CONTENT
CONTENT PREFACE .............................................................................................................................................. 3 Foreword ............................................................................................................................................. 4 Section 1 - Industry Overview .............................................................................................................. 5 Section 2 Private Jet Charter Broker: Job Description ......................................................................... 18 Section 3 Written Business Plan Development ................................................................................... 20 Section 4 - Getting your own business set-up and ready ..................................................................... 23 Section 5 – Private Jet Charter Quote & Invoice ................................................................................. 27 Section 6 - Finding Charter Aircrafts & Operators ............................................................................... 34 Section 7 - How to Find New Clients ................................................................................................... 37 Section 8 - Private Jet Charter Broker Software Resources ................................................................. 44 Section 9 - Calculating Commission Rates ........................................................................................... 50 Section 10 – Handling payments with operators ................................................................................ 52 Section 11 – Processing A Private Jet Charter Order ........................................................................... 54 Section 12 - Additional Flight Requirements ....................................................................................... 55 Section 13 - Flight Support ................................................................................................................. 57 Section 14 – Debriefing ...................................................................................................................... 58 Section 15 – How To Keep A Client ..................................................................................................... 59 Section 16 - Establishing Good Creditworthiness ................................................................................ 63 About The Author: ............................................................................................................................. 64
PREFACE PREFACE
Here is how to read this eBook. Read through each chapter including the author’s information at the end. Then, come back to this page and click on the link below to learn more about what Princejets.com does and what we have to offer. Go ahead, click on this link when you return: Air Charter Broker Careers; here you will find a complete list of services and products including costs. Then, feel free to pass this eBook on to a friend or family member who might benefit from this as well. But WAIT! – Order your customized Private Jet Charter website including support & training. Purchase now and save $99 off the regular price. This is a one-time offer for readers of this eBook. Just click on the link below. Click here to get your $99 discount! Grab this offer now! It will help you get started straight away with practical and useful business tools such as a personalized private jet charter broker website, logo, business card & stationary design, private jet charter broker support on various areas such as marketing strategies & private jet charter broker tools, plus more.
Copyright 2012-2014 by Amir Nada, All Rights Reserved http://www.princejets.com
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FOREWORD Foreword
The purpose of this e-Book is to provide in depth aviation industry information and a guideline on how to set up and run your own private jet charter broker business. This manual does include all the detailed steps and procedures necessary to actually get set up and operate as a private jet charter broker. However other comprehensive training is advisable, this can be ordered here. With this manual, you will learn what is required, what to expect as you get set up and what you need in order to be properly organized. You will also learn some essential necessities that you will need in order to maintain and grow your private jet charter broker business.
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1INDUSTRY OVERVIEW
B
Section 1 - Industry Overview
usiness jets provide travellers with secure, fast, safe, flexible and affordable access to destinations worldwide. In addition to flexible travel and savings gained in terms of time, there exist other essential benefits that are less likely to be measured. Less quantifiable benefits include flight schedules in high demand, private on-flight business abilities, direct access to websites of jet companies and frequent travellers experiencing less fatigue. A study was conducted from 2009 to 2012 by Nexa Advisors to find out the effect of business jet ownership on small, medium and large organizations, as well as agencies run by governments. According to the study, firms with business jets, unlike those without, enjoy a range of benefits such as employee satisfaction, growth in revenue, better profits and growth in share prices. The studies concluded that improvement in taxpayer value is realized when government agencies make use of business jets. Berkshire Hathaway’s CEO, Warren Buffett, was interviewed in 2009 by CNBC and he asserted that, “Berkshire has been better off by me having a plane available to go and do deals or whatever it may be. A lot of times it doesn’t work out. But net, it’s a plus. We have done things I wouldn’t have done if we hadn’t had a plane.” Business aviation is a great tool that empowers economies to grow continually in a global marketplace that is very competitive.
Performance of the Historical Market The business market of airplanes has been cyclically high ever since business jets were introduced. With the highest growth registered in the U.S, the main jet business market, deliveries of business jets have improved by 2% CAGR since 1965 – to 1995. The rate of buying business jets across the rest of the globe increased by the late 90s at an average rate of 4% annually to date.
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The Last Decade The economy of the U.S regained its balance after the early 2000s downturn and a rise in demand for business jets was realized from 2004 to 2007. European jet deliveries accelerated and new markets emerged with increase in demand for business jets in regions such as the Middle East and Asia.
