Airline profits - Volume I - Issue 6 - December 2015

Volume I—Issue 6

A Magazine for Aviation Leaders & Influencers

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FEATURED

IATA Profitability Forecasts: Is the Airline Industry Becoming Financially Sustainable?

More articles inside...

Emirates: What Did the Airline Profits Sustainability Index Reveal?

Release date: December 2015

How Do Passengers Perceive Your Airline?

Where Is the Boeing 787 Spreading the Dreamliner Effect?

Volume I—Issue 6

December 2015

Airline Profits

Contents 6

Editorial: Sea son Gr eetin gs fr om Airlin e P rofits : Happy Holidays, Merry Christmas & Happy New Year 2016

10

Profile: Em ir a tes: W ha t Did the Air lin e Pr ofits Sustainability Index Reveal?

16

Perspective: T he B om ba r dier CSe r ies Is Cer tified:

What Are the Next Key Milestones?

20

Performance: IATA Pr ofita bility For eca sts: Is the Airline Industry Becoming Financially Sustainable?

26

Paradigm: Air lin e Im a ge: W ha t Per ception Do

Passengers Have of Your Brand?

30

Platform: W her e Is the B oein g 787 Spr ea din g the Dreamliner Effect?

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3

HEAD OF PROGRAMS:

Kofi Sonokpon

All rights reserved. No part of this publication may be reproduced, duplicated, stored in any retrieval system or transmitted in any form by any means without prior written permission of the Publishers.

kofi.sonokpon@airlineprofits.com

Airline Profits is r elea sed bi-monthly in February, April, June, October, October and December.

PUBLISHED BY: Airline Profits Publications

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Airline Profits is a v a ila ble in m u ltip le fo r m a ts: o nline, m o bile, digital and print. The online and mobile versions are free to all aviation and non-aviation subscribers.

Digital and print formats are chargeable based on an annual subscription.

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Š2015 Airline Profits ISSN 2368-7800 (Print) ISSN 2368-7819 (Online)

www.airlineprofits.com SPECIAL CREDITS:

JoĂŁo Augusto Batista

Airline Profits

December 2015

Volume I—Issue 6

Editorial Season Greetings: Happy Holidays, Merry Christmas & Happy New Year 2016 Kofi Sonokpon editor@airlineprofits.com

A warm welcome to the sixth edition of Airline Profits. As 2015, a very challenging, yet rewarding year is drawing to a close, we would like to wish you, your colleagues and loved ones a wonderful holiday season, a Merry Christmas and Happy New Year.

I would like to seize this opportunity to thank you for your continuous support throughout the

year.

Your suggestions, comments and feedback are essential to fueling our passion to pursue our quest

Your suggestions, comments and feedback are essential to fueling our passion to pursue our quest of becoming your publication of choice when it comes to airline profitability.

of becoming your publication of choice when it comes to airline profitability.

In this last magazine issue of the

You will also find a brief review

Furthermore, you will enjoy a

of Emirates Airline based on the

special contribution on airline

Airline Profits Sustainability In-

brand image by Mr. João Augus-

dex (APSI).

to

You will find our perspective

Lufthansa Consulting in Brazil.

about the recent certification of

Finally, you will find a review of

the Bombardier CSeries.

the Boeing 787 Dreamliner.

year, your will discover several topics, including IATA’s revised forecast for 2015 and their initial

forecast for 2016.

6

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Batista,

a

Consultant

at

Once again, thank you for your continuous support

and stay

tuned for very exciting news in 2016, including the first Airline Profits Ranking based on the Airline Profits Sustainability Index (APSI) as well as fresh details about the upcoming first edition of the Airline Profits Summit & Awards.

Read Airline Profits online at www.airlineprofits.com

Airline Profits

December 2015

Volume I—Issue 6

“ Write it on your heart that every

day is the best day in the year. ―Ralph Waldo Emerson

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December 2015

Volume I—Issue 6

Profile Emirates Airline: What Did the Airline Profits Sustainability Index Reveal?

In the October edition of Airline Profits, we presented our first review of Ryanair based the Airline Profits Sustainability Index (APSI). This is an integrated metric, which takes into account three dimensions: People, Performance and Agility.

In this edition, we are presenting another airline review on the basis of the APSI: that of Emirates Airline.

Our analysis covered a period of 10 years, starting 2005 through 2014. We have also considered

pieces of information available on Emirates Airline’s website and other reputable sources such as

Flightglobal at the time our review was conducted.

