BAO5734 FINANCIAL ANALYSIS

Assessment 3
Financial Analysis Group Project
Report and Presentation

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 Table of Contents
Introduction.............................................................................................................................2

Analysis of Balance Sheet and income statement items...................................................3

Assumption:.....................................................................................................................8

Forecasting the Income Statement...................................................................................9

Results and Discussion.......................................................................................................11

Regression summary of the income statement................................................................11

Table 4:..................................................................................................................................11

Regression summary of the Balance Statement...........................................................12

Table 5:...............................................................................................................................12

Reconciliation of balance sheet and income statement...............................................15

Acquisition and merger analysis Purpose of merger:...............................................16

Evaluation and comments:...........................................................................................17

Conclusion and Recommendation.....................................................................................19

References............................................................................................................................21

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List of Tables

Table 1: Forecasted Balance sheet (Appendix 2)

Table 2: Calculation for forecasting balance sheet

Table 3: Forecasted income statement

Table 4: Regression outcome of income statement (appendix 3)

Table 5: Regression of balance sheet items (appendix 4)

Table 6: Cash flow statement

Table 7: Forecasted balance sheet

Table 8: EFN calculation

Table 9: Forecasted income statement

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Executive Summary

This paper presents our report on the financial analysis of Qantas Airways, including an
evaluation of a potential merger with Qube Holdings. Our analysis is based on a
comprehensive review of financial statements, forecasts, and considerations of the two
companies. We utilized various analytical tools to reconcile the Income Statement and
Balance Sheet and assessed the valuation and profitability of the merger and acquisition.
Our recommendations are based on an evaluation of the financial data and prospects for
sustainable value creation of Qantas Airways. Our report is prepared with a focus on
providing insights and recommendations to support management decision-making. The
report was developed through collaboration among team members who utilized various
communication tools and worked together to complete the project in a timely and
professional manner.

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Introduction

Qantas Airways is Australia's largest airline and has been operating for over 100 years (‘Qa n
ta s group data b ook 2020’, 2020). The company has a strong reputation for safety, reliability,
and customer service, and has won numerous awards for its performance in these areas.
Despite the challenges presented by the COVID-19 pandemic, Qantas has remained resilient
and has taken steps to ensure its long-term sustainability. In response to the pandemic,
Qantas suspended international flights and reduced its domestic capacity, resulting in a
significant decline in revenue. However, the company has implemented a range of measures
to manage its costs, including reducing its workforce and restructuring its operations. As a
result, Qantas has been able to remain profitable, with a net profit of AUD 1.1 billion in the
2021 fiscal year. The airline has also continued to invest in new aircraft and technology to
improve its efficiency and reduce its environmental impact. In addition, Qantas has set
ambitious targets for sustainability, including a goal of reaching net-zero carbon emissions by
2050. Overall, Qantas Airways is a well-established and financially stable company that is
committed to providing a high-quality travel experience to its customers while also promoting
sustainability.

Qube Holdings Australia is a leading logistics company in Australia that provides a range of
services, including stevedoring, bulk and general stevedoring, logistics services, and vehicle
storage and processing(Nissan Motor Corporation, 2020). The company was established in
2006 and has since grown to become one of the largest logistics providers in the country.
Qube's operations are diversified across various industries, including agriculture, mining,
and retail, providing the company with a stable revenue base. In recent years, Qube has
expanded its operations through a series of strategic acquisitions and partnerships,
including the acquisition of the remaining 50% of the logistics company, LCR Group, and the
establishment of a joint venture with the shipping company, MSC. Qube has also
demonstrated a strong commitment to sustainability, aiming to reduce its carbon emissions
by 30% by 2026. The company has implemented a range of initiatives to achieve this goal,
including investing in electric vehicles and solar panels and reducing waste in its operations.

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5
Data Analysis and Forecasting of Financial statements

Analysis of Balance Sheet and income statement items

Figure 1:

Figure 2:

Looking at the figures, it can be seen that the total assets of the company increased steadily
from the beginning of the period until June 2021, after which it declined slightly. However, the
total assets increased again in the last year of the period, reaching a peak of 19,653.

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Similarly, the total liabilities of the company increased steadily from the beginning of the
period until June 2019, after which it remained relatively stable until June 2021. There was an
increase in total liabilities in the last year of the period, with the figure reaching 19,843.

Figure 3:

The share capital of the company remained stable for the first five years of the period, after
which there was a decline until June 2021. However, there was a slight increase in the share
capital in the last year of the period.

