Financial Analysis of Sydney Airport and Auckland Airport: Industry Overview, Stock Prices, and Ratios

In this document we will discuss about Financial Analysis of Sydney Airport and Auckland Airport and below are the summary points of this document:- The document contains an executive summary, industry overview, and PESTLE analysis of the finance industry. It provides information about Sydney Airport and Auckland Airport, including their stock price movements and vision. The text includes SWOT analysis, financial analysis, profitability ratios, liquidity ratios, and interpretation of the data.

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Contents
Executive Summary...............................................................................................................................2
Overview of the industry.......................................................................................................................2
Pestle analysis of the industry................................................................................................................3
Sydney Airport......................................................................................................................................4
Stock price movement.......................................................................................................................6
Sydney Airport..................................................................................................................................6
Auckland airport....................................................................................................................................7
Vision of the company.......................................................................................................................9
Stock price movement.......................................................................................................................9
SWOT Analysis...............................................................................................................................10
Financial analysis................................................................................................................................11
Operating efficiency........................................................................................................................11
Cash conversion cycle.....................................................................................................................11
Profitability ratio.............................................................................................................................13
Return on Assets..............................................................................................................................14
Return on equity..............................................................................................................................15
DuPont model......................................................................................................................................15
Comparison of both companies.......................................................................................................18
Retention ratio.................................................................................................................................18
Liquidity ratios................................................................................................................................19
Solvency ratios................................................................................................................................19
Interpretation.......................................................................................................................................20
References...........................................................................................................................................21
AUCKLAND AIRPORT.....................................................................................................................23
AUCKLAND AIRPORT.....................................................................................................................23

Executive Summary
This report will undertake the analysis of two companies named as Auckland airport and
Sydney Airport. This analysis is based on both qualitative and quantitative verdict. With the
quantitative data, the report uses the calculation of financial ratio in order to evaluate the
financial performance. This report will finally give an overview of where to invest or which
is the best-suited company for future investment. Both the companies operate in global
aviation industry. Apart from this, each company have used its own different business
strategies to achieve the market goals in the overseas market in order to achieve growth in the
sales (Sydney Airport, 2018).
Overview of the industry
The global airline industry provides service to each corner in the globe and plays an
important role in integrating several parts of the world and the economy. IATA predicts that
the industry will grow by averagely 3.7 % in regards to air passenger that differs from region
to region. It is estimated that there will be an increase in the number of air passengers in 2035
as compared to 2017 nearly 1.9 times. To view the industry with a more close view, it is seen
that 2019 will be marked as a fourth consecutive year of the sustainable profits. The
improvement in the net margin will be approximately 4.7 %. It has improved in the overall
revenue to nearly $824 billion. Rise in the overall passenger will be nearly 4.3 million
(Sydney Airport, 2015).

(Source: Airline industry, 2018)
Pestle analysis of the industry
Political- the political conditions of this industry is highly regulated by passengers. This is the
reason why global aviation operates in the location, which is distant from the residential area
as passenger safety, is paramount. Previous tendencies towards the monopolistic attitude in
the airlines might tighten the operations of the airlines. This industry is exposed to several
risks such as tighter regulation and the high competition has made some more amenities
compulsory.
Economic- the international airline industry is being affected by fluctuations in the rates of oil
as second Iraq world war had a subsequent hike in the oil prices before the great recession.
The last aspect of ongoing global economic slowdown has led that current struggling airlines
have to be contend with the reducing passenger traffic, high aviation fuel prices, soaring
maintenance, labour demands, and the operating cost. All the previous factors are prone to
bankruptcies as airlines cannot afford it in the profitability of the operation.
Social- the increasing millennial generation in the consumer base of the airlines reflects that
there has to be many modern changes made to the interior and ambience. Social changes of

the generation will be entitled to instant gratification and increasing demand of the services
that has resulted in the airlines in order to balance the cost with the increasing demand of
millennial generation. The passenger has changed with sufficient economic mind seats and
less business class people because they prefer to take advantage of the improved
communication so that they can conduct meeting rather than flying down just to meet the
business partners.
Technological- undoubtedly, airlines uses extensive technology in the operations. These are
limited to aircraft if the technological operation excludes the ticketing and distribution
aspects. This has encouraged several aspects to call to the airline so that they can make use of
advance in technology in the front office and also the customers facing functions as well.
Legal- huge number of lawsuits in regards to airlines from both workers and customers has
been increasing. The regulators are stricter for the airlines that means increasing mistrustful
of their business strategies have been leading to lawsuits. Increased regulations in regards to
“Double whammy” and their expensiveness lawsuit except the legal system that have become
intolerable issues, delays, and other aspects that has become fear for the airlines.
Environmental- while evaluating the climate changes, social consciousness have become
more significant as customers have started counting the carbon footprint that indicates that
customers are more conscious.
Sydney Airport
Sydney Airport is one of the busiest airports in Australia. This airport is also known as
kingsford smith airport that receives several travellers and tourist bound in Australia that host
regional, domestic, and international airlines. An average of 97400 passengers uses this place
every day. It is one of the world`s longest operating commercial airports that handles 348904
aircraft movements in 2017 (Sydney Airport, 2018). Airport`s terminal underwent two large

