Emirates Airways: Financial Analysis

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Introduction

Emirates Airlines is based at Dubai International airport in the United Arab Emirates1. It must be noted that the airline is a privately held company; hence it is not quoted on any stock exchange. For the three periods under review, the auditors gave an unqualified opinion for the company. This implies that the company records its transactions in a manner that is consistent with accounting principles. Therefore, the information contained in the financial statements can be relied upon in making the decisions regarding the company. The major operations for the company include airport services, hospitality services, catering, tour operator and engineering. Some of the services that the company offers include cabin services and ground services. Under cabin services, the company provides for the different classes of clients including first class, business class, and economy class. Additionally, under the ground services, the company provides lounges and chauffer-driven options for selected clients, based on their loyalty to the company.

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The major competitors of Emirates Airlines are: British Airways, Qatar Airways, Singapore Airlines, and American Airlines. For this reason, Emirates Airlines must formulate the right strategies to increase its market share and increase its sales. It has been postulated that the airline industry has reached the maturity stage and hence the growth prospects for the company are very slim. For this reason, the company must adopt more appropriate strategies to ensure that it is able to retain its customers. This can be done by incorporating a low-cost carrier to ensure that it is able to attract low-end customers.

It is claimed that in 2009, Emirates Airways acquired a new fleet of Boeing 777, which effectively made it the world’s largest operator of that kind of aircraft. Additionally, in 2011 the company placed another order of 50 Boeing 777. This was touted as the largest order for the company since it was to the tune of $18 billion. This would have the effect of increasing its fleet thereby enabling it to fly to more destinations as well as serve a greater number of customers. Moreover, this could have the effect of increasing the profitability of the company. However, in the short run, the profitability of the company is likely to be affected adversely by this acquisition.

It is postulated that in emerging economies such as India, China and Africa, the demand for the services offered by the airline industry is set to increase exponentially. The factors that influence the demand for the services that are rendered by the airline industry include income, promotions and consumer confidence. Income affects the demand for the services in the airline industry in that low-income consumers reduce their demand for the services offered by the industry. This decline in demand could be a result of economic shocks or price changes. However, high-income clients are not likely to change their demand patterns in spite of external factors such as economic shocks and price increases. In addition, when the clients are confident with the level of services offered in this industry, they are likely to demand more services. One of the issues that have had an impact on this industry is the recent global economic downturn. This had the effect of creating new markets characterized by low-cost, no-frills airlines. In addition, the airlines were forced to go back to the drawing board and re-evaluate their strategies and business models.

Financial Statements Analysis and Understanding the Financial Statements

Financial statement analysis

This is a systemic process through which the strengths or the weaknesses of an organization are established2. In as much as the information presented in the financial statements is presented in accordance with the laid down regulations, it cannot be used to make any meaningful conclusion about the organization unless the relevant financial tools are used. Financial statement analysis is a very essential process that facilitates the comparison of the results of one company against the results of other companies. In addition, it facilitates the comparison of the company’s results in different periods. There are two major techniques that are used in financial statement analysis namely horizontal and vertical analysis and ratio analysis. We have different ratios that can be used in financial statement analysis namely: liquidity ratios, profitability ratios, solvency ratios, operating efficiency ratios as well as stock market performance ratios.

In addition, it must also be appreciated that there is two major ratio analysis that can be carried out on a company’s results namely-analysis of risk and analysis of profitability. The analysis of risk ratios is used to evaluate the credit risk of a company. They are used as a measure to determine whether the company can be in a position to pay up its financial obligations when called upon to do so. The other class of ratios is the analysis of profitability, which basically evaluates the ability of the company to generate profit. This information is very beneficial to the shareholders who expect to get a portion of the profit of the company in the form of dividends.

Liquidity ratios

Liquidity ratios are used to gauge the ability of the company to generate the required funds that will be required to pay its financial obligations, to the creditors, when they fall due. It has been adduced that the creditors will invariably look at these ratios before making decisions on whether to extend credit facilities to the business. Again, these ratios help the business to know whether it can pay up the short-term obligations that it owes to its short-term creditors.

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It must be noted that the liquidity ratios are also referred to as the working capital ratios. There are two types of liquidity ratios namely the current ratio and the acid test ratio or the quick ratio.

