Financial security of airlines in the context of ensuring competitiveness

The article develops a system for diagnosing the financial security of an airline in the context of ensuring competitiveness. The financial security of airlines is a component criterion of competitiveness in the air transportation market due to the conditionality of resilience to crisis phenomena and the potential for financing innovative development. The following scientific tasks are solved: to substantiate the system of indicators of the financial security of an airline in terms of ensuring competitiveness; to conduct a financial analysis and determine the criteria for evaluating indicators by levels of financial security based on the statistical base of financial indicators of international airlines; to summarize the features and challenges of ensuring the financial security of airlines. The following methods were used to solve the tasks set: analysis, synthesis, generalization, analysis of relative indicators, the quartile method for eliminating outliers, cluster analysis, and point assessment. The system of indicators of the financial security of an airline in terms of ensuring competitiveness, substantiated in the work, includes indicators of liquidity, financial stability, and efficiency. For an integrated assessment of the financial security of an airline, a point system (1–5 points) is proposed for each indicator. Based on the financial analysis of airlines and cluster analysis, criteria for evaluating indicators by levels of financial security were determined. In contrast to traditional standards for financial security indicators, statistical analysis of airlines proved: higher requirements for the available volume of cash assets and their equivalents; lower level of equity, which reflects the financial stability of airlines (33% compared to the traditional 50%); admissibility of a negative value of the working capital adequacy ratio, since fixed assets in the industry have a significant share and are partially formed at the expense of borrowed funds, and a certain level of loss-making sales. An integrated assessment of the financial security of airlines made it possible to establish that low-cost airlines (Wizz Air Holdings Plc, Ryanair Holdings plc, easyJet plc) are among the most competitive airlines due to their effective business model, low prices and high operational flexibility. They significantly affect the aviation industry, forcing traditional companies to adapt to new market conditions. The challenges for traditional airlines are to optimize business models and pricing policies, which will allow them to form a sustainable financial base for further development, including the implementation of innovative and environmental initiatives as competitive advantages.