Academic Journal of Business & Management
ISSN 2616-5902 Vol. 4, Issue 2: 1-9, DOI: 10.25236/AJBM.2022.040201
Published by Francis Academic Press, UK
-1-
Airlines Benchmarking Analysis based on Financial
Performance-Emirates, Southwest Airlines, Singapore
Airlines and Lufthansa
Shuqi Cui
*
, Zongwei Li
College of Commerce and Circulation, Shaanxi Polytechnic Institute, Xianyang 712000, China
[email protected]
*
Corresponding author
Abstract: This report mainly focuses on financial performance of airlines before and after COVID-19
pandemic, giving analysis of essential indicators based on comparison between selected airlines and
industry average performance. The impact of COVID-19 pandemic since 2020 is mentioned in each
part. Firstly, it provides an overview of four selected airlines, Emirates, Southwest Airlines, Singapore
Airlines and Lufthansa. Then the geographic analysis of airlines is given. Following this, this report
compares the performance of the airlines on main financial indicators in recent years respectively,
including unit cost, yield, load factor, break-even load factor, employee productivity and aircraft
productivity. In the next section, some other indicators such as EBIT margin, Debt/equity ratio and
Current ratio are listed. Finally, limitations of the report are discussed in the conclusion part.
Keywords: benchmarking analysis, airlines, financial performance, COVID-19 pandemic
1. Introduction
Air transportation is an indispensable part in current transportation system and the market is
growing rapidly. It is estimated that compound annual growth rate of air traffic would stay at around 4%
in the following decades [1]. This means the entire market could be doubled in the next 15 to 20 years.
However, global aviation industry is relatively vulnerable to catastrophes such as financial crisis and
terrorist attacks [2][3]. The COVID-19 pandemic which resulted in global border closures and
suspensions of flights also slows down the market expansion since 2020 [4]. But in long-term
perspective, global air network would be more sophisticated and mature, bringing significant changes
to global economy and societies. In order to seize the opportunities in facing COVID-19 challenges and
to handle air traffic appropriately both for passengers and cargo in the future, airlines should be
well-prepared and focus on critical aspects to keep competitive in the market.
Four outstanding and reputable airlines, Emirates, Southwest Airlines, Singapore Airlines and
Lufthansa, are selected to be analysed on the basis of respective economic, financial and operational
performance in recent years. Emirates is the primary object in the analysis while other airlines are
mainly used in comparison. Regional differences in terms of geography and regulation environment are
considered in the analysis.
In this report, all figures in the tables are extracted from recent annual reports of the four airlines,
unless otherwise stated.
2. The profile of the four airlines
2.1 Emirates
Emirates, aiming to be the best air service provider in the Middle East, is one of the largest airlines
in this area. It was founded in 1985 and owned by Dubai government. According to the annual report of
the airline, the company locates its hub at Dubai International Airport, serving 156 airports in 84
countries. Emirates operates a fleet consists of Airbus and Boeing aircrafts and it is also the largest
operator of both Airbus A380 and Boeing 777 worldwide. The average fleet age of the airline is 6.1
years which is relatively young, ensuring updated aeronautic technology is used. Average aircraft
capacity of Emirates is relatively large due to the aircraft type. Wide-body aircrafts such as A380 are
Academic Journal of Business & Management
ISSN 2616-5902 Vol. 4, Issue 2: 1-9, DOI: 10.25236/AJBM.2022.040201
Published by Francis Academic Press, UK
-2-
the first choice in the past procurement orders of the airline. In order to improve flexibility of the fleet,
Emirates plans to convert some A380 orders to smaller aircrafts. This change could better match a
more flexible strategy of the airline.
2.2 Southwest Airlines
Southwest Airlines is the largest low-cost airline worldwide, operating mainly in America. The
company was established in 1967 and its headquarters is located in Dallas. The company claims that it
has one of the strongest route networks in the U.S., which accounts for around 95% of ASMs of the
airline. Although majority of the business remains in the United States, the airline plans to enhance its
international connection and it has continuous growth since 2013. Southwest Airlines operates only
Boeing aircrafts including 737-700, 737-800 and 737 MAX 8. Fewer aircraft types in operation could
contribute to saving overall maintenance costs. The average age of aircrafts is around 11 years. It is
worth to mention that the company has a continuous profit record since 1972. But it was broken in
2020 due to the COVID-19 pandemic.