expansions that included additional high-rise office block, expansion of both domestic and
international terminals, and construction of multi-level car parking.
(Source: Sydney Airport, 2018)
Recently, the company has undertaken master plan, 2039 that outlines the strategic direction
for the development of Sydney Airport for the next 20 years. This Airport has a vital
infrastructure, which generates $ 38 billion from the economic activity for Australia and
NSW. At the same time, it generates employment of nearly 30900 jobs and 338500 full time
jobs. The key feature of Master plan is to accommodate the forecasted 51 % that will
increased the number of passengers to 65.6 million in the planning period (Sydney Airport,
2018).

(Source: Sydney Airport, 2018)
Stock price movement
(Source: Richard, 2017)
Sydney Airport is an annuity-style infrastructure stock being traded on an aggressive
distribution that yields 4.75 % geared into the eyeballs with cash flows and several growth
drivers and debt. The directors of the company say that stock is moving into a long-term sells
territory. Sooner or later, the company may think that the market is worrying about the

potential competition risk that reflects that this is not at all cheap stock. The market price of
the Sydney Airport is nearly $7.05 with a forecast distribution of 33.5c for the financial year
2017; this keeps the Sydney Airport on the distribution yielding of 4.7 % p.a. on a serious
note, it can be said that Sydney Airport is able to point out the strong tracking record
especially of their growing distributions. For the last five years, it is reported that annual
growth rate is 9.8 % (CAGR) compound annual growth rate (Richard, 2017).
Sydney Airport
Strengths
 Highly skilled workers because of
successful training and development
programs
 Sydney Airport is successful in
executing new projects
 This Airport has a strong free cash
flows which will provide working
capital
 Strong distribution network
Opportunities
 Reduction in cost of transportation
due to lower shipping prices
 Government has opened the
opportunity for the company for the
green drive to procure the Sydney
Airport products
 Lower inflation brings more stability
in the market to get credit at a lower
interest
Weaknesses
 Inventory days as compared to other
competitors is higher that makes the
company to increase the capital.
 The profitability and the net
contribution of the company is
relatively low
 The company is not much able to
Threats
 As it operates in several countries, it
is exposed to currency fluctuations
especially due to volatile political
conditions
 The company faces lawsuits in
different markets due to continuous
fluctuations and different laws in

handle the challenges as presented
by new entrants
regards to product offerings
Auckland airport
Auckland airport is one of the largest and busiest airports that has one terminal building for
the international flights and another for the domestic flights. Every major airline that serves
New Zealand customers flies and operates under the Auckland Airport. It is well connected to
rest of the country through domestic flights. The main vision to create a great New Zealand
business that is being recognised as world leader by creating value from modern airports. The
mission of the company is to accomplish five-year growth and development of 30-year vision
for airport. The company claims that New Zealand wants it to grow and become focused in
order to competitive advantage in regards to property developments that has to be
strengthened (Auckland Airport, 2015).
(Source: Gale, 2017)

While seeing at the growth strategies, it aims to create a healthier environment, increase the
focus in addition it improves the discipline of capital productivity, and cost efficiency.
Currently, the company serves 14.5 million passengers and operates nearly 150000 flights
each year. The company is publically listed on both Australian as well as New Zealand stock
exchanges that has more than 50000 shareholders. Auckland Airport plays a significant role
in tourism industry of New Zealand where 92 % of the international passengers travel on long
flights and 75 % of all the international arrivals. In 2013, the company and its neighbouring
business has added $3.5 billion to the Auckland`s economy and further it helped to lift the
household incomes by $1.9 billion (Richard, 2017).
Vision of the company
` (Source: Auckland, 2014)

