project for business finance - qantas airways and ausenco ltd

QANTAS AIRWAYS AND AUSENCO LTD

1 [HBC 580 BUSINESS FINANCE AND

QUANTITATIVE ANALYSIS]

SUBMITTED BY

M. BABUR FARRUKH

SAAD ZAFAR IQBAL

FREDRICK

[Type the abstract of the document here. The abstract is typically a short summary of the

contents of the document. Type the abstract of the document here. The abstract is

typically a short summary of the contents of the document.]

HBC 580 BUSINESS FINANACE AND QUANTITATIVE ANALYSIS 2012

2

TABLE OF CONTENTS

EXECUTIVE SUMMARY 4

COMPANIES PROFILE 5

QANTAS AIRWAYS

History 5

Business and Investments 5

Flights and Routes 5

Fleet 6

AUSENCO LTD

History 7

Recent Innovations 8

Business Description 9

Products and Services 9

Ausenco Brand Idea 10

SWOT ANALYSIS 10

QANTAS SWOT ANALYSIS 10

AUSENCO LTD SWOT ANALYSIS 12

IPO PROCESS 13

Step 1: Appoint advisers 13

Step 2: Talk to ASX 14

Step 3: Prepare and lodge Prospectus 14

Step 4: Apply to list 15

Why opt for IPO 15

EFFICIENCY RATIO 17

Asset Turnover 17

Inventory Turnover 18

Current Performance 18

PROFITABILITY RATIO 19

Return on Total Assets 19

Gross Profit Margin 19

Net Profit Margin 20



3

TABLE OF CONTENTS

LIQUIDITY RATIO 21

Current Ratio 21

Quick Ratio 21


GEARING RATIO 22

Debt Equity Ratio 22

Interest Cover Ratio 23


INVESTMENT RATIO 24

Earnings per Share 24


Price/Book Value 25

STOCK PRICE EXPLANATION FOR QANTAS AIRWAYS 26

STOCK PRICE EXPLANATION FOR AUSENCO LTD 27

CONCLUSION 28

For Qantas Airways 28

For Ausenco Ltd 29

BIBLIOGRAPHY 30


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EXECUTIVE SUMMARY

Ausenco Limited is a global engineering, construction management, procurement and

operations service provider to the energy and process industries based in Australia, while

Qantas Airways is an Australian based Airline and is a subset of Qantas Group.

Both companies are public-listed on ASX (Australian Securities Exchange); Ausenco

in 2006, Qantas in 1995. We discussed the Strengths, weaknesses, opportunity and threats

to each company while giving an overview of the company as a whole.

This report aims at analyzing and evaluating Ausenco Ltd and Qantas Airways, in its

financial areas to help ascertain the performance of the company and make better

judgment as to whether investment in this company will be worthwhile as at the time of

this report.

Therefore, ratios regarding profitability, efficiency, gearing, liquidity and investment

ratios have been analyzed, thus indicating that investment made in this company will be

beneficial and investors are encouraged to invest. Although judging by the figures

obtained from the ratios, it may seem unreasonable to invest, but proper analysis

indicated that Ausenco has been involve in heavy investments since it was listed on

Australia securities exchange (ASX) in 2006. The company is well positioned in the

market. However, the investments made are expected to yield returns in the years to

come. Thus, immense growth is expected in the future as the company has taken on

aggressive strategies such as diversification, acquisition, and merger.

Viewing the financials of Qantas it was realized that, although, Qantas has being in

existence for a long time and seem to be a successful firm they have not been paying

dividends to shareholders even though there has been growth in the gross profit and net

profit in recent year, showing that the company is investing on itself. It is also amazing

when we observe that Qantas liquidity too was low, but then they have much asset

recorded as property, plant, and equipment.

For both companies, Ausenco and Qantas, the existing Shareholders have been advised

to hold on to their shares as profit is expected to increase in the coming financials years.

It is recommended, for potential shareholders, to venture into new shares now that the

price is relatively low as more profit and strong return to investment are expected.


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QANTAS AIRWAYS COMPANY PROFILE

HISTORY

Qantas with its success story and reputation amongst many other things is the world has

ranked second oldest airline. The airline was founded in 1920, Queensland, Australia.

Qantas lead services from Australia to North America and Europe, thereby standing as

one of the world’s long distance carriers.

Qantas presently employs about 32,500 people, while offering services across a network

covering 182 destinations in 44 countries (including code share partners) in Australia,

Asia, the Pacific, America, Europe, the Middle East, and Africa.

BUSINESS AND INVESTMENTS

Qantas Group’s main business is the conveying of passengers using two complementary

airline brands – Qantas and Jet star. Qantas is segmented into three related groups:

commercial, customer, Marketing, and Operations.

The Commercial group comprises sales and distribution, commercial planning, Qantas

Link and alliances. Customer and Marketing includes customer experience, cabin crew,

in-flight services, and marketing. The Operations group comprises engineering, airports,

catering, flight operations, operations planning, control, and Qantas Aviation Services.

Jet star, the Group’s low fares airline also manages the Jet star Asia operations based in

Singapore. It also operates Qantas Frequent Flyer and Qantas Freight.

FLIGHTS AND ROUTES

Domestically, Qantas Link and Jet star operate around 5,600 flights a week serving 59

city and regional destinations in all states and mainland territories. Jet star also operates

160 domestic flights a week in New Zealand. Internationally, Qantas and Jet star operate

more than 970 flights each week .The Group’s network comprises 182 destinations in 44

countries, including Australia and those served by code share partner airlines.


