LONDON SCHOOL OF COMMERCE

COLOMBO CAMPUS SRI LANKA

CONSULTANTs REPORT:
Financial Analysis and Management

Student Name

: D.A.I Kumaranayaka

Student ID

: A0048NAANAA0915

Date Submitted

: 21st April 2016

Executive Summary
Author as a consultant to an Investor has analyzed two giants in aircraft industry to identify
which company is the most suitable company to invest in. Before making the investment it is
important to have a good idea of past company performance and how the company would
perform in future and the current trends in market. Author uses financial statements for past three
years and market forecasts by IATA and third parties and the two manufacturers themselves.
Author has used major five financial analysis ratios to understand the financial performance and
conducted a company review to understand how the company strategies align with the future
market demands. Future market forecasts and third reports on financial performance was also
used to gather more information on company performance. Author also looked into effects of
different ratios and future implications they would cause, author has highlighted areas companies
must immediately focus on to minimize their current weaknesses so the investor could analyze
how the company he decides to invest in would perform in the future.

Contents
Executive Summary.....................................................................................................................................2
1.

Introduction.........................................................................................................................................5

1.1.

Business Environment.....................................................................................................................5

1.2.

Boeing.............................................................................................................................................8

1.3.

Airbus..............................................................................................................................................8

2.

Financial Analysis................................................................................................................................8

2.1.

Profitability and Efficiency Ratios...................................................................................................9

2.2.

Investor Ratios...............................................................................................................................11

2.3.

Liquidity........................................................................................................................................12

2.4.

Gearing..........................................................................................................................................13

3.

Qualitative Analysis...........................................................................................................................14

3.1.

Boeing...........................................................................................................................................14

3.2.

Airbus............................................................................................................................................15

3.3.

Company Vision and Strategy and Leadership...............................................................................15

1.1.1.

Airbus........................................................................................................................................15

1.1.2.

Boeing.......................................................................................................................................16

3.4.

Future Prospects............................................................................................................................16

3.5.

SWOT analysis..............................................................................................................................17

1.1.3.

Airbus........................................................................................................................................17

1.1.4.

Boeing.......................................................................................................................................18

4.

Conclusion and Recommendation.....................................................................................................19

5.

Learning Statement............................................................................................................................20

6.

Appendix...........................................................................................................................................21

7.

Referances.........................................................................................................................................21

8.

Bibliography......................................................................................................................................22

List of Tables
Table 1- Profitability Ratios.........................................................................................................................9
Table 2-Efficiency Ratio............................................................................................................................10
Table 3 - Investor Ratio.............................................................................................................................11
Table 4 - Liquidity Ratios..........................................................................................................................12
Table 5 - Gearing Ratio..............................................................................................................................13
Table 6 - Aircraft Order Book....................................................................................................................19

List of Figures
Figure 1-Passenger Trips.............................................................................................................................5
Figure 2-Demand By Region.......................................................................................................................7
Figure 3 - Airbus SWOT...........................................................................................................................17
Figure 4 - Boeing SWOT...........................................................................................................................18

1. Introduction
Author uses this report to present financial analysis on two aircraft industry giants Airbus and
Boeing, author has analyzed each companys financial reports over past three years along with a
qualitative analysis on company strategy, current position and future plans.
First part of the reports focused into the future of aircraft industry and then author presents
important financial ratio of the two companies with qualitative analysis. Author presents
conclusion on which company to invest in.

1.1.Business Environment
Commercial aviation industry is expecting huge growth in next decade, according to independent
sources aircraft requirement is growing year by year. The IATA (International Air Transport
Association) reports demand for air travel will increase by 6.9% in 2016. IATA also reports
passenger air travel will double over the next decade.

