Financial Analysis of a Company

This assignment involves a detailed financial analysis of a company. It utilizes various financial ratios like price-to-earnings (PE) ratio, debt level, gearing ratio, return on capital employed (ROCE), and market share to evaluate the company's performance. The analysis further employs the BCG matrix, a strategic tool for analyzing business units based on their market share and growth rate, to assess the company's competitive position.

BUSINESS ANALYSIS PROJECT

TABLE OF CONTENTS
1. Introduction .................................................................................................................................3
1.1 Purpose of study...............................................................................................................3
1.2 Case context of analysis...................................................................................................3
1.3 Company background.......................................................................................................3
1.4 Key issues.........................................................................................................................4
1.5 Rationale of choice of company.......................................................................................4
2. Key Issues : Financial Analysis (comparison with competitors).................................................4
2.1 Revenue analysis and forecast..........................................................................................4
2.2 Market share growth rate..................................................................................................5
2.3 Profit margins...................................................................................................................6
2.4 Price earnings ratio...........................................................................................................7
2.5 Debt level or gearing ratio................................................................................................7
2.6 Cash and other ratios........................................................................................................8
3. Key Issue : Strategy Analysis......................................................................................................9
3.1 Porter five forces model...................................................................................................9
3.2 Balanced score card........................................................................................................10
4. Limitation of Financials models and conventional analysis......................................................13
4.1 Limitation of financial models in analyzing performance............................................13
4.2 Limitations of Conventional Analysis ...........................................................................14
CONCLUSION..............................................................................................................................15
RECOMMENDATION.................................................................................................................15
REFRENCES.................................................................................................................................16

Introduction
1.1 Purpose of study
The main purpose of study is to understand the specific business firm and the condition in
which it is operating its business. In this regard financial analysis will be done and models will
be applied. The inputs provided by these models will help in evaluating firm current condition
and its competitors. Output of these models will help in understanding the directions in which
firm needs to work. Main purpose of the study is to identify issues faced by company and
performance of same in comparison to competitor firms.
1.2 Case context of analysis
Emirates airlines is the one of the largest airline of the world. In order to analyze the
company firm financial statements will be analyzed. This will be done by using ratio analysis
method. Apart from this financial model will also be developed to make forecasting. This entire
analysis will be done in context of measuring the financial performance of Emirates airline.
Additionally, firm market standing in comparison to its competitors like Lufthansa airline and
International Consolidated Airlines (ICA) will done on the basis of several parameters. This will
help firm in evaluating in proper manner.
1.3 Company background
Emirates airline is the one of the largest airline company which was established in Dubai,
UAE. It is one of the largest airline company in the Middle East which operate more than 3300
flights from major airport which in Dubai (Annual report- facts and figures-the Emirates group,
2016). Today, it is operating in 150 cities of 78 nations. It is world fourth largest airline
company in the world. After 2000 many new changes were observed in Emirates airline. In 2000
it placed an order for boring, airbus and some double deck airplanes. Company has large fleet
size and it is using modern technology to plan and optimize its route efficiency. Firm is also
focusing on using a technology which save fuel or consume less amount of energy. There are
many competitors of Emirates like Lufthansa and ICA. In FY 2011-12 its revenue was 62,287
and it increased to 85,044 in 2015-16. On other hand, profit in FY 2011-12 was 1,502 and it
elevated to 7,125 in 2015-2016. It can be said that firm revenue is growing consistently and it is
making many changes in its business. There are the reasons due to which it is able to give stiff
competition to its competitors.