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FLEET

As of October 2011, the Qantas mainline fleet consists of the following aircraft:

Qantas Fleet *

Aircraft Total Orders Passengers

Notes F J W Y Total

Airbus A330-200

8 3

— 36 — 199 235

— 36 — 201 237

— 36 — 265 301

— 42 — 268 310

Airbus A330-300

10 — — 30 — 267 297

Airbus A380-800

12 8 14 72 32 332 450

Replacing Boeing 747–400 and −400ER. Next two to be

delivered in 2013; last six deferred until retirement of 747-

400ERs starting in 2018

Boeing 737-400 15 —

— 20 — 120 140

Phasing out from 2013-transferring to Alliance Airlines

— 16 — 126 142

— 12 — 132 144

— 8 — 138 146

— 4 — 144 148

— — — 150 150[30]

Boeing 737-800 48 19[27] — 12 — 156 168 Orders replacing 737-400

Boeing 747-400 20 —

14 66 40 187 307

Phasing out from 2013 Replacement aircraft: Airbus

A380 and Boeing 787

14 52 32 255 353

— 56 40 275 371

— 56 — 356 412

http://en.wikipedia.org/wiki/Airbus_A330






http://en.wikipedia.org/wiki/Boeing_737_Classic

http://en.wikipedia.org/wiki/Alliance_Airlines

http://en.wikipedia.org/wiki/Qantas#cite_note-29

http://en.wikipedia.org/wiki/Boeing_737_Next_Generation

http://en.wikipedia.org/wiki/Qantas#cite_note-Brief22-26

http://en.wikipedia.org/wiki/Boeing_747-400


7

Boeing 747-400ER

6 — 14 66 40 187 307

Sole operator of this version of the 747

to be replaced by A380s from 2018

Boeing 767-300ER

24 —

— 24 — 204 228 Phasing out from 2012

Replacement aircraft: Boeing 787

— 30 — 214 244

— 30 — 224 254

Boeing 787–9

35 TBA

Replacing Boeing 767-300ER and 747-400

Total 143 65

In total, Qantas and its subsidiaries operate 288 aircraft, which includes 62 aircraft

by Jetstar Airways, 56 by the various Qantas Link - branded airlines, 10 by Jet connect,

10 by Network Aviation, four by Express Freighters Australia and five by Qantas Freight.

AUSENCO LIMITED COMPANY PROFILE

HISTORY

Formed in Brisbane in 1991, Ausenco Limited is a multi-disciplinary, public, listed

company that provides engineering and project management services to the mining and

mineral processing industries. Ausenco’s projects are not limited to Australia alone, but

span all the 4 major continents including countries such as Canada, Panama, Argentina

(Americas), Laos, Thailand, Malaysia, India (Asia), Italy, Romania, Cyprus (Europe),

Kenya, Tanzania, and South Africa (Africa). Ausenco’s client list varies from the major

resource companies such as BHP Billion and Rio Tinto, to the industry’s smaller players.

The firm has 300 staff and an annual turnover of approximately $100m. Ausenco’s

activities can be classified along the following lines:

Plant design, equipment specifications and materials selection;

Engineering design to cover the following disciplines – process, mechanical,

earthworks, civil, structural, electrical, instrumentation, and control;

Project management of projects for cost, schedule, and quality;

Construction management of projects; and

Cover the process plant and associated infrastructure of mining projects.



http://en.wikipedia.org/wiki/Boeing_767

http://en.wikipedia.org/wiki/Boeing_767

http://en.wikipedia.org/wiki/Boeing_787_Dreamliner

http://en.wikipedia.org/wiki/QantasLink


8

The firm’s services encompass all the major disciplines of the mining industry such as:

Chemical and metallurgical engineering;

Mechanical, civil, and structural engineering;

Electrical engineering and instrumentation;

Project and construction management

The company also provides solutions in all aspects involved in managing the project such

as engineering control, budgeting, scheduling and construction management. In addition

to this, Ausenco provides plant start-up assistance, troubleshooting, and machine operator

training. The firm has formed alliances with a number of firms around the globe to

execute works. One of these is with GRINAKER LTA: A global construction group,

which operates through three companies focusing on different aspects. The alliance

allows Ausenco to have a major presence in southern Africa and allowed it access to new

process technologies in the area of acid handling and Sulphuric acid production plant

design and construction. Ausenco was awarded Queensland Exporter of the Year in

2004 and won the National Exporter of the Year for services in 2002 and 2004. It has

also won awards as a supplier to the mining industry and for engineering excellence.

RECENT INNOVATIONS

Ausenco is a very technology-intensive firm. It has a group of people that examine

technological processes and a Technical Manager whose role is to develop relationships

with external organizations such as CSIRO, JK Tech and other 117 companies, which

may approach them with particular technologies of interest. The Managing Director of

the firm is also on the board of JK Tech. The firm develops a range of its own

technologies in-house and through contract research with external research organizations.

It also has a strong relationship with equipment suppliers, who help it develop

technology-based innovations for its customers. The company has been growing strongly.

It has always been structured as a matrix, with business units concentrated around

services to clients and a corporate support group. The major business involves

completion of feasibility studies and construction of mining projects. There are also

continuous changes in IP and equipment/facilities. The IT Department is responsible for

upgrading equipment but is also in charge of document management and control. The

firm has implemented a number of changes to improve IT services for clients in recent

years, including allowing clients to track the progress of projects live on their website.

The firm is also active in video conferencing and internet-based presentations to clients

around the world.

They acquired Pipeline Systems Incorporation (PSI), vector Engineering and

Sandwell. Ausenco Taggart Joint venture was also initiated at the end of 2008. They

have also formed an alliance with whittle Consulting and Meteng. Finally, in 2010, One

Ausenco was formed-the group’s complete breadth of services and locations where

repositioned and rebranded under the Australian Masterbrand. The Company, in January


9

2012, acquired Reaction Consulting Inc. It operates in about 20 countries and owns 30

to 33 offices globally.

BUSINESS DESCRIPTION

Ausenco Limited provides engineering design, project management, process controls, and

operations solutions to energy, environment and sustainability, minerals and metals,

process infrastructure, and program management sectors in Australia and internationally.

It offers engineering and project management solutions for alternative energy projects;

energy transport projects; and power generation projects. The company’s environment

and sustainability solutions comprise geotechnical, geo-mechanical, and geological

engineering services; field services; materials testing services; water resource

management services; environmental services; tailings storage and mine infrastructure

projects; municipal waste facilities services; and greenhouse gas consulting services. In

addition, its services for the minerals and metals sector include engineering, procurement,

and technical services; enterprise optimization services; and design and delivery of

mineral processing plants. Further, its process infrastructure solutions comprise pit-to-

port transportation systems; ports and marine facilities; coastal engineering and dredging;

offshore and arctic facilities; slurry and liquid pipelines; bulk export and import

terminals; mine infrastructure; railway and roadways; tailings management systems;

control systems, such as supervisory control and data acquisition, process automation,

and data management systems; pipeline optimization and leak detection software;

pipeline simulator-operation and accident simulation software; and logistics and supply

chain simulation solutions. Additionally, the company offers project management

services, such as operations management, asset management, and registered training

services; and program management solutions that comprise concept development,

planning approval, design, construction, and maintenance services.

