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low cost air company budgeting

Table of Contents TOC o "1-3" h z u TOC o "1-3" h z u HYPERLINK "file:///H:\mba\seokhuan\FINC%20MGT\Sources%20of%20assign\갈매기\FM_Assignment_(Cheap_Jet)%5b3%5d.doc" l "_Toc212022944#_Toc212022944" Executive Summary………………………………………………… 3 HYPERLINK "file:///H:\mba\seokhuan\FINC%20MGT\Sources%20of%20assign\갈매기\FM_Assignment_(Cheap_Jet)%5b3%5d.doc" l "_Toc212022945#_Toc212022945" Findings…………………………………………………………….. 4 HYPERLINK "file:///H:\mba\seokhuan\FINC%20MGT\Sources%20of%20assign\갈매기\FM_Assignment_(Cheap_Jet)%5b3%5d.doc" l "_Toc212022946#_Toc212022946" Conclusion and Recommendation………………………………… 5Appendix 1 ……………………………………………...…………8Executive SummaryPaul Swift, an Australian aviation entrepreneur is considering launching a new budget airline called Cheap Jet. He believes a low-cost business model is still financially viable even though the big budget airlines, Jetstar and Virgin Blue, are currently operating in the market. To help investment decision, the capitalch means that the project would be profitable. Based on the project cash flows and NPV, it is recommended to take up the project.However, the project should consider other factors such as the estimation of the project life, the cost of inflation and the alternative investment for the new aircrafts.In addition, the possibility of the other business opportunities relevant to the airline industry such as rental car service, accommodation service and advertisement service etc also needs to be considered in the project to improve net cash flows. These factors will help the company to make more accurate decision for investing on the project.FindingsCash Flows at the StartThe cost of the promotion to launch the business is tax deductible, and thus causes the cash inflow from the tax saving (30% of the promotion cost).Cash Flows Over the LifeTax savings from the depreciation of the aircrafts and the amortization of the promotion cost cause cash inflow.Tax saving from the depreciation of the aiat the EndThe sale of aircrafts causes cash inflow:Salvage value of a aircraft ($500,000) x 4 aircrafts = $2,000,000WDV of aircrafts = Cost ($37m) – accumulated depreciation ($33,767,894)P/L on sale (WDV-Sale) x 30% (tax rate) = $369,632Net Present Value of the projectPresent value of all future cash flows discounted at the nominal discount rate (12.4%) less the cost of the initial investment. NPV is $2,525,132Conclusion and RecommendationThe project has a positive NPV which is $2,525,132. The positive NPV means that the project would be profitable, and thus to accept the project. In this case, it is recommended to accept the project based on the positive NPV.However, some other factors also need to be considered to make more accurate decision for investing on the project.The useful life of the aircrafts was estimated as 15 years in the project. But, the useful life of a new aircraft commonly used in the airline industry is over 20 years. So, considering the strict estimation on the usease of the aircrafts instead of purchasing them can be considered as an option to avoid significant capital outlay at the start of the project. Most airlines do not own aircrafts but rent them from leasing companies. By leasing the aircrafts, the company can avoid the financial burden of purchasing them, and also avoid the risk of falling price of those assets. In this case, Cheap Jet would be able to handle the change of business circumstance more flexibly by leasing the aircrafts because they can easily adapt to the increase or decrease of the business demand.The other business opportunities relevant to the airline industry need to be considered.Like other budget airlines do, Cheap Jet needs to consider the business opportunities which can boost their cash flows. The analysis of the business services which can be sold or commissioned such as rental car and hotel accommodation needs be conducted to see if the services are financially viable and can be included in the company’s busineits project life.In reality, the profitability of the budget airline business such as Virgin Blue and Jet Star is usually lower than the other industries. This is because of the huge investment cost at the beginning and the comparatively high operating expense. To find the opportunity to lower the operating expense and increase the profitability is critical in the success of the project.The socio-economic factors are another area to be considered in the business.Increasing pressure on the business community about their responsibility in the climate change or other environmental issues can incur the additional cost to the business.The economic condition can affect the business in overall. For example, the economic recession will reduce the demand for the travel especially using airlines due to its higher cost as people cut their expenditure to relieve the financial pressure. If the economic recession or significant economic slow down is expected during the project life, it needs to be sGE 2

경영/경제| 2009.12.22| 7페이지| 3,000원| 조회(166)

