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Χρηματοοικονομική ανάλυση των αεροπορικών εταιρειών στην Ευρώπη και μελέτη των επιπτώσεων του COVID-19 στη λειτουργία τους

Lianas Sotirios

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Summary

The airline industry in Europe is undoubtedly one of the most important sectors of the region’s economic activity, contributing both to the economic development and to the transportation of passengers and goods. Over the decades, the industry has undergone multiple crises, which occasionally had a smaller or a greater impact on its operations. One of the major crises that airlines have faced since their establishment is the outbreak of the COVID-19 pandemic in early 2020. During the pandemic, transport restrictions were imposed by most countries around the world, resulting in a significant reduction in air travel and a consequent reduction in airline revenues. At the same time, in recent years and even before the onset of the pandemic, the issue of the adoption of ESG practices by airlines, in the context of sustainable development, has arisen. This thesis consists of two sections. In the first section, a brief historical review of the European airline industry is conducted. The prevailing financial status of the industry up to the year 2019 is also presented. In the final part of this section, the major challenges the airline industry is expected to face are addressed, followed by an analysis of the impact of the COVID-19 pandemic on the operations of the airlines. In the second section, a financial analysis of 18 European airlines and airline groups is executed, based on selected financial ratios. The results of the analysis are then utilized on the ranking of the airlines, from best to worst, with the use of the multi-criteria method ELECTRE III. Finally, another ranking of the airlines is performed, based on their performance on the financial ratios as well as on their performance on selected ESG ratios. The results of both rankings are then compared, and it is concluded that there is a positive correlation between the two rankings.

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