Economic Market Drivers Wealth Creation The growths of economies drive wealth creation, which is correlated with the demand for business jets globally. MSCI (the Morgan Stanley Capital International) World Index is not just a strong wealth creation indicator and an aggregate index of the stock market, but is also based on various securities in major global financial exchanges. Due to the 65% growth of the MSCI World Index between March 2009 and December 2012, stock markets strengthened following their early 2009 low point. The majority of billionaires own business jets. According to a report written by Forbes, the number of billionaires globally increased by 16% between 2012 and 2013 to average 1,426. The number of billionaires in Latin America and Asia Pacific regions realized a 54% and 29% growth from 2011 to 2012, respectively. The business jet industry has been recovering since the start of 2014 as a result of the resilience of the global economy and the continual creation of wealth despite a global downturn. According to Wealth-X’s 2012 – 2013 report of World Ultra Wealth, the global UHNW (Ultra High Net Worth) of population will grow by 3.9% annually and the resultant wealth by 5.5% within the next 5 years.
Global Economy The growth of global GDP reduced as a result of several events in 2012. The Eurozone was undergoing economic shocks and recession. India, China and Brazil also experienced reduced growth in their economies. For instance, China went through a political transition of leadership that was very uncertain. With a fiscal debate after an election, the U.S was almost paralysed with policies and politics. Emerging markets did not match up to the obstacles faced by economies that are more advanced.
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According to the Global Insights of IHS, the growth rate of global GDP was 2.3%. Despite the fact that the 2012 economic rate of growth was slower, it took most countries some more effort and hard work to realize this. The U.S. realized an increase in user spending, exponential growth of fixed investments in businesses and rapid housing investment needs during the late 2012; growth also underwent a rebound in 2013 as was determined by the Global Insight IHS. The economic growth of China did not just slow down, but was also outplayed in the infrastructure and housing sectors. The economic growth of Brazil was eventually higher than the trend as a result of its strong fiscal and monetary stimuli. Moreover, the rate of unemployment slowed and the future indicators of confidence were very promising. Despite the fact that the Eurozone crisis stands as the global economy’s biggest threat, the region’s short term risks have been reduced by policy measures. Efforts to lower Eurozone’s rate of unemployment and its economic activities will be thwarted by the fiscal consolidation that is currently in progress; depression of inflationary pressure is also expected to continue. According to Global Insight IHS reports in May 2013, the limited crop up of sentiments in the economy is a clear indication that the economy of the Eurozone is set to bounce back to stability. The Global Insight IHS forecasted the global economy to grow at a 2.2% rate in 2013, strengthen in the next couple of years and eventually stabilize over the next two decades at a 3.2% rate. The growth rate will be unevenly split across global economies, whether they are advanced or emerging markets. Although the growth rate of advanced economies is below average and is expected to remain so for a very long time, economies that export natural resources and emerging markets are experiencing a boom in their growth rates. The outputs of the more advanced economies, such as the U.S, are expected to increase in the near future. This will come about as a result of improved confidence in companies to hire and invest, a strong retail estate market, in addition to the improved buyer’s sense of financial stability and buying confidence. According to the 2013 Global Economic Outlook by the Conference Board Inc., the U.S. economy will also attribute the growth to its enormous ability to generate and invest progress in technology and a large force of labour. Eventually, emerging economies will undergo transformations that are structural in nature, whereas countries like Brazil and China will transition from growth that is investment-oriented and fast-paced to one that is stabilized.
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Business jet travellers with no plans of buying and running their own jets have access to affordable solutions in the air travel market that is always in high demand. Operators in the air travel industry ensure that users can access services they would not be able to afford. With options ranging from full jet ownership to traditional commercial flights, private jet travellers have a variety to choose from. The air travel market comprises of fractional providers of airplane programs as well as operators of air jet charter services.