PRODUCTS AND SERVICES

Ausenco product and services includes engineering design, project management, process

controls, and operations solutions to energy, environment and sustainability, minerals and

metals, process infrastructure, and program management sectors in Australia and

internationally. It offers engineering and project management solutions for alternative

energy projects; energy transport projects; and power generation projects. Examples are

Greenfield Kraft Pulp Mill

Paper Machine, Fibrelines & Recaust for Mill Expansion

St. Mary's Paper Inc. No. 5 Paper Machine

Hog Fuelled Power Boiler

OCC-to-Lightweight Linerboard Mill

Modernization Studies for Nagaon and Cachar Paper mills

Definition & Detailed Design for Cluster Rule Implementation Project.

http://www.ausenco.com/page/Our_Projects/Greenfield_Kraft_Pulp_Mill/

http://www.ausenco.com/page/Our_Projects/Paper_Machine_Fibrelines__Recaust_for_Mill_Expansion/

http://www.ausenco.com/page/Our_Projects/St_Marys_Paper_Inc_No_5_Paper_Machine/

http://www.ausenco.com/page/Our_Projects/Hog_Fuelled_Power_Boiler/

http://www.ausenco.com/page/Our_Projects/OCC-to-Lighweight_Linerboard_Mill/

http://www.ausenco.com/page/Our_Projects/Modernization_Studies_for_Nagaon_and_Cachar_Papermills/

http://www.ausenco.com/page/Our_Projects/Definition_Detailed_Design_for_Cluster_Rule_Implementation_Project/


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Ground Breaking Solution for Wastewater Treatment Upgrade

AUSENCO BRAND IDEA

Ausenco brand idea is ingenuity by example. It is the single thought that drives the people

of Ausenco and represents what they stand for, believe in and value. In everything they

do they strive to be true leaders and set the standard. They understand the necessity of

extraordinary innovation and outstanding delivery. They understand the power of

partnerships where their success is interconnected and shared. They strongly believe is

only by working together, and with their clients, communities, and environment will they

achieve more, as they strive to make a genuine impact on the world around them. It

seems that is why their brand idea is “ingenuity by example”.

QANTAS AIRWAYS SWOT ANALYSIS

Qantas has announced the strategies of its 5-year plan in August 2011. These changes are

expected to strip tens of millions of dollars of operating costs from Qantas. These include

cutting 1000 jobs from its 36000 workforce (including pilots, engineers and cabin crew).

Shifting its base closer to Asia by creating a new premium airline based in with a new

name, new aircraft, new looks, and launches a new Jetstar Japan as a new low cost carrier

together with Japan Airlines and Mitsubishi. Changing its plan by buying lots of fuel

efficient Airbus A320 has to support its growth, which will increase its gearing. Seeking

more strategic alliances, joint business agreement with American Airlines. Qantas will

also restructure the joint services agreement with British Airways and explore

opportunities with Malaysian Airlines. (Source: www.businesscasestudy.com.au)

Strength

• Along with its subsidiaries served

destinies, a number of international flights

include almost all the continents like

Africa, Oceania, Asia, Europe, and the

Americas.

• Being the most oldest in age, Qantas

airways is far ahead in experience,

operational accountability, technology and

services.

• For all classes including economy class, a

luxurious entertainment system is provided

along with in flight internet facility, with

every seat having a LCD screen. (Tayeh,

2006)

• Promising a comfortable journey,

Weaknesses

• Children travelling unaccompanied are

not allowed to sit along with male

travelers, which compel the men to feel sex

discriminated as females can equally be

suspected for child abuse. (Morisson and

Winston 1997)

• Despite being the oldest among the

airlines, Qantas airways had gone through

one air accident in almost each decade

which indicates inefficiency in technicality.

• Due to environmental constraints, some

long route direct flights are often delayed.

http://www.ausenco.com/page/Our_Projects/Ground_Breaking_Solution_for_Wastewater_Treatment_Upgrade/

http://www.businesscasestudy.com.au/


11

traveling by Qantas airlines is cost

effective.

• A complete cabin system is provided with

first class, business class, premium

economy class and economy class

categorization.

• A paramount commitment is assured

through a proper customer charter

including customer’s safety, in time

departure and arrival, proper caretaking in

case of any mishap and securing personal

information of their customers. (Smith,

2002)

• An environment friendly approach

through group environment policy

considering all contemporary issue

regarding environment for the attainment of

green planet.

• Airway team has always been working for

providing every possible route that is

extending day by day.

• Shows their goodwill gestures at the time

of emergency in their own region or for

their own people settled abroad in the

course of evacuation charter.

• Qantas airways had been declared as

World Skytrax Airline of the Year (for five

consecutive years), Skytrax Best Airline

Australia (2005, 2006, 2008), and Skytrax

Best Regional Airline Australia from 2006

to 2008 for their services along with several

wine design and entertainment awards.

Opportunities

• Proper policies are launched for regular

flyers by points earning through any type of

activity that includes money spending,

through either hotel staying, credit card

usage, car rentals, dining and much more.

Members are also given different types of

bounties time to time. Growing point’s

increases customer value from silver, gold

to platinum.

Threat

• Strong response to global fuel price

increase, by approximately half doubling

the ticket on nearly 10% increase in fuel

prices that has recently been noticed.

• Certain attempts of extortion were made

that had an adverse effect on airline

reputation but now they are almost sorted.

• Qantas were accused in 2006 and had


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• Leases have been announced for new

aircraft fleet to cater more passengers,

employment opportunities, services

efficiencies, and extending flying business.

• To promote easy access to executives,

around the world, a club has been

organized for uninterrupted and luxurious

travel with priority check in and certain

business related and personal facilities.

Subscription can be made which range

from one to several years. (George, 1982)

been proved guilty for price fixing. They

had to pay they were fined a huge deal of

money, if this happens in future will prove

a dire threat to airline reputation.