Based on the data available as of December 2015, our analysis revealed that on a scale of 1 to 10, Emirates Airline has an Airline Profits Sustainability Index of 8.8.

Based on the data available as of December 2015, our analysis revealed that on a scale of 1 to 10, Emirates Airline has an Airline Profits Sustainability Index of 8.8.

Creation and History Founded 30 years ago in March 1985, Emirates Airline started

In the next few lines, we are go-

ing to offer a breakdown of this rating. However, let’s begin with a brief overview of the company

operations about six months later in October with wet-leased air-

East, Emirates Airline is one of the world’s largest airlines serving more than 75 countries across

all continents.

planes from Pakistan Internation-

Established as a dominant player

al Airlines.

in the aviation industry, Emirates

by highlighting some key facts.

10

The largest carrier in the Middle

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A Fleet of Emirates Airbus A380 at Dubai International Airport. Photo Credit: Emirates Airline

Airline has won multiple awards

of which Asia Pacific, Europe,

Ownership,

over the years and is also the

Africa and the Middle East ac-

Alliances

largest operator of both Boeing

count respectively for 32, 29, 16

Emirates Airline currently has a

777 and Airbus A380 aircraft

and 12 percent. Emirates Airline

simple ownership structure: 100

types.

operates a mixed fleet of 245 air-

percent of the equity is held by

craft in-service composed of: 151

Emirates Group, a business con-

Boeing 777, 70 Airbus A380, 17

glomerate owned by the Govern-

Business Model, Network and

A330, five A340 and two Boeing

ment of the United Arab Emir-

Fleet

747. The current in-service fleet

ates (UAE).

One of the world’s largest and

has an average age of 6.4 years.

award-winning mainline carriers,

The airline also has 262 aircraft

Emirates currently serves 134

on order, including Airbus A380

destinations across all continents,

and Boeing 777s.

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December 2015

Subsidiaries

and

At the present time, there are no subsidiaries related to Emirates Airline.

Volume I—Issue 6

Airline Profits

December 2015

Volume I—Issue 6

Profile Besides, the airline currently has

2005 to 2014.

close to 20 codeshare and com-

The Agility Index has a 15%

mercial agreements, but is not part of any global airline alliance.

calculation.

People Index

weight in the overall APSI.

The Airline Profits People Index Leadership, People and Operations Emirates Airline is currently led

by Tim Clark, in the role of Presi-

is based on a scale of 1 to 10.

Summary

Emirates Airline has a high Peo-

Emirates Airline’s Airline Profits

ple Index of 8.7. Five factors

Sustainability Index of 8.8 is es-

were considered in our calcula-

sentially driven by the Perfor-

tion.

mance Index, which in this case

dent. And as of 2014, the airline employed over 44,000 people.

The People Index has a 45% weight in the overall APSI.

happens to be very high. This is mainly due to the fact that over

Headquartered in Dubai, Emir-

the

ates Airline uses Dubai Interna-

Emirates Airline was profitable

tional Airport as its main operational base. Emirates Airline also

operates some of the world’s longest non-stop flights from Dubai to Dallas and Houston (in

Texas) as well as Los Angeles and San Francisco (in California).

Besides, the carrier will be flying

Performance Index The Airline Profits Performance Index is based on a scale of 1 to 10. Emirates Airline has a very

ten years out of ten. In addition to that, the airline has posted

above average operating and net profit margins.

Five factors were considered in

and high People and Agility indi-

our calculation.

ces, our primary recommenda-

Dubai to Panama City starting in

weight in the overall APSI.

tion is that Emirates Airline would do well to focus on maintaining the discipline and mo-

February 2016.

mentum they have successfully Sustainability

Agility Index

built over time.

The Airline Profits Agility Index

If you like this article and are curious in finding out more, we invite you to stay tuned as we share more airline profiles and the Airline Profits ranking.

Profile

is based on a scale of 1 to 10.

As mentioned at the beginning of

Emirates Airline has a high

this review, our analysis covered

Agility Index of 8.1. Seventeen

a 10-year period ranging from

factors were considered in our

12

(2005-2014),

With a very high Performance

The Performance Index has a 40%

Profits

decade

high Performance Index of 9.1.

the longest non-stop route from

Airline

past

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Character

“Character is the ability to carry out a good resolution long after the excitement of the moment has passed.”

— Cavett Robert

Airline Profits

December 2015

Volume I—Issue 6

“ Cheers to a new year and another chance for us to get it right.