Figure 1-Passenger Trips

Source IATA Tourism Economics Air Passenger Forecasts

Low oil prices in this year has caused the average net profit margin to be 5.1 % which is an
increase from 4.6 % of 2014 according to commercial aviation growth outlook (Saltos, 2016).
This huge growth presents a great opportunity for aircraft manufacturers, currently passenger
aircraft industry is dominated by US giant Boeing and French Airbus. Both companies have had
record orders in past few years thanks to the global boom in aviation. Both companies combined
has order backlog of more than 12,000 aircrafts to be delivered, these could take up to five to
eight years. This growth is not limited to passenger airlines, according to Boeing last year
passenger traffic grew by 6% and cargo traffic grew by 5% worldwide.
World aircraft demand is increasing due to world economic growth and recovery of major
economies such as Japan and US. Also high growth in Asia pacific countries are a major factor,
China alone is placing orders for many aircrafts to improve its domestic airlines. According to
graph below we can clearly see Asia pacific countries are the biggest market for airline
manufactures.

Figure 2-Demand By Region

High demand and long delivery time has created opportunities for other airline manufacturers,
Brazilian manufacturer Emberer and Chinese government owned Comac has stepped up the
pressure on market leaders, Emberer has delivered more than 1500 aircrafts and Comac has
confirmed it has received around 500 orders. Qantas and Emirates has already signaled they are
open to the idea of using Chinese aircrafts and the need to break duopoly of Airbus and Boeing.

1.2.Boeing
Company was founded by William Boeing in 1916 and the company is based on Chicago,
Illinois. Beoing manufactures airplanes, rockets, electronic defense systems and satellites. It is
also the second largest defense contractor as of 2013. Boeing is one of top exporters of United
States and generates the highest export income.

Boeing also operates as aircraft leasing

company and a product services company. Boeing ranked 27th in fortune 500 company list.

1.3.Airbus
Founded in 1970, Airbus is based in Blagnac close to Toulouse in France with production
facilities in France, Germany, China, Spain, United Kingdom and USA with more than 70,000
employees. In 1999 Airbus started the formation of consortium of European aerospace
manufacturers as a joint-stock company named as European Aeronautic Defence and Space
Company (EADS). Company produces the worlds first fly by wire aircraft A320 and largest
passenger airliner A380.

2. Financial Analysis
According to Peter Atrill (Atrill, 2008) financial ratios can be categorized into five major areas.

Profitability
Efficiency
Liquidity
Gearing
Investment (Market Value)

Author uses ratios for these major categories and other important information in financial
statements of Boeing and Airbus to identify the best investment opportunity.

2.1. Profitability and Efficiency Ratios

Author used top five profitability and efficiency ratios to analyze the profitability
Table 1- Profitability Ratios

Boeing

Airbus

2015

2014

2013

2015

2014

2013

ROE

81%

63%

31%

45%

33%

14%

ROCE

17%

17%

15%

8%

8%

6%

Operating Profit Margin

8%

8%

7%

6%

7%

4%

Gross Profit Margin

15%

15%

15%

14%

15%

12%

Net Profit Margin

5%

6%

5%

4%

4%

2%

(Source, Authors Work)

Boeings Return on Equity (ROE) has increased significantly from 2013 to 2015, this is mainly
due the fact Boeing has reduced the input of shareholder equity gradually over the years $14k in
2014, $8k in 2014 and $6k in 2015. While reducing shareholder equity Boeing has managed to
increase long term funds, Long term liabilities and retained earnings increased to manage the
capital employed around $44k region. Airbus ROE has also increase relative to past years but
compared to Boeings 18% growth in 2014 to 2015 Airbus only has a 12% increase. According
to this information Boing is generating more profit for the shareholders funds than Airbus. But
when we analyze the cash flow statements we can see a significant increase in new borrowings
from Boing which results in high ROE.
ROCE has been consistent from 2013 to 2015 and has increased slightly for both the companies.
Boeing has managed to generate more operating profit compared to Airbus for the same time
period, values are more than double of Airbus ROCE values over the three years. Boing has
managed to reduce operating costs by reducing admin expenses and interest and debt expenses,
on the other hand Airbus admin expenses has increased. Also when the aircrafts delivered are
analyzed Boeing has managed to sell more of the more profitable wide bodied aircrafts. Further
analysis on efficiency ratios is required to compare the operating efficiencies of the two aircraft
manufacturing giants. According data available from third-party sources Airbus is facing