AUSENCO SWOT ANALYSIS

This analysis is to point out or identify in an organization or company or generally in

business, its strength, weakness, opportunities, and finally its treat. This technique is

credited to Albert Humphrey, a man who led research project at Stanford University in

the 1960s and 1970s.

Strengths

Diversification business operations

Strong brand position

Acquisition of Papua New Guinea based

engineering company (PNG Kramar group)

Expanding market share in sector

Strong Liquidity

Weakness

Declining operating margin

Low return on equity

Legal proceedings

Opportunities

Geographical spread

Energy efficiency initiatives

Expansion of service offerings

Threat

Foreign currency Risk

Stringent regulations

Intense competition


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IPO PROCESS

ASX can provide your company or trust with invaluable access to retail and institutional

investors and exposure throughout the world. By listing with ASX, a company will enter

a new phase in its organization’s development where it will become part of a select group

of organizations on the global capital stage. Listing on ASX has helped thousands of

companies achieve their growth ambitions and successfully make the transition to public

ownership or by raising debt through the public market.

The timetable for listing depends on the complexity and scale of the transaction, how

quickly the listing can be prepared, and how quickly funds are received from investors.

The amount of time taken to list can range from three months to two years, with six

months being typical.

The road to an initial public offering (IPO) usually involves the following steps:

Step 1: Appoint advisers

Professional advisers play an integral role in achieving a successful listing. They can help

with a wide range of issues including legal, financial, accounting, valuation, and

prospectus preparation, due diligence, underwriting, and marketing of the IPO. There are

also specialist advisers such as independent valuation experts for specific industries such

as the mining industry. Professional advisers may be able to assist you with are:

Corporate structure, prospectus, and legal matters

Financial matters

Marketing and distribution of securities

Communication

Key advisers who can assist you in these areas include:

Stockbrokers and Investment Banks - offer advisory services that can assist with the

management of the listing process

Underwriters – agree to purchase any shares not taken up by investors under the IPO, to

ensure the receipt of sufficient funds

Lawyers – assist with the legal aspects of a float

Accountants – advise on such aspects of the float as financial, taxation and valuation

issues

Share registries – manage the register of share holders, process applications for the IPO

and handle the share register on an ongoing basis.

http://www.asx.com.au/professionals/listing-debt-asx.htm


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Step 2: Talk to ASX

There are usually numerous regulatory, structural and organization constitutional issues

that a company needs to be aware of prior to listing. ASX recognizes that all

organizations are different, and hence encourage the firms to meet with them in order to

discuss specific circumstances.

A. Preliminary stage - The ASX listings business development team is able to visit the

company to find out more about the business, and to help the firm with general guidance

on the IPO process.

B. Advanced stage - If the company decides that listing on ASX is the correct course for

their business, then ASX’s experienced listings operations team can answer their queries

regarding the ASX Listing Rules and general business issues including:

Constitution documents

Related Party transactions

Employee incentive schemes

Listing timetables

Meeting initial and ongoing listing rule obligations generally

Step 3: Prepare and lodge Prospectus

A prospectus is a document issued by a company setting out the terms of its equity issue

(or debt raising). It provides the background, financial and management status of the

company so that investors are able to make an informed decision about whether to invest.

In most cases, a prospectus or similar disclosure document is required to list. The

prospectus must be lodged with both the Australian Securities and Investments

Commission (ASIC) and ASX. Amongst other things, a prospectus is required to contain

all information that investors and their advisers would require to make an informed

assessment of the following:

The assets, liabilities, financial position, profits and losses, and prospects of the

organization; and

The rights attaching to the shares.

The due diligence process surrounds the preparation of the prospectus, allowing all

parties to satisfy themselves of their legal responsibilities and the structure of the

transaction.

http://www.ausenco.com/icms_docs/64654_2006_Ausenco_Prospectus.pdf


15

Step 4: Apply to list

Having prepared and lodged the prospectus with ASIC, the company is then able to

submit their listing application to ASX.

The application form is contained in the ASX Listing Rules and has to be received by

ASX within seven days of lodging one’s prospectus with ASIC.

ASX will review the application and prospectus and may seek additional information to

assess the application and ensure that sufficient information is available for investors to

make informed decisions once the organizations shares start trading.

Qantas listed on ASX on 31 July 1995 while Ausenco Ltd listed on 15 June 2006.

Why opt for IPO?

The purpose of the Offer is to:

Provide additional working capital to assist in funding Ausenco’s growth strategy.

Provide Ausenco with an appropriate capital structure and the flexibility to pursue growth

opportunities.

Allow some of the existing shareholders to realize part of their investment in Ausenco.

Provide an opportunity for Personnel to invest in Ausenco.

Ausenco, under the prospectus, offered 25,921,000 shares with the total number

accumulating to 81,950,000 following the offer. The price for each share will be $1.00.

The shareholding structure will be as follows: -

http://www.asxgroup.com.au/rules-guidance-notes-and-waivers.htm


16

Use of proceeds $ raised

Sale of existing shareholders’ interests 15,921,000

Net expenses of the Offer 1,131,000

Working Capital 8,869,000

-----------------

Total amount raised 25,921,000

The offer has been underwritten by ABN AMRO Morgan Corporate Limited, which

means that in the event the IPO is unable to raise the full amount of $25.9 million under

the offer, ABN AMRO will procure subscriptions for any shortfall.

Applications under the offer must be for a minimum of 2,000 shares ($2,000) and then in

multiples of 100 shares. A portion of the offer has been reserved for Eligible Employees.

Applications under the Employee Priority Offer must be for a minimum of 1,000 shares

(at a cost to the Eligible Employee of $1,000) and thereafter-in multiples of 100 shares.

Participating organizations of ASX will receive a handling fee of 1.0% on stamped

application forms that receive an allocation of shares under the offer other than shares

forming part of a firm allocation or the Employee Priority Offer. The Underwriter will

pay this fee.

The broker for this deal is Computershare Investor Services Pty Limited


17

EFFICIENCY RATIO

Efficiency ratios are to analyze how well a company utilizes its assets and liabilities

internally.

