Evaluating financial management in kingfisher airlines - Free Essay Example

Financial management can be defined by managing the finances of a business in order to achieve financial objectives. Taking a commercial business as the most common organizational structure the key objectives of financial management would be as follows:- Create wealth for the business. Generate cash and Provide an adequate return on investment bearing in mind the risks that the business is taking and the resources invested. There are three major elements to the process of financial management and they are:- Financial planning Financial control and Financial decision making FINANCIAL PLANNING: Management need to ensure that enough funding is available at the right time to meet the needs of the business. In the short term funding may be needed to invest in equipment and stocks pay employees and fund sales made on credit. FINANCIAL CONTROL: Financial control is a critically important activity to help the business ensure that the business is meeting its objectives financial control addresses question such as:- Are assets being used efficiently Are the businesses assets secure Does management act in the best interest of shareholders and in accordance with business rules FINANCIAL DECISION MAKING: The keys aspects of financial decision-making relate to investment, financing and dividends:- Investments must be financed in some way. However there are always financing alternatives that can be considered. If dividends are too high, the business may be starved of funding to reinvest in growing revenues and profit further. KINGFISHER AIRLINES: INTRODUCTION: Kingfisher airline is one of the seven airlines to be ranked as a five-star airline by the independent research consultancy firm. They operate more than three s daily flights to seventy one destinations, with regional and long-haul international services. In May 2009, they also carried more than a million passengers, giving it the highest market share among airlines in India. They also the sponsor of F1 racing outfit, which Vijay Malaya also owns. They also serve sixty three domestic destinations in eight countries across Asia and Europe. Their short haul routes are mostly domestic apart from some cities in south Asia, Southeast Asia and western Asia. All short haul routes are operated on the airbus A320 family aircraft ATR 42S and ATR 72S are used mainly on domestic regional routes. They have its medium, long haul destination in East Asia, South Asia and Europe. Its first long haul destination was London, United Kingdom. This was launched in September 2008. It has plans to launch new long haul flights to cities in Africa, Asia, Europe, North America and Oceania with deliveries of new aircraft. All long haul routes are operated on the airbus 330-200. DEPT. FINANCING FOR A MEDIUM SIZED FOR BOTH THE SHORT -TERM AND LONG -TERM: SHORT -TERM FINANCING: This term financing referring to any investment, financial plan, or anything else lasting for one year or less. In this term investments and financial plans usually involve less uncertainly than long term investments and financial plan because generally speaking, markets trends are easily predictable for one year than for any longer period likewise, There plans are more easily amendable, as a result of the little time frame this term plans usually involve investing in short term securities, such as T-Bills or Commercial Paper. LONG-TERM FINANCING: This term is describing a table, tactic, precautions or anything else with a term of longer than one year; the exact number of year varies according to the usage. For example a long term financial plan outline investment and other financial goal for any time more than one fiscal year, while a long term bond has a maturity of 10 or more years. Anything long term involves more uncertainly than anything short-term because generally speaking, market trends are more easily predictable in the short-term. Thus, while planning for the long-term is necessary, ones plan must be flexible to account for its inherent uncertainly. EQUITY FINANCING: Equity financing is a term used for companys issuance of shares of common or preferred stock to raise money. It is also commonly done when its per share prices are high the most money that can be raised for the smallest number of shares. Equity financing also known as capital structure As we can see the equity financing or you can say capital structure of kingfisher airlines as shown in the chart. IMPORTANCE OF FINANCIAL MANAGEMENT: The organization of the finances of a business/organization