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Figure 4:

Net assets refer to the total value of a company's assets after deducting its liabilities(AICPA,
2019). Looking at the figures, it can be seen that Qantas' net assets were relatively stable
between June 2013 and June 2015, with a slight decline in 2014. However, there was a
significant increase in net assets in June 2016, which continued to grow until June 2018, after
which it declined steadily until June 2022.

On the other hand, the total debt of Qantas showed a declining trend from June 2013 to June
2015, which is a positive sign for the company. However, there was an increase in debt in
June 2016, which continued to rise until June 2018, after which it remained relatively stable
until June 2021. However, there was a significant increase in debt in June 2022, which is a
cause for concern.

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Figure 5:

The income statement of Qantas, the Australian airline company, shows a fluctuating trend in
its financial performance over the past seven years. The total income excluding interest has
been increasing from AUD 16,200 million in 2016 to AUD 17,060 million in 2018, but then
decreased to AUD 14,257 million in 2020, and further dropped to AUD 5,934 million in 2021.
Similarly, the trading revenue has been inconsistent with a high of AUD 16,667 million in 2019
and a low of AUD 5,082 million in 2021. The company has been experiencing losses since
2020 due to the impact of the COVID-19 pandemic on the airline industry. Qantas' earnings
before interest, taxes, depreciation, and amortization (EBITDA) have also been declining from
AUD 3,261 million in 2018 to AUD 972 million in 2022. However, the company's earnings per
share (EPS) showed a negative trend in the last three years, with the lowest at -0.45 in 2021.
Qantas' efforts to mitigate the financial impacts of the pandemic included cost-cutting
measures, such as reducing staff, retiring aircraft, and suspending dividend payments. The
company's financial performance is heavily dependent on the recovery of the airline industry
and the effectiveness of its cost-saving strategies. (see Appendix 1)

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Forecasting balance sheet

Assumption:
First, it is assumed that the company will maintain its dividend payout ratio (DPR) from 2022,
meaning that the company will pay out a dividend of $1 for 2023. It is also assumed that
Qantas will experience a sales increase of 1.25%, or $11,385, in 2023. Additionally, the
company is expected to increase its fixed assets by $20,000 in 2023. Finally, Qantas has a
long-term debt of $21,179, of which $15,000 is due in 2023. These assumptions have been
taken into account while forecasting the balance sheet and income statement for Qantas in
2023.

Table 1:

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Table 2:

Qantas's forecasted balance sheet for 2023 shows a significant increase in both assets and
liabilities. The total current assets are expected to increase from $4,193 in 2022 to $35,938 in
2023, primarily driven by a surge in the cash balance from $2,157 in 2022 to $12,743 in 2023.
This increase may be attributed to a net income of $16,200, resulting from an expected 25%
increase in sales ($2,277) and a fixed asset increase of $20,000. Additionally, the earnings
before interest and tax (EBIT) are expected to increase significantly. The total liabilities are
also forecasted to increase significantly from $19,843 in 2022 to $87,360 in 2023, primarily
driven by an increase in long-term debt to $21,179 in 2023 to support the expected fixed asset
increases. The total net worth is expected to increase from -$190 in 2022 to $7,934.66 in 2023,
and the dividend payout ratio is assumed to remain unchanged. However, the principal amount
of long-term debt due in 2023 may affect the cash balance and overall balance sheet. Overall,
the forecasted balance sheet indicates significant growth and expansion in the Qantas
business(Qantas Airways Limited, 2021).

Forecasting the Income Statement

The Income Statement is a crucial financial statement that presents a company's income and
expenses over a specific period, providing insights into its profitability(Florea, 2020). Through
the analysis of past and present financial performance, we can predict a company's future
performance and use it to establish and achieve its objectives. Such forecasting serves as a
valuable tool for companies to plan and track their progress toward their targets.

The following table shows the selected data used to forecast the Income:

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Table 3:

In June 2023, the Trading Revenue of the company significantly increased to AUD 13,135
million from AUD 7,914 million in June 2022, indicating a substantial increase in revenue from
trading activities(Bui et al., 2022). Total Income has also increased to AUD 14,366 million from
AUD 9,108 million in June 2022, reflecting an overall increase in the company's income.
EBITDA has shown an impressive increase from AUD 972 million in June 2022 to AUD 2,159
million in June 2023, while EBIT has improved from a negative AUD 829 million in June 2022
to a positive AUD 604 million in June 2023. The company has also witnessed a significant
improvement in Pre-Tax Profit, which has increased from a loss of AUD 1,130 million in June

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2022 to a profit of AUD 373.8 million in June 2023. NPAT before Abnormals has increased
from a loss of AUD 799 million in June 2022 to a profit of AUD 482.1 million in June 2023.
Additionally, NPAT before Capital has improved from a loss of AUD 860 million in June 2022 to
a loss of AUD 308.1 million in June 2023. Lastly, the EPS Adjusted has shown a significant
increase from a negative AUD 0.42 in June 2022 to a positive AUD 0.259 in June 2023,
indicating a significant improvement in the company's earnings per share.

