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The Markets We Operate in Our Business British Airways 2009/10 Annual Report and Accounts 21 The markets we operate in our business MATCHING CAPACITY TO DEMAND The longest and deepest recession in living memory has meant we have had to move quickly to match our capacity to a rapid decline in demand. In February 2010 we saw the first upturn in demand for premium travel in 18 months. With recovery likely to be slow, we will continue to match our flying schedule to demand and to general economic activity as it picks up. 22 British Airways 2009/10 Annual Report and Accounts MARKET The markets we operate in OVERVIEW Whilst a number of major developed The global economic and economies started to emerge from financial crisis“ coupled with recession during the first half of our continued high fuel prices financial year, the UK lagged behind. has accelerated consolidation in the airline industry. Many It eventually endured six consecutive passenger and cargo carriers quarters of negative growth, amounting have either gone bust or have been absorbed into other to the longest and deepest recession in airlines and, overall, the global living memory, before finally emerging aviation market remains weak. from recession in the final three 2009 saw the collapse of months of 2009. Momentum appears SkyEurope, Flyglobespan and the merger of Alitalia with Air to have been maintained in early 2010, One, for example. In Asia, JAL discounting the impact of the severe filed for bankruptcy protection. winter weather we suffered in January. In Europe, we have announced plans to merge with Iberia. Austrian Airlines, Brussels Airlines and bmi have all been taken over by Lufthansa. In the US, Northwest has merged with Delta and United Airlines and Continental Airlines have announced a merger to create the world’s largest airline. ” British Airways 2009/10 Annual Report and Accounts 23 Global premium air travel demand The economic landscape Regionally, demand is picking up at very in key markets, calendar year 2009 different rates, however, reflecting the Whilst there are now clear causes Premium demand differing pace of economic recovery in for optimism for the UK economy, a major economies. Emerging markets North Atlantic -12.2% number of persistent concerns remain have seen the strongest rebound in Within Europe -25.1% and these may still delay a rebound growth. The Far East and Middle East Within Far East -19.8% in consumer confidence. Recovery in markets are now performing well, Europe – Far East -15.6% 2010 is, therefore, likely to be slow, whilst the North Atlantic market has Europe – Middle East -5.9% although momentum may build in 2011. come very close to recording growth. Total market -15.8% The US returned to positive growth But premium demand within Europe Source: IATA one quarter earlier than the UK, and remains depressed, thanks both to we saw economic activity grow at an recession and significant structural unprecedented rate in the final three changes in the airline sector. months of 2009 – far faster and stronger than the rebound seen after Corporate responsibility the downturns of 1991 and 2001. While recession is the overriding concern for most customers, the environment our business Emerging economies, and particularly and corporate responsibility remain very those in East Asia, have also bounced important issues to them. It is clear from back strongly on the back of a research that those companies with a recovery in world trade, and massive clear and open commitment to behave government support for the Chinese responsibly and to manage their economy. Improving domestic demand environmental impact have a far greater in these countries, driven by both chance of building a trusted relationship consumer spending and business with their customers. investment, should ensure the strong growth witnessed in China in recent years continues. Competition Rising sovereign debt levels, however, In response to the worsening economic pose a new threat to global economic conditions, the airline industry is in the security. There are risks that the global process of change in a number of areas. financial crisis, from which we are now emerging, will evolve into a global fiscal Consolidation crisis and that national deficits, which The global economic and financial crisis have ballooned during recession, may coupled with continued high fuel prices, curtail future growth. has accelerated consolidation in the airline industry. Many passenger and We are already seeing the start of the cargo carriers have either gone bust or fiscal claw back in the UK, and growth have been absorbed into other airlines has become sufficiently strong in a and, overall, the global aviation market number of economies for monetary remains weak. policy to begin returning to normal. But worries about national debt have been 2009 saw the collapse of SkyEurope, exacerbated by recent developments in Flyglobespan and the merger of