AIRCRAFT LEASING AS AN EFFECTIVE BUSINESS TECHNOLOGY OF THE AIRLINE COMPANY

Abstract

The article deals with the theoretical aspects of the «business technology» concept. The essence of the main types of business technologies, which are justified, sustainable and have received worldwide recognition, is characterized. It has been proven that leasing is more favourable for the effective functioning of the airline regarding the renewal of the aircraft fleet. The process of restoring the aircraft fleet of any airline requires significant financial support. At the same time, leasing is one of the main business technologies for attracting investments in the air transport industry. This is due to the high cost of modern types of aircraft, as well as the lack of adequate working capital at domestic airlines. It was found that three main subjects interact in the market of financing the purchase of aircraft: aircraft operator (lessee); lessor (bank or specialized leasing company); creditor (financial institution that provides funds). The general scheme of aircraft leasing was formed and the relationships between the participants of the leasing agreement were defined. The essence of financial and operational types of leasing is revealed, and the profitability of their use for all participants of the leasing agreement is determined. The methods of financial leasing comparative effectiveness assessment are analysed, where two approaches are traced: cost and value. In the first approach, the amount of discounted cash flows from leasing is minimized. In the second approach the net present value of leasing financing is maximized. It was found that the value approach is considered realistic, because it takes into account the most important creditor requirement – the discipline of repaying the loan. A form of financing the aircraft fleet renewal is proposed based on the criterion of minimum cash flows of CCF credit debt and LCF leasing debt. The calculation of the leasing efficiency comparative assessment was made using the example of the Boeing 737 MAX 8 aircraft purchase.