Authors: Panagiota Dionysopoulou, Evangelia Kasimati, Epameinondas Karakostas

Title: Financial Analysis of National Airlines of tourist destinations: the case of Mediterranean countries

Abstract

Tourism is one of the largest economic sectors since it accounts for 10,4% of global gross domestic product and generates 9,9% of employment around the world (WTTC, 2018). The rapid growth of tourism over the last decades is attributed to a great extent to the airline industry which facilitated mass, quick and inexpensive transportation of tourists towards and from tourist destinations. Taking into account the fact that the activity of the airline industry is considered of paramount importance for tourism, the present thesis analyzes the financial statements of Mediterranean tourist countries’ national airlines. The analysis of the financial indicators, based on the airlines’ financial statements, is used first, to assess their financial performance and second, to examine potential factors affecting their financial results. In addition, the thesis examines the impact of the economic crisis on the airlines’ financial results.

Keywords: Financial Analysis, Profitability, National Airlines, Mediterranean Tourist Destinations, Financial Crisis