Internal Controls and Financial Performance

This assignment delves into the crucial relationship between internal controls and an organization's financial performance. It examines the benefits and drawbacks of implementing strong internal control systems, referencing sources like Bizfluent and Alexander (2016). The influence of international accounting standards, particularly IFRS 17 on insurance companies, is also analyzed using Félix (2017) as a reference. Additionally, the assignment touches upon various financial concepts such as value stocks versus growth stocks (Chongsoo et al., 2017), financing patterns and fixed asset utilization (Das, 2017), and risk aversion in family firms (Meroño-Cerdán et al., 2017).

1
By student name
Professor
University
Date: 07 January 2018.
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Contents
ssSection A:.................................................................................................................................................3
Introduction.................................................................................................................................................3
Horizontal and Vertical Analysis..................................................................................................................3
Economic condition of the company...........................................................................................................6
Profitability Analysis and Ratios...................................................................................................................7
Dividend of the company and related ratios...............................................................................................9
Stability and liquidity ratios.......................................................................................................................10
Efficiency ratios.........................................................................................................................................12
Comparison with the industry average......................................................................................................13
Asset value per share and current market price........................................................................................13
Non Financial parameters..........................................................................................................................14
Section B:...................................................................................................................................................15
References.................................................................................................................................................17
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Section A:
Introduction
In the given report, financial analysis needs ot be done for one of the Singapore company for financial as
well as non financial factors. The company chosen here is Singapore Airlines and the annual report
considered here is of 2016-17. It is one of the biggest company in Singapore and is listed on the
Singapore Stock Exchange. It sis ranked in top 15 carriers worldwide in trms of revenue from passenger
kilometres and 10th in terms of carriage of international passengers. It has a fleet size of 113 planes and
has tehmarket capitalization of $ 14 Bn, being 2nd in the world (Belton, 2017). It is headquartered at
Singapore Changi Airport. It has operations across 9 countries and has 64 destinations to work with. The
turnover of the company in the year 2016-17 was $ 14,868 Mn with a profit of $ 518 Mn. The number of
employees working with the company are 24,574 as reported last time. Furthermore, the company’s
competitors include mainly Japan Airlines Co. Ltd., Malaysian Airline System Berhad and Cathay Pacific
Airways Limited. The company’s main competitor is coming in terms of services provided in the major
cities and the fleet at offer for all these companies. The main business of the company includes
providing domestic and international carrier services to the passenger (Bizfluent, 2017).
Horizontal and Vertical Analysis
The horizontal analysis of the company’s profit and loss account and the balance sheet has been shown
below:
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Balance Sheet
Balance Sheet as of: 2012-13 2013-14 2014-15 2015-16 2016-17
Currency SGD SGD SGD SGD SGD
ASSETS
Cash And Equivalents 5,059.6 4,883.9 5,042.7 3,972.4 3,380.5
Short Term Investments 365.5 303.4 184.1 684.0 556.0
Trading Asset Securities 2.2 3.2 - - -
Total Cash & ST Investments 5,427.3 5,190.5 5,226.8 4,656.4 3,936.5
Accounts Receivable 1,578.4 1,604.7 1,491.5 1,221.8 1,144.6
Other Receivables 38.8 34.1 23.3 48.1 77.1
Notes Receivable - - - 62.0 -