― Oprah Winfrey

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December 2015

Volume I—Issue 6

Perspective The Bombardier CSeries Is Certified: What Are the Next Key Milestones?

At an important gathering held at its plant in Mirabel on December 18, 2015, and attended by Marc Garneau, the Canadian Minister of Transport, Bombardier announced the certification of the CSeries CS100 aircraft type. The certification of a new type of aircraft is undoubtedly a major milestone. As far as the CSeries is concerned, this is an outstanding achievement, considering all the program delays and the related cost overrun.

Besides, this marks an important credibility point for the company, since Bombardier had committed to get the aircraft certified by Transport Canada before the end of 2015. Moreover, the CSeries becomes the first clean-sheet, commercial narrowbody jet to be certified in nearly 30 years (since the Airbus A320 in February 1988).

It is worth highlighting that the said delays and cost overrun have caused and fueled a contin-

uous wave of criticism and skepticism across the board, from the media, aviation enthusiasts and

investors. Some analysts have

16

The certification of the CS100, although a significant achievement, is only a key milestone among many...delivering flawlessly on these key milestones within the next six to nine months would be crucial in restoring confidence in the program. gone to the extent of suggesting that Bombardier should not have dare to venture into what has been considered a "dangerous territory", meaning the turf of Airbus and Boeing. Other commentators have offered that Bombardier should have simply kept

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doing what they are well known for, namely manufacturing regional and business jets as well as trains. How striking to realize how we tend to forget that just a few decades ago, Bombardier was not even engaged in manufacturing any airplanes or trains!

It would be good to remind our-

Bombardier CS100. Photo Credit: Bombardier/Patrick Cardinal

selves that such criticism and skepticism have always accompanied any innovation of significant importance. For instance, the move by the Wright Brothers to create a powered and controllable airplane was welcomed by a mass of critics and skeptics who said "it couldn't be done". And to the doubting Thomas, the very reason why "it couldn't be done" is that "it has never been done before". By contrast, the innovators down through the ages have used that same "it has never been done before" as the very good reason why "it should be done", why they should keep moving

Airline Profits

until they get it done. With that

Farnborough International Air-

said,

show in July 2016.

the certification of the

CS100, although a significant

In our opinion, delivering flaw-

achievement, is only a key mile-

lessly on these key milestones

stone among many. The next

within the next six to nine

key milestones that Bombardier

months would be crucial in re-

will do well to achieve in 2016

storing confidence in the pro-

are: 1. The delivery and entry in-

gram as a winning proposition.

to service (EIS) of the first CS100

That is certainly easier said than

to Swiss, 2. The certification of

done. However, it will take at

the CS300, 3. The delivery and

least that level of commitment

EIS of the first CS300 to airBaltic,

and effort to re-position the

4. The securing of more aircraft

CSeries

sales to to achieve at least 300

changer.

as

a

serious

game-

units sold, preferably before the

December 2015

Volume I—Issue 6

“ Be at war with your vices, at peace with your neighbors, and let every new year find you a better man.

― Benjamin Franklin

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December 2015

Volume I—Issue 6

Performance IATA Profitability Forecasts: Is the Airline Industry Becoming Financially Sustainable?

During the Global Media Day that IATA held on December 10, 2015, the trade association representing some 260 airlines worldwide presented their revised and initial forecasts on airline profitability respectively for 2015 and 2016. IATA raised their global target for the second time this year. Airlines are now anticipated to post a collective 33.0 US$ billion by year end, instead of the 29.3 billion announced earlier in June.

As hinted in past editions of Airline Profits, particularly in August and October, the year 2015

has been very rewarding to the airline industry. Airlines around the world and more importantly

in the USA have been reporting strong

quarterly

results.

For

some carriers it was one record

quarter after another. With that

IATA raised their global target for the second time this year. Airlines are now anticipated to post a collective 33.0 US$ billion by year end, instead of the 29.3 billion announced earlier in June.

said, some airlines are cautious about their outlook for the last quarter of 2015, due in part to the recent wave of terror, which could potentially slowdown demand for air travel during the peak holiday season. For instance, the Thanksgiving long

20

weekend in the USA did not generate the anticipated level of demand for air travel. Besides, due to cheaper oil, some potential customers prefer to travel by car instead of flying. Moreover, some world regions are being negatively affected by the strong US dollar. However, on one hand, the

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financial

performance

airlines

have reported in the first three quarters of 2015 is much higher than that of 2014. On the other

hand, the question is no longer whether airlines are going to meet IATA’s mid-year forecast of

US$ 29.3 billion, but rather by

10 Dec 2015. IATA Global Media Day 2015. Tony Tyler, Director General and CEO of IATA presenting the State of the Industry an d Global Economic Outlook. Photo Credit: IATA

how much will they exceed that?