problems with delivery targets and delivered far less than their targets for 2015 due to supply
chain issues, on the other hand Boing has achieved record number of deliveries for the year.
Net Profit margin and Operating Profit margin of Boeing is higher than that of Airbus but for the
both companies margin has increased yearly. Gross profit margin has remained same for all three
years in Boeing while Airbus has managed to improve relative to 2013 but margin has dropped
by 1% compared to 2014. This means Boeing has reduced administration and distribution while
steadily managing cost of sales. Airbus has also improved relative to previous years but it doesnt
seem to have the efficiency of Boeing yet, but they seem to be catching up in a good rate
compared to where they were in 2013.

Table 2-Efficiency Ratio

Boeing

Total assets turnover

Airbus

2015

2014

2013

2015

2014

2013

1.02

0.98

0.93

0.60

0.63

0.73

203%

210%

122%

127%

149%

1.64

1.71

1.91

2.04

2.06

Sales Revenue to Capital 218%

Employed
Inventory Turnover

1.74

(Source, Authors Work)

Sales revenue to Capital employed examines how effectively the capital has been utilized to
generate sales revenue, Boeing has relatively larger values compared to Airbus which suggests
Boing was more efficient in their operations therefore generating more revenue per capital. This
also strengthens the previous observation on value of aircrafts sold, boing has managed to sell
higher value aircrafts with a healthy profit margin, whereas airbus sales has been in more
competitive less expensive aircrafts where the profit margin is relatively low. Inventory Turnover
of Boeing ratio value for Boeing is smaller than Airbus, suggesting Airbus runs through the
inventory faster than Boeing. In the aircraft industry this would cause additional supply chain
costs, and this in turn could cause delays in delivery. Boeing has managed relatively higher

inventory and based on previous data this seemed to have worked for them as it has reduced to
get operational cost down. Total Asset turnover ratio is also high in Boeing suggesting it is using
all its assets more efficiently to generate revenue.
Overall both companies are generating healthy profit, but High number of Airbus sales were
relatively low margin single aisle A320 airline where the competition is very high with Boing,
Emberer and Bombardier also delivering very competitive alternatives. Boing on the other hand
has delivered more expensive double aisle 777 and 787 where the profit margins are better.

2.2.Investor Ratios
Table 3 - Investor Ratio

Boeing

Airbus

2015

2014

2013

2015

2014

2013

P/E Ratio

18.53

18.84

22.83

17.56

17.34

31.33

Earnings Per Share

7.48

7.38

5.96

3.42

2.99

1.85

Dividend Per Share

3.8

2.1

1.4

1.25

0.9

Dividend Yield

2.27%

2.05%

(Source, Authors Work, inputs from financial times and ycharts)

P/E (Price/Earnings Ratio) for Airbus has increased significantly in 2013, P/E indicates investors
have a very good confidence in future growth of the company, also in 2013 there has been huge
investor interest in commercial aircraft manufacturing industry as Boeing also has a relatively
high value compared to other years. In 2014 and 2015 values has remained 18 and 17
respectively for Boeing and Airbus maintaining high investor confidence. Boeing relatively has a
little advantage over investor confidence. This is largely due to companys history and good
performance throughout the year. Airbus on the other hand has archived significant growth in
both Earnings per Share (EPS) and Dividend Per share yielding better fortunes for early
investors. This is also evident on new aircraft orders from 2013 onwards, Airbus has achieved
more success gaining new orders than Boeing has been over the last few years this also confirms

better future for both investors and company. Dividend per share and Dividend Yield (Financial
Times, 2016) ratio is relatively high for Boeing, this means Boeing paid their shareholders
relatively better than Airbus over the years.
Analyzing Profitability, Efficiency and Investor ratios suggest Boeing has slightly better overall
ratios than Airbus in most scenarios and better investor payout, but Airbus has recorded a
significant increase in dividend growth rate and EPS growth rate, this coupled with getting far
more orders in recent years relative to Boeing is also an interesting option. According to
Bloomberg Reports (Bryant, 2016) Boeing is using its aircraft costs as revenue over the lifetime
of an aircraft this way Boeing has recorded huge costs in incurred during 787 Dreamliner as
inventory considering the profits it gain over the life time, this way the balance sheets shows
profits rather than a loss. Airbus doesnt follow this practice and add costs as they incur. When
commercial aircraft unit cost is considered (Bryant, 2016) Airbus has performed better even
while they were developing A380.