Total Receivables 1,617.2 1,638.8 1,514.8 1,331.9 1,221.7
Inventory 274.9 243.0 202.0 181.9 178.4
Prepaid Exp. 103.2 107.5 124.6 132.4 211.0
Other Current Assets 76.9 130.9 184.7 491.4 152.4
Total Current Assets 7,499.5 7,310.7 7,252.9 6,794.0 5,700.0
Gross Property, Plant & Equipment 21,805.2 21,367.6 21,869.8 22,715.8 24,552.6
Accumulated Depreciation (10,424.6) (10,781.6) (11,392.5) (11,740.2) (12,870.9)
Net Property, Plant & Equipm ent 11,380.6 10,586.0 10,477.3 10,975.6 11,681.7
Long-term Investments 1,382.1 1,981.1 2,017.7 1,831.3 1,622.8
Goodw ill - - 163.8 170.4 170.4
Other Intangibles 131.1 165.3 266.4 276.7 181.0
Deferred Charges, LT 45.9 50.0 56.7 58.2 58.4
Other Long-Term Assets 1,988.9 2,549.4 3,686.8 3,740.4 5,305.7
Total Assets 22,428.1 22,642.5 23,921.6 23,846.6 24,720.0
LIABILITIES
Accounts Payable 3,055.7 2,977.9 2,906.5 2,848.2 3,261.9
Short-term Borrow ings 5.7 8.2 93.0 190.4 18.3
Curr. Port. of LT Debt 6.8 2.6 300.5 - -
Curr. Port. of Cap. Leases 67.8 52.5 54.1 21.5 23.7
Curr. Income Taxes Payable 160.1 201.1 161.9 191.9 80.3
Unearned Revenue, Current 1,966.8 2,019.2 2,077.2 2,295.6 2,342.1
Other Current Liabilities 138.7 129.9 1,047.2 939.6 562.3
Total Current Liabilities 5,401.6 5,391.4 6,640.4 6,487.2 6,288.6
Long-Term Debt 800.0 813.6 1,247.2 1,112.7 1,525.8
Capital Leases 140.6 90.7 45.2 22.9 -
Pension & Other Post-Retire. Benefits 163.7 169.6 129.7 129.3 131.2
Def. Tax Liability, Non-Curr. 1,948.2 1,788.9 1,599.6 1,681.7 1,890.5
Other Non-Current Liabilities 571.9 813.7 1,329.4 1,279.9 1,413.7
Total Liabilities 9,026.0 9,067.9 10,991.5 10,713.7 11,249.8
Common Stock 1,856.1 1,856.1 1,856.1 1,856.1 1,856.1
Additional Paid In Capital - - - - -
Retained Earnings 11,460.1 11,527.0 11,446.6 11,935.5 11,838.8
Treasury Stock (269.8) (262.2) (326.3) (381.5) (194.7)
Comprehensive Inc. and Other 43.1 116.3 (512.8) (655.4) (417.2)
Total Comm on Equity 13,089.5 13,237.2 12,463.6 12,754.7 13,083.0
Minority Interest 312.6 337.4 466.5 378.2 387.2
Total Equity 13,402.1 13,574.6 12,930.1 13,132.9 13,470.2
Total Liabilities And Equity 22,428.1 22,642.5 23,921.6 23,846.6 24,720.0
Singapore Airlines Limited (SGX:C6L) > Balance Sheet
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I ncome Statement
For the Fiscal Period Ending 2012-13 2013-14 2014-15 2015-16 2016-17
Currency SGD SGD SGD SGD SGD
Revenue 15,098.2 15,243.9 15,565.5 15,238.7 14,868.5
Other Revenue - - - - -
Total Revenue 15,098.2 15,243.9 15,565.5 15,238.7 14,868.5
Cost Of Goods Sold 12,251.3 12,317.0 12,307.0 11,702.2 11,226.1
Gross Profit 2,846.9 2,926.9 3,258.5 3,536.5 3,642.4
Selling General & Admin Exp. 608.1 645.7 679.0 698.9 736.1
R & D Exp. - - - - -
Depreciation & Amort. 1,589.1 1,575.5 1,538.8 1,543.0 1,552.1
Amort. of Goodw ill and Intangibles 22.7 25.7 25.9 32.7 39.8
Other Operating Expense/(Income) 372.2 372.2 594.7 492.7 718.2
Other Operating Exp., Total 2,592.1 2,619.1 2,838.4 2,767.3 3,046.2
Operating Incom e 254.8 307.8 420.1 769.2 596.2
Interest Expense (32.0) (28.6) (47.5) (49.7) (45.0)
Interest and Invest. Income 92.5 82.3 88.1 186.0 118.9
Net Interest Exp. 60.5 53.7 40.6 136.3 73.9
Income/(Loss) from Affiliates 145.3 48.8 (77.1) 11.7 (42.1)
Currency Exchange Gains (Loss) (15.8) (28.3) (9.2) (77.4) 30.5
Other Non-Operating Inc. (Exp.) (10.4) (8.7) (2.1) 22.3 (23.8)
EBT Excl. Unusual Item s 434.4 373.3 372.3 862.1 634.7
Restructuring Charges - (29.4) 2.1 - -
Impairment of Goodw ill - - - - -
Gain (Loss) On Sale Of Invest. 8.3 - (3.1) (11.1) 9.3
Gain (Loss) On Sale Of Assets 56.6 53.1 59.9 24.6 109.7
Asset Writedow n (9.8) (313.6) (30.5) (22.3) (123.3)
Legal Settlements (19.9) (87.0) (24.1) 119.1 (111.8)
Other Unusual Items - 371.5 66.3 - -
EBT Incl. Unusual Item s 469.6 367.9 442.9 972.4 518.6
Income Tax Expense 28.0 (56.5) 36.2 120.6 76.7
Earnings from Cont. Ops. 441.6 424.4 406.7 851.8 441.9
Earnings of Discontinued Ops. - - - - -
Extraord. Item & Account. Change - - - - -
Net Incom e to Company 441.6 424.4 406.7 851.8 441.9
Minority Int. in Earnings (62.7) (64.9) (38.8) (47.4) (81.5)
Net Incom e 378.9 359.5 367.9 804.4 360.4
Singapore Airlines Ltd > I ncome Statement
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From the above analysis on the profit and loss account and balance sheet for the past 5 years, it is
evident that the sales of the company has been constantly increasing. The cost of goods sold has also
been constantly increasing and therefore the net profit of the company has been constant over the
years (Alexander, 2016). On the assets front, the current asset has been on the increasing side
particularly the cash and cash equivalents and accounts receivables. The PPE has been on the decreasing
trend and in totality the overall assets have declined. The accounts payable has been on the decreasing
trend but the equity has been constant. Over the liabilities have also declined.
