Fin60

Posted on February 20, 2017

Finance Assignment Help 60

About Southwest Airlines
 
Southwest was formed in 1971 by Rollin King and Herb Kelleher and the airline began with three Boeing 737 aircraft serving the Texas cities — Dallas, Houston, and San Antonio. The airline began with one simple strategy: “If you get your passengers to their destinations when they want to get there, on time, at the lowest possible fares, and make darn sure they have a good time doing it, people will fly your airline.”5 This strategy has been the key to Southwest’s success. The airline realized early on that air travel would become a commodity business.
 
In May 1988, Southwest became the first airline to win the coveted Triple Crown for a month – Best On-time Record, Best Baggage Handling, and Fewest Customer Complaints. Since then, the airline has won five annual Triple Crowns: 1992, 1993, 1994, 1995, and 1996. In addition to being a top quality airline, Southwest was also innovative. They were the first airline with a frequent flyer program to give credit for the number of trips taken and not the number of miles flown. Additionally, they pioneered senior discounts, same-day airfreight delivery service, ticketless travel, and many other unique programs.
 
By the year 2000, the small Texas airline had evolved to become the 4th largest U.S. carrier based on domestic passengers boarded and the largest U.S. carrier based on scheduled domestic departures. At year-end 2000, Southwest operated 344 Boeing 737 aircraft and provided service to 58 airports in 57 cities in 29 states throughout the U.S. In 2000, Southwest commenced service to Albany and Buffalo, New York, and in January 2001, to West Palm Beach, Florida.
 
 

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Tables 2 and 3 provide Southwest Airlines’ consolidated statement of income and consolidated balance sheet, respectively, for the years 1999 and 2000. Historically, Southwest has experienced some seasonality in their business. For example, quarterly operating income and, to a lesser extent, revenues tend to be lower in the first quarter. In 2000, quarterly operating income represented 22 percent of annual operating income. Fuel Hedging in the Airline Industry
Case Questions:
 
1. Why do firms like Southwest hedge? What are the benefits of hedging?
 
2. Evaluate the plain vanilla swaps strategy vs the Call Options (Caps) strategy. Which one do you prefer and why?
 
3. What do you recommend to Scott Topping? Why?
 
: Answer the following questions using support from the provided documents. Case 1 is the main document and spells out the issues in airlines and fuel cost. The excel files provide data on the fuel costs. The pdf is just about the current situation in hedging with fuel for these airlines.
 
1. Why do firms like Southwest hedge? What are the benefits of hedging?
 
2. Evaluate the plain vanilla swaps strategy vs the Call Options (Caps) strategy. Which one do you prefer and why?
 
3. What do you recommend to Scott Topping? Why?

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