I have selected Topic # 8 entitled ‘An analysis of Financial and Business performance of company for the period of three years’ as part of my research and analysis project. After discussing my reflections and views with my ACCA teachers and with my thoughtful mentor, I selected the mentioned topic and finalized it as my project.
I selected this particular domain and hence the topic to carry out as my project, because of the motivation in the field of business and financial analysis. I have always been keenly interested in this topic and wanted to pursue my upcoming project in this field due to my proved skills and interest which I observed during my ACCA studies. My performance and efficiency in this field encouraged me to believe that I have required skills. The extensive research also helped me in my professional career since carrying out business and financial analysis is a must have skill which every accountant should possess. My academic background is also a helping factor to carry out research in this particular domain.
Emirates Airlines is a national and leading airline company of UAE which I have selected as my interested company. This company is renowned for its good support that it provides to its customers as well as high quality travelling services. These features inspired me and I chose this company based on my own analysis and personal interest. Moreover, Emirates Airline is operational in nearly all major parts of the world and provides its services to its loyal customers. Hence, it is a part of large Multinational Corporation. Thus, research on such a big company will definitely help me to increase my knowledge and understanding about how these big companies operate and what services they provide and how. The essential information related to this company is available online easily and hence it will be easy for me to search requisite data for my project and report. Etihad Airways is another airline which I have opted to carry out competitor analysis. The reason behind choosing this airline is that it has a lot of similarities with Emirates Airline.
Research Objectives
According to my research domain and topic, following are the research objectives:
‘ In order to find out various factors which affect the Emirates airline excluding its environment, conducting a PEST analysis is my major research objective.
‘ Conducting SWOT analysis in order to find out the strengths, weaknesses, opportunities and threats of the chosen company.
‘ Comparing the financials and strategic moves as well as trends of Emirates and comparing them with its competitor Etihad.
‘ Analyzing liquidity and profitability state of the company for the period of three fiscal years.
Research Questions
In order to fulfill the research objectives, the research questions which need to be answered on requisite basis are given below:
1. Does the company possess enough amounts of liquid resources and assets in order to pay the debts?
2. What is the company’s performance in the last three years? Is the performance comparable to its competitors?
3. What are the technological, economic, social and political factors which are being confronted by Emirates online? Moreover, what is the understanding which the company has developed for these factors and how well they can shape out their strategies considering these factors?
4. According to SWOT analysis, what is the major SWOT threats being confronted by Emirates airline?
Research Approach
I have a much planned approach to carry out the extensive research for this work. Firstly, I will prepare a schedule which I will follow throughout the whole research process. The very first step is to meet and have detailed discussion with my mentor after finalizing the topic and company chosen. After which the data collection phase will come which is essential for analysis and comparison. I will cite the gathered data using Harvard referencing system so that the original owner of the data gets recognition. For the conduction of financial analysis, I will opt the approach of ratio analysis. I will also use SWOT and PEST analysis techniques to analyze business objectives. Finally, I will draw the conclusion for the /Emirates airline along with different recommendations which I believe to be beneficial for their services improvement. In this regard, Microsoft Excel will aid me in order to prepare graphs and financials comparison which can represent the analysis and research visually.
Part 2 Information Collection and Model Used
Primary Data
The type of data which is raw and first handed. This data is particularly fetched from the seminars, interviews and surveys. Thus, this data is also known as fresh data. The usage of the primary data in my research topic might be crucial and risky since it can introduce biasness towards users and researchers. Hence, primary data will not be used in my research work (Primary, n.d.).
Secondary Data
Secondary data is known as the second hand data. As the name indicates, this data is taken from secondary sources and a lot of extensive research has been carried out as well in this data. Author biasness is clearly visible in this data as well; however, it is presented in newspapers and websites very well, which are the main sources of information in today’s world (Primary, n.d.).
Limitations of Secondary Data
There are certain limitations of secondary data which are highlighted below:
1. A risk to data credibility is highly faced since this type of data is easily and enormously available online and other resources which are easy to collect data from.
2. The usage of this data by the researchers may not be very beneficial since it is based on the past information which is clearly not useful for the current scenarios.
3. This information is prone to high level biasness hence authors might feel unconformable to use it as part of their research (Know This, n.d.).