Air Charter Market The Learjet 23 airplane, the first global business jet, was introduced into the private jet charter market about 5 decades ago. The Executive Jet Aviation was established a year later in 1963 in the U.S with a fleet of 10 new business jets of the same kind. Since then, the air charter market has sporadically grown and fragmented. According to the study conducted by ASCEND, the global air charter market had about 1,100 operators of air taxi and charter airlines by the time 2012 came to an end. Despite this fact, only 80 out of the total operators have a fleet of at least 10 airplanes and accounted for 40% of all air taxi and charter airplanes. Although Europe and the U.S are the largest modern air charter markets globally, Asia, Africa and Latin America have been experiencing the strongest growth of fleets since the recession that began in 2008; the regions have also realized an increase in demand for air travel and an expansion in trade. In order to better serve air charter markets of Asia and Africa that have been experiencing tremendous growth, VistaJet (an airline that provides unique private jet charter services) purchased 25 Global 5000, 6 Global 8000 and 25 Global 6000 jets in 2012. Deadhead costs are minimized by air charter operators that continually enhance complex operational infrastructure through investments and utilizes the scheduling practices of airlines.
Penetration of Business Jets in Growth Markets The penetration of business jets in a growth market is quantified against the specific region’s economic size as reflected by its GDP. Comparison of the GDP and rate of penetration of different growth market regions is done based on per capita in order to balance their distinct population sizes. The rate of business jet penetration varies from one region to another. North America is the most developed air charter market with the highest number of jets globally; its fleet continues to grow gradually.
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This is unlike China, which has very few business jets to suit the needs of its economy while its fleet is now growing at a very fast rate. Regional growth of business jets for prolonged durations can be reflected through maturity curve markets that are S-shaped and features fast growth after a market is penetrated; this slows as the market’s growth progresses and matures. Factors of penetrating a region and the growth of GDP are used when forecasting regional penetration of business jets. Growth in the fleet has resulted from business jet acceptance and adoption, in addition to the continual elimination of barriers in the market like regulatory limits and unavailability of enough infrastructures. A prolonged forecast of business jet fleet growth occurs as the development of an economy progresses. Regional deliveries of business jets occur after the retirement of airlines and the size of the fleet. According to Ernst and Young, RGMs (Rapid Growth Markets) can be defined as 25 global nations with essence for strategic business, future potential, strong and proven rate of growth, a good population size and an economy that is very healthy. The largest RGM countries comprise China, Brazil, Russia as well as India. Ernst & Young forecast that the RGMs’ economic growth will rise from 4.7% to 6.0% in 2012 to 2014 as the global environment enjoys reduced risks in growth and enhancements. High delivery of jets in an RGM market is essential and the global market growth rate is 3.1%.
Utilization of Business Jets The general health of an air charter sector is reflected through the utilization of business jets. Eurocontrol and FAA (Federal Aviation Administration) publicize take-off numbers that are recorded as well as landings at airports based in both Europe and the U.S. American business jet airports with the highest number of movements that make them the busiest comprise the International Washington Dulles, New Jersey (Teterboro), New York (White Plains or Westchester County), Houston (William P. Hobby) and Dallas Love Field. Geneva International, London Luton, Farnborough, Mexico, Toluca, the International Nice Cote d’Azur, Lanseria International in Johannesburg, South Africa, Paris Le Bourget and Beijing are some examples of non-U.S airports of global business jets. The use of business jets in Europe and the U.S stabilized in 2012. The Eurocontrol made a forecast via a press release published in February 2013, where it stated that, “With fuel prices remaining high and the economic recovery delayed yet again, the forecast is for a slight decline in traffic in 2013.”
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Detailed Regional Forecast North America North America is not just critical to the success of the air travel market, but the industry’s largest market. The world’s largest economy, the U.S, experienced an improvement in consumption in the private jet sector in 2012, the confidence of households was resilient and the nation was able to overcome a number of challenges in the financial sector. The resilience of the Canadian economy in exporting products is attributed to the economic state of the U.S and other economies across the globe. The growth of employment in Canada was thwarted in 2012 with most work opportunities being full time based. The rate of economic growth in North America was slow in 2012 and 2013 with the rate of GDP growth standing at 2.2 and 1.9%, respectively. Despite this fact, the Global Insight IHS predicts the rate of growth to gradually rise between 2013 and 2032 at a 2.5% rate. Unlike in 2011, more airplanes were delivered to the North American region in 2012. 50% of the 284 business jets purchased in the region (Canada and the U.S) were mainly in the light category. 94% of the jets translating to 259 planes were delivered to the U.S alone; this makes up 54% of all jets delivered globally. Although Canadian deliveries doubled in the last decade and received 6% of jets delivered to the North of America, its fleet between 2011 and 2012 remained balanced just like the rest of the region. North America comprised 65% of all jets in the region, translating to 9,600 aircrafts by the end of 2012. The trend of replacing jets in the most mature market has also been on the rising end. Furthermore, the fleet of aircrafts for every 100 million residents of this region is expected to grow in the next 2 decades (currently it is at 3,417 and will rise to 4,150).