Results and Discussion

Regression summary of the income statement

Table 4:

Based on the results of the regression analysis of the Income statement, it was found that the
R Square value was only 4%, indicating a weak relationship between the independent variable
of revenue and the dependent variable of net profit in forecasting future figures. This was also
supported by the high P-Value of 70%, which is typically indicative of a weak relationship
between variables. The Intercept of the regression analysis was calculated to be $45836.03

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million and the slope was negative at -0.179727231. Looking ahead to the forecasted period,
the total income is expected to be $14365.9 million.

Regression summary of the Balance Statement

Table 5:

The results show that there is a moderate positive correlation (multiple R = 0.569713383)
between sales and cash balance, indicating that as sales increase, cash balance tends to
increase as well. The coefficient of determination (R Square) is 0.324573339, meaning that
approximately 32.46% of the variation in cash balance can be explained by changes in sales.

The regression equation can be expressed as:

Cash Balance = 3091.88 + 4.59(Sales)
The coefficient for the X variable (Sales) is statistically significant (p-value = 0.181814802),
indicating that there is a relationship between the two variables. However, the relatively low F-

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statistic (2.402728216) and the high p-value (0.181814802) suggest that the regression model
may not be a good fit for the data and that other factors may also contribute to changes in cash
balance. While the regression analysis shows that there is a moderate positive correlation
between sales and cash balance for Qantas, the low F-statistic and high p-value suggest that
other variables should also be considered when analyzing changes in cash balance.

Cash flow summary

Table 6:

The cash flow statement of Qantas shows a mixed picture of the company's cash position over
the past few years(Report, 2022). While the net operating cash flow increased from $2,819
million in June 2016 to $2,670 million in June 2022, there were significant fluctuations during
this period. The net investment cash flow also shows a decreasing trend from -$1,923 million

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in June 2016 to -$240 million in June 2022. However, the net financing cash flow has been
more volatile, with a negative cash flow of -$1,825 million in June 2016 and a positive cash
flow of $1,853 million in June 2020. The total net cash flow shows a mixed trend as well, with
significant fluctuations during the period, from a negative value of -$929 million in June 2016 to
a positive value of $1,365 million in June 2020. These fluctuations suggest that Qantas may
have been managing its cash position by adjusting its financing and investment activities in
response to market conditions.

Fig 6 & 7:

The cash flow statements of both Qantas and Qube indicate mixed cash positions over the
past few years. Qantas has seen a significant increase in net operating cash flow, from $2,819
million in June 2016 to $2,670 million in June 2022. However, the net financing cash flow has
been more volatile, ranging from a negative cash flow of -$1,825 million in June 2016 to a
positive cash flow of $1,853 million in June 2020. Qube, on the other hand, has had a
fluctuating Free Cash Flow, ranging from AUD 10.9 million in 2018 to -AUD 90.3 million in
2022. In 2019, it was recorded at -AUD 71.4 million, which was a significant decrease from the
previous year. However, there was a slight improvement in 2020 with an FCF of -AUD 10.6
million, which further improved in 2021 with an FCF of -AUD 2.8 million.

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Reconciliation of balance sheet and income statement
Table 7:
Forecasted balance sheet for 2023
Assets Liabilities
Cash 12743.24538 Account payables 13318.38589
Accounts receivable 11437.25678 Other current liabilities 15804.84704
Inventory 11758.18044 Total current liabilities 29123.23293
Total current assets 35938.6826 Long-term debt 21179
Net plant 32977 Net worth 7934.664493
Subtotal 58236.89742
EFN 10678.78518
Total 68915.6826 68915.6826

Table 8:

Forecasted Income
statement for 2023   AUD $M
INCOME    
Trading Revenue   13135.2
Other Income   1230.7
Total Income Excl. Interest   14365.9
INTEREST/FINANCE
INCOME    
Forex Gain/Loss    
Total Income   14365.9
EXPENSES    
Expenses   -12207.4
EBITDA   2158.5
DEPRECIATION AND
AMORTISATION    
Depreciation   -1470.8
Amortisation   -83.4
Depreciation &
Amortisation   -1554.2
EBIT   604.3
INTEREST/FINANCE
EXPENSES    
Interest/Finance Income   55
Interest Expense   -295.8
Interest Capitalised   -10.3