Regional Adjustments for 2015

both regions, namely: a positive

Asia Pacific, Europe, Middle

US$ 0.2 billion for Africa and US$

East and North America

1 billion for Latin America.

IATA’s revised forecast about the

Africa and Latin America

According to IATA, overall Africa and Latin America are the only two regions where airlines that

would be reporting losses in 2015, a total of US$ 0.3 billion each.

However in June, that early optimistic outlook was reduced to a positive 0.1 billion and 0.6 billion

respectively for Africa and Latin America. It appears that airlines operating in these two regions

were not in a position to take adIt is worth noting that IATA’s initial forecast released in December 2014 was favorable to

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vantage of the lower oil prices compared to their counterparts in

other regions.

December 2015

airline profitability in these four regions is as follows: US$ 5.8 billion for Asia Pacific, 6.9 billion for Europe, 1.4 billion for the Middle East and 19.4 billion for North America.

On one hand, Asia Pacific and Europe are anticipated to see an increase in profits of respectively 13.7% and 19.0%, whereas the

Volume I—Issue 6

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December 2015

Volume I—Issue 6

Performance

Middle East would see a decrease of 22.2% in profits compared to the previous forecast.

On the other hand, it is worth highlighting that North America

alone is responsible for jacking up the overall airline profits. The

IATA presented an optimistic outlook for 2016, an overall US$ 36.3 billion in profits for the airline industry.

initial regional forecast of US$

13.2 billion was later revised to 15.7 billion in June.

North American airlines are now

half of 2015, which will represent

IATA’s Initial Airline Profit

a 23.6% raise compared to the

Outlook for 2016

previous forecast.

IATA presented an optimistic

anticipated to see a significant

outlook for 2016, an overall US$

increase in profits in the second

36.3 billion in profits for the air-

22

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line industry. All world regions

North America

very low for a capital intensive

are anticipated to see an increase

North America is anticipated to

economic sector such as the air-

in profitability compared to the

remain stable with US$ 19.2 bil-

line industry.

year-end forecast for 2015, yet on

lion in profits, representing a

different scales.

slight decrease of 1.0%.

For instance, IATA anticipated a 4.6% net profit margin for 2015

Africa

Summary

For instance, Africa is expected to narrow their overall loss to a neg-

and 5.1% for 2016.

Referring to our opening question: “Is the airline industry be-

Undoubtedly, the airline indus-

coming sustainably profitable?�

try has started a journey toward

one can suggest that airlines are

financial sustainability, however

definitely turning in more profits

the prospect is still very fragile

Latin America

now than before. And we hope

and there is still a long way to go,

Latin American airlines are antic-

that airlines will be able to main-

especially for regions where air-

ipated to recover from their loss

tain the upward trend.

lines were not able to take ad-

ative 0.1 billion, representing an increase of 66.7%.

with US$ 0.4 billion in profits, which is a 233.3% increase.

The Middle East Airlines in the

Middle

East

would report US$ 1.7 billion in profits, a 21.4% increase.

Asia Pacific

Despite the record profits airlines have been reporting, the profit margins are still very low for a capital intensive economic sector such as the airline industry.

Carriers in Asia Pacific would

post a collective US$ 6.6 billion, which represents a 13.8% increase over the revised forecast for 2015.

According to IATA, this is due to

vantage of the current lower oil

two main factors, namely: a

prices and where a strong US

strong demand for air travel and

dollar can adversely and signifi-

lower oil prices.

cantly affect the bottom line.

Europe

As far as financial sustainability

European airlines will see a sig-

is concerned, despite the record

nificant surge in profits with US$

profits airlines have been report-

8.5 billion, a 23.2% increase.

ing, the profit margins are still

Airline Profits

December 2015

Volume I—Issue 6

“ Year's end is neither an end nor a beginning but a going on, with all the wisdom that experience can instill in us. ―Hal Borland

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December 2015

Volume I—Issue 6

Paradigm Airline Image: What Perception Do Passengers Have of Your Brand?