2.3 Singapore Airlines
Singapore Airlines was established in 1947 and its hub was set at Singapore Changi Airport.
SilkAir which focuses on regional flights and Scoot which mainly targets at low-cost carrier market are
both parts of Singapore Airlines. According to the annual report of the airline, the company serves 138
destinations totally, mainly in Asia and Europe. The average fleet age of the airline is 6 years implies
its commitment to modern aircrafts and several different types of aircrafts operated by Singapore
Airlines enable the company significant flexibility. In the future, Singapore Airlines aims to build new
hubs in India and Thailand, expanding connectivity to further regions.
2.4 Lufthansa
Lufthansa was founded in 1955 and it is the largest German airline. The primary hub of the airline
is at Frankfurt Airport while secondary hub is at Munich Airport. Network Airlines and Eurowings are
two main entities in the group to provide air service. According to the annual report of Lufthansa, the
former airlines mainly focus on improving service quality and cost-effectiveness while the latter one
which concentrates on domestic market would be the primary driver of growth. Digitalization strategy
implemented by Eurowings may help the company to reinforce its competitiveness. The average age of
the fleet is relatively higher in Lufthansa, nearly 12 years. Thus, the airline needs to invest more to
modernize aircrafts for the sake of service quality improvement and safety consideration.
3. Operational and financial performance analysis
3.1 Geographic analysis
Figure 1: Geographic revenue of Emirates, Source: The Emirates Group Annual Report 2020-21
Because the impact of COVID-19 pandemic is worldwide, geographic characteristics are slightly
percentage
percentage
percentage
percentage
percentage
percentage
Geographic revenue of Emirates in %
Europe East Asia and Australasia
Americas Africa
Gulf and Middle East West Asia and Indian Ocean
Academic Journal of Business & Management
ISSN 2616-5902 Vol. 4, Issue 2: 1-9, DOI: 10.25236/AJBM.2022.040201
Published by Francis Academic Press, UK
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changed. As shown in the pie chart, Europe and East Asia still account for more than half of the
revenue of Emirates while Americas only contributes 15% to the total revenue. Thus, Lufthansa and
Singapore Airlines could be one of the main regional competitors to Emirates in Europe and East Asia
respectively. Southwest Airlines is low-cost airline and it has fewer competition with Emirates because
of less overlapped flight route and differentiated customers. However, the comparison between
Emirates and Southwest Airlines can still show the strengths and weaknesses of different operation
method in certain areas.
On the other hand, the hub of Emirates in Middle East could serve as a bridge between East Asia
and Europe. Economic connection between two regions would have stronger influence on Emirates
than other airlines. Similar to this regional effect, economic growth rate in Europe would influence
Lufthansa more significantly while Singapore Airlines might have more concern on internal economic
relationship in Association of Southeast Asian Nations. In addition, currency volatility could impair
financial performance of airlines while environmental costs in Europe might be higher compared to the
costs in Asia countries due to more strict and higher standard regulations. Labour costs is another
critical aspect and it could have great variation in different areas because of different average wage
standards.
3.2 Unit cost and yield
Table 1: Total costs of 4 airlines from 2017 to 2021
Total costs
/billion $
Emirates
Southwest
Airlines
Singapore
Airlines
Lufthansa
2021/2020
13.9
12.9
4.7
23.7
2020/2019
24.7
19.5
11.8
42.2
2019/2018
26.4
18.8
11.1
40.3
2018/2017
24.0
17.7
10.4
40.2
Table 2: Available seat kilometers of 4 airlines from 2017 to 2021
ASKs
/billion
Emirates
Southwest
Airlines
Singapore
Airlines
Lufthansa
2021/2020
64.1
166.5
21.7
109.8
2020/2019
367.2
253.1
171.2
358.8
2019/2018
390.8
257.2
169.6
349.5
2018/2017
377.1
247.5
159.4
322.9
Table 3: Unit cost of 4 airlines from 2017 to 2021
Unit cost
/ $ cents per
ASK
Emirates
Southwest
Airlines
Singapore
Airlines
Lufthansa
2021/2020
21.68
7.75
21.66
21.58
2020/2019
6.73
7.70
6.89
11.76
2019/2018
6.76
7.31
6.54
11.53
2018/2017
6.36
7.15
6.52
12.45



(1)
Unit cost is the average spend on one passenger per kilometre in operating process and related
activities to provide services to customers. Lower unit cost at same service level could help airlines to
gain competitive advantages in the markets.