Europe According to EBAA (European Business Aviation Association), Europe contributes about $26 billion dollars to the European economy every year, making it the world’s 2nd largest air travel market. According to Forbes, Europe has 10% of aircraft fleets globally and by the end of 2012, had 246 billionaires, making it the 2nd largest global economy after the U.S. It has a good wealth generation ability even in bad economic times, thus brightening the future of the air travel industry.
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Business and consumer confidence has been highly affected by the continual regional crisis of sovereign debts. Economic growth in countries to the North of Europe surpasses that of those in the south of the region. As a result of tight credit and difficult programs of austerity, the southern European economies are expected to experience extended contractions throughout 2014. Strong exports resulting from the weak Euro and domestic demand, grounds and stabilizes the largest economy in Europe; the German economy. Germany has the lowest rate of unemployment in the European region standing at 5.4%, while France has the highest number of inhabitants who are unemployed. Despite this fact, the economy of France has been performing better than most of the other European economies; however, it has not taken the right measures promptly to undertake economic reforms. The economy of the U.K. is slowly improving. Domestic consumption and investment in the European region is expected to awake in 2014 and the region’s economic activity is forecasted to improve as a result of demand from other regions and countries across the globe.
Latin America With the highest number of fleets based in Mexico and Brazil, the air travel industry has served the Latin America region for a very long time. According to the Moody’s Analytics published in December 2012, the recovery of lost output production by Latin America during the recession that occurred in 2009, resulted from improved product revenues, increased public savings generation ability by the government, fiscal discipline and structural reforms. In 2013, the region had 100 billionaires, an increase from 2012, when it had only 65 billionaires; this was the highest increase in the number of billionaires globally. Implementation of policy measures saw the economy of Brazil grow slightly for an early recovery. Measures of monetary and fiscal stimulus as well as the speedy investment in infrastructure for the World Cup to be held in 2014 in Brazil are forecasted to strengthen the nation’s economy. Mexico registered solid economic growth in 2013. Generally, the economy of Latin America has been growing and is predicted to continue growing over the next 2 decades at a rate of 4.0%. Featuring 11% of business jets globally by the end of 2012, the region received 12% of jets delivered during that year with Mexico receiving 13% and Brazil 30% of total jets. The penetration of business jets in this market is the same as that of North America.
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The region also has the oldest airplanes globally, with some up to 19 years, making it among the regions with the highest number of replaced aircrafts. The region is expected to register a 3% growth in aircraft deliveries by 2032, translating to 2300 jets. Over the same period, there will exist 560 jets for every 100 million inhabitants.
The Greater China Accounting for less than 2% of business jets globally, the air travel market in China is very young. However, it has a great potential to grow rapidly in the coming years. A weak global demand in the commodities exported by China saw its economy slowdown in growth because it overly relies on exports. Unlike in the previous decades when China registered high GDP growth, in 2012 it was 6.9%, almost half of the initial growth rates. The GDP growth in 2013 was 7.6% and the growth rate over the next 2 decades is expected to be 6.2%. Fiscal policy measures and investments in airport infrastructure by the government are expected to help facilitate China’s economic growth. China’s low fleet number of 290 business jets is attributed to restricted access to the airspace, underdeveloped infrastructure for business aviation (it has only 180 airports), high user fees and taxes on imported aircrafts. According to CAAC (Civil Aviation Administration of China), the government of China will invest in aviation infrastructure by constructing 72 new airports before the end of 2015. In 2012, China had 186 billionaires, making it the 3rd after the United States and Europe, in terms of billionaires. The Consultant Group of Boston predicted that the Chinese market will become the largest for luxury commodities before the end of 2015 (currently it is 2nd largest). Unlike 2009 when China received 2% of global business jet deliveries, it received 7% in 2012. The demand for business jets in China is predicted to grow. In the next two decades, it is predicted by Bombardier to have 201 jets for every 100 million inhabitants; this means that 2,420 jets are expected to be delivered over the same period. By 2032, China will have a growth rate of 12% to account for 9% of global deliveries. As a result, it will become the 3rd largest air travel market globally.
