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Figure 18: RETURN ON ASSETS, WEIGHTED
The downturn in the U.S. economy beginning in December 2007 has had a serious impact on business aircraft flight hours, according to our interviews. Companies surveyed report an across-the-board belt-tightening and a more careful scrutiny of all costs. “There is tremendous pressure on expenses, whether business aviation or the company Christmas party,” said one S&P 500 executive.
Many companies have reduced business aircraft flight hours by 20-40 percent, according to most participants in our interviews. When they do use their aircraft, they spend extra effort to ensure that the trip will be high productivity, with multiple stops, and multiple passengers. Due to across-the-board cost reductions, companies admitted canceling long-standing orders of new jets in 2009, instead keeping the old ones they had been planning to sell.
Has the negative publicity affected the use of business aviation? Not much, according to our re-spondents. Flight hours are down in most instances, we were told, as a result of a sluggish econ-omy, fewer orders from customers, and company-wide belt-tightening, not as a result of fear of bad press. Our respondents emphasized that negative publicity would not result in poor financial choices. However, given the attention to company flights departments, most companies want their use of aircraft to stay out of the limelight.
Our results again point to the fact that top performing companies, even in adverse economic circumstances, are willing to do the right thing with their flight departments, rather than what is politically expedient. Corporate boards and industry leaders will better serve their shareholders, we contend, when they begin to understand that business aviation is a tool that provides a unique competitive benefit to corporate America, in tough times as well as in times of economic growth and prosperity.
HELICOPTERS
HOW HELICOPTERS DRIVE VALUE
Our review of business aviation also included the utilization of helicopters for both commercial and government use. Helicopters are unique in their operational capabilities, providing:
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本文链接地址：BUSINESS AVIATION – AN ENTERPRISE VALUE PERSPECTIVE 2003 – 2009(30)
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