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BUSINESS AVIATION – AN ENTERPRISE VALUE PERSPECTIVE 2003 – 2009(25)

时间:2011-12-13 09:13来源:蓝天飞行翻译 作者:公务机

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RESULTS 2003-2009
FINANCIAL RESULTS – 2003-2007
All results herein are reported via indexed relationship of user results over nonuser results. For example, revenue growth was measured from 2003 – 2007 and refined into a compound annual growth rate (CAGR), at which point the users’ average CAGR is displayed indexed relative to non-users’ average CAGR.
REVENUE GROWTH AND PROFITABILITY
The user vs. nonuser discussion begins with a look at “top-line” revenue growth. Key drivers of revenue growth include a company’s ability to execute strategic transactions and alliances, and to out-compete others with speed to market. Visiting freshly identified clients or customers quickly can mean the difference between winning market share from a competitor and simply servicing existing business. Revenue growth is a good measure of a company’s ability to sustain earnings, and when combined with factors such as asset efficiency, point to a philosophy of strong re-
investment in a company’s core and most profitable business. From 2003 to 2007 users of business aircraft grew their top line at 6 percent greater than the annualized rate of nonusers (116 percent on a weighted basis).


Figure 6: REVENUE GROWTH
YEAR-OVER-YEAR INCREASE/DECREASE IN “TOP-LINE” SALES
2003-2007
The next value drivers we examined were tied to earnings and profit growth. The largest disparity between users and nonusers came from this analysis. Over the course of the period 2003-2007, users could expect to earn bottom line net income at a rate 253 percent higher (434 percent weighted) than nonusers. On average, a business aviation user would have earned $2.53 for every dollar earned by a nonuser. So one conclusion is that users are stratified in a different profitability class than nonusers.


Figure 7: EARNINGS GROWTH
YEAR-OVER-YEAR INCREASE/DECREASE IN “BOTTOM LINE” NET INCOME
2003-2007
 
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