Module leader: Brian Kriefman
Date: 11/05/2012
Speakers: Luciana Fabbri, Filippo Toti,
Filippo Filosa
Shareholders Annual Meeting
Contents
Analysis of Air Berlin’s performances for the
years 2010 and 2011
Comparison of the two years performances.
Comparison with a competitor in the same sector: Lufthansa
ROCE
ROCE has decreased from -3.13% of 2010 to
-12.97% in 2011.
Net operating profit that decreased from
-1.99% in 2010 to -6.95% in 2011.
Capital Turnover ratio increased from 1,57 times in 2010 to 1,86 in 2011.
Profitability
6
4
2
0
-2
-4
-6
-8
-10
-12
-14
Efficiency
Air
Berlin
Air
Berlin
2010
2011
Capital turnover ratio:
Sales
revenue
Capital
employed
1,57 times 1,86 times Stock turnover: Average stock Cost of sales X 365 days
4 days
4 days
2010
2011
Debtors collection period:
Trade debtors
Credit sales
X 365 days
29 days
32 days
Creditors collection period:
Trade
creditors
Credit
purchases
X 365 days
38 days
34 days
Liquidity
1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2010
2011
Current Ratio
Acid Test Ratio
Current Ratio declined in 2011 to 0,80 from 0.93 in
2010.
Acid Test Ratio has also decreased from 0,79 to
Gearing
80
70
60
50
2010
2011
40
30
20
10
0
-10
Gearing Ratio
Categoria 2
• Gearing Ratio increased from 70,49% of 2010 to 72,56% registred in 2011.
• Interest cover decreased from -1,10 times of 2010 to -4,51 in
Investor Ratios
2010
2011
Profitability
Air Berlin
Lufthansa
2011
2011
Return on Capital
Employed (ROCE):
Net operating profit x 100
Capital employed
-12,97 %
1,96 %
Gross profit margin:
Gross profit x 100
Sales
-5,8 %
2,69 %
Net operating profit margin: Operating profit x
100
Sales revenue
-6,95 %
1,92 %
Efficiency
Air
Berlin
Lufthans a 2011
2011
Capital turnover ratio:
Sales
revenue
Capital
employed
1,86 times 1,02 times
Stock turnover: Average stock Cost of sales
X 365 days
4 days
13 days
Debtors collection period:
Trade
debtors
Credit sales
X 365 days
32