1.4 Key issues
Emirates is facing two issues one of them is high debt equity ratio and other is earning of low
return on employed capital. If further its debt burden will increase then due to elevation in its
finance cost profitability will decline (Houy, Fettke and Loos, 2010). On other hand, firm is not
getting sufficient return on invested capital. It can be said that medium part of earned return is
covered by finance cost. Hence, it can be said that main issue that firm facing is that it is taking
more and more debt and is unable to earn sufficient amount of profit on same.
1.5 Rationale of choice of company
Emirates is selected as primary company in the study because it is one the largest airline
company which is observing fast growth in its business. In order to evaluate company in better
way to competitors of Emirates, Lufthansa and ICA are also selected. On the basis of ratio and
strategic analysis all these three firms are compared with each other.
2. Key Issues: Financial Analysis (comparison with competitors)
2.1 Revenue analysis and forecast
Emirates growth rate fluctuate from 2013-2015 but on the basis of strong growth of aviation
industry in the Middle East it is anticipated that revenue of the firm will increase by 10-11% in
upcoming years. On other hand, there is Lufthansa and up and down are observed in its
performance due to poor economic condition of Euro zone (Income statement for Lufthansa
airlines, 2016). Big positive change cannot happen in Europe economy. Hence, it is predicted
that growth rate will be slow for the firm and same is projected to be 3-4% for further years. ICA
growth also is low and is receiving stiff competition from competing firms. By considering stiff
competition and economic condition of Europe growth rate is projected at 5-6% for the firm.

Figure 1: Revenue analysis and forecast
2.2 Market share growth rate
Chart given below clearly reflects that Emirates market share in industry increase consistently
from 8-10%. Same growth is observed by ICA and its market share elevated from 5-9%. In case
of Lufthansa poor performance is seen and its market share decline from 10-5%. There are some
specific reasons due to which firm losing its market share at rapid pace in the industry. The
strategy formulated by the firm does not work out and it creates its negative image among the
public (Liu, 2012). Addition of surcharge play decisive role in reducing firm market share in the
industry. Market share of airline companies are either increasing at slow rate or decreasing which
is not good from business point of view. This problem is faced by most of airlines in there
business. Slowdown in world economy greatly affects tourism specially business tourism which
greatly affects profitability of airline companies which sale there tickets at high price.

Figure 2: Market share of airline firms
2.3 Profit margins
Profit of Emirates is consistently increasing as net profit ratio elevated from 3-5%. Net profit
ratio of Lufthansa also increased from 1-5% followed by ICA whose net profit ratio is 12%. It
can be said that ICA is giving marvelous performance then peer firms. ICA is making available
services of good quality and it is a factor that motivate people to travel more times from firm
airplanes (Hillier, Grinblatt and Titman, 2011). This is one of the big issue that is faced by airline
companies in the airline industry. Slow growth rate of earning in the business is the one of the
main issue that is faced by all these three airline companies in there business.

Figure 3: Net profit ratio of airline firms
2.4 Price earnings ratio
Price earnings ratio help in measuring one whether shares are fairly valued in the stock market. It
can be seen from the chart that price earnings ratio of Emirates skyrocketed. This happen
because share price of Emirates increases in 2014 at high pace relative to 2013. In case of
Lufthansa and ICA also PE ratio gets increased (Brinckmann, Grichnik and Kapsa, 2010). It can
be said that Emirates give higher return to its shareholders then Lufthansa and ICA.
Figure 4: PE ratio of Emirates, Lufthansa and International Consolidated Airlines

2.5 Debt level or gearing ratio
In case of Emirates debt equity ratio is high and it is above one which means that proportion of
debt is higher than equity in its balance sheet. In case of Lufthansa it decline and it is good for
the firm from business point of view. However, in case of ICA same trend is observed (Wheelen
and Hunger, 2011) Hence, it can be said that continuous elevation in debt equity ratio is matter
of concern for the firm. Elevation in debt equity ratio is one of the main concern for these firms.
Higher amount of payment to suppliers and availability of alternatives to the people is the one of
main reason due to which firm is earning low profit and in order to meet finance needs they are
compel to take more debt from bank. Hence, finance cost is increasing and this is reducing firms
profitability. This is one of the main issue that if faced by most firms in there business.
Figure 5: Debt equity ratio
2.6 Cash and other ratios
Return on capital employed is increasing in case of Emirates but at slow rate. At same rate
ROCE increases in case of Lufthansa from 16.37% to 22.01%. In case of ICA also with same
pace ROCE increases. ICA is ahead of Lufthansa and Emirates in terms of earning on invested
capital. Due to less earning of profit in business firms are earning low return on capital
employed. In order to expand business and to control emanation of carbon from airplanes
companies are purchasing new aircraft's. However, due to slow down in world economy the
growth rate of customer's reduced to some extent and this is the reason due to which firms are

