...Contents Letter from the Chairman Operating Highlights Financial Highlights Corporate Information Notice of the 22nd Annual General Meeting Directors’ Report Management Discussion and Analysis Corporate Governance Report Auditors’ Report Balance Sheet Statement of Profit and Loss Cash Flow Statement Notes to the Balance Sheet and Statement of Profit and Loss Statement relating to Subsidiary Company Consolidtated Statement of Accounts Attendance Slip and Proxy 02 04 05 06 07 16 24 29 47 52 53 54 56 93 94 135 Letter from the Chairman Dear Shareholders, Financial Year 2013-14 was an exceptionally challenging one for the Indian aviation sector. The Indian economy recorded a lower GDP growth rate of 4.7%. Currency volatility and devaluation of the Indian Rupee further exacerbated the situation, leading to a drop in discretionary travel. Consequently, passenger load factors across our industry were under pressure and domestic passenger growth slowed to 4.8%. In this challenging environment, your Company managed to maintain revenues, though costs were hit due to depreciation of the Indian Rupee (of over 11%), higher aviation turbine fuel (“ATF”) rates and increased airport levies. Your Company has been consolidating its domestic network with a focus on strengthening its presence in key markets. Your Company has also been regularly adding international routes, besides embarking upon systematic improvement of its products across all classes of travel. Further, your Company has been strongly...
Words: 56586 - Pages: 227
...Contents Letter from the Chairman 02 Operating Highlights 04 Financial Highlights 05 Corporate Information 06 Notice of the 22nd Annual General Meeting 07 Directors’ Report 16 Management Discussion and Analysis 24 Corporate Governance Report 29 Auditors’ Report 47 Balance Sheet 52 Statement of Profit and Loss 53 Cash Flow Statement 54 Notes to the Balance Sheet and Statement of Profit and Loss 56 Statement relating to Subsidiary Company 93 Consolidtated Statement of Accounts 94 Attendance Slip and Proxy 135 Letter from the Chairman Dear Shareholders, Financial Year 2013-14 was an exceptionally challenging one for the Indian aviation sector. The Indian economy recorded a lower GDP growth rate of 4.7%. Currency volatility and devaluation of the Indian Rupee further exacerbated the situation, leading to a drop in discretionary travel. Consequently, passenger load factors across our industry were under pressure and domestic passenger growth slowed to 4.8%. In this challenging environment, your Company managed to maintain revenues, though costs were hit due to depreciation of the Indian Rupee (of over 11%), higher aviation turbine fuel (“ATF”) rates and increased airport levies. Your Company has been consolidating its domestic network with a focus on strengthening its presence in key markets. Your Company has also been regularly adding international routes, besides embarking...
Words: 56588 - Pages: 227
...WORKING WITH THE FEDERAL TAX LAW SOLUTIONS TO PROBLEM MATERIALS DISCUSSION QUESTIONS 1. (LO 1) When enacting tax legislation, Congress often is guided by the concept of revenue neutrality so that any changes neither increase nor decrease the net revenues raised under the prior rules. Revenue neutrality does not mean that any one taxpayer’s tax liability remains the same. Since this liability depends upon the circumstances involved, one taxpayer’s increased tax liability could be another’s tax saving. Revenue-neutral tax reform does not reduce deficits, but at least it does not aggravate the problem. 2. (LO 2) Economic, social, equity, and political factors play a significant role in the formulation of tax laws. Furthermore, the IRS and the courts have had impacts on the evolution of tax laws. For example, control of the economy has been an important economic consideration in passing a number of laws (e.g., rapid depreciation, changes in tax rates). 3. (LO 2) The tax law encourages technological progress by allowing immediate (or accelerated) deductions and tax credits for research and development expenditures. 4. (LO 2) Saving leads to capital formation and thus makes funds available to finance home construction and industrial expansion. For example, the tax laws provide incentives to encourage savings by giving private retirement plans preferential treatment. 5. (LO 2) a. Section 1244 allows ordinary loss treatment on the worthlessness...
Words: 5591 - Pages: 23
...required to notify the IRS within 30 days of the determination of the exact amount of the item. | C. | The $2,000 difference is includible in Brun’s Year 2 income tax return. | | ABC Corporation ends its tax year on October 30. When must ABC’s income tax return be filed for the year ending October 30, Year 1? | | A. | January 15, Year 2. | | An S corporation engaged in manufacturing has a year end of June 30. Revenue consistently has been more than $10 million under both cash and accrual basis of accounting. The stockholders would like to change the tax status of the corporation to a C corporation using the cash basis with the same year end. Which of the following statements is correct if it changes to a C corporation? | | A. | The year end will be December 31, using the cash basis of accounting. | B. | The year end will be December 31, using the accrual basis of accounting. | C. | The year end will be June 30, using the accrual basis of accounting. | | In order to adopt a fiscal tax year on its first federal income tax return, a corporate taxpayer must | | A. | Maintain books and records and report income and expenses using that tax year. | | Which of the following organizations formed after 1997 can be classified as a partnership? | | A. | An insurance company. | B. | A tax-exempt organization. | C. | A real estate investment trust. | D. | None of the answers are correct. | | Most unincorporated businesses formed after 1996 can...