in order to achieve financial objectives. Taking a commercial business as the most common organizational structure the key objectives of financial management would be to as follows: Create wealth for the business. Generate cash, and Provide an adequate return on investment bearing in mind the risks that the business is taking and the resources invested. IMPORTANCE OF CREDIT CONTROL WITHIN A FINANCE DEPARTMENT: A strategy employed by manufacturers and retailers to promote good credit among the creditworthy and deny it to delinquent borrowers. This will both increases sales and decrease debts, thus improving a companys cash flow credits control is an important component in the overall profitability of many firms also known as credit management. Financial control is a critically important activity to help the business ensure that the business is meeting its objectives, financial control addresses question such as Are assets being used efficiently? Are the businesses assets secure? Does management act in the best interest of shareholders and in accordance with business rules? VARIABLE AND FIXED COSTS DURING ECONOMIC DOWNTURNS IN KINGFISHER AIRLINES: Buying the big jets: fleet planning for airline FLEET SIZE ECONOMICS: Fleet size economic alliance due to a major shift in their strategic direction. Although it was not the case, it could have been disasters if Aer-lingus had allowed their fleet strategy to be driven by their alliance partners only to find themselves compromised upon leaving the alliances. Airline undoubted reap revenue benefits due to alliance membership but true cost savings in big tickets items such as fleet acquisition may be out of reach for all but a handful of airlines. There will always be institutional obstacles, such as union issues and manufacturing pricing strategies, to airline reaping the fleet cost savings that might be apparent on paper. THE PROBLEM OF EXTERNAL FACTORS: Airline economics have always been affected by external factors, some of which are conditioned of the geographical area in which airlines operate and some of which just conspire to make difficult. The huge fuel price increases of the 2000s affected the entire industry and even those airlines able to hedge the majority of their fuel bill were simply postponing the moment when the higher fuel prices ate into profit margins. THE METHOD BEFORE INVESTING SPECIFIC AMOUNT OF MONEY IN FINANCIAL MANAGEMENT: There are three keys elements to the process of financial management:- 1. Financial planning 2. Financial control and 3. Financial decision making FINANCIAL PLANNING: Management need to ensure that enough funding is available at the right time to meet the needs of the business. In the short term funding may be needed to invest in equipment and stocks pay employees and fund sales made on credit. FINANCIAL CONTROL: Financial control is a critically important activity to help the business ensure that the business is meeting its objectives financial control addresses question such as:- Are assets being used efficiently? Are the businesses assets secure? Does management act in the best interest of shareholders and in accordance with business rules? FINANCIAL DECISION MAKING: The keys aspects of financial decision-making relate to investment, financing and dividends:- Investments must be financed in some way. However there are always financing alternatives that can be considered. For example it is possible to raise finance from selling new shares, borrowing from banks or taking credit from suppliers. If dividends are too high, the business may be starved of funding to reinvest in growing revenues and profit further. PAYBACK AND DIVIDEND RATIO FOR KINGFISHER AIRLINES: PAYBACK RATIO: The amount of time taken to break even on an investment. Since this method ignores the time value of money and cash flows after the payback period, it can provide only partial pictures of whether the investments are worthwhile. DIVIDEND RATIO: Five fundamentals reasons I am positive lying on dividends: Community income cover a lot rebound from their recessions level and are now approaching record levels short interest rates. Corporate cash on hand stands at an all time high payouts remain low, partially due to the speed of income improvement and the slower rate of dividend increase. Reporting rates, income dividends are very high. DIVIDEND AND PAYBACK RATIOS OF KINGFISHER AIRLINES: Dividend and payback ratios in RS.CR. JUNE 2007 MARCH 2008 MARCH 2009 MARCH 2010 Adjusted EPS -55.05 -18.64 -60.67 -48.5 Adjusted Cash EPS -51.81 -15.94 -54.22 -40.33 Reported EPS -30.97 -13.85 -60.5 -61.95 Reported Cash EPS -27.73 -11.16 -54.65 -53.78 Dividend Per Share 0 0 0 0 Operating Profit Per Share -19.37 -23.95 -20.8 -35.71 Net Operating Income Per Share 132.89 107.24 198.16 190.59 Free Reserves Per Share 15.46 2.68 -94.05 -167.98 Operating Margin -14.57 -22.32 -10.49 -18.75 Gross Profit Margin -15.55 -23.58 -13.02 -21.94 Net Profit Margin -22.92 -12.5 -27.43 -31.25 Adjusted Cash Margin -38.34 -14.38 -24.58 -20.34 Adjusted Return On Net Worth -209.52 -147.04 0 0 Reported Return On Net Worth -117.87 -109.29 0 0 Return On Long Term Funds -36.27 -36.52 -7.9 -23.99 Long Term Debt / Equity 0.98 3.54 0 0 Total Debt 2.38 4.95 0 0 Owners Funds 29.56 16.8 -63.14 -99.65 Fixed Assets Turnover Ratio 5.37 4.61 2.85 2.47 Current Ratio 2.33 1.71 1.09 1.34 Current Ratio (inc. st loans) 0.79 0.96 0.64 1.34 Quick ratio 2.2 0.87 0.52 0.57 Inventory Turnover Ratio 28.8 0 5,738.39 30.74 Dividend payout Ratio (net profit) 0 0 0 0 Dividend Payout ratio (cash profit) 0 0 0 0 Earning Retention Ratio 0 0 0 0 Cash Earning Retention Ratio 0 0 0 0 Adjusted Cash Flow Time Total Debt 0 0 0 0 Financial Charges Coverage Ratio -0.49 -0.63 0.02 -0.68 Financial Charges Coverage Ratio (post tax) 0.19 0.65 0.29 -0.3 Material Cost Component 2.55 3 0.97 0.8 Selling Cost component 0.99 5.83 12.97 0 Exports As Percent Of Total Sales 18.56 3.42 4.54 13.79 Import Comp. In Raw Materials Consumed 0 0 0 0 Long term Assets/Total Assets 0.01 0.03 -0.01 0 Bonus Component in Equity Capital (%) 20.14 20.09 10.26 10.26 PROFIT AND LOSS ACCOUNT OF KINGFISHER AIRLINES: profit and loss account in RS.CR. JUNE 2007 12 MONTHS MARCH 2008 9 MONTHS MARCH 2009 12 MONTHS MARCH 2010 12 MONTHS INCOME SALES TURNOVER 1,800.21 1,456.28 5,269.17 5,067.92 EXCISE DUTY 0 0 0 0 NET SALES 1,800.21 1,456.28 5,269.17 5,067.92 OTHER INCOME 342.1 113.62 598.9 -333.3 STOCK ADJUSTMENTS 0.00 0.00 0.00 0.00 TOTAL INCOME 2,142.31 1,569.00 5,868.07 4,734.62 Raw materials 45.94 43.79 51.19 40.89 Power and fuel costs 979.5 889.3 2,602.62 1,802.99 employee cost 247.72 244.96 825.42 689.38 Other manufacturing expenses 617.56 408.21 1,112.85 1,108.82 Selling and admin expenses 148.78 180.39 1,062.74 1,067.54 Miscellenous expenses 25.11 14.81 167.55 108.58 Preoperative exp capitalised 0.00 0.00 0.00 0.00 TOTAL EXPENSES 2,062.61 1,781.46 5,822.37 4,818.20 JUNE 2007 MARCH 2008 MARCH 2009 MARCH 2010 12MONTHS 9 MONTHS 12 MONTHS 12 MONTHS OPERATING PROFIT -262.4 -325.18 -553.2 249.72 PBDIT 79.7 -211.56 45.7 -83.58 Interest 466.05 434.44 2029.33 2,243.39 PBDT -386.35 -646 -1,983.63 -2,329.17 Depreciation 17.67 18.28 133.2 162.8 Other written off 26.25 18.31 38.39 54.49 Profit before tax -430.27 -682.59 -2,155.22 -2,546.46 Extra ordinary items 14.09 -0.97 0 31.28 PBT (post extra ord items) -416.18 -683.56 2,155.22 -2,515.18 Tax 3.4 -494.45 -546.38 -770.69 REPORTED NET PROFIT -419.58 -188.14 -1,608.83 1,647.22 Total value addition 2,016.67 1,737.67 5,771.17 4,777.31 Preference dividend 0 0 0 0 Equity dividend 0 0 0.00 0.00 Corporate dividend tax 0 0 0 0 PER SHARE DATA (ANNUALIZED) Shares in issue (lakhs) 1,354.70 1,357.99 2,659.09 2,659.09 Earnings per share (Rs) -30.79 -13.85 -60.5 -61.95 Equity dividend pert. 0 0 0 0 Book value Rs 28.4 13.9 -83.88 -150.54 CASH FLOW OF KINGFISHER AIRLINES: Cash flow statement for kingfisher airline in RS.CR. JUNE 2007 12 MONTHS MARCH 2008 9 MONTHS MARCH 2009 12 MONTHS MARCH 2010 12 MONTHS NET PROFIT BEFORE TAX -416.18 -682.59 -2155.21 -2417.92 Net cash from operating activities -552.58 -541.52 -645.78 -1665.09 Net cash from investing activities 119.48 13.82 206.63 235.13 Net cash from financing activities 993.68 -9.23 290.11 1964.55 Net decrease/Increase in cash and cash equivalents 560.57 -536.93 -149.04 34.6 Opening cash and cash equivalents 256.47 817.05 -320.91 171.87 Closing cash and cash equivalents 817.05 280.12 171.81 206.47 CONCLUSION: After doing a study of this project representing on Kingfisher Airlines, I have come to a conclusion that Kingfisher Airlines is one of the largest and most widespread airlines of the country providing its services not only in India as well as outside India also. It has alliance with many other airlines in this sector. Kingfisher Airlines offers world class services to the customer at a nominal rate. The airline uses the services of one of the advanced plans been operated in the world. To sum up I would like to say that Kingfisher Airlines is serving its customer in an appreciated way and going to be in the list of best services providers in coming years.

Analysis of Thirteen Ways of Looking at a Blackbird, by...