Alitalia Dubai and Greece. The latter’s problems with Air One, for example. In Asia, JAL have exposed the fiscal frailties of some filed for bankruptcy protection. other European countries, depressing In Europe, we have announced plans the outlook for the Eurozone despite to merge with Iberia. Austrian Airlines, its encouraging exit from recession in Brussels Airlines and bmi have all been the second half of 2009. taken over by Lufthansa. In the US, Northwest has merged with Delta and Impact on our industry United Airlines and Continental Airlines have announced a merger to create Demand for global premium travel the world’s largest airline. finally returned to year on year growth in December 2009, some three Increased competition months behind an upturn in general Most of the markets in which we global economic activity. It was the operate are highly competitive. Levels first such increase in 18 months. of competition vary, route by route. 24 British Airways 2009/10 Annual Report and Accounts The markets we operate in continued In April 2009 we completed our third application to EU and US competition authorities to operate a joint business on North Atlantic routes with our oneworld alliance partners, American Airlines and Iberia. We are seeking the same anti-trust immunity to run this business as is already enjoyed by our major competitors. Their respective alliances, Star and Skyteam, are already allowed to coordinate schedules and offer customers a wide range of benefits and valuable services. Other recent regulatory changes have made these routes, and Heathrow in particular, far more competitive than in the past and we have argued that the move 1 would bring real benefits and choice to customers. We received tentative approval On a few international routes ‘No frills’ airlines are continuing to grow, for our joint business agreement competition remains limited, with but have switched their priorities to from the US Department of restrictions placed on the number growth at continental airports. While Transportation (DOT) in February of flights that can be operated and seat capacity in London fell by 8 per 2010 and we hope to receive final regulations governing the fares that cent for full service airlines during approval shortly. We have tabled can be charged. At the other extreme 2009, the ‘no frills’ carriers cut their commitments to the European there is a free market for flights within seats on London routes by just 3 per Commission to address competition Europe, allowing any European airline cent. Competition among these ‘no frills’ concerns expressed in its Statement to operate any route it chooses and carriers at Gatwick is also expected of Objections of September 2009. to set its own fares. to intensify. The commitments include making daily take-off and landing slot pairs In an effort to protect their airlines from Longhaul market available at Heathrow, Gatwick the effects of the financial crisis and Deregulation has had a significant and/or New York JFK to allow global recession, some governments impact on our longhaul business. other operators to compete with have regrettably resorted to bailout The first phase of the EU-US Open us on transatlantic routes. programmes. This has been particularly Skies agreement, which took effect true in a number of major emerging in summer 2008, has altered the markets, most notably in China competitive landscape on transatlantic and India. routes, especially at Heathrow. Shorthaul market US carriers Delta, Continental and On shorthaul routes, we face US Airways have all commenced new competition in the air and on the ground. services from Heathrow and in 2009 Train operators in the UK are taking a offered a total of 102 services per bigger share of the air/rail travel markets week. New entrants and existing now that infrastructure improvements carriers from the Middle East, Africa have cut journey times on key lines such and India have also added capacity as the West Coast mainline. Eurostar, at Heathrow. Our own OpenSkies despite being severely disrupted by subsidiary now operates direct snow and freezing weather in January, services to the US from Paris. continues to grow and carried 1.2 per Other important markets are also being cent more passengers in 2009, at a time liberalised. The EU recently signed an when demand for flights from London to ‘open skies’ deal with Canada. Similar Brussels and to Paris fell by 14 per cent agreements are expected to follow and 3 per cent, respectively. with other like-minded countries such British Airways 2009/10 Annual Report and Accounts 25 1 We have focused on fuel and emission savings through shutting down one engine on aircraft taxiing to the terminal. 2 We have started developing our express airfreight proposition, Prioritise, which will be relaunched 2 during 2010. 3 We have a target of 80 per cent of customers departing Heathrow to use either an airport check-in kiosk or ba.com.
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