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The Middle East The Middle East market is strengthening as a result of stabilizing global economies and increased political stability of countries in the Middle East. The economy of Saudi Arabia is stable as a result of 70% of exports being plastics and petrochemicals in addition to increased spending by the government in 2012. Turkey has been enjoying increased rate of employment and resiliency with more women getting employed and the majority of available jobs being in the services sector; the country’s economy is expected to continue growing. The economy of the UAE in 2012 was resilient and boosted by increased prices of refined and crude oil supplies. Tourism, logistics, services and trade are predicted to drive the UAE’s economy forward. The Middle East realized a drop in the growth of GDP between 2012 and 2013 from 3.0% to 2.7%. However, the annual GDP growth rate in the next 2 decades is expected to be 3.7%. 47% of business jet deliveries to the Middle East in 2012 were received by Turkey. The majority of the deliveries to the 3 countries mentioned above were in the mid-sized category, just like the region’s geographic location on the globe; this made up half of all deliveries to the entire region. Saudi Arabia and Turkey have the highest number of business jets in the region, standing at 27% and 26%, respectively. The growth of the air travel market in the Middle East is signified by the double increase of fleets over the last decade. Construction of more airports and formulation of regulations to govern chartering, emergency response and emission of carbon will help boost the Middle East chartering aviation. Over the next 2 decades, the region will have 407 jets for every 100 million inhabitants as a result of 1,420 jet deliveries at a 7% CAGR rate.
Asia Pacific Asia Pacific features a blend of both developed and developing economies with the former comprising Japan and Australia, and the latter consisting of the Philippines, Indonesia and Vietnam. The region featured less than 3% of business jets globally by the end of 2012. The economy of Japan plays a critical role in the growth of the region’s economy, despite not being a significant driver of demand in the air travel industry. Reforms and strengthening of structures as well as monetary and fiscal expansions by the government of Japan improves the growth of the country’s economy that has been stagnant for a while now.
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The growth of Asian countries to the north will increase steadily due to the high costs of oil and gas they export globally. Thailand and the Philippine economies will realize a strong local consumption in the air travel industry while local demand for private jet services will increase in Indonesia. However, the weak and uncertain economies of Europe and the U.S. that has persisted will negatively impact the Asia Pacific economy. Although the region’s GDP growth dropped from 2.8 to 1.7% between 2012 and 2013, it is forecasted to grow by 2.4% over the next 2 decades. Unlike in 2011, the region received 19% of global business jet deliveries, making it the 4th largest globally. It had 400 aircrafts by 2012 with Australia and Japan having the highest fleets at 36% and 18% respectively. The region had 138 billionaires in 2013. The emerging markets in developing countries like Indonesia will experience increased demand for private jet air travel while mature markets like Australia will have many of its old jets replaced. As a result of 980 jets to be delivered in this region over the next 2 decades, it will have 97 aircraft for every 100 million inhabitants. A 5% CAGR growth rate will increase the region’s current fleet of 400 to 1,150 by 2032.
Africa Business jet fleets in Africa over the last decade have doubled. Economic activities in the region have strengthened as a result of mineral discoveries, improved prices of goods, and increased growth in exports. With more nations in Sub-Saharan Africa becoming politically stable and better managing their economies, the continent’s growth has been slowly improving. Nigeria and South Africa are the largest air travel markets in SubSaharan Africa. The region has attracted increased investments by foreign nations, such as China. According to the Reserve Bank of South Africa, the nation has been experiencing a steady growth in the private industry credit. Nigeria is receiving more investments, promoting regional growth through integration of trades with neighbouring economies and thus enhancing its own economy. With the introduction of non-oil exports, the nation is expected to have the largest economy in Africa. Despite the security and political hurdles faced by most nations in Africa, like Libya, Egypt and Tunisia, the continent realized a 5.3% GDP growth in 2012. This dropped to 4.4% in 2013. However, the GDP growth over the next 2 decades is expected to be 4.5%.
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The number of business jets in the region increased over the last decade with North Africa accounting for 21% of all jets. South Africa features 35%, while Nigeria caters for 18% of all business jets in the continent. In 2012, Nigeria acquired 3 jets while South Africa received 6 of the 9 jets delivered to this region. Despite the increase in the number of business jets in the region, the slow growth and development of the region’s aviation infrastructure is attributed to legal restrictions, underdeveloped personnel, high airport and airspace charges, operational and registration tariffs, misconceptions about the industry and the difficulties to comply with international standards. Governments and organizations like AfBAA are however working to overcome these barriers with the region’s increase in the use of business jets. Over the next 2 decades, Africa will have 74 jets for every 100 million inhabitants as a result of 800 deliveries by 2032 at a 5% CAGR rate.
