άγονες γραμμές) ........................................ 31 2.4.4 Εποχικότητα επιβατικής ζήτησης αερομεταφορών ................................... 32 2.5 Οι Επιπτώσεις της κρίσης στις εγχώριες αερομεταφορές ............................... 33 2.5.1 Μείωση επιβατικής κίνησης ...................................................................... 33 2.5.2 Συγχώνευση Olympic Air και Aegean Airlines ....................................... 34 1η Απόπειρα Συγχώνευσης ................................................................................ 35 2η Απόπειρα Συγχώνευσης ................................................................................ 36 2.5.3 Οικονομικές επιπτώσεις της κρίσης στον κλάδο των αερομεταφορών στην Ελλάδα .................................................................................................................. 37 2.5.4 Όξυνση ανταγωνισμού και αερομεταφορείς χαμηλού κόστους ................ 39 2.6 Ανταγωνιστικότητα ρυθμιστικού πλαισίου των αερομεταφορών στην Ελλάδα 41 ΜΕΡΟΣ ΔΕΥΤΕΡΟ
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