Ausenco’s Efficiency Ratios

Year/ Ratio 2004 2005 2006 2007 2008

Asset turnover 3.15% 0.00% 214.83% 197.75% 130.42%

Inventory Turnover 0.12% 0.00% --- 2893.69% 1605.80%

Debtors turnover --- --- 19.04% 6.52% 15.82%

Asset Turnover: - Commonly, the higher a firm’s total asset turnover, the more efficient

its assets have been utilized.

Before IPO, Qantas Airway’s Asset turnover ratio, in terms of utilizing their assets

increased steadily, increasing from 79.40% to 80.23%. Post IPO, the same trend was

observed for the year 1996 but it dropped by approximately 4% in 1997, from 82.18% to

78.71%, clearly showing a period in the company’s history where efficiency in terms of

utilizing their assets was decreasing. This pattern continued for an extended period, with

the Asset Turnover ratio going as low as 64.60% in 2004 before stabilizing somewhat.

Pre IPO, Ausenco Ltd’s Asset turnover ratios were abysmal to say the least, going on a

downward trend; 3.15% in 2004 to 0.00% 2005, implying that they were unable to utilize

their assets efficiently. However, Post IPO, the scenario is quite the opposite, with Asset

turnover shooting up to 197.75% before coming down to 130.42% in 2008, which is still

quite high when compared to other companies of the same industry (avg is 60.54%).

Inventory Turnover: - This ratio shows how many times a company sells and replaces

its inventory over a period. A low turnover for this ratio implies poor sales and, therefore,

excess inventory. A high ratio implies either strong sales or ineffective buying. On the

other hand, high inventory levels are unhealthy because they represent an investment

with a rate of return of zero. It also opens the company up to trouble should prices begin

to fall.

Qantas’s Efficiency Ratios

Year/ Ratio 1994 1995 1996 1997 2009 2010 2011

Asset turnover 79.40% 80.23% 82.18% 78.71% 72.58% 69.17% 71.41%

Inventory Turnover 6227.7% 6207% 5736.8% 5351.2% 5820.8% 4317.2% 4003.7%

Debtors turnover 11.12% 11.52% 11.48% 11.14% 5.66% 5.93% 5.63%


18

Qantas Airways has extremely high figures for Inventory Turnover, primarily, because

in the airline industry new purchases, the latest and up-to-date Airplane maintenance

machinery was bought. This new machinery helps Qantas maintain their fleet much more

efficiently as well as keep them on the cusp of innovative technology. With new

technology coming in the old machinery becomes obsolete, since there is little or no

resale value for it. That is primarily because all the competitive airlines want to acquire

the new machinery. Pre IPO the figures were steady; 6227.7% in 1994 and 6207% in

1995. Post IPO, the figures decreased; 5736.8% in 1996 to 5351.2% in 1997. This trend

continued with the value going as low as 2643.41% (a very low figure for this industry)

in 2003 before making its way back to higher figures, going as high as 8411.37% in

2007.

Prior to IPO, for Ausenco Ltd, the Inventory Turnover Ratio was extremely low, 0.12%

and 0% respectively, implying poor sales for the company. However, Post IPO,

Inventory Turnover, like Asset Turnover ratio took a steep climb reaching figures of

2893.69% in 2007, primarily because Ausenco acquired a complete range of new

equipment, with the old equipment going obsolete. They ratio came down to 1605.80% in

2008.

Debtors Turnover: - It is a component of current assets and as such has direct influence

on working capital position (liquidity) of the business. Normally higher the debtors

turnover ratio better it is. Higher turnover signifies speedy and effective collection.

Lower turnover indicates sluggish and inefficient collection leading to the doubts that

receivables might contain significant doubtful debts.

For, Qantas Airways, the Debtors turnover ratios are extremely low, overall. The ratio

was on the upward trend Pre IPO, improving from 11.13% to 11.52% from 1994 to

1995. However, Post IPO, the ratio started a downward trend, 11.48% in 1996, and

11.14% in 1997, going as low as 6.68% in 2003 before recovering for a bit.

For, Ausenco Ltd, there is no record available for Debtor’s turnover Pre IPO. Post IPO,

the ratio was decent, 15.82% in 2007, going down to 10.09% in 2008. This trend

continued until 2010 where the value reached 8.54%, after which it recovered to get to

13.36% in 2011.

Current Performance: -

Qantas was less efficient in utilizing its resources to generate income from year 2009 –

2011 compared to Post IPO next 2 years. In 2010, Qantas was least efficient as company

experiences low turnover in utilizing its assets to generate sales. Qantas Inventory

turnover also decreased gradually between 2009 – 2011 valued at 4003.7% (least) due to

mismanagement by Qantas of machineries for maintenance check of aircrafts and hence

poor sales. Qantas also resulted in inefficient collection, due to significant continuous low

Debtor turnover between 2009 – 2011 decreased respectively, and this low debtor

turnover will also result in higher doubtful debts.


19

PROFITABILITY RATIO

Profitability ratios show how well a company is able to perform and return profits to the

business. In order to gain insight to Qantas Airways Company’s performance, to

determine profit relative to sales, total assets and net worth, our analyzing were based

the Ratios, which is categorized under Return on Total Assets (ROA), Net Profit Margin

and Gross Profit Margin.

Return on total assets: - It measures how well a company is using its assets to generate

profits.

Before IPO, in 1994 and 1995, Qantas Airways improved its ROE ratio in 1995

(3.75%) compared to 1994 (2.62%). After IPO, it improved its company’s performance

compared to before. However, in 1997, company’s performance decreased when

compared to 1996 (4.11%), primarily because the Capital expenditure for the year

increased by 21.3% over the previous year, but still Qantas performance was better in

terms of using its assets compared to before IPO.

Before IPO, in 2004 and 2005, Ausenco Ltd managed its assets with higher generating

profits especially in 2005 (32.1%). Post IPO, Ausenco assets ROE shows that it did not

perform well as Ausenco is relying too much on debt financing. Hence it did not perform

well and showed more poor performance in 2008 (13.10%) as its trade creditors in 2008

were $43,786 compared to 2007 (23.35%) which were valued at $10,995. Company’s

ROE will be low if it is relying too much on debt financing.

Gross Profit Margin: - The gross profit margin provides an indication of how well a

company is setting its product's prices and controlling its production costs.