Words: 26392 - Pages: 106
...CONFIDENTIAL EXPERT REPORT Research Study of the Civil Aviation Sector in India SUBMITTED TO: The Ministry of Corporate Affairs, Govt. of India, India SUBMITTED BY: Nathan Economic Consulting India Pvt. Ltd., India www.nathaninc.com January 24, 2012 CONFIDENTIAL Table of contents 1. 2. 3. 4. 5. Executive Summary ................................................................................................................................. 1 Introduction .............................................................................................................................................. 7 Market Structure and Competition Issues ......................................................................................... 11 Identification of Anti-Competitive Provisions and Practices ......................................................... 15 Analysis of the Identified Issues .......................................................................................................... 24 5.1 Fleet and Equity Requirements ................................................................................................................... 24 5.2 Route Dispersal Guidelines......................................................................................................................... 29 5.3 Slot Allocation ..............................................................................................................................................
Words: 21810 - Pages: 88
...sustain our strong ontime performance and baggage handling. Finally, we wanted to improve our cost performance, achieve our profit requirement, and return value to our Shareholders. Just like in 2011 and 2012, an enormous amount was accomplished in 2013. As a result, we produced stellar results. Our 2013 net income was a record $754 million, or $1.05 per diluted share, including special items (primarily noncash, mark-to-market, and other items required for a portion of the Company’s fuel hedge portfolio, as well as costs associated with the acquisition and integration of AirTran). Excluding special items1, our 2013 profits were also a record, increasing 93 percent year-over-year to $805 million, or $1.12 per diluted share. Our annual pre-tax return on invested capital, excluding special items (ROIC), was 13.1 percent, nearly doubling 2012’s performance. Total operating revenues were a record $17.7 billion, boosted by strong yields and an 80.1 percent load factor. Through the combination of stable fuel prices and rigorous cost control efforts, we met our goal to improve our cost performance. Despite a roller coaster economy, we achieved record earnings; and, while just short of our 15 percent ROIC target, we produced the best ROIC since 2000. Our stock price rose 84 percent in 2013 and reached an all-time high, split-adjusted, closing price of $23.98 a share on March 17 of this year. I applaud the outstanding People of Southwest and AirTran for these strong results, which earned...
Words: 66668 - Pages: 267
...employees and estimated to have carried more than 53 million passengers since it first operation in 1984(BBC Business, 2013). The ownership of the company share between virgin group who owns 51% and Delta airline owned 49%, an arrangement that was concluded in 1999 to form a more formidable global partnership; it has its corporate head office in Crawley, England. Gatwick remain the main base of VAA and operates a mixed fleet Airbus and Boeing wide-body jet between UK, North America, Caribbean, Africa and Middle East, it also operates from London Heathrow and Manchester which serves as its secondary base. Virgin Atlantic Airline has a mission to grow profitable airline where people love to fly and where people love to work. TASK ONE 1A: Purpose and objectives of (VAA) with Fire service. Organizations are into operation for various reasons; this could be for the purpose of making profit or for service rendering purpose. The legal structure which business chooses is fundamental to the way it operates, who shares in the profits and loss, tax to be paid and where legal liabilities rests are...
Words: 6585 - Pages: 27
...singapore airlines annual report 2009/2010 Singapore Airlines achieved a net profit attributable to equity holders of S$216 million for the financial year ended 31 March 2010. During the first half of the year, demand for air travel declined due to the global economic slowdown as well as the outbreak of Influenza A (H1N1). The Group recorded a net loss attributable to equity holders of S$466 million for the first half of the financial year. Despite the difficult times, the Airline did not lose sight of its commitment to delivering product and service innovation. Singapore Airlines continued to invest in its long-term future by flying its flagship aircraft, the Airbus A380, to more destinations, rolling out a cabin renewal programme for selected Boeing 777 aircraft, and opening a new service centre in the heart of Singapore’s premier shopping belt. Market conditions gradually improved in the second half of the financial year. Reflecting this, the Airline recorded higher passenger and cargo traffic. Together with the S$404 million net profit in the third quarter, the fourth quarter net profit of S$278 million reversed the S$466 million loss recorded in the first half of the financial year. The business outlook for the Group in FY 2010-2011 is encouraging, although the sustainability of the recovery depends on developments in the world economy and on business and consumer confidence. The Airline plans to increase capacity in a measured manner in the new financial year. This...