Unit cost of Emirates had a slightly increase in 2018 due to sharp fuel price increase, similar trend
to Southwest Airlines and Singapore Airlines. Fuel forms 32% of Emirates operating costs, and
remains the biggest expense item. However, Lufthansa performed differently, making a reduction in
average unit cost. The airline claims that cost reduction and profit increase at Network Airlines
compensate the fuel price increase. But in horizontal comparison, unit cost of Emirates is at same level
as Singapore Airlines, much lower than Lufthansa. This is mainly because staff costs of Lufthansa are
much higher, representing over 20% of total costs. Employee cost of Emirates only accounts for around
13% of total costs. In 2020 and 2021, all airlines except Southwest Airlines confronted a sharp increase
of unit cost due to flight cancellation caused by government restriction on travel to prevent virus spread.
Academic Journal of Business & Management
ISSN 2616-5902 Vol. 4, Issue 2: 1-9, DOI: 10.25236/AJBM.2022.040201
Published by Francis Academic Press, UK
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Southwest Airlines kept unit cost at a much lower level in comparison to other airlines because of less
passenger transportation capacity reduction which results from fewer restrictions in domestic market of
America.
Table 4: Revenue of 4 airlines from 2017 to 2021
Revenue
/billion $
Emirates
Singapore
Airlines
Lufthansa
2021/2020
8.2
2.8
15.5
2020/2019
24.8
11.9
41.4
2019/2018
26.2
11.9
40.8
2018/2017
24.8
11.5
40.5
Table 5: Revenue passenger kilometres of 4 airlines from 2017 to 2021
RPKs
/billion
Emirates
Singapore
Airlines
Lufthansa
2021/2020
28.4
2.9
69.5
2020/2019
288.1
141.0
296.2
2019/2018
300.0
140.8
284.6
2018/2017
292.2
129.8
261.1
Table 6: Yield of 4 airlines from 2017 to 2021
Yield
/ $ cents per
RPK
Emirates
Singapore
Airlines
Lufthansa
2021/2020
28.87
96.55
22.30
2020/2019
8.61
8.44
13.98
2019/2018
8.73
8.45
14.34
2018/2017
8.49
8.86
15.51



(2)
Yield represents the average revenue earned per passenger-kilometre. It is the corresponding
indicator to the unit cost, reflecting the average ticket price of airlines directly. Higher yield means
higher revenue at same operating capacity.
Yield of four airlines is relatively stable before the pandemic. Normally, macroeconomy might be
the main cause of the yield changes, higher yield means higher profitability. But global travel
restrictions lead to a significant drop in passenger capacity of airlines which means a considerable drop
in RPKs as well. So, the yield increase in 2020 and 2021 cannot represent a positive financial
performance. Actually, it reflects a sharp increase of ticket price and lower passenger load factor which
is shown in the following part. In addition, political issues such as the U.K. leaving the EU also loom
further development and profitability of the industry in Europe. The threat of trade wars and
protectionist activity in some areas could have significant negative impact on aviation industry as well
[5]. Overall, yield level of four airlines is consistent with the unit cost level respectively.
3.3 Load factor and breakeven load factor
Load factor is a measure of capacity utilization and the indicator can be used for both passenger and
cargo transportation. Southwest Airlines, a low-cost carrier, only focuses on passenger transportation.
Thus, cargo load factor of the airline is not published and listed in the table. Other related data is shown
in the tables below.
