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ACC204 Advanced Financial Accounting 2

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  • Course Code: ACC204
  • University: Elite Education
  • Country: Australia

Question:

Select latest annual report (2017 or 2018) of one of the following companies listed on the Australian Stock Exchange

Company selected – Qantas airways limited

Task:

1. Use Annual reports to compare the financial results of chosen company over the two years (that is 2017 to 2018).  You should use any financial information provided in the two annual reports (including all ratios and narratives) to conclude on the improvements or not in financial position and profitability.  You discussion should focus on reasons for this

Compare and analyse the financial results of the selected company for 2017 to 2018. Use of key results (and their explanation) including ratios and narrations

Discussion on the improvements or not in financial position and profitability, and reasons.

2. Download sustainability report for Qantas Airways Limited. Google search any news stories about sustainability initiatives of Qantas Airways Limited.

Use the information in these reports and from other online sources to compare the sustainability initiatives of your selected company (include in your answer any new initiatives, or those which were stopped).   What is your opinion of these initiatives?

  1. Examination of how your company shows sustainability initiatives in their retail businesses
  2. Discussion of new initiatives, or those stopped
  3. How do you rate the sustainability of your company
 

Answer:

Introduction

The present report is developed for carrying out an analysis of the financial performance of a company listed on the ASX. This is done by providing a comparison of the financial information of the selected company over the last two years. This is done for providing a comparison of the financial information of the company in their annual reports over the year 2017-2018. This is followed by providing a discussion of the sustainability initiatives of the selected company. The company selected for the purpose is Qantas Airways, a leading and one of the largest airline of the Australia.

1. Discussion in the Improvement within the Financial Position of Qantas over 2017-2018

As analyzed on the basis of financial information provided in the airline annual report, its profit before tax has recorded an increase of $203 million in the year 2018 as compared with that of the year 2017. This is on account of the successful turnaround of its ambitious three-year program that has emphasized on managing its rising fuel costs. The increase was mainly due to the higher revenue realized from the customers and transformation achieved by it by re-structuring its business. This mainly included the initiatives taken by the Qantas Group through introducing Dreamliner and restructuring of its Singapore hub. The introduction of technological innovations has also resulted in decreasing the fuel costs that has enabled it to maximize its fuel efficiency and thereby realizing higher revenue. There has also been depicted a strong performance in its balance sheet with achieving a control over its net debt at $4.9 billion indicating that it has maintained an optimum capital structure (Qantas Group : Annual Report, 2018). The net debt has depicted a decrease of about 33% in the year 2018 as compared with previous year as stated from the results of its net debt ratio:

Also, there has been increase in its return on investment in the year 2018 as compared with previous year. The ratio has depicted an increase of about 10% by depicting a rise from 20 to 22% during the financial year 2017-2018. There has also been depicted an increase in the Earning per share from the year 2017-2018 from 56 to 64 and thus depicted a rise of about 5.3 per cent over the financial year 2017-2018 (Qantas Group: Annual Report, 2017) & (Qantas Group: Annual Report, 2018). The same can be depicted through the following graph:

 

Key Financial Ratios

Financial Data

Particulars

2017

2018

 

$M

$M

Net Profit

 $        853.00

 $        980.00

Net Sales

 $  16,057.00

 $  17,060.00

Shareholder's Equity

 $    3,540.00

 $    3,959.00

Current Assets

 $    3,119.00

 $    3,712.00

Current Liabilities

 $    7,095.00

 $    7,596.00

Total Liabilities

 $  13,681.00

 $  14,688.00

 

Financial Ratios

Ratios

2017

2018

Net Profit Ratio

5.31%

5.74%

Return on Equity

24.10%

24.75%

Current ratio

0.44

0.49

Debt to equity Ratio

3.86

3.71

(Damodaran, 2011)

Thus, it can be said that there has been improvement in the financial performance of Qantas Airways over the financial period 2017-2018. This is primarily on account of higher profitability achieved by the airline through re-structuring of its business operations (Davies & Crawford, 2011). This has enabled it to reduced debt in its capital structure and providing larger return to the shareholders (Brigham & Michael, 2013).