Economic condition of the company
In terms of the economic condition of the company, the Singapore Airline has been on constanat terms
in terms of sales and profits. Even though it is not growing, but it can be said that the company is
performing well in terms of crises and depression in the market (Chongsoo, et al., 2017). Howevr, as per
the experts analysis, the future of the airline industry in Singapore is on a high in the coming 20 years
and it is expected to oupace many other neighbouring countries and areas. It is also expected to
generate double digit growth rate and to increase employment in the coming future. It is expected to
contribute nearly $ 88 Bn to the Singapore economy by 2035.
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Profitability Analysis and Ratios
The below table shows the profitability analysis of the company using ratios over the past couple of
years. The table also incorporates the comparison with the industry trend.
Singapore Airlines Limited (SGX:C6L) > Ratios
Ratios
For the Fiscal Period Ending
2012-
13 2013-14
2014-
15 2015-16
2016-
17 Industry Ratios
Profitability
Gross Margin % 18.9% 19.2% 20.9% 23.2% 24.5% 70-72%
Net Income Margin % 2.5% 2.4% 2.4% 5.3% 2.4% 8-9%
Return on Assets % 0.7% 0.9% 1.1% 2.0% 1.5% 5-8%
Return on Equity % 3.3% 3.1% 3.1% 6.5% 3.3% 20-25%
EBITDA Margin % (Operating
Ratio)
12.2% 12.4% 12.6% 15.2% 14.5% 20-22%
2012-13 2013-14 2014-15 2015-16 2016-17 Industry Ratios
0
0.05
0.1
0.15
0.2
0.25
0.3
Chart Title
Profitability Gross Margin %
Net Income Margin % Return on Assets %
Return on Equity % EBITDA Margin % (Operating Ratio)
The above table depicts that the gross margin has been growing year on year from 18.9% in 2012 to
24.5% in 2017 however the same is still below the industry trend of 70-72% and hence the company
needs to work on the same. The net profit margin of the company has been fairly constant at 2.5% and
is well below the industry average of 8-9% (Das, 2017). This is mainly on account of the increased
depreciation and indirect expenses which is taking away major chunk of the profits. The return on assets
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as well as the return on equity has been well below the industry average indicating the slowness of the
company. The company therefore needs to work out on increasing the return to the shareholders and
investors such that the funding is not affected. Finally, the operating margin of the company is the range
of 12-14%, which is again well below the industry average of 20-22%. This again is due to the increased
amortization, depreciation and interest expenses on the loan that the company has taken (DeZoort &
Harrison, 2016).
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Dividend of the company and related ratios
The interim dividend declared by the company is 9 cents for the year whereas the final dividend
declared by the company was 11 cents of the year making it altogether 20 censt for the year. The
absolute amount for the year is $ 236.3 Mn and it is the healthy dividend declaration being done by the
company.
