Ринкова економіка: сучасна теорія і практика управління (Apr 2020)
PREREQUISITES AND GOALS FOR DEVELOPMENT OF THE AVIATION INDUSTRY IN UKRAINE
Abstract
The article considers the process of forming and development of aviation industry of Ukraine. The historic, technical-economic and regulatory preconditions for the industry development were identified. The economic analysis of the financial performance of the economic agents of the industry for the last five years was conducted. The article develops the complex of development goals for the aviation industry and formalizes the implementation process by the certain development paths of air carriers, airports and aircraft manufacturers, including: SE “Boryspil international airport”, SE “Ukraeroruh”, Ukrainian state project-technological scientific-research institute of civil aviation “Ukraeroproiekt”, State aviation company “Kherson-avia”, JSC “Aviakompanija avialinii Ukrainy”, SE “Ternopil’ state aviation enterprise “Universal-Avia”, SE “L’viv Danylo Halytskiy international airport”, JSC “Motor Sich”, CE “Kyiv international airport” and CE “Odesa international airport”. The analysis of the financial data shows a strong growth of assets of airports, but mostly of current assets. The revenue increased almost by a third, but the gross operational profit remains stable as gross profit of financial activity almost doubles. Boryspil international airport dominates the industry as it generates almost half of the revenue from the airport activity. SE “Ukraeroruh” and JSC “Motor-Sich” are two other major agents in the industry. They showed greater increase in revenues than the airports and made a greater contribution into overall industry’s revenue increase. The same conclusion comes about increase in current and fixed assets. The profit analysis reveals that Boryspil international airport and “Motor-Sich” accumulate approximately 90% of the industry overall profit as the other agents are balancing around break-even point. The general financial performance of aviation industry enterprises in Ukraine demonstrates a strong trend for revenue increase, while profit figures are mixed. The financial sustainability looks strong among all types of agents. But as the part of short-term liabilities increases that signals the airports are lacking resources for investments and aim to balance their financial risks by balancing the short-term and long term liabilities. The positive dynamics of air traffic through Ukrainian airports creates great perspectives for the industry development, but it shall be secured by the appropriate investment funding. Ukraine has a great transit potential, as four major European transport corridors passes through the country. The exploitation of this potential under severe political risks challenges the aviation industry development in Ukraine. The aviation industry is an important contributor for national economic growth, expansion of its external trade, development of innovation technologies and increasing of employment ratio. The regulatory support for infrastructure and technology development is also important to provide services au to modern standards of the aviation industry.
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