NBAA: Piaggio embarks on 'new phase' of jet development

By Murdo Morrison


Piaggio said today it has embarked on a "new phase" in the development of its planned jet by beginning to line up partners and suppliers.
Although a formal launch by the Italian manufacturer - which makes the Avanti II twin pusher - remains some time off, partners are "very enthusiastic" about the programme, chief commercial officer Giuliano Felten told a press conference this morning.
Piaggio has also announced that the 203-strong fleet of Avanti II and its Avanti predecessor has passed the 500,000 flight hours milestone.

NBAA: Piaggio upbeat at show despite halving of deliveries from 2009

NBAA: Piaggio upbeat at show despite halving of deliveries from 2009
By Murdo Morrison


Piaggio remains upbeat at NBAA despite saying it will deliver only 12 Avanti IIs this year, half last year's total. The Italian airframer - which is majority-owned by Abu Dhabi investment house Mubadala and Indian industrial group Tata - says a policy of reducing output and only building to order has kept it in good financial shape.
"We have no whitetails," says John Bingham, president of Piaggio America. "Unlike some of our competitors, we have not had to distress market aircraft."
Eligio Trombetta has also joined the Genoa-based manufacturer from fellow Italian company Alenia Aermacchi as general manager, as Piaggio moves towards development of its first jet.
Piaggio also announced at the show a partnership with Italian luxury yacht builder Benetti to jointly market each other's products. Benetti is displaying a model of its new Vision 145 motor yacht on the Piaggio booth.

Piaggio nears jet launch decision

Business & GA

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DATE:11/05/09

SOURCE:Flight Daily News

EBACE: Piaggio nears jet launch decision

By Alan Peaford

Chief executive Alberto Galassi is adamant that the Italian manufacturer, backed by its Indian and Emirati shareholders will "wait until the time is right".

The company that is part owned by luxury carmaker Ferrari and bears its prancing horse logo on the aircraft, is learning lessons from the automotive industry and, Galassi says, from the mistakes of others.

"We are waiting because we want to wait. Who wants to hear about a new airplane, take orders and then wait 10 years for delivery. You don't see Ferrari announcing a new model and then spending years developing it. Ferrari designs the car, builds it and then launches it. I want us to be close to first flight and with the latest technology before we tell people about it."

Stories that Piaggio has been planning a jet version of the Avanti have been rife for nearly four years, but now Galassi says the plans are in place.

© Piaggio

SHAREHOLDER COMMITMENT

"We have our shareholders [Abu Dhabi's Mubadala and the Anglo-Indian Tata Group] in place and we have our shareholders' commitment," Galassi says. "Both the chairman of Mubadala and Mr Tata have had input and made us think again about the size, the range and the type of aircraft we need for a global market. Their involvement is about a lot more than cash. They both bring a passion for aviation and that shows in what we are doing.

"I promise you one thing, this is a beautiful aeroplane. You would not expect anything more from Italian style and Ferrari. It costs the same to design an ugly aircraft as it does a beautiful one. So we have the beautiful one."

Piaggio is gearing itself up for the expansion. Building work will start in the next two months on a Greenfield 130,000m² (1.4 million ft²) engineering and subassembly facility at Villanove d'Albelga, which will replace the ancient 70,000m2 plant at Finale Ligure. An area at the main facility at the Genoa headquarters that used to house the P66 line is now empty and Galassi confirms that the new aircraft will be assembled in Genoa.

Until the new aircraft is unveiled, Piaggio is stepping up efforts to market the twin-pusher Avanti II and brings an aircraft fitted with the new Nordam interior to Geneva.

Sales have increased dramatically since the Ferrari family became involved in the Piaggio business. Only 32 of the Avanti I aircraft had been sold in the 14 years before the carmaker's family trust under the leadership of Piero Ferrari stepped in. The upgraded Avanti II with Rockwell Collins Pro Line 21 avionics and Pratt & Whitney Canada PT6A-66B engines, certificated in 2006, has seen demand leading to aircraft number 200 now on the line in Genoa. Production stepped up to 30 units a year and will remain there through 2009. Plans to increase production to 38 have been shelved during the current global financial crisis - but one thing that will not be cut back is the $7.19 million price tag.

NO PRICE CUTS

"Manufacturers should not be cutting price," says Galassi. "That is another thing we learned from the automotive industry. If you have a quality product you should not discount. You can never get the price back. This industry needs to stay firm and hold its nerve. It will come back and people will pay the right price. It is a business tool and a necessary one. It is not just a rich person's play thing.

© Piaggio

"Enzo Ferrari taught me one thing - always manufacture one less than the customers want, that makes them want it all the more. Business aircraft are the same."

The team at Piaggio is very confident that current market conditions play into the hands of the Avanti. "We have the right plane for the wrong times," says Galassi. "At a time when executives are nervous about being associated with jets, we can provide a jet performance at a fraction of the cost that pleases the shareholders and doesn't diminish from the levels of comfort or practicality that executives need.