not earning sufficient amount of return on employed capital. It is one of emerging issue for
airlines in there business.
Figure 6: ROCE of firms
3. Key Issues: Strategic Analysis
3.1 Porter five forces model
Threat to entry of
new competitors
It is very difficult for new firm to enter in the aviation industry because
there are strict rules and regulations which are framed by aviation
authorities. There are some patents and rights which also prevent entry of
new firm in the industry (Davies and Crawford, 2011).
People often prefer to take service of the airline firm which have good
brand image. Hence, it can be said that it become very difficult for new
firm to enter and establish itself in the market.
One need to make huge capital investment in order to enter in to aviation
industry. Hence, there are less chances of entry of new firm in aviation
industry.
Bargaining power
of customers
Bargaining power of customers is very high because number of alternatives
is available to them. There are attractive schemes which are launched by
the airline firms. Hence, customers have high bargaining power. Airline

firms are charging high fee for the service they offered to the people. There
is difference in the amount that is charged by the airline companies and in
terms of service quality also people make comparison between firms. Due
to gap in price charged by different airlines for same destination customer's
have bargaining power. This is the reason due to which slow growth is
observed by airline companies in there business. This is one of the big
issue for airline firms.
Bargaining power
of suppliers
There are less suppliers of spare parts and other components. On average
basis for one airline company there are only one or two suppliers. Hence,
there is very high bargaining power of suppliers. This compel firms to pay
higher amount to suppliers. In order to meet working capital needs firm
takes a loan and its debt ratio get increased which negatively affects
business profitability. Hence, bargaining power of suppliers in the industry
badly affects the airline and also responsible for low earning of net profit
in business.
Threat of substitute
products
There are number of alternatives that are available to the people. Airline
firms are providing both luxury and economy class seats (Ahi and Searcy,
2013). Those who wants to travel by paying less money prefer cheaper
class seats. There is a threat to Emirates airline because it is known for
providing seats at high price. There are low cost airlines which charge low
fare for specific destination and this affects profitability of firms like
Emirates. Due to this reason one for short journey like to travel through
low cost airlines and this is one of the main reason due to which firms like
Emirates, Lufthansa and ICA earn low profit in there business.
Intensity of rivalry There are 35 airline companies whose flights comes and go from Dubai
airport. Hence, it can be said that there are number of rival firms that are
giving stiff competition to the Emirates. There is threat from rival firms to
the Emirates.
Among these rival firms some are domestic airline firms and some are
foreign firms. This reflect that alone in middle east there are number of

rival firms of Emirates. This is also responsible for low earning in business
in aviation industry.
3.2 Balanced score card
Table 1: Balanced score card of Emirates airline
Operations Objectives Measurement Target Initiative
Financial To maximize
profit
To create more
customers
Market value
Money earning
from seats
30% CAGR Make many
changes in the
services.
Customer Flight arrival in
determined time
Fare
Rating by well
known websites
which are
frequently visited
by people.
7 out of 7 Mathematical
models are used
to estimate time
with which flights
can easily reach
specific place.
Internal Fast ground
turnaround
32 minutes Sufficient number
of employees are
employed at
ground level so
that all
preparations can
be done on time.
Learning Efficiency level
of employees
Percentage of
employees of
organization that
are trained
50% employees
in a year.
Series wise
training program
will be distributed
between different
days.

Table 2: Balanced score card of Lufthansa airline
Operations Objectives Measurement Target Initiative
Financial To increase profit
To elevate
number of
customers
Market value
Money earning
from seats
25% CAGR Increasing fleet
size.
Customer Delay in flight
arrival time
Price charged by
the firm
Rating by well
known website
7 out of 7 Make changes in
services that are
availed to
customers.
Internal Fast ground
turnaround
20 minutes Well trained
employees are
placed at ground
level so that all
arrangements can
be done on time.
Learning Improvement in
skillfulness level
of employees
Percentage of
employees whose
performance
improved after
training
70% employees
in a year.
Separate training
sessions are kept
Table 3: Balanced score card of International Consolidated airline
Operations Objectives Measurement Target Initiative
Financial To boost profit
To add new
customers
Market value
Earning from seat
booking
33% CAGR Increasing fleet
size and number
of seats.