Table 7: Passenger load factor of 4 airlines from 2017 to 2021
Passenger
Load factor
Emirates
Southwest
Airlines
Singapore
Airlines
Lufthansa
2021/2020
44.3%
52.4%
13.4%
63.3%
2020/2019
78.5%
83.5%
82.4%
82.6%
2019/2018
76.8%
83.4%
83.0%
81.4%
2018/2017
77.5%
84.0%
81.4%
80.9%
Academic Journal of Business & Management
ISSN 2616-5902 Vol. 4, Issue 2: 1-9, DOI: 10.25236/AJBM.2022.040201
Published by Francis Academic Press, UK
-5-



(3)
According to the computation result, passenger load factor of Emirates is relatively lower than other
airlines in pre-crisis period. The aviation industry passenger load factor is around 81%, which means
Emirates performed under average level [5]. This may result from the lack of flexibility of Emirates
fleet. The average aircraft capacity might be larger than the best volume to meet current market
demand. Compared to the previous year, the situation of all airlines in 2020 became worse, turning
down from 82.4% to 13.4% for Singapore Airlines. Although there was a huge decline on average,
Southwest Airlines still has a relatively higher load factor among four airlines, fitting the low-cost
strategy of the company.
Table 8: Passenger break-even load factor of 4 airlines from 2017 to 2021
Passenger
Break-even
Load Factor
Emirates
Singapore
Airlines
Lufthansa
2021/2020
75.1%
75.2%
22.4%
96.8%
2020/2019
78.1%
72.7%
81.7%
84.1%
2019/2018
77.4%
71.3%
77.4%
80.4%
2018/2017
75.0%
70.4%
73.6%
80.3%
 


  (4)
Break-even load factor is the load factor required to cover operating costs. It can be influenced by
profitability of the airline. Break-even load factors of four airlines remain stable before the outbreak of
COVID-19. Southwest Airlines has the lowest break-even load factor, representing outstanding
profitability and cost control of the company. Abnormal break-even load factor of Singapore Airlines
results from its unusual load factor during the pandemic and higher ticket price.
Table 9: Revenue tonne kilometres of 4 airlines from 2017 to 2021
RTKs
/billion
Emirates
Singapore
Airlines
Lufthansa
2021/2020
12.5
4.1
7.4
2020/2019
39.5
6.4
10.7
2019/2018
42.3
7.0
10.9
2018/2017
41.3
7.3
10.8
Table 10: Available tonne kilometres of 4 airlines from 2017 to 2021
ATKs
/billion
Emirates
Singapore
Airlines
Lufthansa
2021/2020
24.8
4.8
10.6
2020/2019
58.6
10.8
17.4
2019/2018
63.3
11.2
16.4
2018/2017
61.4
11.1
15.8
Table 11: Cargo load factor of 4 airlines from 2017 to 2021
Cargo Load
factor
Emirates
Southwest
Airlines
Singapore
Airlines
Lufthansa
2021/2020
50.4%
/
85.8%
69.8%
2020/2019
67.4%
/
59.3%
61.5%
2019/2018
66.8%
/
62.5%
66.5%
2018/2017
67.2%
/
65.3%
68.4%



(5)
Cargo load factors in three airlines are similar, all at around 65% before 2020. This level is much
lower than Passenger load factor of the airlines. However, cargo load factor of the four airlines is better
than industry average performance which is under 50% [5]. It is reported that nearly a half of air freight
is moved by passenger aircrafts [6]. Although customer satisfaction for delivery has been more
time-sensitive, which has driven demand growth in air freight volume [7], the utilization of air cargo
capacity is far under economic standard. Although airlines such as Singapore airlines have changed its
Academic Journal of Business & Management
ISSN 2616-5902 Vol. 4, Issue 2: 1-9, DOI: 10.25236/AJBM.2022.040201
Published by Francis Academic Press, UK
-6-
focus to air cargo to compensate loss in passenger transportation during COVID-19 pandemic, more
innovative methods and more efficient cooperation on cargo transportation should be implemented to
improve cargo load factor through the entire industry in the long-term.
3.4 Employee productivity and aircraft productivity
Employee productivity is a measure of output of labour. It can be represented by available capacity
or average revenue per employee. In this report, average revenue per employee is used in comparison.