CIS This region received its first jets in the early 90s. By 2012, the region contributed less than 4% of business jets globally. However, CIS is expanding its fleets at a very fast rate. With elimination of prevailing regulatory barriers, this region (especially Russia) is forecasted to be the growth driver not just for its business aviation sector, but also worldwide. Diversification of the Russian economy to export other products other than oil and gas, reduction of taxes and custom duties imposed on foreign jets, ease of regulatory certifications and joining of the World Trade Organization are a major boost to the aviation industry. Russia’s GDP growth between 2012 and 2013 dropped from 3.4% to 3.2%; this will drop further to 3.1% over the next 2 decades. 22% of global business jet deliveries were received by this region, making it the 3rd largest after North and Latin America in terms of jet orders. The demand for aircrafts that are large and medium in size is very high in this region. Russia had 107 billionaires in 2012 with 76 of them based in Moscow, making it the city with the highest number of billionaires globally. The aviation infrastructure is being constructed away from Moscow in order to help meet the high demand for air travel in Russia that results from its geographical location that requires businessmen to fly over long distances to do business. CIS will have 772 jets for every 100 million inhabitants in the next 2 decades as a result of 1,570 jets that will be delivered over the same period at a 7% CAGR rate.
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India India is categorized as one of the G-20 economies with an 8% GDP growth rate. As a result, its business jet fleet size doubled over the last decade, despite the bad global economic times experienced globally. Although its growth of economy dropped in 2012, its number of billionaires increased between 2012 and 2013 from 48 to 55 by 15%. After China, India is Asia’s 2nd nation with many billionaires. With a 6.0% GDP growth in 2013, India is expected to have a 6.8% growth in GDP over the next 2 decades. Improved fixed investment, higher spending by consumers, geographical location, strong growth in economy, improved interest in business expansion and an increase in the country’s number of billionaires are some of the factors that have been driving India’s aviation industry forward. Point to point travel using business jets does not just link 2nd and 3rd tier cities, but also improves the productivity of business travellers by saving them time. Jets are mainly used by entrepreneurs and executives as critical business tools. Some of the hurdles faced by the country’s aviation industry include bureaucracy, high taxes and fees, insufficient hangar and parking space at airports as well as lack of enough FBOs to anchor the operations of the private jet charter industry. However, the government is working hard to counter these challenges through investments over the next 5 five years of at least $4 billion. India will have 119 jets for every 100 million inhabitants in the next 2 decades as a result of 1,340 jet deliveries over the same period at a 13% CAGR rate. The growth of India’s economy, creation of wealth and penetration of business jets in the market is forecasted to grow significantly in the future.
Conclusion The market of business aviation continues to recover and grow after the 2009 – 2010 economic downturns. Indicators of global economy show positive signs of continual growth. Despite the persistent challenges, the industry is continually improving. Improved consumer confidence in global markets will accelerate backlog expansions and orders for jets, and thus international deliveries. Although the industry has been cyclical in the last decades, it has the ability to grow tremendously. By 2016, the demand for services in this industry will be as high as it was in 2007. The forecasted increase in demand is attributed to critical industry drivers like charter demand that is branded, fractional accessibility of the market, demand replacement, wealth creation, new jet programs and trade globalization.
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Developing countries feature low business jet penetration and thus signify a great potential of growth despite being emerging markets. This is due to the fast growth of their economies. Manufacturers make a contribution to the industry by designing better airplanes with improved capabilities and efficiencies. 24,000 jets worth $650 billion are expected to be delivered globally as part of the growth anticipated in the industry. New challenges will be faced in the industry and there will be an increase in environmental and fuel cost awareness in the future globally. Infrastructure in emerging markets will be developed by manufacturers to help provide aid to the industry. The demand for business jets will strengthen as the consumer confidence in the market improves.
Forward Looking Statements This paper makes use of forward looking statements, such as intend, may, will, plan, expect, believe, maintain, foresee, anticipate, align, etc. These statements are based on assumptions that can be affected by uncertainties and risks, known or unknown. The risks can change the expected results in the future. Economic, business environment, operational, financial and market risks are some factors that can alter anticipated or forecasted results.
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