Customer Flight arrival in
determined time
Fare
Rating by well
site with which
people are
familiar.
7 out of 7 Bringing
innovative
changes in
services.
Internal Fast ground
turnaround
30 minutes More employees
are deployed to
make all
arrangements on
time.
Learning Improvement in
performance of
employees
Employees
percentage who
participate in
training program
90% employees
in a year.
Training sessions
will be organized
and exams will be
conducted to
measure
knowledge gained
by employees
from training
sessions.
4. Limitation of Financials models and conventional analysis
4.1 Limitation of financial models in analysing performance
There are different financial models through the means of which managers and owners of the
company assess the performance of business and carry out operations in effective and efficient
manner. There are several varied models which are prominently used by the analysts are
financial statements, financial ratios, capital budgeting techniques etc. However, these
techniques possess several benefits that can help the course of managers but they also possess
certain limitations that need to be taken care of which are as follows:
Limitations of financial statements:
In context to business financial statements are not the source through which managers
makes decisions by carrying out proper assessment of business performance (Black,

Clemmensen and Skov, 2010). But it is one of the major method through which manager can
evaluate the overall performance of business and accordingly indulge potential measures to
overcome the weaknesses of the enterprise. However, financial analysis statements is important
to acquire relevant information for making several decisions and formulating corporate plans and
policies. Thus, it should be carried out carefully, despite of several benefits there are certain
limitations of financial statement that are:
 Mislead the user: Accuracy of financial information largely depends upon how
accurately financial statements are prepared. However, if the entries made in the
accounts are wrong then analysis will be considered as incorrect and it may lead to poor
decisions.
 Not useful for planning: Since financial statements are prepared by using historical
financial data (Black, Clemmensen and Skov, 2010). Therefore the data derived from
different statements may not be effective in corporate planning. Comparison not possible: As the data in statements based on historical transactions.
Thus, comparison of financial year of different year cannot be done.
Limitations of financial ratios:
Financial ratios are the most used method of assessing the performance of business as
they provide adequate information about each prospects of the entity such as profitability,
liquidity, solvency and efficiency etc. Contracting to this there are certain limitations that
financial ratios possess which are as follows:
 There are several firms operate different divisions in different industries. For such
companies it is difficult to find a meaningful set of industry average ratios.
 Ratios have inherent issue of comparability. Companies otherwise similar may
incorporate different accounting methods which can cause problems in comparing certain
key relationships (Pollitt and Bouckaert, 2011). According to several authors, accounting ratios are not totally dependable and they must
be used after giving due weight-age to general economic conditions, industry situation,
position of firms within the industry, mode of operations etc.
Limitations of discounted cash flow:
The main purpose of using capital budgeting techniques is to assess the reliability and
validity of the future investments. However, discounted cash flow model is one of the most

widely used financial model across all sectors. It works on a very simple theory that the worth of
a business is the sum of its projected future free cash flow. There are certain limitations of this
method which are as follows:
 DCF model is extremely sensitive to assumptions related to perpetual growth rate and
discount rate. However, any minor tweaking here in there may fluctuate the outcome of
the DCF valuation totally.
 Whenever there is low degree of confidence about the future cash flows discounted cash
flow method generate poor results (Barney and Hesterly, 2015).
 One of the major criticism of DCF is that the terminal value comprises far too much of
the total value.
4.2 Limitations of Conventional Analysis
Consolidation settlements are usually large and have huge impact because they can
damage the structure of enterprise. Further, estimating their frequent magnitude and also the rate
at which they come into play plays an important role in many of the civil engineering projects.
Further, the accurate predictions of the settlement also require accurate prediction of settlement
rates which generally require improve methods of anticipating.
Further, accurate prediction is also required in order to evaluate the comprehensibility
and also the pre- consolidation pressures. Apart from it, accurate prediction of the settlement
rates require improve form anticipating and it generally emphasis on internal drainage as well as
the growth and development of the business enterprise (Davies and Crawford, 2011). Moreover,
important factor in form of variation in CV which is present in the clay layers gives an improved
model of the clay comprehensibility which generally shows the strain rates.
CONCLUSION
Financial analysis
On the basis of analysis it is concluded that Emirates perform well then its competitors
and it have large market share, profit growth rate is good, give good return to shareholders and
projected revenue is also higher than competitors. The weak point of the firm is that it is able to
earn sufficient amount of profit on invested capital and on other side its debt burden is increasing
year by year. Hence, it is concluded that firm needs to make more efforts to reduce portion of
debt in its capital structure. This is because if it will not do so then its profit will reduce and its