Singapore Airlines Limited (SGX:C6L) > Ratios
Ratios
For the Fiscal Period Ending 2012-13 2013-14 2014-15 2015-16 2016-17 Industry Ratios
Dividend Ratios
Dividend Yeild Ratio 1.45% 2.45% 3.72% 2.45% 3.99% 6-7%
Dividend Payout Ratio 49.62% 6.62% 50.99% 39.21% 144.64
%
50-60%
Price Earning Ratio 0.72% 0.85% 1.13% 2.01% 1.53% 5-8%
Earning Per share ratio 3.22% 3.06% 3.14% 6.90% 3.05% 8-10%
2012-13 2013-14 2014-15 2015-16 2016-17 Industry Ratios
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
Chart Title
Dividend Ratios Dividend Yeild Ratio Dividend Payout Ratio
Price Earning Ratio Earning Per share ratio
The given table above shows that even though the company is declaring dividend on a constant scale
still it is much lower than the industry trend. The dividend yield ratio has however been on an increasing
trend and has lamost doubled in the last 5 years. The dividend payout ratio is beating the industry trend
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in the recent times and has declared 144% in the last year (Farmer, 2018). The Price earning ratio shows
how much the investors are willing to pay for the shares of the company as a percentage of the earnings
per share. The earnings per share on the other hand is profit available for the equity shareholders
divided by the number of the shares. The same has been fairly constant in the last few years and is near
to 3%.
Stability and liquidity ratios
The below table summarizes the stability and liquidity of the company.
Singapore Airlines Limited (SGX:C6L) > Ratios
Ratios
For the Fiscal Period Ending 2012-13 2013-14 2014-15 2015-16 2016-17 Industry Ratios
Stability and Liquidity
Ratios
Total Debt/Equity 7.6% 7.1% 13.5% 10.3% 11.6% 50.0%
Current Ratio 1.4x 1.4x 1.1x 1.0x 0.9x 2x
Quick Ratio 1.3x 1.3x 1.0x 0.9x 0.8x 1x
Interest coverage ratio 8.0x 10.8x 8.8x 15.5x 13.2x 15-18x
2012-13 2013-14 2014-15 2015-16 2016-17 Industry Ratios
0
2
4
6
8
10
12
14
16
18
Chart Title
Stability and Liquidity Ratios Total Debt/Equity Current Ratio
Quick Ratio Interest coverage ratio
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The short term financial position of the company has been above average as the company has adequate
current assets to meet its financial obligations but it still lacks the quick assest which can be readily
convertible to cash (Félix, 2017). On the other hand the company has been doing well in terms of the
long term liquidity as it has very less proportion of debt capital in its capital structure which shows that
the company has minimal interest and debt obligations to fulfil.
The above table depicts that the debt equity ratio of the company is well below the industry average of
2:1 and hence the company does not faces any risk of shortfalling the debt trap. It can instead make use
of the trading on equity in future. The current ratio and the liquid ratio of the company has been fairly
constant over the last 5 years at 1 but it has fallen in the last year implying that the company is not
having adequate current assets to cover up the current liabilities. The interest coverage ratio shows how
much profits does a company has to cover up for the interest obligations of the company (Goldmann,
2016). Since the company is doing well and also the interst obligation is very low, the company has been
able to meet up the industry trends.
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Efficiency ratios
The below table has been shown as capturing the major efficiency ratios of the company. Efficiency
ratios show how the company is performing in terms of return to the shareholders and the internal
functions of the company like in how many days inventory is turned to sales, how long it takes to
convert the debtors to cash, what is the cash conversion cycle, etc.
Singapore Airlines Limited (SGX:C6L) > Ratios
Ratios
For the Fiscal Period Ending
2012-
13 2013-14 2014-15 2015-16 2016-17 Industry Ratios
Efficiency Ratios
Total Asset Turnover 0.7x 0.7x 0.7x 0.6x 0.6x 1-2x
Accounts Receivable Turnover 10.3x 9.6x 10.1x 11.2x 12.6x 15-20x
Inventory Turnover 42.2x 47.6x 55.3x 61.0x 62.3x 60-70x
Avg. Cash Conversion Cycle (44.6) (43.9) (44.7) (51.6
)
(64.5
)
30-40
2012-13 2013-14 2014-15 2015-16 2016-17 Industry Ratios
-80
-60
-40
-20
0
20
40
60
80
Chart Title
Efficiency Ratios Total Asset Turnover Accounts Receivable Turnover
Inventory Turnover Avg. Cash Conversion Cycle
The total assets turnover ratio has been nearly 0.6 to 0.7 times which is very less compared to yje
industry trend of minimum 1-2 times, this shows that the company has notbeen able to utilise the assets
to the maximum extent and has failed to generate the adequate sales. The receivables turnover ratio
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has been near to 10-12 times which shows that the debtors is being churned 10 times in a year. This can
be improved further (Jefferson, 2017). The inventory turnover ratio has increased considerably over the
past 2 years from 42 times to 62 times which is a positive indication for the company. This is within the
ambit of 60-70 times as per the industry trend. The cash conversion cycle has also increased from 44
days to 64 days over these years which is a negative trend and the same should have decreased instead
of increasing. The ideal trend for the company is 30-40 days and hence, the company can improve
further.