Current Ratio

The current ratio is taken to be a measure of the ability of the company to pay up its current liabilities using its short-term assets. Consequently, the current ratio is computed by dividing the current assets by the current liabilities. A higher current ratio indicates that the company has an enhanced capacity to honor its short-term financial obligations when they fall due. On the other hand, a low current ratio indicates that the company is not very well prepared to honor its short-term liabilities when they fall due. Thus,

Current ratio=current assets/current liabilities.

For the financial period ending 31st March, 2011 the current ratio is going to be

21867/20498=1.07

For the financial period ending 31st March, 2010 the current ratio is

2704/772=3.50

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In addition, the current ratio of the period ending 31st March, 2009 is

15529859/14125465=1.10

Looking at the current ratio for the three periods it is apparent that during the financial period that ended on 31st May 2011, the company registered the highest current ratio. This indicates that in the other two periods the company found it a bit challenging to pay up its short-term obligations. Additionally, it must be noted that the current ratio registered an increase from 1.10 in 2009 to 3.50 in 2010. However, in 2011, the ratio fell to 1.07.

Acid-test ratio

The acid test ratio is used to indicate the ability of the company to honor its short-term obligations using its most liquid assets. Even though the current ratio is almost the same as the acid test ratio, there is a difference in that the inventory is deducted from the current assets since it is mainly sold on a credit basis. The acid test ratio is also a good measure of liquidity and the assets it uses are more liquid than those of the current ratio because the stock is excluded. Actually, the acid test ratio restricts itself to cash and near-cash assets. Thus, the acid test ratio is computed as:

Acid test ratio= (Current assets-inventory)/ current liabilities.

Thus, the acid test ratio of the period ending 31st March 2011 is

(21687-1290)/20498=0.10

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The acid test ratio of the period ending 31st March 2010 is

(2704-25)/772=3.47

The acid test ratio of the period ending 31st March 2009 is

(15529859-1052573)/14125465=1.02

The acid test ratio for the three periods follows the same trend just like the current ratio. In 2009, the acid test ratio was 1.02 while in 2010 the ratio was 3.47. Therefore, there was an increase in the acid test ratio during the two periods. This is indicative of the fact that the company has more current assets that can be used to pay any pending current liabilities. However, during the accounting period in 2011, the acid test ratio declined sharply from 3.47 to 0.10. This indicates that the company does not have sufficient current assets that can be used to pay up its short-term liabilities when they fall due.

Profitability ratios

Profitability ratios are of utmost importance to the organization since they act as a measure of how well it is using its assets, as well as the investments by its owners to generate profits. The profitability ratios are used to indicate the profitability of the company concerned. In addition, the profitability ratios are very important since they facilitate the comparison of the performance of the business across different periods, as well as with the other companies. The profitability ratios are particularly useful in limited companies since they can be used by investors who may be seeking to invest in the company. Some of the profitability ratios that are used include gross profit margin ratio, net profit margin ratio, and return on assets ratio.

Gross profit margin ratio

The gross profit margin ratio is used to indicate how well the company is able to control its production costs as well as its ability to set the right prices for its products and services. The gross profit margin ratio is computed thus:

Gross profit margin ratio= (gross profit/sales) *100

Therefore, the gross profit margin for the year ending 31st March, 2011 is

500/4327*100=11.56%

The gross profit margin for the year ending 31st March, 2010 is

559/3121*100=17.91%

The gross profit margin for the year ending 31st March, 2009 is

2573320/42674267*100=6.03%

Looking at the gross profit margin for the three periods, it is apparent that there was an increase from 6.03% in 2009 to 17.91% in 2010. This shows that the sales generated a higher level of gross profit than was the case in 2009. However, the gross profit margin declined to 11.56% in 2011 up from 17.91% in 2010. It can also be noted that generally, the gross profit margin ratios for the three periods indicate an upward trend. This shows a somewhat satisfactory profit level for the company.

Net profit margin ratio

The net profit margin is used to show the contribution of every dollar of sales on the net profit. A higher net profit margin ratio indicates that the company’s sales are able to generate a higher level of net income. On the other hand, a lower net profit margin ratio indicates that the ability of the company to generate net profit declines. Therefore, the formula that is used to compute the net profit margin is as follows:

Net profit margin ratio=net income after taxes/sales

Therefore, the net profit margin for the year ended 31st March 2011 will be:

565/4327*100=13.06%

The net profit margin for the year ended 31st March 2010 will be:

613/3121*100=19.64%

The net profit margin for the year ended 31st March 2009 will be:

1045554/42467267*100=2.46%

The net profit margin for the company increased from 2.46% in 2009 to 19.64% in 2010. This indicates that the profitability of the company increased during that period. Nonetheless, the net profit margin declined from 19.64% in 2010 to 13.06 in 2011. This reflects declining profitability for the company.

