Financial Data for Delta Air Lines, Inc (amounts in millions, except per-share amounts) For Year Ended...
| Financial Data for Delta Air Lines, Inc | |||||
| (amounts in millions, except per-share amounts) | |||||
| For Year Ended December 31 | |||||
| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Current Assets | 9651 | 12465 | 9056 | 7451 | 7844 |
| Total Assets | 52252 | 54121 | 53134 | 51261 | 53292 |
| Common Shares Outstanding | 851.443 | 825.258 | 778.784 | 730.738 | 707.198 |
| Long-Term Debt | 9795 | 8561 | 6766 | 6201 | 6592 |
| Net Income (loss) before Interest and Taxes | 3802 | 2922 | 7837 | 6952 | 6114 |
| Total Liabilities | 40609 | 45308 | 42284 | 38974 | 39382 |
| Net Income (Loss) | 10540 | 659 | 4526 | 4373 | 3577 |
| Cash Flow Provided by Operations | 4504 | 4947 | 7927 | 7205 | 5148 |
| Retained Earnings (deficit) | -2081 | -3855 | 348 | 267 | 2015 |
| Sales | 37773 | 40362 | 40704 | 39639 | 41244 |
| Shareholers' Equity | 11643 | 8813 | 10850 | 12287 | 13910 |
| Interest Expenses | 852 | 650 | 481 | 388 | 396 |
| Current Liabilities | 14152 | 16879 | 17526 | 15239 | 18573 |
| Market Price Per Share | 27.47 | 49.19 | 50.69 | 49.19 |
56.00 |
-
Compute the value of each the following risk ratios.
- (1)
Current ratio (at the end of 2013-2017)
- (2)
Operating cash flow to current liabilities ratio (for 2013-2017)
- (3)
Liabilities to assets ratio (at the end of 2013-2017)
- (4)
Long-term debt to long-term capital ratio (at the end of 2013-2017)
- (5)
Operating cash flow to total liabilities ratio (for 2013-2017)
- (6)
Interest coverage ratio (for 2013*2017)
- (1)
-
Compute the value of Altman’s Z-score for Delta Air Lines for each year from 2000 to 2004.
Homework Answers
| Formula | Year | 2013 | 2014 | 2015 | 2016 | 2017 |
| Current Assets/Current liabilities | Current ratio | 0.682 | 0.738 | 0.517 | 0.489 | 0.422 |
| Operating CF/Current liabilities | 0.318 | 0.293 | 0.452 | 0.473 | 0.277 | |
| Total liabilities/Total assets | Liabilities/Assets | 0.777 | 0.837 | 0.796 | 0.760 | 0.739 |
| LT debt/(LT debt + Shareholders' equity) | LT debt/LT capital | 0.457 | 0.493 | 0.384 | 0.335 | 0.322 |
| Operating CF/Total liabilities | 0.111 | 0.109 | 0.187 | 0.185 | 0.131 | |
| Interest expense/Net income before interest & tax | Interest coverage ratio | 0.224 | 0.222 | 0.061 | 0.056 | 0.065 |
Altman's Z-score:
where
A = Working capital/Total assets
B = Retained earnings/Total assets
C = EBIT/Total assets
D = Market value of equity/Book value of Total liabilities
E = Sales/Total assets
| Formula | Year | 2013 | 2014 | 2015 | 2016 | 2017 |
| Current assets - current liabilities | Working capital | -4,501.00 | -4,414.00 | -8,470.00 | -7,788.00 | -10,729.00 |
| Working capital/Total assets (A) | -0.086 | -0.082 | -0.159 | -0.152 | -0.201 | |
| Retained earnings/Total assets (B) | -0.040 | -0.071 | 0.007 | 0.005 | 0.038 | |
| Net income before interest & expenses/Total assets | EBIT/Total assets ('C) | 0.073 | 0.054 | 0.147 | 0.136 | 0.115 |
| Share price*number of shares | Market value of equity | 23,389.14 | 40,594.44 | 39,476.56 | 35,945.00 | 39,603.09 |
| Market value of equity/Book value of total liabilities (D) | 0.576 | 0.896 | 0.934 | 0.922 | 1.006 | |
| Sales/Total assets ('E) | 0.723 | 0.746 | 0.766 | 0.773 | 0.774 | |
| 1.2A + 1.4B + 3.3C + 0.6D + 1.0E | Altman's Z-score | 1.149 | 1.264 | 1.631 | 1.599 | 1.567 |
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Financial Data for Delta Air Lines, Inc
(amounts in millions, except per-share
amounts)
For Year Ended...
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