"If the case for business aviation existed before, then it exists now. I don't like seeing the attacks on the jet manufacturers. It is like a witchhunt. Companies that used jets for long haul flights, say across the Atlantic, should continue to do so."

The Avanti's cabin is similar to that of the Dassault Falcon 50 and has the feel of the midsize jet about it. The pusher engines are so quiet that it sounds quieter than a jet, and certainly quieter than other turboprops. The fuel savings are as much as 40% over a jet aircraft of similar size.

"Our operating costs are less than for an entry-level jet," says sales director Fabio Sciacca. "We can also operate in smaller fields and tougher runways."

The Piaggio link with the Ferrari brand has extended as a sponsor of the Formula One racing team. Indeed the driver's championship trophy acts as a vase in the Piaggio boardroom. Former world champion Michael Schumacher was a great fan of the Avanti, Felipe Massa even more so as he has become a customer of the manufacturer. "With a range of almost 1,500 miles it is ideal for getting between race tracks," Sciacca says.

And if Galassi - backed by their passionate investors - has his way, Massa and team may soon be able to travel the world with the new Piaggio jet.

商務航空白皮書

企業是否需要商務飛機？身為企業主的您，可能還不瞭解商務飛機的價值，或是您的股東人並不瞭解？Sino Avanti團隊已完成美國商務航空最具權威的報告-「商務航空白皮書」的中文翻譯，將提供給每一位思考提升企業效率的企業主參考，歡迎您索取。

請來信與我們連絡： info@sino-avanti.com

商務航空白皮書

提要(Executive Summary)

美國國家商用航空協會(NBAA)，和通用航空製造商協會(GAMA協會)，委託顧問公司，調查企業用飛機，是否有助於經營及企業財務表現，及達到更高的股東價值。顧問公司對此課題進行廣泛而深入的研究，重要結論如下。

使用商務飛機是否能？

• 提高與客戶的接觸，並加速交易的達成，以增加企業的收益呢？
• 收益的增長是否大於使用商務飛機的成本呢？
• 使用商務飛機，是否讓企業充分利用固定資產及如頂尖人才的無形資產，全面提高資產使用效率？
• 使用商務飛機，是否因為和客戶有更多的面對面接觸，而提升客戶滿意度？
• 使用商務飛機，是否因工作環境的改善，而提高員工的滿意度？

面對今天的全球經濟化，需要知識整合、客戶關係、靈活組織，信息和速度。為了實現這些，一個公司需要快速的機動能力 ，迅速地掌握領導管理、客戶、供應商和專家隊伍。對於企業家，瞭解使用商務飛機，可增強企業組織的效益，最終正面影響股東權益。

商務飛機是否可從企業資產獨立出來，並進行研究？

由於商務飛機對提供企業價值方式，和企業其他資產的不同。我們以獨立的方式，來研究其間的差異。是否投資購買及操作商務飛機，會帶給企業獨特的優勢。

顧問公司研究小組，對標準普爾 500強企業，根據產業分類，對8年間的企業表現進行數據收集。排除部分無法產生明確對照的產業，及無法取得充份資訊的企業。最後的樣本數為，14項產業類別，335間不同企業。其中，214間企業擁有企業用飛機，而121間企業未擁有企業用飛機。

在商務飛機使用策略、相關獲益及股東價值是否發現相互的關係？

顧問公司研究小組，投入了大量的關注，以了解企業間對使用商用飛機的使用戰略。我們也詳細研究企業在使用商務飛機，相關於財務和非財務的得益，細化至企業使用商務飛機的飛行任務。我們制訂了「利用 - 效益 - 股東價值」框架，簡稱 UBV。

我們發現了什麼？
一些肯定的答案。

將使用及未使用商務飛機的企業，進行比對

在我們研究的標準普爾 500強企業，自1992年到1999年，使用商務飛機的企業，較未使用商務飛機的企業，取得超過 141%的累計收益表現。據研究團隊和各企業財務長的採訪，商務飛機在今日快節奏的商業環境，在重要的領域，大幅提高企業的效能(例如，發展新策略夥伴關係及組成策略聯盟、抵達重要會議及完成交易、進入新市場，並增加與客戶的聯繫）

在稅前息前折舊攤銷前獲利(EBITDA)和稅前息前獲利(EBIT)方面，使用商務飛機的企業也優於未使用商務飛機的企業。企業生產力的提高(來自於使用商務飛機所達的資源部署、流程改善、知識分享及整合）和使用商務飛機有極強的相關性。

最後，在資產效率(銷售額與總資產的比值)方面，於1992年至1999年，使用商務飛機的企業減少5％，而未使用商務飛機的企業，則減少超過3倍。

在開始使用商務飛機的企業和未使用商務飛機的企業，進行比對

對於在短暫經濟放緩的1995年後，開始使用商務飛機的企業(共32家標準普爾 500強企業)的研究分析發現。開始使用商務飛機的企業，在1995年至1999年，在股東回報上，達到343%，而未使用商務飛機的企業，股東回報僅達到 177 %。此外，開始使用商務飛機的企業，在股東權益報酬率(ROE)，開始使用商務飛機的企業在1995年前落後未使用商務飛機的企業，於研究期內，卻超過了未使用企業3.6 %。

