Comparative analysis of financial position and business performance of low-budget and traditional airlines through analysis of financial statements

Zrakoplovni prijevoz putnika je najbrži i najefikasniji prijevoz putnika prisutan na tržištu. Do 2019. godine rastao je udio zračnog prometa u ukupnom prometu zbog kratkog trajanja putovanja, udobnosti te smanjenja cijena. Deregulacijom zračnog prometa uspostavljeno je „europsko jedinstveno zrakoplovno tržište“, te je omogućen razvoj niskobudžetnih aviokompanija. Niskobudžetne i tradicionalne aviokompanije na tržištu nude svoje usluge prijevoza putnika uz velike razlike u cijeni. S obzirom da je sam trošak prijevoza, goriva i nabave aviona, ali i pristojbi jednak za sve, postavlja se pitanje na koji način niskobudžetne aviokompanije uspijevaju ostvariti dobit. U radu je kroz analizu strategije poslovanja i analizu financijskih izvještaja uspoređeno poslovanje četiri aviokompanije (Lufthanse, Ryanaira, EasyJet-a i KLM-a). Promatrane su tri godine 2018.,2019. i 2020. Pri tome 2018. i 2019. godina su uzete kao referentne godine s obzirom da nije bilo nikakvih izvanrednih okolnosti koje bi narušile poslovanje. Iz analizu financijskih izvještaja donesen je zaključak o uspješnosti i sigurnosti poslovanja promatranih aviokompanija.Air passenger transport is the fastest and most efficient passenger transport on the market. By 2019, the share of air traffic in total traffic grew due to the short duration of the trip, comfort, and price reduction. The deregulation of air traffic established the "European single aviation market" and enabled the development of low-cost airlines. Low-budget and traditional airlines on the market offer their passenger transportation services with large price differences. Given that the cost of transportation, fuel and aircraft acquisition, as well as airport charges, are the same for everyone, the question arises as to how low-budget airlines manage to make a profit. The paper compares the operations of four airlines (Lufthansa, Ryanair, EasyJet and KLM) through the analysis of business strategy and the analysis of financial statements. Three years 2018, 2019 and 2020. were observed. Prior to that, 2018. and 2019. were taken as reference years, given that there were no extraordinary circumstances that would disrupt operations. From the analysis of the financial statements, a conclusion was made about the success and safety of the operations of the observed airlines