[재무분석] 항공산업 -미국과 한국 비교(영문)

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레포트 > 경제경영계열
2009.07.23
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[재무분석] 항공산업 -미국과 한국 비교(영문)에 대한 자료입니다.

1. Financial Analysis
(1) Common Size (i) Income Statements & Balance Sheets
(2) Analysis of Return on Equity
(3) Analysis of Working Capital Management /Short Term Liquidity
(4) Analysis of Investor Ratios
(5) Analysis of Cash Flow Statement including Cash Flow Ratios

2. Conclusions & Recommendations
(1) Performance Perspective
(2) Investment Perspective
(3) Credit Risk Perspective

3. Bibliography

4. Appendix
- Calculation of Financial Analysis

본문내용

SECTION A: FINANCIAL ANALYSIS

1. Common Size (i) Income Statements and (ii) Balance Sheets

Income Statement - Common Size
　 AMR Corp Korean Air AMR Corp Korean Air
2007 2007 2006 2006
Revenues 100.0% 100.0% 100.0% 100.0%
Operating Expenses 95.8% 92.8% 95.3% 93.8%
Operating Income 4.2% 7.2% 4.7% 6.2%
Other Income(Expense) -2.0% -6.2% -3.7% -0.1%
Income before Income Taxes 2.2% 1.0% 1.0% 6.0%
Income tax 0.0% 0.9% 0.0% 1.3%
Net Earnings 2.2% 0.1% 1.0% 4.7%
Comments
- Both company's operating expenses are extremely high but Korean air has higher competitive advantage.
- Korean air's other income decreased heavily due to their decrease of gain on foreign exchange. Considering recent trend of weak Korean Won(\) currency, Korean air would probably show similar pattern(low other income and high other expense) or even worse in 2008.
- Overall, both company's level of net earnings is extremely low which means their business is not going well.

Balance Sheet - Common Size
Assets
　 AMR Corp Korean Air AMR Corp Korean Air
2007 2007 2006 2006
Cash 0.5% 4.5% 0.4% 3.3%
Accounts Receivable 3.6% 4.6% 3.4% 4.4%
Short-term Investments 15.4% 0.1% 15.8% 0.1%
Inventories 3.6% 1.8% 3.4% 1.6%
Fuel Derivative Contracts 1.5% 0.0% 0.1% 0.0%
Other Current Assets 0.8% 2.0% 0.7% 1.3%
Total Current Assets 25.3% 13.1% 23.7% 10.9%
Long-Term Investments 　 11.0% 0.0% 5.2%
Flight Equipment 48.9% 30.8% 49.8% 33.8%
Other Equipment & Property 8.4% 8.9% 8.2% 10.7%
Equipment and Property
Under Capital Leases 2.7% 32.0% 3.0% 34.7%
Other Assets 13.8% 4.2% 14.8% 4.8%
Total Assets 100.0% 100.0% 100.0% 100.0%
Comments
- Korean Air has lower current assets which means they might have more difficulty in managing working capital or paying off debts in future.
- AMR Corp owns more airplane, whereas Korean Air leases more. So this should be considered as advantage for AMR Corp when comparing the two companies for investment.

Liabilities & Shareholder’s Equity
AMR Corp Korean Air AMR Corp Korean Air
2007 2007 2006 2006
Accounts Payable 4.1% 1.3% 3.7% 1.7%
Short-Term Debt 0.0% 3.5% 0.0% 2.7%
Accruals 7.9% 7.6% 7.9% 7.4%
Air traffic liability 13.9% 0.0% 13.0% 0.0%
Current maturities of
long-term debt 3.2% 11.7% 4.3% 10.3%
Current obligations under
capital leases 0.5% 0.0% 0.4% 0.0%
Total Current Liabilities 29.7% 24.1% 29.2% 22.0%
Long-Term Debt 32.9% 26.4% 38.5% 23.5%
Obligations under capital leases 2.4% 14.6% 2.8% 15.8%
Other liabilities and credits 25.7% 5.9% 31.6% 6.5%
Total Liabilities 90.7% 70.9% 102.1% 67.8%

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