Comparison with the industry average
It has already been seen above that the return on capital and return on equity of the Singapore Airlines
has been on the lower side as compared to the industry trend. The return on equity during the year has
been around 3.5 % as compared to the industry 8-10%. Also, the return on the assets has been b=very
negligible at 1-2%, which is below 5-8% minimum for the industry (Trieu, 2017). This shows that the
assets of the company are not being optimally utilised. Also, the risk of the company is less as compared
to the industry as it is financed more by equity and not by debt, thereby, reducing the risk of defaulting.
Asset value per share and current market price
The asset or the book value per share of the company again has been constant and has been increasing
very marginally. Currently, it is $ 11.39 per share and the market value of the share is currently SGD
11.03. This shows that the book value per share of the company and the market value of the share are
nearly same. The highest in the last one year has been SGD 11.04 and the lowest has been SGD 10.89.
Thus, there has not been much fluctuation in the prices of the shares of company and this is a positive
indicator for the company and shows that the fundamentals of the company are much stronger as
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compared to the market (Sithole, et al., 2017). On the other hand, Strait times index has also been fairly
constant in the last 52 weeks, the highest being 3561.45 and lowest being 3403.87. Thus the fluctuation
in the share prices of Singapore Airlines is in line with the Strait Times Index.
Non Financial parameters
In case the non financial parametrs are also being considered , we can see that the company has a huge
brand not only in Singapore but world wide for its opeartions and excellent services being provided to its
customers. As per the customers review, they are more often satisfied with the services of the airline
services and that is the main strength of the company (Jefferson, 2017). The major weakness over the
last few years has been that the company has not been able to expand in new markets and hence
unable to increase the profits and revenue. The major market is being captured by the airlines in the
Singapore region. The company is also involved in a number of sustainable and CSR activities like
contributing to the Singapore children’s society in addition to global partnerships in wildlife
conservation.
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Section B:
1. The Singapore airlines merged with Tiger and Scoot, two other domestic airlines to fend of
growing competition in the market. In the recent year it was seen that SIA suffered losses and
that made it rethink the model that once made it the largest airline company in the world. With
this acquisition, the company is trying to grow of its network that will help it in recovering the
losses that it incurred and fend off towards the future. This acquisition will help the company in
improving its position and will improve its overall position in the market.
https://timesofindia.indiatimes.com/business/india-business/Singapore-Airlines-to-merge-
Scoot-and-Tigerair-to-have-one-LCC-in-fold/articleshow/55243220.cms
2. The SIA is one of the largest airline in the world and there is no doubt in it. But in the recent
years with growing competition and improved services, other companies are taking over. The
share prices of the company had also decreased because of the losses that it suffered. But with
the advent of this acquisition, there have been reports of company trying to better its position in
the market, improve its overall growth strategy and achieve the same (Kangarluie & Aalizadeh,
2017). This will help in improving the market position of the company and people would be
interested to invest in the same. http://news.abs-cbn.com/business/06/15/17/scoot-and-tiger-
to-merge-as-singapore-airlines-consolidates-budget-wing
3. The executive directors of the company are Mr Goh Choon Phong, he heads the overall
management committee of the company and sees that the overall executions of business
policies and strategies of the company (Md Khokan Bepari, 2014). The non-executive directors
of the company consists of Mr Gautam Banerjee and Mr Hsieh Tsun-yan and many other. They
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look after the overall strategy formulation of the board, and set guidelines and principles and
directions for the SIA group. They also review the policies and make recommendations to the
board for annual reporting, budgeting and related matters. They also provide guidance for
matters of routine nature.
4. The Singapore Airlines aims to provide quality services to the people with enhanced comfort and
maximize the overall returns for its shareholders and investors. The company is operating in the
hospitality business where customer is the king. The long-term growth plan of the company
must be to provide quality services at reasonable prices and expand its overall area of
operations so that not just in one part, the airline is functional all over the world. The company
is taking effective steps in this regard by acquiring other companies that operate in regions
where the company is still not functional (Knechel & Salterio, 2016). The other aspect that the
company must keep in mind is that it must satisfy the requirements of the shareholders and
provide them effective return. For this the company must improve its credit standing and
recover all its losses and improve its overall position in the market. Corporate Governance aims
to balancing the overall requirements of the stakeholders of the company that consists of the
shareholders, the investors and customers. In order to get the best results financially the
company needs to strike a balance between the demand of the investors and the return
provided to them (Meroño-Cerdán, et al., 2017).
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