Contributed by:

João Augusto Batista—Consultant at Lufthansa Consulting

Reacting to an article by Kofi Sonokpon entitled “What Business Is an Airline Really Engaged in?”, which appeared in the August 2015 edition of Airline Profits magazine and was vastly discussed on LinkedIn, industry peers almost unanimously agreed with Colleen Barrett, President Emeritus of Southwest Airlines, saying: “We’re in the Customer Service business. We just happen to fly airplanes.” In fact, other answers to this question, raised by the said article, such as safety or transportation of people and goods, are also centered in one

common

and

fundamental

theme: people.

Now that the core business is known, it is necessary for an airline to think about what they stand for in people’s minds, from an employee and a customer’s perspective. Similar to any Business-to-Consumer relationship, these two groups (apart from investors) are essential to keeping an airline alive and healthy, from an operational and financial standpoint. Just like any other business, an airline needs to sell their product, which is perishable by nature (a scheduled flight is expected to take off with or without enough passengers), making the mission of selling a flight in-

26

If people were asked to state, in one word, what comes to mind when an airline name is cited, one could expect the following: Efficiency for Lufthansa, Glamour for Air France, Business for TAM or Freedom for American Airlines. ventory all the more important.

And in order to sell it, the people involved in making it happen need to be motivated. At the end

of the day, our business is people oriented or at least should be!

Since the concepts related to em-

ployees are extensively covered

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in several management text books, let's shift our focus to the customer. Any airline needs to convince passengers to buy their tickets. Air travel is superfluous for customers who are not business or first class passengers.

They can reschedule theirs trips,

A couple taking a selfie with a Lufthansa aircraft and passengers in the background. Photo Credit: Lufthansa

or even change their means of

tive concepts to the customer’s

presence in the media). An air-

transportation based on pricing

mind is to have a strong image,

line can alter or maintain its im-

and on the perceived value they

and that is exactly the effect an

age through branding, for in-

will get for a given price.

airline want and need. However,

stance the recent attempt by GOL

an airline’s image can also be

in Brazil and Ryanair in Europe

negatively

especially

to alter their low-cost image in

when unfortunate events such as

order to appeal to more business

accidents occur. This image, ei-

customers, who have more pur-

ther positive or negative, can and

chasing power and tend to travel

will be changed by the appropri-

more frequently. In final analysis,

ate branding, here defined in a

passengers are attracted to a

broad concept,

which ranges

brand image as well as the per-

from the brand itself (aircraft

ceived message and value it con-

painting and logo) to the custom-

veys. So, what perception do cus-

er contact (customer service and

tomers have of your brand, what

And this is where image and branding enters the discussion. If people were asked to state, in one word, what comes to mind when an airline name is cited, one could expect the following: Efficiency for Lufthansa, Glamour

for Air France, Business for TAM or Freedom for American Airlines. The idea of having your

business name bring such posi-

affected,

impact does it have on them?

Airline Profits

December 2015

Volume I—Issue 6

“ Hope smiles from the threshold of the year to come, whispering, 'It will be happier.' ― Alfred Lord Tennyson

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December 2015

Volume I—Issue 6

Platform Where Is the Boeing 787 Spreading the Dreamliner Effect?

Paraphrasing Boeing Commercial Airplanes: “The industry-leading technology of the 787 Dreamliner is creating remarkable opportunities for airlines around the world and dramatically improving the air travel experience. We call it the Dreamliner effect.” In this edition of Airline Profits, we are doing an overview of the Boeing 787 and determine where in the aircraft is spreading its “Dreamliner effect” the most.

Description Initiated in the 1990s as a faster and more fuel-efficient alternative to the 767 and 747 aircraft types, the Boeing 787 Dreamliner is Boeing’s most fuel efficient jetliner to-date. It is also one the first aircraft types to have a composite-made airframe. Based on the Sonic Cruiser technology, a concept that Boeing dropped in 2002 and shifted to the 7E7 just a few weeks later in January 2003, the Dreamliner attribute of the 7E7 was announced in July 2003.

However, the 7E7 designation

A long range, mid-sized, widebody, powered with two jet engines, the Boeing 787 has four variants (787-3, -8, -9 and -10) and can accommodate between 242 to 335 passengers in a typical 3-class configuration.

Inspired by focus groups, the

A long range, mid-sized, wide-

Boeing 787 marked a departure

body, powered with two jet en-

from the hub-and-spoke concept,

gines, the Boeing 787 has four

which suited the 747 to that of

variants (787-3, -8, -9 and -10)

the point-to-point.

and can accommodate between 242 to 335 passengers in a typical

was changed to 787 much later in

3-class configuration.