Airways, budgeting, 1. Cash Flows

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Fosters financial analysis

Table of Contents TOC o "1-3" h z u HYPERLINK l "_Toc243893576" 1. Industry Analysis PAGEREF _Toc243893576 h 2 HYPERLINK l "_Toc243893577" 1.1 Current position of alcoholic beverage market PAGEREF _Toc243893577 h 2 HYPERLINK l "_Toc243893578" 1.2 Rivalry with competitors PAGEREF _Toc243893578 h 2 HYPERLINK l "_Toc243893579" 1.3 Threats PAGEREF _Toc243893579 h 2 HYPERLINK l "_Toc243893580" 1.4 Bargaining power PAGEREF _Toc243893580 h 3 HYPERLINK l "_Toc243893581" 2. Strategy Analysis PAGEREF _Toc243893581 h 4 HYPERLINK l "_Toc243893582" 2.1 Key success factors PAGEREF _Toc243893582 h 4 HYPERLINK l "_Toc243893583" 2.2 Risk Factors PAGEREF _Toc243893583 h 4 HYPERLINK l "_Toc243893584" 3. Restating Financial Statement PAGEREF _Toc243893584 h 5 HYPERLINK l "_Toc243893585" 4. Accounting Analysis PAGEREF _Toc243893585 h 5 HYPERLINK l "_Toc243893586" 4.1 Key accounting policies PAGEREF _Toc243893586 h 6 HYPERLINK l "_Toc243893587" 4.2 Changes of Accounting Policies P However, existing small wineries and breweries as manufacturers are try to enter its market locally and sell their products directly to customer with highly reliable and quality products. Also, government’s policy would be one of the important factors that increase entry level by setting up strict policy and standard for selling or manufacturing alcoholic beverages.Treats of substitute products are considered as two parts which are non-alcoholic drinks that can give same level of satisfaction for people and alcoholic drinks from alternative industries with different types of products. With Australian Food Stats (Appendix2), although quantity of alcohol drinks consumption is floating around 10 liters, the consumption of soft drink and fruit juices are around 100 liters and 34 liters. This means that the alcoholic beverages are just one of optional drinks that satisfy people’s drinking needs. The alcoholic drinks are sensitive products with customers’ need and trends. From rising trendsng business performance by growing capability, efficiency and realization of benefits from the transformation activities. Thus, increasing volume of beverage consumption in Australia generate extra sales of their products that has led successful business performances on their cash flow.2.2 Risk FactorsAfter announcing a profit downgrade in 2007-2008, the chief executive, Trevor O’Hoy was resigned as wine business struggles (Bloomberg, 2008). This situation has brought more risky factors that they may face and uncovered hided existing risks. The resignation comes from acquisition of Southcorp with too high price and strong Australian dollars that affected downturns of performance. Recently, the Australian dollars are in strong position that may leads to poor performance in US. From overestimated value of Southcorp, a new risky factor of performing their business is appropriate for valuing acquisition with careful approaches. Thus, impatient board of directors or shareholders may create and non current inventory based on sales projections for the ensuing years.•Investment in controlled entities: It is accounted for using the purchase method. When the fair value of the net assets exceed cost of acquisition or are estimated under the costs, the differences will be recorded as goodwill or recognised in the income statement.•Property, plant and equipment: PPE are stated as cost less any impairment losses and accumulated depreciation which is estimated based on reducing balance or straight-line method. The depreciation rates are 1.5 % (Freehold buildings and improvements), 4.0 % (leasehold buildings and improvements) and 2.5%-40.0% (PPE).•Intangible asset-Brand name: The carrying value of indefinite brand name is tested for impairment as part of the annual testing of cash generating units, and the value of definite brand names is amortised over expected useful lives.-Goodwill: If any events or changes in business circumstances affect the carrying value of goodwill, it will 2005 to 0.71 in 2009. The degree of decreasing in total assets (Especially from inventory, cash and receivables) is much higher than sales and revenues that results big differences on ATO.•Efficiency RatiosFixed Asset Turn Over: Similar with ATO, increase in fixed asset turn over from 2005 to 2009 represent high productivity on utilizing fixed asset to sales. From downsizing the size of company can be benefits with same level of sale or revenue to represent efficient performance. However, showing decreasing profit margin and some other efficiency ratio in 2008 without decreasing similar rates of PPE turnover could be sign of manipulation from changing operations without real transformation on their management.•Solvency RatiosCurrent Ratio: From 2005 to 2009, the current ratio floats around 2.29 which indicate that they have enough resources to pay short term debt. With the relationship between accounts payable and inventory turnover in beverage industry, more than 2.0 of current ratioAT 2

경영/경제| 2009.12.22| 22페이지| 1,000원| 조회(338)

wine, Beer, fosters

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Economic reports Australian and China