Qantas’s Profitability Ratios

Year/ Ratio 1994 1995 1996 1997 2009 2010 2011

Return on total assets 2.62% 3.75% 4.11% 4.00% 1.52% 1.76% 2.28%

Gross profit margin 9.64% 12.29% 12.34% 12.60% 11.13% 10.97% 11.39%

Net profit Margin 3.16% 2.51% 3.25% 3.46% 0.98% 1.24% 1.76%

Ausenco’s Profitability Ratios

Year/ Ratio 2004 2005 2006 2007 2008

Return on total assets 30.2% 32.1% 20.12% 23.35% 13.10%

Gross profit margin 10.5% 9.65% 13.88% 14.66% 14.26%

Net profit Margin 10.1% 15.4% 9.31% 11.73% 9.57%


20

Before IPO, in 1995, compared to 1994, gross margin increased by 2.65 % as Qantas

continued improving its engineering and maintenance efficiency. Post IPO, company

gradually increased till 1997 (12.60%), when Qantas airways maintenance check reduced

the average time spent by an aircraft on the ground from 41 to 31 days, further, elapsed

days required for the inspections of airplanes reduced from 42.4 to 33.5 in 1997, which

reduced cost of production and resulted in increase in Gross profit margin (3.46%).

Before IPO, Ausenco’s performance decreased in 2005 (9.65%). Although the sales

revenue increased in year 2005 ($79,240,000) compared to 2004 ($70,115,000),

However, due to expansion of engineering services, Ausenco’s faced increase in cost of

production and workforce, which increased from 340 to over 770 worldwide. Post IPO,

Ausenco’s Gross profit margin improved compared to 2006, IPO year, due to massive

increase in sales revenue in 2007. Although the revenue increased, further the following

year, due to global engineering resource expansion in production, there was a slight

decrease in 2008 gross profit margin. However, Post IPO is still higher as compared to

before IPO.

Net Profit Margin: - The Net Profit Margin ratio shows a company's after tax profit per

dollar of sales. Sub-par profit margins indicate the firm's selling prices are relatively low

or that its expenses are relatively high, or both.

Pre IPO, Qantas’s Net Profit Margin decreased in 1995 (2.51%) compared to IPO in

1994 (3.16%). Post IPO, Qantas’s revenue increased gradually and in 1997, revenue

increased by 3.1% to $7.8 billion, which eventually increased Net Profit margin.

Before IPO, Ausenco performance was highest in 2005 (15.4%) as company’s sales

were high and Ausenco approved projects started after 2005. Post IPO, company’s

performance increased when compared to IPO year. Net profit after tax, in 2007, of $41.5

million, up by 209%, from $13.4 million in 2006. This result was achieved on record

operating revenue of $356.9 million, a 125% increase from 2006, IPO year. Although in

2008, there was Net Profit after Tax increase of 36% to $56.3 million, still Net Profit

margin was a little low compared to 2007, due to increase in expenses of about $9.3

million. Further from the annual report 2008, the reduced net profit margins are partly a

reflection of acquisition costs being expensed.

Current Performance: - According to the ratios, it indicates that Qantas is becoming

more profitable in year 2010 and 2011 which shows the company is better prepared to

handle down trends brought on by adverse conditions of the global financial meltdown

during year 2007 – 2009, which had great impact on the revenue.


21

LIQUIDITIY RATIO

Liquidity Ratio is the ability of an entity to earn profit, pay its debts and ability of a

corporation to meet its long-term fixed expenses, which is to accomplish long-term

expansion and growth. The better a company's solvency, the better it is financially.

Current Ratio: - Current ratio is the number of times current assets cover currents

liabilities. It is a measure of the company’s solvency or its ability to meet current

liabilities as they fall due.

Pre and Post IPO, Qantas’s ratio is below one, which means Current Liabilities,

especially Qantas Creditors and borrowing of Qantas airways is more than Current

Assets, specifically receivables, and hence company is facing liquidity problems.

Before and after IPO, Ausenco’s ratio is above one, which means currents can cover its

liabilities. Ausenco’s management policy implies maintaining sufficient assets to meet

liabilities as they fall due. The company’s liquidity was best in 2005 (1.67), as one of

their strategies was to leverage off project success up to date. However, Post-IPO was

low when compared to Pre-IPO.

Quick Ratio: - The current ratio may be defined by removing inventories, which is the

least liquid current assets, from current assets before dividing by current liabilities.

Before IPO and Post IPO, for every dollar of Qantas Airways current liabilities, the

firm has below $1 to cover those immediate obligations, which is not a good sign as

liquidity shows they are insolvent.

Post IPO, in year 2008, where the acid test ratio is 0.93 and is insolvent. It happened

because Ausenco’s liquidated damages claim at the Lumwana project following the fire

in July 2008 and other working capital commitments. As Ausenco has fallen below $1 to

Qantas’s Liquidity Ratios

Year/ Ratio 1994 1995 1996 1997 2009 2010 2011

Current Ratio 0.71325 0.74896 0.74456 0.66358 0.88859 0.93447 0.90473

Acid Test Ratio 0.65257 0.69965 0.64856 0.62356 0.85136 0.88335 0.84507

Ausenco’s Liquidity Ratios

Year/ Ratio 2004 2005 2006 2007 2008

Current Ratio 1.61 1.67 1.62 1.35 1.13

Acid Test Ratio 1.60 1.66 1.62 1.25 0.93


22

cover those immediate obligations which is not a good sign as Ausenco have is facing

liquidity issues in 2008.

Current Performance: - The Current Ratios show Qantas Airways having a higher

current ratio during fiscal years 2009, 2010, and 2011, ranging from 0.89, 0.93, and 0.90.

This shows Qantas Airways had more liquidity during these years and was able to satisfy

its short-term obligations. Quick ratio, as well, showed higher ratio in fiscal year 2007,

2010 and 2011 proving that Qantas Airways had higher liquidity, and lower ratio during

year 2008 shows a lower liquidity while the Operating Cash Flow Ratio at Qantas

Airways is less than 1.0 throughout its fiscal years from 2007 – 2011.

GEARING RATIO

The gearing ratio is the proportion of a company's debt to its equity, where a high gearing

ratio represents a high proportion of debt to equity, and a low gearing ratio represents a

low proportion of debt to equity.