2.3. Liquidity
Table 4 - Liquidity Ratios

Boeing

Airbus

2015

2014

2013

2015

2014

2013

Current Ratio

1.35

1.40

1.26

0.96

0.99

0.97

Acid Test Ratio

0.42

0.44

0.43

0.42

0.45

0.45

Asset Turnover Ratio

1.02

0.98

0.93

0.60

0.63

0.73

(Source, Authors Work)

Current Ratio (Investopedia.com, 2007) shows the companys ability to pay off its current shortterm liabilities such as debts with its cash or assets that can be cashed quickly. Over the three
year period Current Ratio of Airbus has went down which suggests it has acquired more current
liabilities compared to previous years. Boings Current Ratio has increased relative to 2013
suggesting it has more cash and assets which can be cashed. Boeing also has a better ratio

compared Airbus. But current ratio is not often a good indicator due to the effect of varying
payment period days.
Acid Test ratio is the companys ability to pay off its current liabilities with cash in hand, over
the 3years ratio has been steady.
Boeing has a higher asset turnover ratio than Airbus over the 3year period which suggests it has
managed to generate more revenue for its assets. Boeing has also managed to increase asset
turnover ratio outlining there have been more efficient in using resources. Airbus ratio is going
down over the years which is not encouraging, this could be mainly due to increased
administration and logistics costs the Author noticed earlier and supply chain problems (Reuters,
2016) they have had.

2.4.Gearing
Table 5 - Gearing Ratio

Boeing

Airbus

2015

2014

2013

2015

2014

2013

Gearing Ratio

85%

80%

64%

89%

85%

75%

Interest Cover Ratio

27.07

22.32

16.15

7.37

8.64

5.21

Debt & Equity Ratio

5.88

4.08

1.75

7.82

5.77

3.03

(Source, Authors Work)

Gearing ratio compares shareholders capital to long term liabilities, Both the companies Gearing
Ratio has increased over the years suggesting they have reducing the borrowings over the years.
This has to be due to high revenue and profit margins they have generated in past years making
both the companies have more capital to work with rather than requiring debt financing. Also
recent economic growth is also a factor as more orders has been coming to both the companies.
Airbus is in a relatively better position to Boeing having more financial leverage compared to its
rival.
Interest Cover Ratio refers to the amount of operating profit available to pay out the interests,
ratio has increased for both the companies over the years, but in Airbuss case in has went down

a little compared to 2014 suggesting it has accumulated debts resulting for higher interest
payments.
Debt to Equity Ratio of Airbus is higher than of Boeing, ratio of Airbus has also been increasing
over the years suggesting it has been aggressively financing with debt. This is expected due to
the higher order book it has accumulated over the recent years, they must finance for increasing
production capacity and getting more raw material, especially with the delivery problems it has
faced in last year they have to improve production capacity. But aggressive debt financing comes
with a risk, profit would be often volatile due to interest payments.
Overall comparison of ratio values suggests Boeing has far better profitability, efficiency and
gearing ratios, on liquidity and shareholder differences both companies are in even terms but
Boeing also has a slight advantage in those numbers as well. Boeing has managed to use its
capital more efficiently and therefore its EPS has also better dividend payout than Airbus. But if
we consider the broad picture reason for some of the values going down in Airbus is because of it
is growing in a rapid pace, this is evident when we compare the aircraft order books (Joint EUUS statement, 2016) for past 3 years, Airbus has majority of orders and to deliver more profitable
A350 and A380 aircrafts to be delivered. Airbus needs to be more efficient in operations to
increase their profitability, sorting out supply chain issues and production capacity problems,
lower dividends yield ratio also suggest Airbus in investing more money into the business for
future growth. Therefore investing in Airbus could be more beneficial long term considering the
high demand for passenger aircrafts for next two years.