Words: 68860 - Pages: 276
...SOUTHWEST AIRLINES CO. 2011 ANNUAL REPORT TO SHAREHOLDERS To our Shareholders: The year 2011 was historic for Southwest Airlines. We celebrated our 40th anniversary of providing low-fare, high quality commercial air service. We launched an all new, industry-leading, frequent flyer program in March. We opened three new cities: Greenville-Spartanburg, South Carolina; Charleston, South Carolina; and Newark, New Jersey. We closed our acquisition of AirTran Airways on May 2, growing our fleet by 140 aircraft, and extending our route network domestically and to the Caribbean and Mexico. In December, we unveiled our fleet modernization plans, which include an agreement with Boeing to serve as the launch customer of the 737 MAX aircraft. And, our operations improved in 2011, closing out the year with our highest December ontime performance in 15 years. Moreover, we reported our 39th consecutive annual profit in a year that endured a $1.7 billion year-over-year increase in combined economic fuel costs. Our 2011 net income was $178 million, or $.23 per diluted share, including special items (primarily noncash, mark-to-market, and other items required for a portion of the Company’s fuel hedge portfolio, as well as costs associated with the acquisition and integration of AirTran). Excluding special items, our 2011 profit was $330 million, or $.43 per diluted share. Our financial position remains strong. Our cash and short-term investments were $3.1 billion, as of December 31, 2011, in...
Words: 62433 - Pages: 250
...UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2010 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-5424 DELTA AIR LINES, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) Post Office Box 20706 Atlanta, Georgia (Address of principal executive offices) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered 58-0218548 (I.R.S. Employer Identification No.) 30320-6001 (Zip Code) Registrant’s telephone number, including area code: (404) 715-2600 Common Stock, par value $0.0001 per share New York Stock Exchange No Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the...
Words: 54102 - Pages: 217
...traffic in the past few years on account of booming Indian economy, growing tourism industry, entry of low cost carriers in the private sector, liberalization of international bi-lateral agreements and liberalization of civil aviation policy. In future also the civil aviation traffic is expected to grow at the same pace despite current slowdown due to global recession. But airport infrastructure has not kept pace with the growth of the civil aviation traffic. This has resulted in congestion and inefficient services in major airports, limited landing slots, inadequate parking bays and congestion during peak hours for airlines. Development of quality infrastructure will have an impact on international competitiveness and economic growth. This requires faster development of civil aviation infrastructure on public private partnership mode. In tune with the requirement many initiatives have already been started in the 10th five year plan and they are expected to continue in the 11th plan also. 2. Of a total number of 454 airports and airstrips in India, 16 are designated as international airports. The Airports Authority of India (AAI) owns and operates 97 airports. A recent report by Centre for Asia Pacific Aviation (CAPA) states that over the next 12 years, India's Civil Aviation Ministry aims at 500 operational airports. The Government aims to attract private investment in aviation infrastructure. India has been witnessing a very strong phase of development in the past few years. Many...
Words: 8691 - Pages: 35
...spi94029_apps.qxd 9/28/05 1:10 PM Page 1148 Rev.Conf Confirming Pages APPENDIX B FedEx Financial Statements FEDEX CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share amounts) 2004 Years ended May 31, 2003 2002 REVENUES Operating Expenses: Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation and amortization Fuel Maintenance and repairs Business realignment costs Airline stabilization compensation Other $24,710 10,728 2,407 1,918 1,375 1,481 1,523 435 – 3,403 23,270 1,440 (136) 20 (5) (121) 1,319 481 838 – $ 838 $ 2.80 – $ 2.80 $ 2.76 – $ 2.76 $ 22,487 9,778 2,155 1,803 1,351 1,349 1,398 – – 3,182 21,016 1,471 (124) 6 (15) (133) 1,338 508 830 – $ 830 $ 2.79 – $ 2.79 $ 2.74 – $ 2.74 $ 20,607 9,099 1,825 1,780 1,364 1,100 1,240 – (119) 2,997 19,286 1,321 (144) 5 (22) (161) 1,160 435 725 (15) $ 710 2.43 (0.05) $ 2.38 2.39 (0.05) $ 2.34 $ $ OPERATING INCOME Other Income (Expense): Interest expense Interest income Other, net Income Before Income Taxes Provision for Income Taxes Income Before Cumulative Effect of Change in Accounting Principle Cumulative Effect of Change in Accounting for Goodwill, Net of Tax Benefit of $10 NET INCOME BASIC EARNINGS PER COMMON SHARE: Income before cumulative effect of change in accounting principle Cumulative effect of change in accounting for goodwill Basic Earnings Per Common Share DILUTED EARNINGS PER COMMON SHARE: Income before cumulative effect...