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Analytical Essay on The Good Corn by H.E Bates and...

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Mass Communication

Question : Discuss about the Mass Communication ? Answer : Introducation This paper archives few strategies that are pertaining to the arts and culture in Singapore in the post independence time. It has provided some of the cultural strategies that were taken in the early years after the independence concentrating on the binding of arts and culture for the purpose of building the nation all together. It was followed by the consequent identification that the arts and culture has the potential of attracting the international tourists. The paper also focuses on the cultural economic policies that have been taken in the early 2000s which have recognized the economic value of the heritage, arts, design and media. It identifies the role of arts and culture beyond their exportation value and how they can attract the international participants in the country. The primary focus of the paper is the cultural and social policy direction that emphasizes on the value of arts and culture in the everyday life of Singapore. Chang, Sharon, and Renuka Mahadevan. "Fad, fetish or fixture: contingent valuation of performing and visual arts festivals in Singapore."International journal of cultural policy20, no. 3 (2014): 318-340. The article examines how much importance culture gets in Singapore which is a recently developed economy and the population appreciate the practice of arts but not much culturally aware. The paper triggers to have an analytical framework that merges the social and the inherent benefits or the practice of arts and culture, also it tries to explore whether the arts festivals are just a costly fetish by the government or it is a naturally developing fixture. It discusses the cultural strategies and the government funding. The paper has showed the empirical evidence that backs the fact that these arts festivals are not a trend but a fixture in the long run; however the visual arts festivals are not the same. Evidences from both the arts festivals are analyzed to indicate the fact that there are not sufficient determinants that can pay for the events. Lee, Terence. "Inculcatingcreativity: culture as public pedagogy in Singapore."Discourse: Studies in the Cultural Politics of Education35, no. 5 (2014): 718-732. This paper discusses the long term rely on the innate public pedagogical qualities of the culture named as the official culture and the media politics and the attitude of the general population towards arts and culture. The primary purpose of the paper is to make the population realize how they can become creative and economically productive at the same time while they can adhere to the socio political norms of the society. It begins with the discussion of a debate that took place in 2012 with a Singapore street artist who was popular as the Sticker Lady. She was arrested in charge of vandalising the public properties with the stickers which were politically incorrect and had provocative phrases. This gave rise to the debate whether Singapore is ready to hold the technologically advanced and creative tendencies. It also argues that when the government authorities are aware of the need of welcoming an open society, it was difficult to concede the aspects of control. The paper indicate s that how significant is the application of cultural policies in Singapore that can make progress to the culture of creativity. Comunian, Roberta, and Can-Seng Ooi. "Global aspirations and local talent: the development of creative higher education in Singapore."International Journal of Cultural Policy22, no. 1 (2016): 58-79. This article tries to explore the development of higher education and the shifting of policies in Singapore in the last decade within the landscape of globalized artistic economy and the global policy transfer. The paper has used the qualitative interviews with the major players in the policy making and the higher educational institutions. It aims to explain the factors behind the investment in the creative higher education. The paper has argued that function of higher education can play a major part in developing a creative economy while the population is trying to overcome the issues with the vulnerability of having creative careers. Ramos, Suzanna J., and Gerard J. Puccio. "Cross-cultural studies of implicit theories of creativity: A comparative analysis between the United States and the main ethnic groups in Singapore."Creativity Research Journal26, no. 2 (2014): 223-228. This particular article has explored the amount of influence on the theories of creativity among the general population from both the United States and Singapore and in the ethnic groups of Singapore. The innovative and the adaptive styles of creativity are examined in the paper with the conceptions of creativity. The lay persons from both the country were asked to rate the level of creativity for the descriptors of both the theories. The collected statistical information has indicated that there is an implied idea that the higher creativity is linked with the innovative styles of creativity. Pernice, Raffaele. "Arts, Culture and the Making of Global Cities: Creating New Urban Landscapes in Asia."The Town Planning Review87, no. 3 (2016): 366. The book outlines to explain the urban and cultural strategies which are the effectual tools that promote the globalization in the big cities in the East Asia. This book is an outcome of the intensive investigation and research on the impacts of globalization and the effect of arts and culture in it. As the title of the book indicates that the major focus of this study was the urban transformation