3. Qualitative Analysis
3.1.Boeing
Boeing is the oldest company in commercial aviation with its roots back in 1910 when William
Boeing founded the company. Boeing is famous for its cutting edge airliners but the company
operates in different markets. It manufactures defense aircrafts and helicopters, military defense
systems satellites and launch systems. Boeing is the second largest defense contractor for United
States. Boeing also operates aircraft leasing service and financing service apart from the above
mentioned activities. Boeing has its head office in Chicago and US and Canada are its main
operating geographies. Boing has many suppliers from Europe, Japan, China and Australia.

Boeing is also one of the largest exporters in US and a fortune 500 company. It makes 40% of its
profits in US and the remaining from international market. According to current company
backlogs 737 is the bestselling aircraft for Boeing and demand for its older and larger 747 planes
has declined. Both Boeing 777 and 787 Dreamliner are enjoying good demand. Boeing believes
point to point air travels would be more increased in future and therefore they have focused their
product line in wide body mid-size aircrafts and hasnt come up with a successor to Boeing 747
which was the largest passenger aircraft before airbus A380.

3.2.Airbus
Airbus was started in 1970 as a joint venture between EADS and BAE systems, now BAE is not
involved and the whole group is identified as Airbus Industrie. Airbus has managed to capture
more aircraft orders in recent years due to the success of its A320neo series aircraft and demand
for modern A380 has increased. Company has a modern single aisle aircraft and double aisle
aircrafts on its product line. Airbus has subsidiaries in India, China and United states which are
very important markets. According to latest aircraft backlog information (Joint EU-US statement,
2016) Airbus has a bigger percentage of orders on wide body aircrafts, especially A380 and A350
has been in high demand. Airbus approach to product line is different to that of Boeing and they
are focusing on travel between major air hubs in world with their wide body range and focusing
the single aisle narrow body A320 on point to point air travel

3.3.Company Vision and Strategy and Leadership.

1.1.1. Airbus
Airbus operates with the vision of becoming the global aerospace leader through continuous
innovation and creating the best and safest aircrafts, they have been striving to become the
biggest commercial aircraft builder and managed to successfully surpass Boeing.
Airbus culture has always focused on its customer needs and to maintain its long-term strategy,
airbus has developed a leadership idea of sharing responsibilities and knowledge across all levels
to achieve company goals.

1.1.2. Boeing
Boeing operates with focus on People working together as a global enterprise for aerospace
leadership. This is very future oriented approach where they are planning to globalize their
operations in order to deliver to growing markets.
Boeing has a more open and honest culture and encourages employees of all levels to contribute
with their input, whether it be positive or negative

3.4.Future Prospects
Future of aircraft industry looks promising with airline industry to continue increase in profits
according to IATA economic performance analysis of airlines (IATA, 2015). Reduced oil prices
and improving economies has boosted the demand for aircrafts
According to Boeing world will need 38,050 aircrafts over the next 20 years, with about 40%
demand coming from Asia and 20% from Latin American countries. According to Boeing
majority of air travel growth has been due to increased frequencies of travel between two airports
pairs. Therefore they do not think larger high capacity aircrafts would be required. Focus of
Boeing is to deliver aircrafts which can travel longer distances nonstop.

According to Airbus(Airbus Group, 2016) most of the air traffic would be between what it calls
Aviation Mega Cities, as per its data since 2009 80% of total traffic to Latin America has passed
through 10 airports and 60% percent of air traffic in Asia-Pacific has been through 20 airports.
According to them there are 47 Aviation Mega Cites globally. Based on this Airbus has identified
requirement for very large aircraft with longer flying times and twin aisle large aircrafts and huge
increase of demand for small and medium sized aircrafts. Airbus forcasts are expecting a 106%
increase in world aircraft fleet and 16.2 Trillian revenue passenger kilometers (RPK)
Both the companies has identified Asia Pacific region as the major growth area in next two
decades in both aircraft demand and passenger flights.