Words: 14840 - Pages: 60
...44. MINERAL WATER 44-2 TABLE OF CONTENTS PAGE I. II. III. SUMMARY PRODUCT DESCRIPTION & APPLICATION MARKET STUDY AND PLANT CAPACITY A. MARKET STUDY B. PLANT CAPACITY & PRODUCTION PROGRAMME IV. RAW MATERIALS AND INPUTS A. RAW MATERIALS B. UTILITIES V. TECHNOLOGY & ENGINEERING A. TECHNOLOGY B. ENGINEERING VI. MANPOWER & TRAINING REQUIREMENT A. MANPOWER REQUIREMENT B. TRAINING REQUIREMENT VII. FINANCIAL ANLYSIS A. TOTAL INITIAL INVESTMENT COST B. PRODUCTION COST C. FINANCIAL EVALUATION D. ECONOMIC BENEFITS 44-3 44-3 44-3 44-3 44-5 44-6 44-6 44-7 44-8 44-8 44-9 44-11 44-11 44-12 44-13 44-13 44-14 44-14 44-15 44-3 I. SUMMARY This profile envisages the establishment of a plant for the production of Mineral Water with a capacity of 14.4 million liters per annum. The present demand for the proposed product is estimated at 32 million liters per annum. The demand is expected to reach at 108 million liters by the year 2010. The plant will create employment opportunities for 54 persons. The total investment requirement is estimated at Birr 16.4 million, out of which Birr 1.8 million is required for plant and machinery. The project is financially viable with an internal rate of return (IRR) of 13.46% and a net present value (NPV) of Birr 6.1 million, discounted at 8.5 %. II. PRODUCT DESCRIPTION AND APPLICATION The simple definition of water is that it is the liquid that descents from the cloud as rain, forms streams, lakes and seas, issues from the ground in form of springs and...
Words: 3672 - Pages: 15
...The Boeing Company 2010 Annual Report At Boeing, we aspire to be the strongest, best and best-integrated aerospace-based company in the world — for today and tomorrow. The Boeing Company Boeing is the world’s largest aerospace company and leading manufacturer of commercial airplanes and defense, space and security systems. A top U.S. exporter, the company supports airlines and U.S. and allied government customers in more than 90 countries. Our products and tailored services include commercial and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training. With corporate offices in Chicago, Boeing employs more than 160,000 people across the United States and in 70 countries. Our leadership is strengthened further by hundreds of thousands of people who work for Boeing suppliers worldwide. Contents Operational Summary Message From Our Chairman The Executive Council Financial Results Form 10-K Selected Programs, Products and Services Shareholder Information Board of Directors Company Officers 1 2 7 8 9 134 141 142 142 Cover photo: 787 Dreamliner in flight test Photo above: F/A-18E/F Super Hornet strength Operational Summary Q Earned net income of $3.3 billion, or $4.46 per share, compared with $1.3 billion, or $1.87 per share, in 2009. Q Delivered 115 production military aircraft, two launch vehicles and four satellites, and increased backlog...
Words: 72708 - Pages: 291
...MINERAL WATER 44-2 TABLE OF CONTENTS PAGE I. II. III. SUMMARY PRODUCT DESCRIPTION & APPLICATION MARKET STUDY AND PLANT CAPACITY A. MARKET STUDY B. PLANT CAPACITY & PRODUCTION PROGRAMME IV. RAW MATERIALS AND INPUTS A. RAW MATERIALS B. UTILITIES V. TECHNOLOGY & ENGINEERING A. TECHNOLOGY B. ENGINEERING VI. MANPOWER & TRAINING REQUIREMENT A. MANPOWER REQUIREMENT B. TRAINING REQUIREMENT VII. FINANCIAL ANLYSIS A. TOTAL INITIAL INVESTMENT COST B. PRODUCTION COST C. FINANCIAL EVALUATION D. ECONOMIC BENEFITS 44-3 44-3 44-3 44-3 44-5 44-6 44-6 44-7 44-8 44-8 44-9 44-11 44-11 44-12 44-13 44-13 44-14 44-14 44-15 44-3 I. SUMMARY This profile envisages the establishment of a plant for the production of Mineral Water with a capacity of 14.4 million liters per annum. The present demand for the proposed product is estimated at 32 million liters per annum. The demand is expected to reach at 108 million liters by the year 2010. The plant will create employment opportunities for 54 persons. The total investment requirement is estimated at Birr 16.4 million, out of which Birr 1.8 million is required for plant and machinery. The project is financially viable with an internal rate of return (IRR) of 13.46% and a net present value (NPV) of Birr 6.1 million, discounted at 8.5 %. II. PRODUCT DESCRIPTION AND APPLICATION The simple definition of water is that it is the liquid that descents from the cloud as rain, forms streams, lakes and seas, issues from the ground in form of springs and is...
Words: 3671 - Pages: 15