Debt Equity Ratios: - The debt-equity ratio is another leverage ratio that compares a

company's total liabilities to its total shareholders' equity. This is a measurement of how

much suppliers, lenders, creditors, and obligors have committed to the company versus

what the shareholders have committed.

Before IPO, especially in 1994 (140.02%), high debt-to-equity for Qantas Airways may

not be able to generate enough cash to satisfy its debt obligations. However, Post IPO,

Qantas Debt Equity Ratio is gradually decreasing. Cash flows from operations rose to

$936.4 million from $853.8 million in 1996, largely due to increased sales and reduced

net interest. Qantas continued its program of debt reduction, repaying a further $685.7

million during 1996 compared to $555.4 million in 1995, however, still not enough to

pay back its debts completely as all current ratio shows that it is below one.

Qantas’s Gearing Ratios

1994 1995 1996 1997 2009 2010 2011

Debt Equity Ratios 140.02% 134.01% 127.79% 121.22% 95.46% 95.60% 98.05%

Interest Cover Ratio 7.5495 2.9312 4.5365 5.3707 10.409 4.16 3.9646

Ausenco’s Gearing Ratios

2004 2005 2006 2007 2008

Debt Equity Ratio 1.19% 1.67% 2.51% 2.34% 62.06%

Interest Cover Ratio --- --- -155.97 -18.14 41.66


23

Before IPO, in 2004 and 2005, the Debt Equity Ratio is low i.e. Ausenco is not taking

advantage of the increased profits that financial leverage may bring. However, in 2005

company was involved in a project, which has combine value of $2billion. Post IPO,

especially in 2008 (62.06%), as Debt Equity is highest, hence compared to before IPO,

Ausenco did not generate enough cash to satisfy its debt obligation.

Under company’s current performance 2009, 2010 & 2011, where Qantas airways, for

every dollar own by shareholder, Qantas owes less than $1 to shareholder. Low debt-to-

equity ratios may also indicate that a Qantas airway is not taking advantage of the

increased profits that financial leverage may bring.

Interest Cover ratio: - The interest coverage ratio is a measure of how well a company

can meet its interest-payment obligations.

Before IPO, in 1994, the company has high interest cover ratio, which indicates that

Qantas is too safe and not taking enough risks, however it dramatically decreased in

1995 (2.9312). Ratio above 1.5 indicates that a company can easily meet its interest

obligation. It is under the policy of Qantas airways that, Cross currency swaps were used

to convert long-term offshore borrowings to currencies in which the Economic Entity has

forecast sufficient surplus revenues to meet the principal and interest obligations under

the swaps. If Interest cover ratio is below one, it means company is not able to meet

interest obligation. However, Qantas airways, Pre IPO and Post IPO, have ratio are

above 1.5 and hence its ability to pay taxes may not be questionable. Post IPO,

company’s interest cover ratio gradually increased again in 1996(4.5365) and

1997(5.3707).

Post IPO, in 2007, Ausenco has too low interest cover ratio, which indicates that

Ausenco if borrows more money, would face difficulty in paying off its debts, compared

to 2008 (41.66), which is because Ausenco, is too safe and not taking enough risk

compared to previous year especially 2005, where Ausenco made investment on a project

worth $2billion.

Under current performance, company’s gearing ratio is the highest in 2009, which is

valued at 10.409, with high operating income compared to other Pre and Post IPO years,

is a better sign for Qantas airways in term of paying its interest obligation.


24

INVESTMENT RATIO

Investment ratio’s help to determine whether an investment in a particular entity is likely

to be profitable and safe.

Earnings per share: - It is for calculation of company's profit allocated to each

outstanding share of common stock. EPS measure of profitability and it allows

shareholders to compare one year's earnings with that of another year. More the profit

greater the earnings per share will be.

Historically, the average P/E ratio for the broad market has been around 15. Post IPO,

for Qantas Airways, from 1996 to 1997, the EPS increased primarily due to the increase

in revenue, $8,142,600,000 to $8,423,400,224. With the expenses kept in check, the net

profit margin increased, thus increasing the Earnings per share.

Current Performance: In 2009, when the financial crisis hit, many people who had lost

their jobs had to reduce their expenses. Travelling from air was one such expense. With

the revenue coming down from 2008’s $15.75 billion and the expenses staying the same,

$14.55 billion, the net gross profit fell down, decreasing EPS, dramatically, to 2.60. In

2011, it recovered to move to 7.42, primarily due to Qantas keeping their expenses in

check while the revenues continued to increase steadily.

For Ausenco Ltd, 2006 (the year of IPO) showed high earnings per share, primarily due

to the high revenue’s earned. Post IPO, the revenue earned in 2007 was almost 250%

more than earned in 2006, $144.1 million to $353.8 million in 2007, with expenses not

suffering the same kind of inflation. Ausenco also signed some big projects during this

year, which provided them with extra revenue. However extremely low EPS were

observed in 2008, although the net profit margin was better than what it was in 2006, year

of the IPO. This happened because, instead of distributing the profit as dividends

amongst the shareholder, the company reinvested most of the money back into the

company.

Qantas’s Investment Ratios

1994 1995 1996 1997 2009 2010 2011

Earnings per share 0 0 14.54 14.85 2.60 5.04 7.42

Price/Book value 0 0 0.91 1.29 0.79 0.83 0.94

Ausenco’s Investment Ratios

2004 2005 2006 2007 2008

Earnings per share --- --- 20.45 31.21 3.54

Price/Book value --- 0 9.19 22.44 1.1


25

Price/Book value (P/B): - It is the ratio of market price of a company's shares (share

price) over its book value of equity. The book value of equity, in turn, is the value of a

company's assets expressed on the balance sheet. As with other ratios, P/E varies a fair

amount industry by industry. Those, which require more “infrastructure capital” (for

each dollar of profit), will usually trade at P/B ratios much lower than, for example,

consulting firms. A higher P/B ratio implies that investors expect management to create

more value from a given set of assets, else equal (and/or that the market value of the

firm's assets is significantly higher than their accounting value). P/B ratios do not,

directly, provide any information on the ability of the firm to generate profits or cash for

shareholders.