Methods and Sources Used in Research Project
In order to fetch relevant and informative data out of different location, we performed rigorous survey and hence there are certain sources which are given below:
1. Annual Reports published by both Emirates and Air Arabia for the year 2014, 2013, 2012
2. E-News papers
3. Journals
4. Accountancy Articles
5. Director Reports
6. News Websites
Ethical Issues and Safeguards
Many issues and challenges can be faced by the researcher during his or her research journey. Likewise, ethical issues are one them and I also faced an abominable issue of content plagiarism during my research phase. It is thus important to place safeguards against the issues. To cater with this issue so that the information and data collected and used can remain the property of other author; I used proper referencing and citing. Referring any information and source cited has remained my primary concern otherwise I believe using someone else’s information without authentic referencing is a cheating.
Insider information is another issue faced by me as some information is private and not available to common public easily. However, insider information or hidden information can be retrieved from some sources. But to use such hidden data is considered data stealing and by doing this company’s operations and planning can be distorted. Thus, I made my decision of not using this type of data in my research project.
Backing up information is also very necessary as well as making use of reliable and correct data in order to make the research report useful for readers and various kinds of users. In the era of internet, majority of the information available online is considered unreliable and using this information will make my research work questionable too. Hence, I cross checked a particular piece of data which I intend to use in my work such that it is reliable and the information is credible.
Models Used and Its Limitations
Ratio Analysis
In order to compare the trends between financial items of one year with another year financial items, ratio analysis is used. Change between company assets and profitability can be seen by comparing one year with another year hence it is a very useful model. To perform comparison between different companies, ratio analysis can be used. Different categories of ration analysis are discussed below:
Growth Ratios
Growth ratio is the most important type of ratio analysis. Cost of sales growth and growth itself are important to be mentioned in this category. They are being used for measuring decrease and increase in sales as well as current years and previous year’s cost of sales is also measured using it.
Profitability Ratios
EPS, gross profit margin and net profit margin are the most important ratios in this category. The change in percentage between profit figures of different years can be easily found out using this.
Liquidity Ratios
Most important ratios under this category are quick and current ratios which can be conveniently used to find and assess the assets position of the company since there are certain liabilities upon company which has to be cleared out and paid from assets.
Efficiencies Ratios
Most important ratios under this category are the debtor’s collection period and inventory turnover. Analyzing company’s selling efficiency and how the purchasing is done in the departments became easier using this (Accounting Course, n.d.).
Limitations of Ratio Analysis
Limitations of ratios analysis are as follows:
‘ There is no other benefit of ratios analysis which can be considered since this model can only be used to provide difference between changes in the different financial statements
‘ Finance managers take several assumptions in preparing the financial statements and hence they intellectually base their arguments on various estimates. These estimates are varied according to the person and business aspect is almost always involved as well.
‘ Ratio analysis primarily relies on quantifiable factors and doesn’t reflect qualitative aspects
‘ Ratio analysis totally leave behind non financial indicators of performance thus it is a very simple model
‘ Using past information such as all the information and respectively data which we found using the secondary sources is not possible. Since this data is entirely old and not helpful in fresh research and to find future trends else it will lead our research towards a misleading result
(Investopedia, n.d.).
SWOT Analysis
SWOT analysis is a comprehensive model whose primary purpose is to identify internal strengths and weaknesses of the company, as well as the external factors such as threats and opportunities which the industry or company can faced during it operational time. This model also helped in shaping company policies and operations thus it is considered a strategic model. Both external environment of company and the internal environment of company can be analyzed using SWOT analysis.
Limitations of SWOT Model
The limitations of SWOT analysis are given below:
- This model has the potential to only discuss weaknesses and strengths of the company or industry; however, it fails to state the comparison between weaknesses in terms of smaller and bigger weakness for analysis.
- Multidimensional and complex factors are not addressed by this model thus it is by nature a very simple model
- Perfect market structure is assumed in this model which however is not the case in real world and scenarios (PESTEL, n.d.).
PEST Model
PEST stands for the political, social, economic and environmental factors. These different factors which affect company from outside environment or market are identified by the PEST model. These factors not only affect the whole industry in a particular country but also affect the company itself as well. Factors which should be properly figured out as well as taken care of are provided by PEST model which can play significant role in shaping the business strategy of the company (PESTEL, n.d.).
The different factors of the PEST model which are present in the markets are discussed briefly below:
Political Factors
The factors related to the regulation and government policies are categorized in the political factors. It is the obligation of every country to follow the government laws, policies and rules, however, sometimes change in one government rule or regulation cause hurdles for the company in one way or another. Changing fiscal policies and increase in taxation are some notable examples of this factor.