January 2005.

30

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Boeing 787 Dreamliner. Photo Credit: Boeing

The Maiden Flight, Flight Test

FAA and EASA granted a type

The first intercontinental flight

and Type Certification

certificate to the Boeing 787-8 in

that ANA operated with the 787

August 2011.

occurred only three months later

The maiden flight of the Boeing

from Haneda, Japan to Frankfurt,

787 took place in December 2009 and originated

from

Everett,

Washington for three hours.

The flight test program was con-

ducted with a mix fleet of aircraft equipped with two types of engines, made by respectively by

GE (GEnx-1864) and Rolls-Royce (Trent 1000). Following the flight test program, which lasted about

Germany in January 2012. Apart

Launch Customer and Entry into

from ANA, Qatar Airways, Japan

Service

Airlines, JAL, Air India, Ameri-

All Nippon Airways (ANA), the launch customer for the Boeing 787, took delivery of the first aircraft in September 2011. And the Dreamliner officially entered service on October 26, 2011 with a flight from Tokyo to Hong Kong.

can Airlines, Air Canada, Ethio-

pian Airlines and United Airlines are some of the largest operators of the Boeing 787.

CONTINUED.

eight to nine months, both the

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December 2015

Volume I—Issue 6

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December 2015

Volume I—Issue 6

Platform

Highlight of Production and In-

empty

service Issues

caught fire, causing significant

Beside the overweight issue encountered during the production phase, which essentially caused a

delivery delay of about three years, the Boeing 787 Dreamliner also experienced fuel leakage,

wiring

damage

and

lithium-

battery fire issues over the next

at

London

Heathrow

heat damage to the airplane.

Moreover, other fire breakout incidents on the Japanese fleet

operated by Japan Airlines and All Nippon Airways caused the FAA and the Japanese aviation

authorities to issue an Airworthiness Directive and ground the

protection features against shortcircuits and overheating.

Following the approval of the revised battery design by the FAA and the retrofitting of the in

-service fleet, the ban on the Dreamliner was lifted worldwide in April 2013, after nearly four

months of grounding.

Boeing 787 fleet. Ultimately, the

Order

entire fleet was grounded world-

Distribution by Region

wide.

Boeing

As of December 2015, more than

For instance in 2013, a 787 operat-

re-designed the lithium-battery

60 airlines operate some 350 Boe-

ed by Ethiopian Airlines parked

system and included additional

ing 787 Dreamliners worldwide.

few months after entering ser-

vice.

32

Consequently,

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Summary

and

Fleet

Asia Pacific is by far the region

In terms of orders, Europe re-

years to deliver more than six

with the largest fleet in-service

mains second, but the Middle

times the initial fleet of 50

(155

East comes in third place before

aircraft, which was grounded in

North America.

2013.

airplanes),

representing

some 44% of the 787 fleet in service. Asia Pacific is also the re-

Furthermore, Boeing has a back-

gion with the most Dreamliner

operators as well as the largest

log of almost double the current

Summary

fleet in service, excluding op-

fleet on order, some 208 air-

Despite all the production and

tions. Undoubtedly, the Boeing

planes, representing nearly 33%

early operational issues, which

787 Dreamliner has set the bar

of the Boeing 787 Dreamliner or-

challenged and figuratively test-

very high for its category of air-

der book. Europe, North America

ed in some way the mettle of the

craft in a relatively short period

and the Middle East, are respec-

Dreamliner,

upon entering service.

tively second, third and fourth

quickly became a fast-selling air-

regions to have the most 787 in

craft. As a matter of fact, Boeing

service.

has managed in less than three

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the

Boeing

December 2015

787

Volume I—Issue 6

“ Let our New Year's resolution be this: we will be there for one another as fellow members of humanity, in the finest sense of the word. ― Goran Persson

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“ If you asked me for my New Year Resolution, it would be to find out who I am. ―Cyril Cusak

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Leadership

“No man will make a great leader who wants to do it all himself

or get all the credit for doing it. ” — Andrew Carnegie

Airline Profits

December 2015

Volume I—Issue 6

“ Celebrate what you want to see more of. ― Tom Peters

Airline Profits

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Available in Kindle & Paperback on Amazon

“ Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning. ―Albert Einstein

Airline Profits

www.airlineprofits.com

@AirlineProfits

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www.airlineprofits.com