Return on assets

The return on assets ratio is used to show the degree of the profitability of the company as compared to its assets. A high return on assets is preferable since it shows that the management is very efficient in the manner in which it utilizes its assets to generate profit. However, a very low return on assets ratio shows that the company does not use its assets efficiently. Furthermore, it has been adduced that the return on assets varies from industry to industry. For this reason, it is advisable for the company to compare its results with those of similar companies in the same industry. Thus, the computation of the return on assets proceeds as follows:

Return on assets ratio=net income/total assets

The return on asset ratio for the period ending 31st March 2011 is:

565/6741=0.08

Return on asset ratio for the period ending 31st March 2010 is:

613/4638=1.31

Return on asset ratio for the period ending 31st March 2009 is:

1045554/47448994=0.02

The return on assets for Emirates Airways increased from 0.02 in 2009 to 1.31 in 2010, thereafter, the rate dipped to 0.08 in 2011 from the earlier rate of 1.31 in 2010. This indicates that the company is not making good use of its resources in helping it to generate profit. Therefore, the company should put in place the appropriate measures to ensure that it makes good use of its assets.

Generally, the profitability ratios show that the company performed relatively well in 2010 as compared to the other two periods in 2009 and 2011. This could be indicative of the fact that the company could be experiencing declining profitability. Therefore, the management needs to carry out the necessary measures to ensure that it registers a higher level of profitability.

Solvency ratios

Solvency ratios are used to gauge the ability of the company to pay off its long-term liabilities, when they fall due, plus the ensuing interest3. Thus, they show whether the company can remain in operation in the long term. Solvency ratios are of particular interest for the creditors as well as for the shareholders since they are interested in the long-term survival prospects for the company. In this regard, the shareholders would want to invest in a company that has a high chance of survival even in the long term. Additionally, the company would prefer to extend a loan to those companies that are likely to be in existence in the long term, and which can pay the interest on the loan, as well as the principal amount when it falls due. Some of the solvency ratios that we are going to look at include debt ratio, debt/equity ratio and times interest earned ratio.

Debt assets ratio

The debt assets ratio is used as a measure of the extent of debt as compared to the assets of the company. A lower debt-equity ratio indicates that the company has less debt. On the other hand, if the debt ratio is high it shows that the company has a lot of debt, which sometimes is not preferable. In addition, a high debt assets ratio is indicative of the fact that the company could run into financial problems. Another issue that is highlighted by a high debt assets ratio is that the company has diminished prospects in terms of accessing credit because it is likely to be rated poorly. For this reason, the creditors may demand higher interest rates from the company since it has a higher probability of defaulting on its debt repayment. The formula for computing the debt ratio is:

Debt assets ratio=total liabilities/total assets

For the year ended 31st March 2011, the debt ratio is:

3064/6471*100=47.35%

For the year ended 31st March 2010, the debt ratio is:

1444/4638*100=31.13%

For the year ended 31st March 2009, the debt ratio is:

30880516/47448994*100=65.08%.

The debt assets ratio declined from 65.08% in 2009 to 31.13% in 2010. This could be indicative of the fact that the company substantially reduced its debt. On the other hand, the debt assets ratio increased from 31.13% in 2010 to 47.35% in 2011. This shows that the company increased its debt may be to increase its capacity to serve more clients. It has been adduced that a debt assets ratio of less than 1 means that most of the company’s arrests are owned but other parties other than the company owners. Consequently, like most of the other ratios, it is prudent for the company to compare its ratio with those of similar companies in the same industry.

Debt/equity ratio

The debt/equity ratio is used to indicate the extent of the financial leverage for the company. More importantly, it shows the proportion of debt or equity that has been used in the acquisition of its assets. In other words, it shows the part of the capital that is financed with debt and that part of the capital that is financed using equity from the shareholders of the company. For this reason, a high debt-equity ratio shows that the company has used a high level of debt to finance its capital. This could have a detrimental effect on its level of profitability since debt attracts interest which increases the expenses for the company. The ratio is also very instrumental in showing whether the company’s equity can be used to settle the financial obligations to the creditors should the company be liquidated. It has also been postulated that if the ratio is more than 1, then it points out the fact that the majority of the assets of the company have been acquired using debt. In contrast, if the ratio is less than 1 it shows that a portion of the assets has been financed using debt. In this regard, the formula for the computation of the debt/equity ratio is as follows:

Debt/equity ratio=total liabilities/shareholders’ equity.