Economic Factors
Macro economic factors related to the economics of the country fall under this category of economic factors. The financial condition of the market such as export and import factors and inflation rate is affected by these factors. The market structure is changed easily by these factors hence these factors are of significant importance.
Social Factors
Customers are somehow related to the company and vice versa. Hence, social factors are those factors which involve customers. Change in trends by the customers affects the company in minor or severe ways.
Technological Factors
Technology affects the company in many ways hence technological factors are also very important. Change in technology is evident from the growth rate in this era hence without coping to the latest technology standards and understanding survival and growth of the company is not possible.
Legal Factors
It is the obligation of every one to follow the laws, policies and rules, however, sometimes change in one rule or regulation cause hurdles for the company or the market in one way or another.
Environmental Factors
Pollution is the most important environmental factor which falls under this category. Pollution not only affects human being but also company can face severe penalty and loss by its different linked factors.
Limitations of PEST Model
The limitations of PEST model are as under:
- PEST model doesn’t provide many factors which might affect industry in future rather it provide the factors which are present in market.
- Company specific factors are not being taken in to account by the PEST model since it is only usable and functional for the whole industry rather than individual company.
- This model is suitable only for the classic market and hence it is not meant to operate for complex market situations (PESTEL, n.d.).
Part 3 Result, Analysis, Conclusion and Recommendations
Company Profile
Emirates group is a leading global corporation in its field and has spread its wings into every aspect of tourism and travel. Emirates airline is famous for being one of the two key divisions in the group by receiving more than five hundred awards of excellence and by being one of the youngest fleets in the sky. Another airline group is named dnata. Dnata has itself provided quality services in the field of fight catering, IT solutions, travel, cargo and ground handling. Dnata was established in the year 1959 and is considered fourth largest combined air services in the whole wide world. It is a provider for global foot printing as well which is extended to the forty countries worldwide.
Both Emirates airline and dnata have evolved at a phenomenal rate and Propelled forward by their united strength. Hence, Emirates group also established as a glorious organization by expanding its services in more than 62,000 people as employees and fifty independent brands which makes its portfolio strong and noticeable (The Emirates, n.d.).
Air Arabia Company Profile
The North Africa and Middle East’s largest and first most Low Cost Carrier (LCC) company is named as Air Arabia. Across Europe, Asia, North Africa and Middle East, Air Arabia provides flight services to one hundred and one total destinations. Reliable, comfortable and quality services are guaranteed by Air Arabia as well as you get value in exchange of money. Their service logo is ‘More than just low fares’ and hence value preposition across the network, air travel is provided with ease and convenience to any place in the world the people want.
The passengers which are millions in number by now have helped to make the aviation industry to set a new standard, goal and a mark in the domain of international aviation industry. Media Center is the source of all types of necessary information which can be consulted for more learning regarding Air Arabia or any other preferred airline. It gives us the details of recent achievements and latest happenings as well.
Air Arabia is the provider of the carrier of increased profitability and independent path to growth and hence being the first airline to provide this; Air Arabia is listed as the first publically airline in the region. Investor Relations is the relevant source which provides details regarding the statements and financial results of the company.
Air Arabia not only provides the uplifting of the lives of the less fortunes but also provide the services at lowest and affordable air travel rates possible today. Lead on social needs of international as well as local community and correspondingly taking responsibility is the factor which marks the success of the company. The carrier has implemented a corporate social responsibility (CSR) program to that end and hence emphasis on the inculcation of better and improved education as well as sustainable development is provided along with healthcare for underprivileged communities (Air Arabia, n.d.).
Ratios Analysis
Note: The Annual Report of Etihad Airlines group for the FY 2014 AND FY 2012 are not available so limited data is extracted from the Websites.
Turnover Growth
As compared to the year 2013, Emirates Airline improved its sales revenue in the year 2014 by the ration of 13 percent. Increased number of passengers and more destination flights were the reason behind increase in sales revenue. Moreover, ticket prices were also the reason for improved revenue. Due to increased ticket price, revenue per employee was increased by total 4 percent. Twenty four new aircrafts were also bought by Emirates airline and hence it being the largest corporation in the world by Boeing A380 and Boeing 777. Total fleet count was also increased by two hundred and seventeen in FY 2014. In the year 2014, the increase in fleet count as well as the increase in capacity utilization improved the total group revenue (Basit, 2014).