Qantas Airways p/b ratio values are very small primarily because the company requires

more infrastructure capital. Due to that, prospective shareholders are reluctant to invest in

the company. Due to low earnings per share, fewer people were interested in investing

their money in Qantas. ‘

For Ausenco Limited the p/b ratio should again be small, since it requires infrastructure

capital. However, after the IPO, we observe a very strange statistic; i.e. shareholders

getting high dividends, which encouraged more shareholders to invest in Ausenco. 2007

and 2008 invited a lot of investment into Ausenco primarily because of the high earnings

per share.

http://www.investopedia.com/terms/m/marketvalue.asp

http://www.investopedia.com/terms/b/bookvalue.asp

http://www.investopedia.com/terms/e/equity.asp


26

Qantas Airways Limited (ASX: QAN)

Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Stock Price 4.28 16.45 2.91 4.46 3.18 3.44 3.52 3.65 5.14 3.71 1.85 2.85 2.09

With Qantas buying Jetstar and integrating, it into Qantas group there was no competitor.

Qantas had total monopoly over the Australian sky. Revenues went sky high in 2000,

since there was only one carrier in Australia. People started to invest due to the company

showing high revenues for the year 1999 and 2000, which further increased their cash

flow and investing power.

Qantas Airways Ltd raised the fuel surcharge on its domestic and international tickets by

$4 and $7, respectively, because of the high price of oil which overnight topped $US48

per barrel. The domestic fuel surcharge rose to $10 from the $6 per sector charge

introduced in May 2009. The surcharge on international sectors rose to $22 from $15,

reducing its revenue since people started looking for alternatives.

Year over year, Qantas Airways Limited has been able to grow revenues from $11.8

billion to $12.9 billion. Most impressively, the company has been able to reduce the

percentage of sales devoted to cost of goods sold from 84.25% to 83.05%. This driver led

to a bottom line growth from $112.0 million to $250.0 million from year 2010 to 2011.


27

Ausenco Limited (ASX: AAX)

Year 2006 2007 2008 2009 2010 2011

Stock Price 4.00 15.07 15.04 4.24 2.21 2.90

Up until 2008 Ausenco (AAX) was a darling of the market – indeed it had reason to be. It

had a record of accomplishment of being a profitable business and in 2007 was

generating a profit of $41.5 million on only $56 million of equity – a stellar 95% return.

A 2007 estimate of AAX’s intrinsic value would be something like $15.07.

By the end of 2008, growth was turbocharged. The combination of substantial

acquisitions however saw an additional $106.6 million of equity raised and debt jumped

to $66 million. In other words, shareholders equity ballooned by 325%, to $182 million,

compared to the previous year.

In addition, by 2009 the numbers agreed. A profit of $20.3m was reported, but $260

million was needed to produce it. So the profit was lower than 2007, but significantly,

more money had been contributed. Ausenco shares closed up 29 cents, at $3.75 after the

company on Wednesday reported a net profit for the 2011 calendar year of $26.4 million,

compared to a net loss of $10.7 million for 2010.


28

CONCLUSION

For Qantas Airways: -

Although Qantas has not given any dividend in the past two year, they do have positive

net profit; implying that they have been investing all of the profits into the firm for

further expansions and acquiring of new assets. Another fact to note is that their net profit

is increasing yearly since the financial crisis in 2009.

The main point of concern when it comes to Qantas is the liquidity. The company is not

liquid, which raises concerns for future investors, whether they, Qantas, would be able to

meet their short-term debts. We compared the liquidity ratios with a direct competitor of

Qantas Airways in the same region; Air Newzealand.

Current Ratio

2008 2009 2010 2011

Air Newzealand 1.25 1.29 1.05 0.81

Qantas Airways 0.74 0.89 0.93 0.90

Quick Ratio/Acid Test Ratio

2008 2009 2010 2011

Air Newzealand 1.17 1.21 0.95 0.72

Qantas Airways 0.71 0.85 0.88 0.85

It is quite visible from these statistics that Air Newzealand was more liquid than Qantas a

few years back. Now, though, Qantas Airways is just in front of their counterparts.

However, with the net profits on the rise, and what with Qantas having many fixed assets

it will not be a problem for them to cover their short-term debts. Worse comes to worse

they can always liquidate some of their fixed assets to cover the immediate short fall if

need be. Another plus point for Qantas is their close affiliation with the government.

With the future forecast, the new strategic plans by Qantas and the recent growth and

improvement recorded in the last two financial years, the existing Shareholders are

advised to hold on to their shares as profit is expected to increase in the coming financials

years. Potential shareholders are recommended to venture into Qantas shares now that the

price is relatively low as more profit and strong return to investment are expected.


29

For Ausenco Ltd: -

This research work is not without limitations such as availability of data; nonetheless,

with the available data and proper analysis of the data, Ausenco ltd is a well-positioned

company in Australia, which has spread its tentacles all over the world. Further growth of

the company is expected especially as the company is not relenting in expansion effort. In

fact, from the year of its listing in ASX, the company has been doing major meaningful

investments, acquiring and merging, diversifying and innovating. These are strong

character of a company reaching for the sky.

In fact, up until 2008, Ausenco (AAX) was a major player in the market. It had a record

of accomplishments, of being profitable business and in 2007; the company was

generating a profit of $41.5million on only $56million of equity, thus a stellar 95%

return. However, by the end of 2008, growth was increased. The combination of

substantial acquisitions however saw an additional $106.6million of equity braised and

debt jumped to $66million. In other words, shareholders equity grew by 32% to 182

million, compared to the previous year.

Furthermore, by 2009, a profit of $20.3 was reported, but $260million was needed to

produce it. Therefore, the profit was lower than that of 2007, even at that, more money

has been contributed significantly. Ausenco shares closed up 29cent at $3.75 after the

company on Wednesday reported net profit for the 2011 calendar year of $26.4million.

Compared to a net loss of $10.7million for 2010. Therefore, prima facie, Ausenco (AAX)

is doing well amongst company of its kinds, although lots need to be improved in the

profit making, but it seems obvious that is only a matter of little time, since the company

took earlier initiatives of not allowing idle money remain idle for long so to speak.

In a nutshell, shareholders in Ausenco (AASX) are encouraged to retain their shares,

while new investors or intending investors are advice to take a chance with Ausenco,

because is a company with lots of achievable promises.


30

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31

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project for business finance - qantas airways and ausenco ltd

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