最後，開始使用商務飛機的企業與長期使用商務飛機的企業進行比對，開始使用的企業，在維持最好的資產效率。在研究期間內，未使用商務飛機的企業的銷售資產比下降7.5 %，而使用商務飛機的企業，僅下降0.1 %，但開始使用商務飛機的企業，銷售資產比卻增長3 %。

CFO觀點

在我們與企業CFO(或其它企業財務主管)的訪談結果，發現了在企業關鍵價值因子和收益間的強烈的相關性。由於使用商務飛機在路線和時間的彈性，企業領導及高級經理人可在年度間，訪問數百個目的地(企業分部及工廠，及客戶和供應商)。在某些企業，企業領導及高級經理人可在一天訪問四到五個地點，監督企業運行、效率、質量和客戶服務。同時，員工專機的使用，可以幫助企業節省時間和降低成本，使成本效益增長。

我們發現，商務飛機在企業履行其任務時，產生重大價值，並反應在股東價值上。

主要是商務飛機，增加企業靈活的機動性，提高企業組織靈活性、知識整合和縮短交易完成的時程。在與CFO的訪談發現， 客戶、供應商和關鍵員工，都反應商務飛機的正面影響。

我們的研究報告對您意味著？

您決定購買及操作商務飛機前，我們建議您詳細地參考我們的研究結果。我們以可衡量的數據，表明商務飛機這項資產，可協助您的企業實現戰略目標。

在經濟發展不確定的時期，您可能思考將企業飛行部門關閉，但是我們的研究顯示，這樣子的決策將會衝擊企業的經營，喪失今日企業最具競爭力的因素-機動性。

Avanti II的航程

• 台北到上海 - 679 公里
• 台北到香港 - 837 公里
• 台北到北京 - 1728 公里
• 台北到東京 - 2098 公里

Avanti II 的航程，最大可達到 2720 公里 ，相當於中型客機的航程。以台北為中心，涵蓋東南亞及東北亞，及中國大陸沿海及內陸的各大城市！

請參考以下的航程圖，瞭解 Avanti II 從台北出發，航程所能涵蓋的區域：

但您前往的目的地，超過Avanti II 的航程，請您也不擔心。因為商務飛機填加燃料相當地方便，在燃油中停點 (Fuel Stop)，只需花大約 15-30 分鐘，便可完成加油作業，即可起飛！

Avanti II - 寬敞的客艙

在這裡明說，為什麼avanti II商務飛機的客艙比較寬敞？

因為前翼構型的設計，Avanti II的主翼在客艙後面。

傳統構型的飛機，主翼必須從飛機中間穿過機翼。主翼和機身的連結，是最重要的施力點，所以主翼的翼樑部分，要作的更堅固，結構部分佔了相當大的體積。

翼樑穿過機身，就好像你家客廳，中間有個大樑，那麼空間就不好運用了。

但Avanti II的主翼在客艙後面，比雅久工程團隊，就好好利用空間了。
在商務飛機裡，有個很重要的選項，就是客艙裡可不可以站得直？(可站直客艙 Stand-Alone Cabin)，站不直的客艙，要鑽進飛機坐好，還挺辛苦的。飛行時間久，想伸個懶腰都伸不直！

Avanti II商務飛機的客艙高度達1.75 m，就屬於Stand-Alone Cabin

商務飛機不只帶乘客，有時也要帶相當多的行李。

不論是執行長和客戶去打球，或是技術團隊帶器材去支援客戶。Avanti II除了客艙內的收納空間外，還有一個外部擷取的行李艙。

高爾夫球具就不是問題了！

超省油的Avanti II

Avanti II於2005年推出，6個月後即有70架訂單，Avanti II和Avanti I的主要不同是在航電系統，推出至今，共有200架在世界各個角落，暢快地飛行著！


但是Avanti II開始成為飛機界開始注意的重點，是從油價開始向上飆漲開始。

從2005開始不斷上漲的油價，讓想買飛機的機主們，留意到飛機省油的重要性。
6到8人座的商務飛機，是歸於中型商務飛機，Avanti II可以搭乘6到8名乘客(看機主的選項而不同)，但是燃油量卻是中型噴射商務飛機的一半。甚至比超輕型商務飛機(Very Light Jet/VLJ)，還要低下一點，但VLJ只能搭乘4名乘客。
油價的飆漲目前緩和下來，但是誰也不知道哪一天，那個產油國不高興，油價又要高了！

在歐美，機主們對如何維持商務飛機很明白，也就是我們所說的smart owner。但在亞洲，計劃購買商務飛機的機主，可能先有「擺譜」的衝動。

我們姑且不論飛機的售價，對於有能力購買飛機的私人和企業，在油價低時，看不出Avanti II的優點。但是在油價高的時候，不管多有錢的私人和企業也吃不消，只得把飛機擺下來。對於Avanti II的機主們，反而可以從容地飛行！