Table of Contents TOC o "1-3" h z u HYPERLINK l "_Toc147913365" 1. Executive Summary PAGEREF _Toc147913365 h 111 HYPERLINK l "_Toc147913366" 2. Part A - Comparative Snapshot of Australia and the countries of Greater , China and India PAGEREF _Toc147913366 h 222 HYPERLINK l "_Toc147913367" 3. Part B – Economic Development of Autralia and the countries of Greater ChinaChina, India and Australia PAGEREF _Toc147913367 h 444 HYPERLINK l "_Toc147913368" 3.1. Real GDP Growth PAGEREF _Toc147913368 h 444 HYPERLINK l "_Toc147913369" 3.2. Inflation Rate PAGEREF _Toc147913369 h 444 HYPERLINK l "_Toc147913370" 3.3. Money Supply Growth PAGEREF _Toc147913370 h 555 HYPERLINK l "_Toc147913371" 3.4. Sectoral Shares PAGEREF _Toc147913371 h 555 HYPERLINK l "_Toc147913372" 3.4.1. Sectoral Shares – Australia PAGEREF _Toc147913372 h 555 HYPERLINK l "_Toc147913373" 3.4.2. Sectoral Shares -– The countries of Greater China PAGEREF _Toc147913373 h 655 HYPERLINK l "_Toc147913374" 3.4.3. Sec1455 HYPERLINK l "_Toc147913382" 5.2 Forecast the number of years to catch up USA for China and India PAGEREF _Toc147913382 h 1455 HYPERLINK l "_Toc147913383" 5.3 Real GDP projection for China and India PAGEREF _Toc147913383 h 1455 HYPERLINK l "_Toc147913385" 5.4 The economic and political implications for Australia PAGEREF _Toc147913385 h 1555 HYPERLINK l "_Toc147913386" 6. Conclusion PAGEREF _Toc147913386 h 16551. Executive SummaryThis report aims to provide the comparisons between two emerging big countries, which are the second world’s largest economy of China and the fourth largest economy of India, and also give a wide projection of the influence on the Australian economy. This would provide the overview of the economic, political and social situations for three countries of Australia, China, and India divided by indicators with four parts such as demographical, governmental, political and social, those things would be the underlying factors for forecasting future economyPopulation growth rate (annual percentage change)12 (2008 est)0.90.60.5321.4Population density (per square milekilometer)12 (2007 est)7 3353 1386308869 636EconomyAnnual inflation rate (%) (2007 est)22.731.84.721.8 4.2Unemployment rate (%)25.14.439444.23.98.95GDP growth rate (%)242.5311.49.945.85.5 8.35Exports as a percent of GDP (%)217318.117.38.5412035.72.15Current account balance as a percent of GDP (%)2-6.635.11.846.73.5-0.45Saving rate as a percent of GDP (%) (2004 est)324193.8350424322015.2Official interest rate (%)5.553.64.7564.5376.003.377Representative commercial interest rate (%) (2004 est)89.15.2-1.25.284.756.5Urbanisation rate (%)3291 9237 4010028 75Exchange rate against the $US (2007 est)31.2338.7.61247.844.32.815The percentage change in the 'local' currencycost of $US over the last year3(0.114806)0.020.36-0.034-(0.03)Principal 3 trading partners1in order of importance( Exports1 and imports23Exports1 and Imports2)1. JapanChinaKorea2. U.S.ChinaJapan1. Japan3ChinaSouth Korea2uddhistSocial IndicatorsThree social indicators1. Fertility rate (%)222. Infant mortality rate (%)223. Average IQLife expectancy at birth24. Life expectancy at birth21. 1.81.762. 0.4.9453. 9880.734. 80.51. 1.6772. 272.13. 10073.184. 72.581. 2.912. 580.293. 81.774. 64.71. 1.132. 0.543. 77.762. Part A - Comparative Snapshot of Australia and the countires of Greater China2007 World Population Data Sheet, Population Reference Bureau, 20072 CIA The World Factbook HYPERLINK "https://www.cia.gov/cia/publications/factbook/print/as.html" https://www.cia.gov/cia/publications/factbook/print/as.html3 World bank Database; HYPERLINK "http://devdata.worldbank.org/wdi2006/contents/index2.htm" http://devdata.worldbank.org/wdi2006/contents/index2.htm, Table 4.8, 4.13, 3.104 China's saving rate = 50% of GDP HYPERLINK "%20http://www.rediff.com/money/2005/sep/22china.htm" http://www.rediff.com/money/2005/sep/22china.htm5 Official Interest rate HYPERLINK "http://www.rba.gov.au/Statistics/Bulletin/search.aspapshotThe demographical information shows “growth” in population rate of Australia, China and India by 0.9, 0.6, 1.4%. As shown above, India has the highest population growth rate and density of 2005 which has world’s 4TH largest economy.The Economical information indicates that China economy has healthier looking than others with the low inflation rate, strong export and GDP growth rate. India has high inflation rate of 4.2% compared to China and Australia and based on that, even their markets feared the price level to rise in the coming days due to an imminent hike in petrol prices10. With the GDP growth rate, the size of economy for two Asian big countries is growing faster than Australia. The current account balance and saving rate show that Chinese save money at the bank rather than spending. The currency of 2005 in China is weaker as the cost of $US, but they perform well in exports while India has strong rupiah with bad export performance. And Australia is more centralized for lGE 9