with the reflective impact of cultural projects, arts and the creative industries have on the development of the modern metropolitan cities. The focus was on the Chinese heritage and the countries with Chinese speaking population such as Singapore, Hong Kong and Taiwan. Cho, Im Sik, Quyen Duong, and Ivan Nasution. "Role of research in community arts: Developing an evaluation framework in Singapore."Community Development47, no. 5 (2016): 683-699. The focus of the paper is the development community arts in Singapore and how it has evolved gradually since the independence with the top down approach of the programs which were initiated by the government for including the ground up initiatives. The shift in the approach was advocated by embracing the general population not only as the audience but also as the creators through the policies that were community focused and the programs which were aimed in making the practices of arts and culture accessible. In the fast changing scenario this particular article tries to understand the relation between the practice and research of culture while examining a collaborative project between the National University of Singapore and the National Arts Council of Singapore. It was aimed to creative a evaluation framework to evaluate the culture and arts focused community spaces in Singapore. The outcomes from this study had shown that the research can change not only the collaboration among va rious stakeholders in the process but also promotes the future ground up engagement in the arts community by authorizing the arts and culture practitioners. Tan, Jeffery. "Cultural Policy in Singapore Government Funding and the Management of Artistic Dissent." 14, no. 1 (2014): 21-39. This paper has attempted to explicate the relationship between the government funding and the management of the cultural and artistic dissent in Singapore through a prism that was offered by the expansion of English language theatre. The paper opens with the brief history of the formulation and implementation of the funding policy of government over the past decade and how it was influenced by the social, cultural, political and economic imperatives of the government. Examining the case of Singapore the essay attempts to indicate that the cultural policy of the government can serve as the ideological tool to the advancement of the governance. Freeman, Bradley C., Andrew J. Duffy, and Xiaoge Xu. "Machiavelli Meets Michelangelo: Newspaper Coverage of the Arts in Singapore."SAGE Open6, no. 2 (2016): 2158244016645147. This particular examines the newspaper coverage of the Arts in Singapore. The paper considers the functions of the newspapers of Singapore in the documentation and the development of the growing arts scenario of Singapore. It also samples two constructed weeks continued for ten long years (1999-2008) and the analysis of the contents is utilized to examine the coverage of arts in the Lianhe Zaobao and Sraits Times. The study lays its groundwork from Janssens study of coverage of arts in Dutch newspapers in 1999. In that study the hierarchical attention paid to the forms of arts over years was reported along with the quality of the contents. The situation is Singapore represents where newspapers and arts are not deteriorating rather both benefit from an important supervision by the government. Oi, Kay Kok Chung. "Art Education as Exhibition: Reconceptualizing Cultural History in Singapore through an Art Response to Ah Ku and Karayuki-san Prostitution."Journal of Cultural Research in Art Education (Online)32 (2015): 207. This essay triggers to discuss the authors own understanding of the education of art in relation to her displayed artworks that had developed based on the research of specific historical features in Singapore. The essay also relied on the referred artworks of a book written by James Francis Warren. The author has translated the content of the book in a series of her painting that have been used as the art education tool in educating the viewers about the history of Ah Ku and Karayuki- san. Reference List: Chang, Sharon, and Renuka Mahadevan. "Fad, fetish or fixture: contingent valuation of performing and visual arts festivals in Singapore."International journal of cultural policy20, no. 3 (2014): 318-340. Cho, Im Sik, Quyen Duong, and Ivan Nasution. "Role of research in community arts: Developing an evaluation framework in Singapore."Community Development47, no. 5 (2016): 683-699. Comunian, Roberta, and Can-Seng Ooi. "Global aspirations and local talent: the development of creative higher education in Singapore."International Journal of Cultural Policy22, no. 1 (2016): 58-79. Freeman, Bradley C., Andrew J. Duffy, and Xiaoge Xu. "Machiavelli Meets Michelangelo: Newspaper Coverage of the Arts in Singapore."SAGE Open6, no. 2 (2016): 2158244016645147. Kong, L., (2012) Ambitions of a Global City: Arts, Culture and Creative Economy in Post-Crisis Singapore, International Journal of Cultural Policy, 18, no.3: 279-294. Oi, Kay Kok Chung. "Art Education as Exhibition: Reconceptualizing Cultural History in Singapore through an Art Response to Ah Ku and Karayuki-san Prostitution."Journal of Cultural Research in Art Education (Online)32 (2015): 207. Pernice, Raffaele. "Arts, Culture and the Making of Global Cities: Creating New Urban Landscapes in Asia."The Town Planning Review87, no. 3 (2016): 366. Ramos, Suzanna J., and Gerard J. Puccio. "Cross-cultural studies of implicit theories of creativity: A comparative analysis between the United States and the main ethnic groups in Singapore."Creativity Research Journal26, no. 2 (2014): 223-228. Tan, Jeffery. "Cultural Policy in Singapore Government Funding and the Management of Artistic Dissent." 14, no. 1 (2014): 21-39.