fundamentals become weak. This will also reduce its business performance. So, it is very
important for the firm to prepare specific strategy which will increase level of equity in the
capital structure and will reduce portion of debt in same.
Strategic analysis
Firm is receiving tough competition from its competitors and alone in Middle East there
are number of airlines. Customers have lots of alternatives and due to this reason it becomes
difficult to retain old customers. There is less threat of entry for the Emirates. Firm is taking right
sort of initiatives to perform its operations in proper manner. Hence, it can be said that it perform
well in its business.
RECOMMENDATION
On the basis of above discussion it is recommended that Emirates must try to reduce its
dependency on debt to meet finance needs. By doing so it can make its capital structure balanced
and can abstain from paying finance cost. This strategy will not only bring down proportion of
debt in the capital structure but will also elevate firm profitability. Instead of focusing on
opening business at new places it must focused on existing places where it is operating its
business. It must try to make its position in the markets in which it already exists. It must also try
to take some important steps that reduced cost that are incurred in its business. This will also
elevate firm profitability.
Illustration 1: BCG matrix

BCG matrix model is attached above and it can be seen the industry growth rate is 12% CAGR
and firm market share is 10%. On this basis firm is placed in cash cow category which means
that firm is in profitability but its growth rate is slightly below industry and it reached to its
maturity level. In order to come in star category following are the recommendations that need to
be followed by the firm.
Recommendations Particulars
Economies of scale It is recommended that Emirate must generate economies of scale in its
business. This is because it is already charging high amount on
customers. If it will develop and implement cost control strategy in its
business then its cost will reduce and profit will increase. If economies
of scale will be generated in the business then there will be saving in
same. That saving will be used to finance working capital needs.
Hence, firm will take low amount of debt to finance its business
operations.
Issue of shares Firm finance needs never comes to end and it is very important to
control debt in the business. Hence, it is recommended that firm must
bring its IPO and must raise funds from public. This will provide
flexibility to firm in payment of finance cost and will also elevate its
profitability. Moreover, issue of shares will bring balance in its capital
structure. Due to issue of shares firm will get sufficient amount of
capital and it will not need to take more debt to finance its operations.
Profit earned on the business will be used to make debt payment and
due to this reason debt burden on the firm will reduce and capital
structure will become balanced.
Modeling
Table 4: Best case for Emirate airline
Non current 2015 2016 %
Chang
2017E %
Chang
2018E %
Chang

e e e
Bonds 8842 4167
-
52.87% 2916.9
-
30.00% 2625
-
10.00%
Term loans 1740 2659 52.82% 2924.9 10.00% 1316
-
55.00%
Lease liabilities 31844 34019 6.83%
37080.
71 9.00% 44497 20.00%
Total 42426 40845 -3.73%
42922.
51 5.09% 48438
12.85
%
Current
Bonds 604 4685
675.66
% 2342.5
-
50.00% 1616
-
31.00%
Terms loans 1091 277
-
74.61% 360.1 30.00% 540.2 50.00%
Lease liabilities 3683 4298 16.70% 6017.2 40.00% 8725 45.00%
Bank overdrafts 4 0
-
100.00
% 4.8 0.00% 0
-
100.00
%
Total 47808 50105 4.80% 51647 3.08% 59320
14.86
%
Equity and liability 2015 2016 2017E
%
Chang
e 2018E
%
Chang
e
Capital and reserves 63000 63000 0.00% 100000 58.73% 150000 50.00%
Retained earnings 4972 5607 12.77% 6955 24.04% 9803 40.95%
Total equity 67972 68607 0.93% 106955 159803
Debt equity ratio 2.07 2.69

