1. Conduct a cash flow analysis of the two companies (Cathay Pacific & Singapore Airlines) and discuss your results.2. Examine and discuss the share price performance of the two firms and compare it...

Balancesheet
        2015    2,016    2,017    2,018
        US$M    US$M    US$M    US$M
    Non-cu
ent assets and liabilities
    Property, plant and equipment    12891.00    13648.00    14254.00    15016.00
    Intangible assets    1360.00    1402.00    1438.00    1432.00
    Investments in associates    2933.00    2987.00    3608.00    3534.00
    Other long-term receivables and investments    650.00    590.00    522.00    515.00
    Defe
ed tax assets    64.00    94.00    119.00    102.00
        17898.00    18721.00    19941.00    20599.00
    Long-term liabilities    -6393.00    -7552.00    -8911.00    -7716.00
    Other long-term payables    -2031.00    -964.00    -449.00    -596.00
    Defe
ed tax liabilities    -1190.00    -1458.00    -1644.00    -1689.00
        -9614.00    -9974.00    -11004.00    -10001.00
    Net non-cu
ent assets    8284.00    8747.00    8937.00    10598.00
    Cu
ent assets and liabilities
    Stock    175.00    194.00    194.00    234.00
    Trade, other receivables and other assets    1246.00    1225.00    1457.00    1599.00
    Assets held for sale    192.00    4.00    111.00    –
    Liquid funds    2647.00    2602.00    2448.00    1964.00
        4260.00    4025.00    4210.00    3797.00
    Cu
ent portion of long-term liabilities    -1767.00    -1444.00    -1139.00    -1756.00
    Related pledged security deposits    70.00    –    -2187.00    -2488.00
    Net cu
ent portion of long-term liabilities    -1697.00    -1444.00    -1790.00    -1799.00
    Trade and other payables    -2952.00    -2449.00    –    -2.00
    Unearned transportation revenue    -1668.00    -1657.00    -176.00    -153.00
    Taxation    -65.00    -91.00    –    –
    Dividend payable to non-controlling interests    –    -12.00
        -6382.00    -5653.00    -5292.00    -6198.00
    Net cu
ent liabilities    -2122.00    -1628.00    -1082.00    -2401.00
    Total assets less cu
ent liabilities    15776.00    17093.00    18859.00    18198.00
    Net assets    6162.00    7119.00    7855.00    8197.00
    CAPITAL AND RESERVES
    Share capital and other statutory capital reserves    2193.00    2193.00    2193.00    2193.00
    Other reserves     3951.00    4905.00    5640.00    6004.00
    Funds attributable to the shareholders of Cathay Pacific     6144.00    7098.00    7833.00    8197.00
    Non-controlling interests     18.00    21.00    22.00    –
    Total equity     6162.00    7119.00    7855.00    8197.00
    CA    4260.00    4025.00    4210.00    3797.00
    CL    2122.00    1628.00    1082.00    2401.00
    Working Capital    2138.00    2397.00    3128.00    1396.00
Income Statement
            2015    2016    2017    2018
            US$M    US$M    US$M    US$M
    Revenue
     Passenger services        9365.00    8580.00    8514.00    9374.00
    Cargo services        2964.00    2572.00    3064.00    3630.00
    Catering, recoveries and other services        792.00    739.00    894.00    1234.00
    Total revenue        13121.00    11891.00    12472.00    14238.00
    Expenses
    Staff        -2435.00    -2534.00    -2559.00    -2591.00
    Inflight service and passenger expenses        -604.00    -607.00    -640.00    -678.00
    Landing, parking and route expenses        -1882.00    -1921.00    -1952.00    -2242.00
    Fuel, including hedging losses        -4227.00    -3584.00    -3989.00    -4342.00
    Aircraft maintenance        -962.00    -1135.00    -1232.00    -1205.00
    Aircraft depreciation and operating leases        -1395.00    -1353.00    -1519.00    -1634.00
    Other depreciation, amortisation and operating leases        -296.00    -315.00    -358.00    -365.00
    Commissions        -102.00    -90.00    -87.00    -111.00
    Others        -364.00    -419.00    -428.00    -609.00
    Operating expenses        -12267.00    -11958.00    -12764.00    -13777.00
    Operating profit/(loss) before non-recu
ing items                -292.00    461.00
    Gain on disposal of a long-term investment                75.00    –
    Gain on deemed partial disposal of an associate                31.00    –
    Operating profit/(loss        854.00    -67.00    -186.00    461.00
    Finance charges        -177.00    -200.00    -285.00    -315.00
    Finance income        28.00    33.00    59.00    44.00
    Net finance charges        -149.00    -167.00    -226.00    -271.00