2. Examination of the Company’s Sustainability Initiatives in the Retail Business

Qantas Airways places long-term focus on establishing looking ahead and acting responsibly towards the environment. It aims to become a global environment sustainability leader across the aviation industry. The airline is responding to the environment challenges by working in active co-operation with the government, business and individuals. The company has developed its philosophy of measure, reduce and influence that emphasis on renewing the fleet with the use of most advanced aircraft, engaging the people in fuel optimization and adopting the use of bio-fuel. It is also actively involved in promoting the engagement of its customers, employees and community in the world largest airline carbon offset program. It works actively in supporting the growth of sustainable tourism across (Qantas Group, 2018).

The airline places strong focus on protection of environment as a means of achieving sustainability. It recognizes human-induced climatic change as a major sustainability issue that can impact the long-term growth of the aviation industry. As such, it places strong focus on reducing the carbon emission by finding the most efficient ways of using fuel and implementing the use of new technologies for reducing the emissions. Apart from the environmental, the airline is also placing strong focus on promoting its social development for ensuring its sustainable growth. In this context, it places strong focus on promoting the development of the workforce and thus has developed a Talent Advisory Group. This is done mainly to prepare the employees for meeting the global challenges of the aviation industry. It is also promoting the development of its social media channels for reaching to wider potential employees and customers. As such, it can be said that the airline is taking various sustainability initiatives for promoting the growth and development of its business (Qantas: Our Commitment to Environmental Sustainability, 2018).

Discussion of New Initiatives

The airline has developed a flagship program known as Qantas Future Planet that focuses on achieving its sustainability, environment and social initiatives. It involves the coordination between investors, partners, employees and customers in creation of a profitable and sustainable airline. It has also taken initiative for developing a fuel efficiency program for developing a fuel-efficient fleet and also developed partnership with Australian businesses for minimizing their environment footprint. It is also attributed to be first airline for introducing the concept of in-flight recycling. The recycling solutions introduced by the airline include development of washable utensils and recycled paper cups. In addition to this, it has also introduced the waste recycling program that directs the landfill into an alternative waste treatment facility (Qantas: Our Commitment to Environmental Sustainability, 2018).

Sustainability Rating of Company

The airline can be rated higher in terms of sustainability by looking at its sustainability initiatives taken for protection of society and environment. The airline has taken several major sustainability initiatives by promotion of fuel efficiency, use of bio-fuel, developing a carbon offsetting program, recycling of waste and water. Thus, it can be said that the airline is working actively for minimizing the environment impact for ensuring its long-term sustainable growth. The innovative projects and partnerships’ have developed new sustainability standards to be implemented within other industries (Qantas Group – Positioned for Growth and Sustainable Returns, 2018).

Conclusion

It can be stated on the basis of overall analysis carried out within the report that Qantas have recorded a higher financial performance in the year 2018 as compared with that of the year 2017. Also, its sustainability initiatives have enabled it to achieve a distinct competitive position within the airline sector of Australia. The initiatives taken by for promotion of environment development have enabled it to achieve a good brand image among its customers around the world.

 

References

Brigham, F., & Michael C. (2013). Financial management: Theory & practice. Boston, USA: Cengage Learning.

Damodaran, A, (2011). Applied corporate finance. USA: John Wiley & sons.

Davies, T. & Crawford, I., (2011). Business accounting and finance. London: Pearson.

Qantas Group – Positioned for Growth and Sustainable Returns. (2018). Retrieved 23 January, 2019, from https://investor.qantas.com/FormBuilder/_Resource/_module/doLLG5ufYkCyEPjF1tpgyw/file/presentations/Macquarie_Conference_Final_20180503.pdf

Qantas Group. (2018). Sustainability. Retrieved 23 January, 2019, from https://investor.qantas.com/sustainability/

Qantas Group. 2017. Annual Report.  Retrieved 23 January, 2019, from https://investor.qantas.com/FormBuilder/_Resource/_module/doLLG5ufYkCyEPjF1tpgyw/file/annual-reports/2017AnnualReport.pdf

Qantas Group. 2018. Annual Report.  Retrieved 23 January, 2019, from https://investor.qantas.com/FormBuilder/_Resource/_module/doLLG5ufYkCyEPjF1tpgyw/file/annual-reports/2018-Annual-Report-ASX.pdf

Qantas: Our Commitment to Environmental Sustainability. (2018). Retrieved 23 January, 2019, from https://www.qantas.com/infodetail/about/environment/our-commitment-to-environmental-sustainability.pdf

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