An incredible increase in the revenues of the emirates airline group was seen in the year 2013 which was 17 %. 13% increased in the first half of year 2013 was also observed and reported. Addition of fifteen new aircrafts resulted in the overall increase in the total revenue in the second half of the year 2013. Thus, revenue increased by 17% than year 2012 was due to the new purchase of aircrafts by the company. Moreover, 15 % of the increase of the passengers was also a biggest reason of the revenue increase (Buller, 2013).
Second largest airline of the UAE is Etihad airline. The revenue of the Etihad airline was increased in the year 2013 by 27 %. The better brand image was the reason behind this increase. This revenue increase was much more than Emirates airline for the year 2013; where Emirates confronted the total increase in revenue by 17 % only. Due to increase in costs and investments Emirates remained behind the Etihad. However, overall the economic conditions were noticeably improved in the year 2014. Due to their customer base growth rate from 11 % to 12 percent in the year 2014, the performance of Etihad was also enriched (Etihad, 2014).
Operating Profit Margin
The operating profit margin of the Emirates airline increased to 5.2% in the fiscal year 2014 hence it proved its progressiveness in the mentioned year. As compared to year 2013, it was an increase of 50.1% collectively. Emirates controlled their better deployment of capacity and controlled their cost effectively as well. In the year 2014, the operating costs increased only by 11 percent, as compared to the revenue which was increased by 13%. The cost of Emirates was also controlled by the stable prices of fuel. Offering business class suites at higher prices and new services are supported the company in the year 2014 to earn extra operating profits (MAILONLINE, 2014).
The sales increased in year 2013 and due to which the net operating profit was also increased by a percentage of 56. Due to this, a significant increased operating profit margin was seen in the year 2013 as compared to the year 2012 which is 3.9 %. Due to increase in revenue, the company showed good performance obviously. In the year 2013, unstable political crises and exchange rate in Middle East was the reason of the increasing company’s operating cost. Despite of the fact that company faced significant challenges in the year 2013 and the increased in the number of passengers and capacity as well, the company found its way to the earning of the reasonable earning. In the fiscal year 2013, the operating cost of the company increased by 16 % in total. This increase in the operating cost was caused by the increased marketing expenses, investment in higher depreciation and new fleets. Out of total operating cost, the fuel cost was 39.65 %.
Etihad airways invested in around 199 airbuses in the fiscal year 2013. This investment resulted in the increased overall cost of the company. The company also made investment in capacity building. Both the companies i.e. Etihad and Emirates airline, due to increase in their sales revenue which was more than the cost, provides better operating profit margin. In the year 2013, Etihad airlines made investment in the passenger jets as well which were 16 in number. This investment resulted in increased operating profit margin and better destination flights. However, progress in investment and rise in fuel cost affected the company one way or another (Etihad, 2014).
Net Profit Margin
Emirates group reported a net profit of 4.1 Billion AED in the year 2014. This is a considerable increase by 32% as compared to the year 2013. Regardless of the fronting challenges such as global environment compression, this is the biggest profit which has been reported by any airline group in the airline industry. Moreover, a considerable improvement in net profit margin was also reported in the fiscal year 2014 which was 3.9 % in total. Rise in services for passengers was the major factor which changed the course of improvement. However, due to the unavoidable costs and declining economic condition the first half of the year 2014 remained challenging for Emirates group. Increase in operating income, increase in the capacity, increase in the seat factor, increase in passengers and increase in revenue aid the company to make a strong come back in the second half of the year and an overall increased profit rate was achieved which was reported to be highest ever (Emirates, 2014).
As compared to year 2012, the net profit rate was increased by the percentage of 52 in the year 2013. This increased is very fortunate because of the fact that the company faced many significant challenges. In the year 2013, the net profit margin of the Emirates airline improved to 3.1 %. However, the global crisis and increase in jet oil prices played an important role in giving tough time to the company. Due to these challenging factors along with investment in the new aircrafts, the lease rental cost was also increased as well as the depreciation cost was increased by 24%. Marketing and sales expenses also got improved by 20.3 %. Emirates airline made investment in Dubai based JW Marriott Marquis Hotel. This investment helped the company to increase their revenue by 15%. Another significant cause of increased profit rate was the increase in tourism in UAE (Buller, 2013).
Etihad’s profit was increased by 48% in the year 2013 which is far less than the profit made by the Emirates airline. The net profit margin of Etihad was 16% which again was much higher than the profit made by Emirates. The reason behind this fact was again the increasing revenue which was substantial. Opening new routes and increase in the number of passengers improved the overall sales of the company as well as its net profit. The focus of Emirates airline was, on the other hand, towards marketing and advertisement. They invested heavily in these two things thus the results were as expected. The focus of Etihad airline was on profitability thus they performed way better than Emirates for the year 2013 (Etihad, 2014).
