Seminar : Financial Accounting
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