    Share of profits of associates        252.00    263.00    337.00    226.00
    Profit/(loss) before taxation        957.00    29.00    -75.00    416.00
    Taxation        -148.00    -64.00    -39.00    -60.00
    Profit/(loss) for the year        809.00    -35.00    -114.00    356.00
    Non-controlling interests        -40.00    -39.00    -47.00    -55.00
    Profit/(loss) attributable to the shareholders of Cathay Pacific        769.00    -74.00    -161.00    301.00
    Earnings/(loss) per share (basic and diluted                -4.10    7.60
    Profit/(loss) for the year        809.00    -35.00    -114.00    356.00
    Other comprehensive income
    Items that will not be reclassified to profit or loss        -27.00    78.00
    Defined benefit plans                90.00    -35.00
    Items that may be reclassified subsequently to profit or loss        -694.00    1242.00
    Cash flow hedges        -41.00    23.00    558.00    203.00
    Revaluation of available-for-sale financial assets        -95.00    43.00    -51.00    –
    Share of other comprehensive income of associates        -136.00    -197.00    60.00    81.00
    Exchange differences on translation of foreign operations        -993.00    1189.00    240.00    -192.00
    Other comprehensive income for the year, net of taxation        -184.00    1154.00    897.00    57.00
    Total comprehensive income for the year                783.00    413.00
    Total comprehensive income attributable to        -224.00    1115.00
    Shareholders of Cathay Pacific        40.00    39.00    736.00    358.00
    Non-controlling interests                47.00    55.00
            -184.00    1154.00    783.00    413.00
    Loss/Eaening Per share (basic and diluted)        19.60    -1.90
Cash Flow
        2,015    2,016    2017    2018
        US$M    US$M    US$M    US$M
    Operating activities
     Cash generated from operations    2197.00    987.00    822.00    2274.00
    Interest received    20.00    24.00    30.00    32.00
    Net interest paid    -106.00    -132.00    -198.00    -251.00
    Tax paid    -60.00    -96.00    -100.00    -193.00
    Net cash inflow from operating activities    2051.00    783.00    554.00    1862.00
    Investing activities
    Net decrease/(increase) in liquid funds other than cash and
    cash equivalents    -323.00    386.00    -200.00    595.00
    Proceeds from scrap/sales of property, plant and equipment    66.00    3.00    176.00    9.00
    Proceeds from sales of assets held for sale    24.00    227.00    -    25.00
    Disposal of a subsidiary    11.00    –    1.00    111.00
    Proceeds from disposal of long-term investment    –    8.00    81.00    –
    Net (increase)/decrease in other long-term receivables and
    investments    7.00    -14.00
    Payments for property, plant and equipment and
    intangible assets    -1690.00    -1908.00    -2170.00    -2050.00
    Dividends received from associates    36.00    54.00    48.00    -60.00
    Repayments of loans to associates    –    2.00    -    –
    Loans to associates    -10.00    -1.00    -    144.00
    Net cash outflow from investing activities    -1879.00    -1243.00    -2005.00    -1106.00
    Financing activities
    New financing    1060.00    2582.00    -    -5.00
    Net cash benefit from financing a
angements    –    115.00    2471.00    1441.00
    Loan and finance lease repayments    -1289.00    -1711.00    208.00    132.00
    Security deposits placed    -6.00    -3.00    -1558.00    -2077.00
    Dividends paid – to the shareholders of Cathay Pacific    -262.00    -161.00    -    -76.00
    – to non-controlling interests    -36.00    -24.00    -58.00    -72.00
    Net cash inflow/(outflow) from financing activities    -533.00    798.00    1063.00    -657.00
    Increase/(decrease) in cash and cash equivalents    -361.00    338.00    -388.00    99.00
    Cash and cash equivalents at 1st January    1309.00    924.00    1254.00    886.00
    Effect of exchange differences    -24.00    -8.00    20.00    -4.00
    Cash and cash equivalents at 31st December    924.00    1254.00    886.00    981.00
Income Statement SI
        2015    2016    2017    2018
        $ million    $ million    $ million    $ million
    Revenue    15,565.50    15,228.50    14,868.50    15,806.10
    Expenditure
    Staff costs    2,335.20    2,461.00    2,616.20    2,709.00
    Fuel costs    5,579.70    4,527.00    3,747.50    3,899.30
    Depreciation    1,538.80    1,543.00    1,552.10    1,639.60
    Impairment of...