Table 5: Worst case
Non current 2015 2016 % Change 2017E % Change 2018E % Change
Bonds 8842 4167 -52.87% 3750.3 -10.00% 3000 -20.00%
Term loans 1740 2659 52.82% 3855.55 45.00% 5976 55.00%
Lease liabilities 31844 34019 6.83% 37080.7 9.00% 42643 15.00%
Total 42426 40845 -3.73% 44686.6 9.41% 51619 15.51%
Current 2015 2016 % Change 2017E % Change 2018E % Change
Bonds 604 4685 675.66% 6090.5 30.00% 7309 20.00%
Terms loans 1091 277 -74.61% 360.1 30.00% 504.1 40.00%
Lease liabilities 3683 4298 16.70% 5157.6 20.00% 6447 25.00%
Bank overdrafts 4 0 -100.00% 4.8 0.00% 0 -100.00%
Total 47808 50105 4.80% 56300 12.36% 65879 17.01%
Best case is that firm must reduce its debt and should issue equity shares. By doing this debt
equity ratio can be balanced to 2:1. This strategy will help firm in making its finance cost
flexible. Moreover, it will have sufficient amount of money for making investment in business.
Equity amount will also be used process re-engineering and by carrying out relevant process
unproductive steps will be removed and by doing this economies of scale will be generated in the
business.

REFRENCES
Books & journals
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and cases. Pearson.
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Designing a Context-Aware Shopping Trolley. International Journal of Mobile Human
Computer Interaction (IJMHCI), 2(3), pp.31-43.
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Computer Interaction (IJMHCI). 2(3). pp.31-43.
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castle? A meta-analysis on contextual factors impacting the business planning–
performance relationship in small firms. Journal of Business Venturing. 25(1). pp.24-40.
Davies, T. and Crawford, I., 2011. Business accounting and finance. Pearson.
Hillier, D., Grinblatt, M. and Titman, S., 2011. Financial markets and corporate strategy.
McGraw Hill.
Houy, C., Fettke, P. and Loos, P., 2010. Empirical Research in Business Process Management-
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Liu, B., 2012. Sentiment analysis and opinion mining. Synthesis lectures on human language
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Pollitt, C. and Bouckaert, G., 2011. Public Management Reform: A comparative analysis-new
public management, governance, and the Neo-Weberian state. Oxford University Press.
Wheelen, T.L. and Hunger, J.D., 2011. Concepts in strategic management and business policy.
Pearson Education India.
Online
Annual report- facts and figures-the Emirates group, 2016. [Online]. Available through:<
http://www.theEmiratessgroup.com/english/facts-figures/annual-report.aspx>. [Accessed
on 26th July 2016].

Income statement for Lufthansa airlines, 2016. [Online]. Available through:<
http://financials.morningstar.com/income-statement/is.html?
t=DLAKF&region=usa&culture=en-US>. [Accessed on 26th July 2016].

APPENDIX
Emirates Lufthansa ICA
2013 71159 30028 18569
2014 80717 30011 20170
revenue 2015 86728 32056 22858
2016E 95401 33139 24001
2017E 105895 34465 25441
Net profit 2013 2408 313 122
2014 3417 551 982
2015 4728 1698 1495
Net profit
ratio 2013 3% 1% 1%
2014 4% 2% 5%
2015 5% 5% 7%
PE ratio 2013 2.61 15.44 400
share price 2014 6 13.09 550
2015 7.56 14 430
shares
issued 2013 63 605 1906
2014 63 396 2036
2015 63 576 2034
PE ratio 2013 0.04 0.03 66.67
2014 0.10 0.03 11.41
2015 0.12 0.02 5.85
Debt level 2013 40525 1912 1169
2014 44000 2405 1069
2015 47808 1947 2176
Equity 2013 23812 6056 3909
2014 25417 3968 3485
2015 28286 5768 5226
Gearing
ratio 2013 1.70 0.32 0.30
2014 1.73 0.61 0.31
2015 1.69 0.34 0.42
ROCE 2013 5.94% 16.37% 2.40%

2014 7.77% 22.90% 21.56%
2015 9.89% 22.01% 20.20%
Market
share 2013 8.30% 10.00% 7.00%
2014 9.00% 4.00% 8.00%
2015 10.00% 5.00% 10.00%