Table 12: Employee numbers of 4 airlines from 2017 to 2021
Employee
numbers
Emirates
Singapore
Airlines
Lufthansa
2021/2020
40801
25547
125207
2020/2019
60033
27619
137784
2019/2018
60282
26534
134330
2018/2017
62356
25901
128856
Table 13: Employee productivity of 4 airlines from 2017 to 2021
Revenue per
employee
/ $
Emirates
Southwest
Airlines
Singapore
Airlines
Lufthansa
2021/2020
200975
159292
109602
123795
2020/2019
413106
368421
430863
300470
2019/2018
434624
374131
448481
303730
2018/2017
397716
376047
443998
314304



(6)
Only Emirates reduced the employee numbers in 2018 among four airlines. The 3% reduction over
employee leads to a considerable increase in productivity at around 11% while Southwest Airlines and
Lufthansa perform negatively on this indicator. This is mainly because Emirates has applied more
smart methods and process in working environment, contributing to significant decline in workforce
requirement. In 2020, Emirates slimmed down at around 33% in order to save considerable labour costs.
This action also helps the company to keep higher employee productivity. In addition, reduced
recruitment and natural attrition are also reasons for the changes.
Table 14: Aircraft numbers of 4 airlines from 2017 to 2021
Aircraft
numbers
Emirates
Singapore
Airlines
Lufthansa
2021/2020
259
168
757
2020/2019
270
196
763
2019/2018
270
195
763
2018/2017
268
179
728
Table 15: Aircraft productivity of 4 airlines from 2017 to 2021
Aircraft
productivity
/ million
ASKs
Emirates
Southwest
Airlines
Singapore
Airlines
Lufthansa
2021/2020
247
232
129
145
2020/2019
1360
339
873
470
2019/2018
1447
343
870
458
2018/2017
1407
351
891
444



(7)
It can be seen in the table that aircraft productivity of Emirates is much higher than others before
the crisis. This is mainly because that aircraft capacity in the fleet of Emirates, which is formed by
Airbus A380 and Boeing 777, is considerably larger than single channel aircraft such as Boeing 737.
The latter aircraft type is more prevalent in other airlines. Singapore Airlines also operates some larger
Academic Journal of Business & Management
ISSN 2616-5902 Vol. 4, Issue 2: 1-9, DOI: 10.25236/AJBM.2022.040201
Published by Francis Academic Press, UK
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capacity aircrafts while low-cost carrier prefer flexibility provided by smaller aircrafts. Aircraft
capacity can be the primary reason for the productivity difference.
3.5 Employee productivity and aircraft productivity
EBIT margin, debt/equity ratio and current ratio of four airlines are calculated and listed below.
EBIT margin is the margin of earning before taking out interest and tax expense. It directly represents
the profitability of a company. Debt/equity ratio indicates how much debt a company is using to
finance its assets relative to the value of shareholders' equity. It is reported that general acceptable
Debt/equity ratio is around 1 while slightly over 2 is reasonable in aviation industry [8]. Current ratio is
for measuring company’s ability to pay for its short-term debt and other payables. Healthy current ratio
varies from industry to industry and it is usually lower in aviation industry because of the industry’s
heavy indebted nature [9].
Almost all four airlines earn less and less in the past 4 years. This situation may be partly caused by
continuous increase of jet fuel price and the market shrinking results from the travel restrictions since
2020. Emirates has the positive EBIT margin among four airlines during the pandemic and this is
relevant to successful cost control of the company. Southwest Airlines and Singapore Airlines have less
debt in comparison to Emirates and Lufthansa before 2020 while debt/equity ratio of Emirates is
acceptable nonetheless. However, only Singapore Airlines still kept it in healthy range after the crisis.
On the other hand, four airlines have acceptable current ratio in 2021, ensuring daily operation during
the crisis. Current ratio of Emirates and Lufthansa is still under 1 due to industry nature.