Stock price movement
(Source: National business review, 2018)
The company accounts for 24 % market share while evaluating the financial statements of
2012-2017. Shares of the Auckland has risen after the country`s biggest beat earning as
estimated the dividend payment. The stock rose as $3.30 and recently it was traded on the
price as $3.28 today. It is reported in the reports as per the listing that it is a good performer
as twice in the market. The company lifted net profit to $178 million or it can be 13.5
precents per share, which was previously $142.3 million or the 10.8 % in previous 12
months. The board declared a final dividend of 6.25 % per share (National business review,
2018).
SWOT Analysis
Auckland airport
Strengths
 Top level management is committed
to the CR strategies. (Gale, 2017)
 Strategic partners who supplies good
Opportunities
 Local and central government
supports them by funding their
capital projects

are committed to waste minimisation
with dedicated management resource
 Total zone waste quality will enable
to give creative and investment
solution
 SBC green zone as a vehicle so that
it can collaborate with the
problematic waste stream
 Developing the local processing
capability for high costing
problematic waste streams (Gale,
2017)
Weaknesses
 Lack of leadership skills in the
functional areas
 Lack of formal compliances
framework for managing the waste
(quality monitoring and controls)
Threats
 Tourism will increase proportionally
the waste and company`s disposable
cost
 Potential regulation of material and
waste and that will block the in-
terminal movement (Gale, 2017)
Financial analysis
Ratio analysis is an analytical tool used by the companies to evaluate their performances but
it`s usage is not limited to companies whereas, it usage is extended to investors, stakeholders,
customers and suppliers in order to know the performance of the company.
Operating efficiency
The concept of operational efficiency is closely related to efficiency ratios. These ratios are
used as a metric to measure the efficiency of the profit earned in relations to operational
costs. Operational efficiency in the market is compared to general business practises such as
how a company executes its transactions in regards to receive or make payment. It is affected
by various factors such as transactional costs, administration fees, and the management fees.

Cash conversion cycle
2014 2015 2016 2017 2018
0.00
10.00
20.00
30.00
40.00
50.00
60.00
Sydney Airport Auckland International Airport Ltd
(Source: Annual report, 2018)
Cash conversion cycle interprets the calculation of cash flows that tries to measure the exact
time, which the company will take to convert its investment into inventory and also the other
resource input into cash. Cash conversion cycle is being calculated by using three
components named as days sales outstanding (days in receivable), payable days, and days in
inventory. The above tells about the cash conversion cycle of both the companies (Vats, and
Patel, 2017). From the above graphical presentation, it can be seen that Sydney Airport pays
to its suppliers faster as compared to Auckland international. If the company`s cash
conversion cycle turns negative which means that the company is able to generate cash from
the customers before it is obliged to pay suppliers for the inventory. A negative conversion
cycle can be an interest free solution to finance the operations by borrowing from the
suppliers. As both the companies constitute only the debtors and do not have creditors. This
graph symbolises that both the companies gets their money after a big cycle. As both the
companies have positive cash conversion cycle so the company is excellent job of receiving
on the account receivable. Auckland international can offer more incentives for the customers

to pay on friendly collections, as its cash collection cycle is more. Auckland international can
leave a small amount of allowance for the uncollectable accounts and finally boast assets.
Both companies have increased its cycle form 2014 to 2018, which says that they will be able
to leave their amount of allowances (Vats, and Patel, 2017).
Days in receivables
2014 2015 2016 2017 2018
0.00
10.00
20.00
30.00
40.00
50.00
60.00
Sydney Airport Auckland International Airport Ltd
(Source: Annual report, 2018)
Days sales outstanding is known as days receivable that is used by the company to calculate
and estimate the size of the outstanding accounts receivable. It tells the number of days until
the customer invoice will remain outstanding and in what time it will be collected. A lower
day receivable interprets that company takes fewer days to collect the accounts receivable.
From the above graph, it can be said that the Auckland collects its receivables very few times
as compared to Sydney Airport. The liquidity and the working capital of Sydney is
questionable as it takes too much time in collecting the receivables. Sydney collected its
amount 40 times in 2014, 41 times in 2015, 42 times in 2017 and 54.59 in 2018. On the other
hand, Auckland collects its receivable in nearly 20 times in 2014, 24 times in 2015, 20 times
in 2016, 26 times in 2017, and 29 times in 2018. From the data, it can be said that Sydney
maintain more working capital as compared to Auckland international airport (Jacobson, and
von Schedvin, 2015).