3.5.SWOT analysis
1.1.3. Airbus
Strengths

Weaknesses

Latest A380, A350 and

A320 aircrafts
Brand Recognition
Mixed Fleet range
New Technologies and
Materials
Strong Financial
Performance
Strong Order book
World Leading R&D
Diversified Consumer base

High competitive market

A380 and A350 Delivery
problems
Logistics inefficiencies

Opportunities

Threats

Growing Aircraft Market

Growing Budget Aircraft
Market
Supplier diversity
Growing Freight market
Economic Boom in Asia
Pacific and Latin America
Lower oil prices increasing
demand

Competition from new entrants

like Emberer, Bombardier and
Comac
Unstable world politics.
Increasing labor costs
Increased material cost
Air Ports need longer runaways
for A380

Figure 3 - Airbus SWOT

(Source, Authors Work)

Airbus has had major concerns with not being able to meet deadlines with A350 and A380
deliveries, though they have managed significantly more order count than Boeing they need to
iron out logistics issues and supplier problems.

1.1.4. Boeing

Strengths

Weaknesses

Brand Recognition
Biggest Aerospace company
Global Presence and strong
international ties
Diversified business areas
Strong Financial
Performance
Strong delivery
performance

High competitive market

787 Dreamliner
development costs
Government Dependence

Opportunities

Threats

Growing Aircraft Market

Growing Budget Aircraft
Market
Growing Freight market
Economic Boom in Asia
Pacific and Latin America
Lower oil prices increasing
demand
Rising Demand For defense
products

Competition from new entrants

like Emberer, Bombardier and
Comac
Unstable world politics.
US imposing restrictions on
deals with Iran
Increasing labor costs
Increased material cost
US defense budget cuts

Figure 4 - Boeing SWOT

(Source, Authors Work)

Boeings affiliation with US government is a blessing as well as a curse, in this year it has not
being able to pursue a deal with Iran which is the hottest aircraft market this year due to
restriction from government and other formalities it needs to clear out with government in order
to go after the deal. While Boeing has struggling with these Airbus managed to sign a deal for
126 aircrafts of a potential 500+ aircraft market.

Table 6 - Aircraft Order Book

Boeing

Airbus

2015

2014

2013

2015

2014

2013

Orders

768

1432

1355

1080

1456

1503

Deliveries

762

723

648

635

629

626

(Source: Wikipedia)

4. Conclusion and Recommendation

Boeing had the overall best ratios when it comes to Profitability, Efficiency and Investor ratios.
ROE of Boeing was very high compared to Airbus and it represents Boeing has been using more
debt finance. Overall Boeing is more efficient in generating revenue therefore they have been the
more profitable organization. They also have better dividend payout and dividend yield ratio, but
higher dividend yield ratios and payout does not always give the correct picture of a business if
the companys stock value is high company man decide to lower dividend payment and invest
more dividend money to grow the business. According to the values Boeing maybe trying to get
more investors and Airbus is using most of its money on company growth. Both the companies
have good investor confidence and reasonable EPS values.
Both the companies have enough capacity to deal with short term financial obligations. Both the
companies gearing ratios are below 90% percent which suggests there is less solvency in
investing in either of the companies. Boeing has the lesser financial risk out of the two but just a
4% difference. Interest cover ratio of Airbus is relatively high compared with Boeing suggesting
Airbus has taken long term liabilities at higher interest rates which is affecting its profit margin.
Overall aircraft industry is set to expand significantly in next 20 years and the two companies
have different ideologies for the future requirements. Both the companies will put more effort in
capturing high market share in important Asia-Pacific region. At the current demand Airbus is