Table 16: EBIT of 4 airlines from 2017 to 2021
EBIT
/ million $
Emirates
Singapore
Airlines
Lufthansa
2021/2020
1265
-1870
-8364
2020/2019
7039
44
2112
2019/2018
6614
779
3271
2018/2017
6799
1130
3627
Table 17: EBIT margin of 4 airlines from 2017 to 2021
EBIT margin
Emirates
Southwest
Airlines
Singapore
Airlines
Lufthansa
2021/2020
15.4%
-42.4%
-66.8%
-54.0%
2020/2019
28.4%
13.2%
0.4%
5.1%
2019/2018
25.2%
14.6%
6.5%
8.0%
2018/2017
27.4%
16.1%
9.8%
9.0%



(8)
Table 18: Total liabilities of 4 airlines from 2017 to 2021
Total
liabilities
/ million
Emirates
/ AED
Singapore
Airlines
/ SGD
Lufthansa
/ €
2021/2020
131630
21303
38102
2020/2019
148475
23980
32421
2019/2018
89655
16822
28640
2018/2017
90541
12664
26668
Table 19: Total equity of 4 airlines from 2017 to 2021
Total equity
/ million
Emirates
/ AED
Singapore
Airlines
/ SGD
Lufthansa
/ €
2021/2020
20147
16278
1382
2020/2019
23587
9733
10238
2019/2018
37743
13683
9573
2018/2017
37046
13228
9110
Academic Journal of Business & Management
ISSN 2616-5902 Vol. 4, Issue 2: 1-9, DOI: 10.25236/AJBM.2022.040201
Published by Francis Academic Press, UK
-8-
Table 20: Debt/equity ratio of 4 airlines from 2017 to 2021
Debt/equity
ratio
Emirates
Southwest
Airlines
Singapore
Airlines
Lufthansa
2021/2020
653.3%
289.7%
130.9%
2757.0%
2020/2019
629.5%
163.4%
246.4%
316.7%
2019/2018
237.5%
166.3%
122.9%
299.2%
2018/2017
244.4%
160.5%
95.7%
292.7%



(9)
Table 21: Current assets of 4 airlines from 2017 to 2021
Current assets
/ billion
Emirates
/ AED
Singapore
Airlines
/ SGD
Lufthansa
/ €
2021/2020
22891
9672
10040
2020/2019
27705
4843
11285
2019/2018
30915
5500
10654
2018/2017
34170
4967
11029
Table 22: Current liabilities of 4 airlines from 2017 to 2021
Current
liabilities
/ million
Emirates
/ AED
Singapore
Airlines
/ SGD
Lufthansa
/ €
2021/2020
35705
5713
14659
2020/2019
48892
11002
15986
2019/2018
37465
7378
16215
2018/2017
41629
6566
12638
Table 23: Current ratio of 4 airlines from 2017 to 2021
Current ratio
Emirates
Singapore
Airlines
Lufthansa
2021/2020
64.1%
202.1%
169.3%
68.5%
2020/2019
56.7%
66.7%
44.0%
70.6%
2019/2018
82.5%
63.6%
74.5%
65.7%
2018/2017
82.1%
70.2%
75.6%
87.3%



(10)
4. Conclusion
COVID-19 pandemic, regional trade conflicts and relatively lower global economy growth rate may
bring some difficulties to aviation industry in recent years. However, from the perspective of
macroeconomy, the industry would have strong growth in the long run. Governments also have strong
willingness to support airlines in order to develop economy and protect jobs [10]. Regional and
domestic markets may recover earlier than international markets [11].
Overall, Emirates is competitive in global aviation market and it is one of the largest airlines in
terms of ASKs. Unit cost and yield of the airline is relatively normal while employee productivity of
Emirates is outstanding due to applying smarter way of working to reduce demand for labour. However,
larger average capacity of aircrafts in the fleet of Emirates hampers the company to obtain flexibility
compared to competitors. This may also contribute to lower load factor of Emirates. The airline has
realised the situation and is trying to make some changes in future aircraft modernization. As for EBIT
margin, there is room for Emirates to gain more profit. Debt ratio of Emirates is at a risky level after
2020 and current ratio is rather healthy. Generally, all airlines have to counter COVID-19 challenge
and benefit from further globalization in the long-term perspective. Emirates should seize opportunities
to reinforce its current market position in Europe and East Asia, building connection to more regions
and to enhance its profitability.
Dnata, which provides ground service for Emirates, is excluded from the financial data of Emirates
Academic Journal of Business & Management
ISSN 2616-5902 Vol. 4, Issue 2: 1-9, DOI: 10.25236/AJBM.2022.040201
Published by Francis Academic Press, UK
-9-
while all subsidiaries of other airlines are considered in the analytical part of the report. This is because
financial data of Dnata are listed separately and the company owns no aircrafts. The structures of other
airlines are more complicated, thus airlines such as Lufthansa are considered as group. But it could
result in inconsistency and errors when doing financial comparison between airlines. This could be the
main limitation of this report.
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