Profitability ratio
2014 2015 2016 2017 2018
0.48
0.50
0.52
0.54
0.56
0.58
0.60
0.62
0.64
0.61
0.62 0.63
0.61 0.61
0.53
0.56
0.53
0.55 0.54
Auckland International Airport Ltd Sydney Airport
(Source: Annual report, 2015)
Operating profit measures the profit which is earned from the company’s core operations that
does not include any organisation`s investments and other earning derived from partial
interest. From the above graphical presentation, it can said that Auckland international airport
earns more operating profit as compared to Sydney Airport (National business review, 2018).
Auckland`s operating profit is 61% in 2014, 62 %in 2015, 63 % in 2016, 61 % in 2017, and
61 %in 2018. This symbolises that Auckland was consistent while earning operating profits
as it remained in 60 to 65 %. Apart from this, Sydney Airport earns 53 % in 2014, 56 % in
2015, 53 % in 2016, 55 % in 2017, and 54% in 2018 (Sydney Airport, 2015). The consistent
operating profit may be the result of decreasing cost and moderate sales (Vats, and Patel,
2017).

Return on Assets
2014 2015 2016 2017 2018
0.000
0.010
0.020
0.030
0.040
0.050
0.060
0.070
0.080
0.090
0.005
0.023 0.026 0.028 0.029
0.046 0.044 0.043
0.051
0.079
Chart Title
Sydney Airport Auckland International Airport Ltd
(Source: Annual report, 2017)
From the above graph, it can be said that the organisations are generating returns on assets
that is nearly 1 to 5 %. This ratio indicates that how efficiently the company employs its total
assets to generate profit margin. Higher return on assets interprets that company is able to
earn more with less investment. While evaluating the return on assets, it can be seen that
Sydney Airport is using its assets to such an extent that it earns 2 % in 2015, 2 % in 2016, 2
% in 2017, and 3 % in 2018. Whereas, Auckland international generates net profit 4 % in
2014, 4 % in 2015, 5 % in 2017 and nearly 8 % in 2018 based on total assets (Richard, 2017).
This reveals that Sydney remain rigid and does not innovate to generate more earning. On the
other hand, Auckland international have employed its assets effectively, efficiently that have
resulted in generation of income, and it increases in 2016, 2017 and 2018.

Return on equity
2014 2015 2016 2017 2018
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
Auckland International Airport Ltd Sydney Airport
(Source: Annual report, 2015)
It is being reported that Sydney Airport should be well known among the investors because
of market capitalisation of $AUD 16.12 billion as the company falls in the category of the
stocks that is popular among the large caps. This is an established company, which attract
investors because of diversified revenue streamlines and its ability in order to improve the
total return through dividends. From the above graph, it can be interpreted that Auckland
maintains a consistent equity and its return also remained consistent. Although, Auckland has
improved it even with the same capital, it was able to generate more net income whereas the
main reason of increasing returns of Sydney Airport is increasing capital employed by the
shareholders (Richard, 2017).
DuPont model
DuPont Analysis is undertaken to analyse the company`s capability to pace up the return on
equity. It is an model which is an financial ratio which is based on return on equity ratio. It is
important to calculate the DuPont to drive the company to drive the company`s Return on
equity, as profit margin shows operational efficiency, and the assets turnover shows how the

asset use leverage and efficiency factors that shows how much leverage can be used. This
helps to determine the source of financing and using of the assets. A company will improve
all the elements in order to increase the value and return to the shareholders by analysing the
management costs and choice of financing (Thornblad, Zeitzmann, and Carlson, 2018).
Sydney Airport
DuPont Analysis 2014 2015 2016 2017 2018
sales revenue 1,157 1,222 1,357 1,476 1,578
net profit after tax before abnormal 616.0 684.0 722.0 805.0 860.0
Total Asset 11329 12051 12326 12323 13054
Profitability 0.53 0.56 0.53 0.55 0.54
Total Asset Turnover 0.005 0.023 0.026 0.028 0.029
total equity
1517.0
0 1319.00 1093.00 641.00 80.00
Equity Multiplier 7.47 9.14 11.28 19.22 163.18
ROE 2.07% 12.01% 15.63% 29.78% 254.10%
From the above table, it can be interpreted that Sydney Airport have been improving in
regards to return on equity that has been increasing from 2014 to 2018. Each year, the
company improved itself by employing more capital that has increased the return on equity.
Most importantly, in 2018, the company capitalised the amount of $AUD 16.12 billion that
has improved and increased to 254 % in 2018 (Richard, 2017).
Auckland international airport
DuPont Analysis 2014 2015 2016 2017 2018
sales revenue 421 427 522 575 597
net profit after tax before 256.0 264.0 327.0 350.0 364.0