경영/경제| 2009.12.22| 31페이지| 3,000원| 조회(342)

Economic, China, Australia

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Toll holdings accounting and financial analysis reports

Table of ContentExecutive Summary31. Summary of Company’s Activities and Business Strategies41.1 Major Activities in Last Three Years41.2 Business Strategy and Development Strategy42. Key Accounting Policies and Standards52.1 Revenue Recognition (AASB 118) 52.2 Consolidated and Separated Financial Statement (AASB 132) 52.3 Property, Plant, and Equipment (AASB 116) 52.4 Foreign Currency (AASB 121) 53. Evaluation of Flexibility Management63.1 Intangible Assets (AASB 138) 63.2 Inventory (AASB 102) 63.3 Financial Instruments (AASB 132) 64. Evaluation of Accounting Strategies74.1Leased Non-Current Assets74.2 Hedging75. Evaluation of Quality of Disclosure76. Potential Questionable Numbers and Their Distortions87. Financial Press Discussion of TOL’s Performance and Accounting Numbers9References10Appendix 1: TOL - Annual Report 2008 : Balance Sheets11Appendix 2: TOL - Annual Report 2008 : Statements of Cash Flow12Appendix 3: TOL - Annual Report 2008 : Intangible Assets13Appendix 4: TOL - Annuaact Logistics, and Toll Global Forwarding.1.2 Business strategy and development strategy.Toll Holdings’ business strategies are considered moving from cost leadership to differentiation. For instance, the company provides premium supply chain management solution to their clients since 90s; and this might be counted as a practical strategy to obtain profits as well as long-term customer relationships. This strategy plays significant role in Asia region due to the particular region has comparably high demand for supply chain management, and it partially explains the company’s rapid growing profit in the region.The development strategy of the group is currently focused on acquisition and company re-structure. There are several examples in last three years as mentioned in previous section. It is worth to highlight the post de-merger debt-free structure of the company because it has provided an exceptional platform for future acquisition growth in Australia and abroad, particularly in Asia ense of those assets has a considerable proportion of the company’s total costs. As mentioned in previous section, the depreciation costs (as well as the revalued amount and net residual value) have been allocated over their estimated useful life by using straight-line method. The residual value of assets and useful life are adjusted if it is necessary on each reporting date. This flexibility allows the company to add more favourable numbers in their reports.3.2 Intangible Assets (AASB 138)According to Accounting Standard, goodwill has less flexibility than other intangible assets. Therefore, in TOL’s report amortisation of intangible assets (except goodwill) is recognised in profit/loss on a straight-line basis over the estimated useful lives of the intangible assets from the date that they are available for use. Management is flexible to determine useful lives, for example, Right of Way has useful life of 66 years, and customer contracts & relationships have useful life of 1-10 yearsto requirements of Corporation Act 2001 which also indicates that the data given in the financial report is true and fair, and complies with Australian Accounting Standards and the Corporation Regulations 2001.The overall disclosure quality is, thus, satisfactory; however, the regulatory requirements are only rigid to a certain extent and give some flexibility for the way the numbers are represented. For instance, the Letter to Shareholders makes the impression that Toll Holdings is extending its current operations by acquiring new businesses which indicates continuous growth. However, the analysis of financial statements and cash flows contradicts to this optimistic forecast. The total amount of non-current assets dropped nearly twofold, mainly due to A$1.6 bil decrease in Property, Plant and Equipment and A$0.5 bil in Intangible Assets which is partially due to A$1.2 bil disposal of Virgin Blue (Coleman 2008). The company also seems to provide little or unclear detail on certain weakposition of a A$1080 mil loss on disposal isn't obvious as it doesn't reveal the disposal events in full detailDiscussion:On one hand, the note 10b states that in 2008 discontinued operations included sale of rail and ferry operations in New Zealand to the New Zealand Crown for NZ$690 mil, payment of special dividend of Virgin Blue shares, and costs associated with demerger of Asciano. (Appendix 6)But on the other hand, it does not reveal how A$1080.5 mil was comprised.7. Financial press discussion of TOL’s performance and accounting numbersThe global financial crisis impact a lot world’s economy. Some companies went bankrupt and others try to survive in this harsh period. However, the financial press states that Toll has sufficient funds, strong financial position, and adequate debt capacity to continue its acquisition strategy. Mr Little conveys that the reduced number of competitors and tightening economy enables company to get new opportunities for further growth and reduce costs ( 1

경영/경제| 2009.12.22| 21페이지| 3,000원| 조회(568)

business analysis, toll, Balance Sheets

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