Therefore, the debt/equity ratio for the period ended 31st March, 2011 is:

3064/3407= 0.90

The debt/equity ratio for the period ended 31st March, 2010 is:

1444/3194=0.45

The debt/equity ratio for the period ended 31st March, 2009 is:

30880516/16568478=1.86

Looking at the debt-equity ratio for Emirates Airlines, it is apparent that it declined from 1.86 in 2009 to 0.45 in 2010. This shows that the company reduced the amount of debt used to finance its assets. This could also be indicative of the fact that the company paid fewer interest expenses due to a reduction in debt. However, the debt-equity ratio doubled to 0.90 in 2011 from the previous ratio of 0.45 in 2010. This shows that the company increased its debt once more, although not to a very large extent.

Times interest earned ratio

The time’s interest earned ratio is used to show the ability of the company to pay the interest payable on that debt. This ratio is also referred to as the “interest coverage” or the “fixed charge coverage”. Additionally, it must be noted that a higher times interest ratio shows that the company income exceeds its interest expenses, and the company is in a better position to pay its interest expenses in time. A high times interest earned ratio could also be indicative of the fact that the company does not have enough loans to support its expansion programs. At the same time, a high ratio could also show that the company is using a big part of its earnings in interest payments. These earnings could be used to finance other projects that can enhance the profitability of the company. However, a low ratio indicates that the company is likely to default its interest expenses when they fall due. The formula that is used in the computation of the time’s interest earned ratio is:

Times interest earned ratio= earnings before interest and tax/net interest expense.

Thus, the time’s interest earned ratio for the period ending on 31st March, 2011 is:

(576+17)/17=34.88

The time’s interest earned ratio for the period ending on 31st March, 2010 is:

(618+14)/14=45.14

The time’s interest earned ratio for the period ending on 31st March, 2009 is:

(960183+534847)/534847=2.80

The time’s interest earned ratio increased from 2.80 in 2009 to 45.14 in 2010. This shows that in 2010 the company generated more earnings that could be used to pay its interest due. On the other hand, the ratio fell to 34.88 in 2011 as compared to the previous ratio of 45.14. This shows that the ability of the company to honor its interest payments was reduced. This could be due to the declining profitability of the company.

Generally, the solvency ratios for the company indicate that the company’s ability to repay its debt and the interest thereof diminished in the current period. This could be indicative of the fact that the company increased its level of debt. This could have far-reaching consequences on the level of profitability for the company for the year 2012. For this reason, the company should cut back on its dependence on debt capital and instead concentrate on the payment of the outstanding debts.

Operating efficiency ratios

These ratios are used to indicate how well the company is making use of its assets and liabilities. These ratios are used to investigate issues such as turnover of receivables, the amount and the usage of the equity owned by the company, and also to investigate how well the company makes use of assets such as inventory and other fixed assets. These ratios represent the part of the operative revenues that are due for paying overhead costs. In this regard, the operating efficiency ratios are used to measure the ability of the company to keep its overhead expenses low. Moreover, these ratios are very important especially for those industries where the level of growth is low, and the company must keep their overhead expenses low to enhance their profitability. Some of the ratios that are going to be calculated under this section include the total asset turnover ratio, inventory turnover ratio, and receivables turnover ratio.

Total asset turnover ratio

The ability of the company to generate sales from assets is important in performance evaluation and is indicated by the total asset turnover ratio. The ratio shows the efficiency of using assets to obtain sales revenue. The low total assets turnover ratio could indicate a problem with either the current assets or the fixed assets. For this reason, the management of the company should investigate the cause of the problem and institute the right measures to enhance the ability of the assets to generate sales. Most of the times, a low ratio is indicative of the fact that there could be a problem with the inventory. The company could be having obsolete inventory or the inventory might not be selling fast enough thereby leading to sluggish sales. Another reason that could lead to low total asset turnover could be accounts receivables. In this regard, the company’s collection period could be too long thus indicating a problem with the company’s credit policy. In addition, the company could be having some fixed assets that are not being put to good use. The formula used in computing the total assets turnover is:

Total asset turnover =net sales/average total assets.