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 Interest Expenses Incl.
Capital   -285.5
Net Interest Expenses   -230.5
Pre-Tax Profit   373.8
Net Capital Profits    
Pre-Tax Profit Pre-Cap   373.8
TAX    
Tax Expenses   -108.3
NPAT before Abnormals   482.1
ABNORMALS    

Abnormals   -789.7
Abnormals Tax    
Net Abnormals   -789.7
Non-Controlling Interests   -0.5
Reported NPAT after
Abnormals   -308.1
NPAT before Capital   -308.1
EQUITY    
Diluted Shares   1911.322
Diluted Weighted Shares   1927.187
Ordinary Dividends   -107.7
Preference Dividends    
EPS Adjusted   0.259
EPS after Abnormals   -0.167
Share of net Profit/Loss   -42.3

To, reconcile we need to calculate EFN  

   
Total Assets 68915.68
Total Liabilities 50302.23
Total Equity 7890
net income 280
dividend 235.25
EFN 10678.7

Table 9:

Reconcilation for year 2023  

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 Income Statement  
Total Income 14.4
Total Expenses -12.2
Net Profit 2.2
   
Balance Sheet  
Total Assets 68.9
Total Liabilities -50.31
networth 7.89
EFN 10.7

To reconcile the forecasted income statement and balance sheet for 2023, we first need to
calculate the expected fund needed (EFN) for the year. Based on the provided information, the
forecasted balance sheet for 2023 shows total assets of $M 68,915.68, total liabilities of $M
66,107.079, and total equity of $M 3,838.5. We assume that the company's sales will increase
by 12%, resulting in an increase in new equipment of $M 16,081. To finance these new assets,
the company will need to take on additional debt at an interest rate of 7% per year. Any
remaining expected funds needed (EFN) will be funded by external equity(Pepple and Ejiogu,
2021).

To forecast the company's spontaneous assets and liabilities, the regression method with
revenue as the independent variable was used. We also assumed that the company will
payout its investors at a ratio of 97%. The EFN has been calculated using the formula:
EFN calculation:
= 1-(Debt Ratio of EFN) *(1- Tax Rate) *(Borrowing Rate) *(Retention ratio).
= 1-(100%) *(1- 30%) *(7%) *(97%).

Moving on to the balance sheet and income statement for 2023, we see that the total assets
are $M 68,915.68, total liabilities are $M 66,107.079, and total equity is $M 3,838.5. The net
income for the year is $M 308.1, and the company plans to pay out dividends of $M 107.7.

To reconcile the forecasted balance sheet and income statement, we need to calculate the
EFN. Using the above figures, we calculate the EFN to be -$M 1,445.699. This indicates that

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the company will need to raise additional funds of $M 1,445.699 to finance its operations in
2023, which can be achieved through external equity financing or by taking on additional debt.

Acquisition and merger analysis

Purpose of merger:

Increased competition: Qantas has faced intense competition over the years, resulting in
declining trading revenue. In 2019, the trading revenue was AUD 16,667M, which decreased
to AUD 13,228M in 2020 and further declined to AUD 5,082M in 2021. A merger could help
Qantas gain market share and improve revenue. Qube's expertise in logistics and
transportation could help Qantas expand its reach and gain more market share, which could
improve its revenue stream.

Cost Reduction: The income statement reveals that Qantas has been struggling with high
expenses over the years. For example, the total expenses increased from AUD 14,841M in
2019 to AUD 15,986M in 2020, which is a 7.7% increase. Additionally, the net profit after tax
(NPAT) was negative in 2021, indicating that the company is not generating enough profits to
cover its expenses. Merging with another company could help Qantas reduce its operating
costs and achieve economies of scale, leading to increased profitability.

Cash flow management: Qantas has been experiencing negative cash flow in recent years,
which could impact its ability to finance future projects and pay dividends to
shareholders(Egwu, Orugun and Adelakun, 2021). For instance, in 2021, the operating cash
flow was negative AUD 1,582M, while the investing cash flow was negative AUD 790M. A
merger could provide Qantas with more financial resources to manage its cash flow and fund
its growth plans.