abnormal
Total Asset 4399 4517 5855 6194 7518
Profitability 0.61 0.62 0.63 0.61 0.61
Total Asset Turnover 0.046 0.044 0.043 0.051 0.079
total equity 2713.00
2694.0
0 3700.00
3837.0
0 5212.00
Equity Multiplier 1.62 1.68 1.58 1.61 1.44
ROE 4.51% 4.54% 4.23% 5.03% 6.97%
From the above table, it can be said that Auckland is maintaining a considerable return on
equity throughout the 5 years. By maintaining a consistent capital, the company is striving to
increase its profitability. The company is focusing on increasing its asset employment but the
equity multiplier also remain in a line which ranges from 1.5 % to 1.70 % (Liang, Lu, Tsai,
and Shih, 2016).
Graphical representation of DuPont model of both the companies-
2014 2015 2016 2017 2018
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
300.00%
Sydney Airport Auckland International Airport Ltd
(Source: Annual report, 2015)

Comparison of both companies
2014 (base) 2015 2016 2017 2018
5.1
23.2 23.7 23.7 23.6
48 46 48 55
100
Chart Title
Sydney Airport Auckland International Airport Ltd
(Source: Annual report, 2018)
The comparison graph interprets that when as comparing the profit with the sales, both the
companies have been improving. Sydney Airport has shown a drastic increase in net profit,
capital and also the sales. Whereas, Auckland International Airport maintains its profit
according to its base year sales with consistency (Laitinen, and Laitinen, 2018).
Retention ratio
2014 2015 2016 2017 2018
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
Auckland International
Airport Ltd
Sydney Airport
Axis Title
Axis Title
(Source: Annual report, 2016)

Retention ratio represents how company uses its reserves and surplus for investment. The
above graph represents that Sydney Airport has made huge investments in 2014 and 2018 as
its reserves has been reflected as negative (Kowalik, 2018). Whereas, Auckland maintains a
considerable reserves but it indicates that company is not expanding or growing (Wood,
2016).
Liquidity ratios
Acid test ratio
2014 2015 2016 2017 2018
0.16 0.28 0.21 0.18
0.540.56
0.81 0.89
0.60
1.40
Acid test ratio
Sydney Airport Auckland International Airport Ltd
(Source: Annual report, 2016)
As a shareholder, it is seen that Sydney Airport have high amount of debts that are not met
with high cash flow coverage. Before investing in Sydney Airport, it is important to consider
as an investor that whether it will improve the operational efficiency and debt management.
The ideal ratio for acid test is 2:1 that means that the company has enough liquidity to pay off
its obligations. Here, Auckland international Airport has strong liquidity as it is near one and
more than 1 in 2015, 2016 2017 and 2018. Whereas, Sydney Airport is not sufficient to pay
off its obligations (Kowalik, 2018).

Solvency ratios
Debt-equity ratio
2014 2015 2016 2017 2018
0.00
0.50
1.00
1.50
2.00
2.50
3.00
Auckland International Airport Ltd Sydney Airport
(Source: Annual report, 2015)
This ratio interprets above how the company has composed its capital structure. Which
element is more in its capital structure, an ideal ratio for debt –equity is 2:1 that defines that
company should employ two debt and one equity in total capital. Here, while interpreting the
graph, it can be seen that Sydney airport`s capital structure is not at all balanced as suddenly
it employed huge sum in 2018 from the shareholders. This determines the risk if the company
that how capable is the company to pay off its long term liabilities. Whereas, Auckland
maintains a consistent debt-equity ratio which means it is not very frequent in changing its
capital structure (Laitinen, and Laitinen, 2018).
Regulatory issues that might affect the company
Re-opening of the prices is a time consuming process and it becomes questionable if
Auckland Airport do it so lightly. For instance- Apart from several material change in legal
and political conditions, the existence of a Regulatory and Requested Investment (RRI) can
help the organisation to cope up with the pricing. Auckland Airport did not pursue to

announce new charges by RRI mechanism, re-opening the pricing early when it enhanced the
investment programme, and this is the reason why it is not considered as the principled thing
to handle the circumstances.
Interpretation
As an investor, we suggest that investment in Auckland international airport will be
profitable in ling term as its actions are not genuine and steady that gives a sign of stability.
Maintained debt-equity ratio reduces the risk of shareholders otherwise highly leveraged
company suffer from the probability of bankruptcy. Investing in Auckland international will
be more profitable if one thinks of equity holding as it is quite stable.

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