Current Ratio
The current ratio for Emirates airline was 0.84 for the FY 2014. This ratio can be considered as appreciative with respect to the overall perspective. Different challenges were lying ahead of the company such as rising fuel prices etc. Due to these challenges, the deterioration of cash position was faces as well. Due to the increase in trade debtors which again are due to the increase in sales revenue, the overall current assets of the company got increased by 7 %. However, the decrease in the short term deposits of the company was caused by the heavy investment. This decrease was reported by the percentage of 50 % which is significant and alarming. Due to that, the current assets position of the company got affected severely. In the last year, current ratio of the company got decreased to 0.84 from the previous ratio of 1.11. Decline in the short term deposits was the major reason behind this decline (Emirates Annual Report, 2014, p.66).
In 2013, on the other hand, a remarkable rise in the current assets of the company was reported which turned out to be 38 %. In 2013, also the short term cash deposits of the Emirates airline was increased which was reported to be 110 % more than previous year. 10 % increase of trade debts were also reported in the year 2013. This rise in trade debts improved the current ration of the company as well to 1.10. Due to financing investment in the new routes, a jump in borrowings was also faced the company which was 25 % in total. A worth considering current ratio of Emirates was reported to be 1. This ratio is significantly positive since the economy conditions of the company were in a bad state as well as the fuel cost also put a negative and hazardous affect on the company’s performance and condition (Emirates Annual Report , 2012).
Emiares and Etihad airlines both got the privileged to be entitled as National Airlines of UAE. Both the companies considered to invest in new aircrafts as well as in many new projects due to the support of the government. This investment improved the cash position of the company significantly. Due to the increase in short term deposits, a good current ratio was reported in the FY 2013 by Etihad airline. The current ratio for Etihad airlines was same as reported by the Emirates airline. However, Etihad accomplished better profitability than Emirates due to buying more aircrafts than Emirates and making high investment in routes such as San Francisco.
Quick Ratio
In all three years which are being considered in this report, the current ratio for Emirates has been significantly good and appreciative. Similarly, if we talk about the quick ratio of the company then it is noticeable that this ratio was also reported to be fine in all these three years. Quick ratio was as effective as current ratio for the FY 2013. The reason might be the fact that stock in the trade was not a major part of assets. Control on inventories build up happened because of more sales in 2013 and an excellent increase in current ratio was reported by 6 % from previous years (Emirates Annual Report , 2013, p.72).
Quick ratio in the FY 2014 was appreciative; however, it w due to the lower cash position of the company, it was reported to be decreased from the preceding year. Due to high sales, inventory cost of the company was reduced by 8 % in 2014. Company’s performance was evident from the fact that the current assets of the company were increased by 6 % and thus inventory department and company sales were improved as well (Emirates Annual Report , 2013, p.72).
For the year 2013, similar quick ratio was reported by both the Etihad and Emirates. Sales propagate for both companies as well as unnecessary inventories were not kept by them. These initiatives helped them to enhance profitability and control the inventory cost. Moreover, due to these the problems related to working capital were also minimized. The focus of Etihad airlines was more towards increasing the personnel. This made the change in cash position as well. However, in order to attain the higher sales than Emirates, the employees helped to positively facilitate the company. All these factors play an essential role in increasing the net profit of the company than Emirates (Emirates Annual Report, 2014, p.66).
Debtor Turnover
In 2014, the inventory turnover for Emirates was reported to be 41 days which was an improvement of 3 days i.e. in 2013 it was 44 days. Increase in sales as compared to the FY 2013 was the reason behind this development. As it was a significant increase by 17 % in total. 3.9 % upturned as compared to the previous year was reported for the debtors. This upturn is the solid proof that the company possesses control over their customers. In 2014, the debtors in overall perspective were higher since a turnover period of more than 40 days is considered significantly higher in Airline industry. For this, companies extend their credit for a longer period of time, since companies don’t ever want to lose their large businesses and hence in order to protect them, serious precautions and relevant actions should be taken.
If we talk about the debtor’s days then for the year 2014 they were improved from 49 to 44 than in 2012. Debtors in a year were increased by 7 % in 2012 due to higher sales. This is obviously better and improved than the debtors reported in the previous year (Emirates Annual Report, 2014, p.66) (Emirates Annual Report , 2013, p.72).
Part 4 Appendix
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