Improved passenger experience: Qantas has been investing in its customer experience over
the years to remain competitive(Keenan, Santos and Curran, 2015). However, the pandemic
has led to a decline in passenger traffic and revenue. In 2021, the total income declined by
63.5% compared to the previous year. A merger with another airline could provide Qantas with

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more resources to improve its passenger experience and attract more customers, leading to
increased revenue.

Evaluation and comments if Qantas acquire Qube:

Assuming that Qantas intends to acquire Qube, we can estimate the purchase consideration
by considering the market capitalization of Qube and any premiums or discounts on the
purchase price. To begin, we will use Qube's market capitalization as of June 30, 2021,
which was AUD 5.5 billion. We will also assume that the merger agreement will include a
premium or discount on the purchase price, which will affect the final purchase
consideration. If a premium is added to the market capitalization, it will increase the
purchase consideration, while a discount will decrease the purchase consideration. In
addition to this, we will consider Qube's net debt, which was AUD 262 million as of June 30,
2021. By adding or subtracting the premium or discount from the market capitalization and
considering the net debt, we can estimate the purchase consideration for Qube by Qantas.

To calculate the acquisition value of Qube company, we need to determine the enterprise
value (EV) of the company, which is the sum of the market value of equity and the net debt
of the company. The market value of equity is calculated as the number of outstanding
shares multiplied by the current share price. The net debt of the company is calculated as
the total debt minus cash and cash equivalents.

We can calculate the net debt of the company using the information provided:
Total borrowings = $1,057.3m (from notes 13)
Less: Cash and cash equivalents = $154m (from note 22a)
Net Debt = $903.3m

Now, we can calculate the enterprise value (EV) of Qube company by adding the net debt to
the market value of equity. Let's assume that the market value of equity is equal to the total
equity, which is $2,990.90m.

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Enterprise Value (EV) = Net Debt + Market Value of Equity EV = $903.3m + $2,990.90m EV
= $3,894.20m
Therefore, the acquisition value of Qube company is $3,894.20m.

Qantas and Qube had differing financial performances from 2018-2022. Qantas experienced
both positive and negative Free Cash Flows to Equity holders (FCFE), with -$514 million in
2018, declining sharply to -$1,154 million in 2019, but improved significantly to $1,749
million in 2020. Conversely, Qube's FCFE was negative throughout the period, with -$10.6
million in 2018, -$2.8 million in 2019, and -$90.3 million in 2020.
Despite these differences, a merger between Qantas and Qube could be profitable based
on financial analysis. Qantas has had a strong financial position, maintaining a positive
FCFE over the past few years, while Qube's FCFE has been negative. Acquiring Qube
could potentially improve its financial performance through cost savings and business
synergies. Return on Equity (ROE) is another important metric to evaluate profitability.
Qantas has maintained a relatively stable ROE over the past five years, ranging from 13%
to 19%, indicating consistent returns for shareholders. Qube's ROE has been more volatile,
ranging from -15% to 25%. However, a merger could potentially improve Qube's ROE by
leveraging Qantas' expertise in the airline industry and expanding Qube's logistics
operations(Moshinsky, 1959).

Table:

    2022 2021
Cash and cash equivalents 22(a) 154 125
Trade and other receivables   888.8 426.3
Inventories 6 28.7 6.5
Derivative financial instruments 7 - 0.1
32 1,071.50 558.7
Assets classified as held for sale   - 1,660.20
Total current assets 25 1,071.50 2,218.90
Non-current assets
237.4
Loans and receivables 200.9
Investment in equity accounted
8 577.3 578.8
investments

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Property, plant and equipment 26 1,897.10 1,599.60
Right-of-use assets 9 785.1 636.8
Deferred tax assets 10 54.5 -
Investment properties 16 53.5 46.5
Intangible assets 11 898.5 875
Derivative financial instruments 12 34.8 22.3
Other assets 32 62.7 25.8
Total non-current assets 4,564.40 4,022.20
Total assets 5,635.90 6,241.10

LIABILITIES  
256.9
Current liabilities
Trade and other payables 374.8
Borrowings 13 58.6 -
Lease liabilities 21 84.7 74.5
Current tax payable 10 162.2 9.8
Derivative financial instruments 15(c) 0.5 0.9
Provisions 32 130.7 119.1
14 811.5 461.2
Liabilities directly associated with
  - 165
the assets held for sale
Total current liabilities 25 811.5 626.2
Non-current liabilities
4.7
Trade and other payables 2.5
Borrowings 13 998.7 1,525.80
Lease liabilities 21 810.3 642.6
Deferred tax liabilities 10 - 64.2
Derivative financial instruments 17 - 5.2
Provisions 32 22 13.6
Total non-current liabilities 14 1,833.50 2,256.10
Total liabilities 2,645.00 2,882.30
Net assets 2,990.90 3,358.80
EQUITY
3,088.90
Contributed equity 2,720.60
Reserves 19 - 3.3
Retained earnings 20 272.5 269.6
Capital and reserves attributable
20 2,993.10 3,361.80
to owners of Qube
Non-controlling interests -2.2 -3