For the year ended 31st March, 2011 the total asset turnover ratio is:

4327/0.5(6471+4638) =0.78

For the year ended 31st March, 2010 the total asset turnover ratio is:

3121/0.5(4638+3947) =0.73

For the year ended 31st March, 2009 the total asset turnover ratio is:

42674267/0.5(47448994+46511994) =0.91

The total assets turnover ratio declined from 0.91 in 2009 to 0.73 in 2010. This indicates that the company’s ability to use its assets to generate profit declined, though marginally. On the other hand, the ratio increased from 0.73 in 2010 to 0.78 in 2011. This indicates that the company’s ability to use the assets efficiently increased, though to a very small extent. Nonetheless, the company should seek to investigate all the assets with a view to addressing this problem before it escalates. This would ensure that the company continues to utilize its assets efficiently, which can prove to be critical in enhancing its sales.

Inventory turnover ratio

This ratio is used to indicate the number of times that the stock is sold and replaced during a specified accounting period. Additionally, the ratio can be used how efficient the company is in its ordering process. Consequently, the inventory turnover ratio shows the liquidity of the inventory held by the company. For this reason, a high inventory turnover could show that the company is either doing very high sales or is not ordering enough stock. This could lead to lower sales for the company, which could have an effect on the profitability of the company. Moreover, a very low turnover could show that the company is very efficient in its ordering process, or that it is not doing enough sales as it should. Nonetheless, a low inventory turnover ratio could also indicate that the company is stocking in anticipation of an expected slump in the supply. It must also be appreciated that a very high inventory level, which is signaled by a low ratio, could expose the company to losses should the price of the inventory begin to fall. The formula used in the computation of the inventory turnover ratio is:

Inventory turnover ratio= sales/inventory

Thus, the inventory turnover for the period that ended on 31st March, 2011 is:

4327/88=49.17

The inventory turnover for the period that ended on 31st March, 2010 is:

3121/25=124.84

The inventory turnover for the period that ended on 31st March, 2009 is:

42674267/1052573=40.54

The inventory turnover ratio increased from 40.54 in 2009 to 124.84 in 2010. This indicates that the company increased its sales or that it reduced the amount of inventory that it orders. On the other hand, the ratio declined to 49.17 in 2011 from 124.84 in 2010. This could indicate that the sales for the company in 2011 declined, or that the company is holding a lot of stock that cannot be turned over quickly to generate sales. Either way, the company should investigate the cause of this problem so that it can increase its sales.

Receivables turnover ratio

The receivables turnover ratio is used to show how fast the debtors are willing to pay up their financial obligations to the company. It must be noted that a high receivables turnover ratio shows that the debtors are very fast in honoring their financial obligations to the company. However, there is a downside to this in that this may paint a picture of a company with an overly restrictive credit policy, which may affect the ability of the company to make good sales, most of which are usually in credit. On the other hand, a very low receivables turnover ratio indicates that the debtors do not pay up their obligations to the company promptly. This is indicative of a company that does not have a good credit policy, although this could work in its favor in terms of attracting additional sales. The correct comparison of the receivables turnover should be between companies that are in the same industry. The formula used in the computation of the receivables turnover ratio is:

Receivables turnover ratio= total credit sales/average accounts receivable balance

The receivables turnover ratio for the period that ended on 31st March, 2011 is:

4327/0.5(1157+697) =4.67

The receivables turnover ratio for the period that ended on 31st March, 2010 is:

3121/0.5(697+590) =4.85

The receivables turnover ratio for the period that ended on 31st March, 2009 is:

42674267/0.5(7108926+7179559) =5.97

The receivables turnover ratio decreased throughout the three accounting periods that are being studied. It is apparent that the receivables turnover declined from 5.97 in 2009 to 4.85 in 2010. In addition, the receivables turnover ratio reduced from 4.85 in 2010 to 4.67 in 2011. A high receivable turnover ratio indicates that the company has a very sound credit policy in that it converts its receivable into cash in a timely manner. On the other hand, a low receivables turnover ratio indicates that the company does not collect its receivables faster than it should. In this regard, it can be seen that the company has registered a reduction in the receivables turnover, indicating that its credit policy is not being followed strictly. This could result in a lot of receivables not being honored on time. This could have an adverse effect on the cash flow position of the company.

