AirCompAnalysis JUNE21.qxp_ACAn 19/05/2021 11:53 Page 4
HELICOPTER COMPARISON
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Chart C – Turbine Helicopter Usage
H
business users favor the H155 (24%) than for the AW139 (14%).
Cost per Mile Comparison
OTHER 26%
BUSINESS 14%
PERSONAL 16%
BUSINESS
OTHER 23%
*Number in operation: 1,060 and 148
LEONARDO CHARTER AW139 22% 1,060*
Chart D (middle, left) details the ‘Cost per Mile’ of our comparative field, factoring direct costs. The Leonardo AW139 has the higher cost per mile at $9.07 per nautical mile. The Airbus H155 costs $7.18 to operate, per mile. This is a difference of 25.5% in favor of the Airbus H155.
GOV’T 18%
MILITARY 22%
AIRBUS H155 148*
CHARTER 35%
Total Variable Cost
BUSINESS 24%
CHARTER
MILITARY
OTHER
GOVERNMENT
PERSONAL
The ‘Total Variable Cost’ illustrated in Chart E (bottom, left) is defined as the Cost of Fuel Expense, Maintenance Labor Expense, Scheduled Parts Expense, Engine Overhaul, and Miscellaneous Trip Expense. The Total Variable Cost for the Airbus H155 computes at $740 per hour, which is $195 – or 20.9% - less than the Leonardo AW139 ($935 per hour), per JETNET.
Market Comparisons
Table B (overleaf, top) contains the price range from JETNET for each model, including the cost of a new 2021-model. The number of helicopters in-operation, and the percentage ‘For Sale’ are also from JETNET, while the average speed, cabin volume and range values are from B&CA. As shown, the Leonardo AW139 had 2.9% of its fleet listed ‘For Sale’ on the pre-owned turbine helicopter market at the time of writing. By comparison, 7.4% of the Airbus H155 fleet was ‘For Sale’. The average number of new/pre-owned transactions (sold) per month for the Leonardo AW139 was seven, compared to one for the Airbus H155.
Chart D - Cost Per Mile Comparison Airbus H155
$7.18
Leonardo AW139
$9.07 $5.00
$0
$10.00
US $ per nautical mile Source: JETNET
Used Asking Prices & Quantity
As of this writing, the used market for the Leonardo AW139 showed 31 aircraft ‘For Sale’, with five displaying asking prices that ranged between $5.5m to $9.682m. By comparison, there were 11 Airbus H155 helicopters ‘For Sale’. Again, five displayed asking prices between $2.149m to $4.750m. While each serial number is unique, the time on the airframe (AFTT) and age/condition will cause great variation in price between one aircraft and another. Of course, the final negotiated price remains to be decided between the seller and buyer.
mission
Chart E - Total Variable Cost
Airbus H155
$740
Leonardo AW139
Depreciation Schedule
$935 $0
Source: JETNET
60 Vol 25 Issue 6 2021 AVBUYER MAGAZINE
$200
$400
$600
US $ per hour
$800
$1,000
$1,200
Helicopters that are owned and operated by businesses are often depreciable for income tax purposes under the Modified Accelerated Cost Recovery System (MACRS). Under MACRS, taxpayers are allowed to accelerate the depreciation of assets by taking a greater percentage of the deductions during the first few years of the applicable recovery period.
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