Total equity 28 2,990.90 3,358.80

Acquisition Value of Qube company

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 1057.
Total borrowings 3
Cash and cash equivalents 154
Net debt 903.3
2990.
market value of equity 9
3894.
Enterprise value 2

Purchase consider of Cube company

Intrinsic Value of Cube Limited $34,180.16
Book Value of Cube $7,231.47
Average Value in offer to Cube as Purchase Consideration $26,948.69

The profit from merger between Quantas and Qube company:

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The combined firm value can be calculated by adding the present values of the free cash flows
from 2020 to 2022 and the terminal values for both firms:

Combined Firm Value = Present Value of Free Cash Flows + Present Value of Terminal
Values

Using a discount rate of 10%, the present value of free cash flows and terminal values can be
calculated as follows:

Present Value of Free Cash Flows Cube = $1,498,224 / (1 + 0.10)^1 + $1,501,225 / (1 +

0.10)^2 + $1,872,428 / (1 + 0.10)^3 = $4,362,000

Present Value of Terminal Value Cube = $26,749 / (1 + 0.10)^3 = $19,136

Present Value of Free Cash Flows Quantas = $610,236 / (1 + 0.10)^1 + $861,225 / (1 +

0.10)^2 + $7,199,928 / (1 + 0.10)^3 = $7,671

Present Value of Terminal Value Quantas = $102,856,100 / (1 + 0.10)^3 = $73,749

Therefore, the combined firm value is:

Combined Firm Value = $4,362 + $19,136+ $7,671 + $73,749 = $104,918

The Profit from Possible Merger between Qube and Qntas

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 Combined value of firm $122,122.18
Combined value calculated from FCF $104,918
Value increased due to merger $17,204.18

Conclusion and Recommendation

Based on the financial analysis conducted, a merger between Qantas and Qube presents a
promising opportunity for both companies. Qantas has a strong financial position, with high
levels of cash and a positive FCFE. The acquisition of Qube would provide Qantas with access
to Qube's expertise in logistics and supply chain management, which would allow Qantas to
expand its logistics operations and improve its market position. However, there are also
potential risks and challenges associated with the merger, including the need to integrate two
different company cultures and potential resistance from stakeholders. Therefore, it is
recommended that both companies conduct further due diligence to fully evaluate the potential
risks and benefits associated with the merger. This should include a thorough analysis of
Qube's financial position and growth prospects, as well as an assessment of the potential
impact of the merger on Qantas' existing operations.

GroupExperience
Our group was tasked with analyzing the financial performance of Qantas Airways and
Qube Holdings and evaluating their merger. We worked collaboratively, dividing tasks based
on individual strengths, and utilizing various communication tools to stay connected and
share our work. Through effective communication, we were able to work through challenges,
compromise on certain aspects of the assignment, and manage time restrictions. Our
teamwork helped us manage the stress of completing the project, with members completing
tasks in a sequential manner to ensure timely completion. We were able to share our
experiences and ideas and work together to produce a comprehensive report analyzing the
financial performance of both companies and their potential merger. Despite the challenges
we faced, we enjoyed working together and found the experience to be positive. We were
able to produce a high-quality report evaluating the merger of Qantas Airways and Qube

26
Holdings, which provided insight into the financial performance of both companies and their
potential synergies. Overall, we feel that our collaboration and effective communication were
key factors in the successful completion of this project.

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Journal of Empirical Finance, 66, pp. 176–195. Available at:

https://doi.org/10.1016/j.jempfin.2022.01.006.

Egwu, E.M., Orugun, F.I. and Adelakun, A. (2021) ‘Exploration of Cash Flow Management

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https://doi.org/10.2478/kbo-2020-0047.

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Appendices
Appendix 1: (Excel spreadsheet Tab 1)

30
Appendix

31
32
Appendix 2:

(Excel spreadsheets 2 & 3)

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Appendix 3: ( Excel spreadsheet tab 6)

34
Appendix 4: (Excel spreadsheet tab 6)

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Appendix 5: (Excel spreadsheet tab 10)

36