enjoying healthy demand for its huge A380 and A350 aircrafts, Boeings future on the other hand
significantly relies on 787 jetliner to succeed. Boeing has managed to make more deliveries in
time and Airbus has recently struggled to meet its delivery promises in some of A350 and A380
aircrafts, though Airbus currently has the advantage over Boeing if they continue to miss
delivery targets Boing could get the advantage. Single aisle aircrafts continue to be the high
volume market for both companies but there is the risk of new players like Emberer, Bonbardier
and Comamac much more modern and efficient products.
Both companies are well established in commercial aircraft manufacturing market and they have
been involved in the business for years, this is a huge strength for both the companies over the
new entrants most Both Boeing and Airbus has been undercutting them even at loses to prevent
new entrants from establishing. World political situation would be a major factor for both the
companies but Boeing may have more difficulties due to its US government ties.
Though Boeing has the best apparent values Boeings program accounting method (Bryant,
2016) hides the hefty expenses it had developing 787 jetliner series, on the other hand Airbus
book the expenses as they occur. Also Airbus has been growing its profit, revenue in a rapid
percentage and has managed to secure more orders, especially more expensive larger aircrafts.
Also Airbus future product line vision manages to deliver products to most of the requirements
while Boeing has ignored the demand for larger aircrafts though they are small at the moment.
Demand in Asia-Pacific region will mostly be dominated by two countries with world largest
population which is 36% of world population. Therefore there will be more demand for larger
aircrafts in the future.
Author suggests investing with Airbus since it has the potential to dominate the aircraft industry,
it is also growing at a healthy rate which would make sure investing early to reap rewards later. It
is recommended to analyze how Airbus responds to current issues it faces with deliveries and
supply chain.

5. Learning Statement
This has been a great experience going through the companys financial reports and trying to
figure out what actions has caused them and what would be the future implications of the values

mentioned on reports. Im currently working in Technology Field and havent had exposure to
Enterprise financing, accounting and financial reports. Now I have the ability look at several
important financial values and analyze how they have been operating and deciding on whether it
is a good investment opportunity.

6. Appendix

Ratios.xlsx

7. Referances
Airbus

Group

(2016)

Publications

Airbus

Group

Annual

Reports.

Available

at:

http://www.airbusgroup.com/int/en/investors-shareholders/Publications.html (Accessed: 18 April

2016).
Atrill, P. (2008) Financial management for decision makers. 5th edn. Harlow, England: Financial
Times/Prentice Hall Books.
Atrill, P. and McLaney, E. (2006) Accounting and finance for non-specialists. 5th edn. Harlow,
England: Prentice Hall/Financial Times.
Bryant, C. (2016) Chris Bryant. Available at: http://www.bloomberg.com/gadfly/articles/201604-14/boeing-s-32-billion-accounting-question (Accessed: 18 April 2016).
Boeing, 2016 (2016) Boeing company - investors - financial reports. Available at:
http://investors.boeing.com/investors/financial-reports/default.aspx (Accessed: 21 April 2016).
Financial Times (2016) Airbus group SE, AIR: PAR financials - FT.com. Available at:
http://markets.ft.com/research/Markets/Tearsheets/Financials?s=AIR:PAR (Accessed: 21 April
2016).

Financial Times (2016) Boeing Co, BA: NYQ financials - FT.com. Available at:
http://markets.ft.com/research/Markets/Tearsheets/Financials?s=BA:NYQ (Accessed: 21 April
2016).
Investopedia.com (2007) Liquidity measurement ratios: Current ratio, in Available at:
http://www.investopedia.com/university/ratios/liquidity-measurement/ratio1.asp (Accessed: 21
April 2016).
Joint EU-US statement, 75 (2016) Competition between Airbus and Boeing, in Wikipedia.
Available

at:

https://en.wikipedia.org/wiki/Competition_between_Airbus_and_Boeing

(Accessed: 21 April 2016).

Saltos, J. (2016) 2016 commercial aviation growth outlook. Available at: http://kapcoglobal.com/2016-commercial-aviation-growth-outlook/2016/ (Accessed: 21 April 2016).

8. Bibliography
Airbus

Group

(2016)

Publications

Airbus

Group

Annual

Reports.

Available

at:

http://www.airbusgroup.com/int/en/investors-shareholders/Publications.html (Accessed: 18 April

2016).
Atrill, P. (2008) Financial management for decision makers. 5th edn. Harlow, England: Financial
Times/Prentice Hall Books.
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