The Stock market performance ratios

The ratios indicate the level of performance of the company in the market for stocks. They can either show a favorable outlook on its future performance or even show better prospects for the company. These ratios can be used by the investors to seek out those companies that are likely to register a price increase or even indicate better prospects in terms of dividends. Some of the ratios that are going to be looked at under the stock performance ratios are: earnings per share and price/earnings ratio.

Earnings per share (EPS)

The earnings per share are used to show that part of net income that is allocated to each of the outstanding shares in the company. This ratio is also an indication of the profitability of the company. It affects the value of the share in the stock market in that a higher EPS will indicate to the investors that the company is generating good profits. On the other hand, if the EPS is low it indicates that the company is struggling to generate profits. For this reason, it might not attract a lot of investors, as they may not be assured about whether their investment in the company will generate the intended returns. The formula that is used during the calculation of the EPS is:

EPS= (net income-dividends on preferred stock)/average outstanding shares.

Therefore, the earning per share for the period ended 31st March, 2011 is:

565/0.5(63+63) =8.97

The earnings per share for the period ended 31st March, 2010 is:

613/0.5(63+63) =9.73

The earnings per share for the period ended 31st March, 2009 is:

1045554/0.5(801214+801214) =1.30

The EPS for the company increases from 1.30 in 2009 to 9.73 in 2010. This indicates that the level of profit that was allocated to the outstanding shares increased exponentially. However, there was a slight reduction in the EPS from 9.73 in 2010 to 9.97 in 2011. Generally, it can be seen that there is an upward trend in earnings per share for the company. This can attract a lot of investors to the company since they are assured of good returns on their investments in the company.

Conclusion

The management needs to look into the liquidity ratios since there is an indication that the current and acid test ratio declined in 2011. This shows that the company may not be in a position to pay up its short-term obligations using its short-term assets. At the same time the investors should be wary of those companies which do not have sufficient liquidity to honor their current liabilities.

Looking at the profitability ratios, it is also evident that the company experienced declining profitability in 2011 even though the company had recorded an increase in profitability during the preceding period. Therefore, the management should investigate the reason for this declining profitability with a view to rectifying the situation. This declining profitability for the company should act as a warning bell to any prospective investor who may wish to acquire the shares for the company. There is a likelihood that the profitability for the company is not likely to go up given the competitive nature of the airline industry.

The solvency ratio indicates the extent to which the company is able to pay up its debt as well as the interest payments thereof. The results for Emirates Airlines indicate that it has increased its debt over the three-year period. This could have a significant effect on its ability to enhance its profitability given that it has to pay up the interest payments that come with those debts. The other ratios that had been looked into in this paper are the operating efficiency ratios. The ability of a firm to generate revenue through proper utilization of assets is assessed using these ratios. The situation does not seem favorable for this company by the measure of asset turnover ratios. For this reason, it should put in place the necessary measures to ensure that the assets are utilized efficiently.

The other ratio that has been looked at is the earnings per share. This indicates that the number of company’s profits that are allocated to the outstanding shares keep on increasing every year. This indicates that the investors are likely to get consistent returns from the company. However, looking at the other ratios for the company, it is clear that the company is not doing very well. However, if the highlighted issues are not looked into the company can regain its profitability and attract more investors.

Bibliography

Brigham, Eugene, and Joel Houston. Fundamentals of Financial Management. Mason: Cengage Learning, 2009.

Graham, Anne, Andreas Papatheodorou and Peter Forsyth. Aviation and Tourism: Implications for Leisure Travel. Burlington: Ashgate Publishing Limited, 2010.

Singhvi, N., and Ruzbeh Bodhanwala. Management Accounting Text and Cases. New Delhi: Prentice-Hall of India, 2006.

Footnotes

  1. Anne Graham, Andreas Papatheodorou and Peter Forsyth, Aviation and Tourism: Implications for Leisure Travel (Burlington: Ashgate Publishing Limited, 2010), 157.
  2. Eugene Brigham and Joel Houston, Fundamentals of Financial Management (Mason: Cengage Learning, 2009), 87-100.
  3. N. Singhvi and Ruzbeh Bodhanwala, Management Accounting Text and Cases (New Delhi: Prentice-Hall of India, 2006), 328-341.

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