FM Assigment no 3

8/7/2019 FM Assigment no 3

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ASSIGMENT NO 2

Project Report

Financial Management (5535)Taxes can greatly affect the future value of an investment. Critically examine the statement

and the tax environment in public organization of Pakistan.


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DEPARTMENT OF ADMINISTRATIVE SCIENCES

ALAMA IQBAL OPEN UNIVERSITY

ISLAMABAD

In The Name Of Allah.Most Gracious, Most MercifulAnd He (Allah) Taught Adam

The Names Of All ThingsAnd He (Allah) Taught ManThat Which He Knew Not

Al-Quran


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ACKNOWLEDGEMENT

First; I would like to thank Allah Almighty for providing me an opportunity and patience to

complete my internship.

Then I would like to appreciate Assistant Manager Marketing, in Pakistan International Airlines,

who shared his knowledge with me. That helped me in understanding of the management theory

and practice and tends that make the job more motivating

Finally, I pay my deepest gratitude with deepest sense of respect to my parents whose love and

affection kept me steadfast and enabled me to attain the targets and goals of academic life.


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DEDICATION

I DEDICATE THIS HUMBLE EFFORT TO MY PARENTS, WHOS LOVE AND

AFFECTION FOR ME IS JUST BLESSING.

&

TO THE DEPARTMENT OF ADMINISTRATIVE SCIENCES, ALAMA IQBAL OPEN

UNIVERSITY, ISLAMABAD. THAT REALLY HELPED IN DEVELOPING MY

CAREER AND PERSONALITY.


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Table of Contents

ACKNOWLEDGEMENT ......................................................................................................... 3

DEDICATION ......................................................................................................................... 4

An Abstract .......................................................................................................................... 6

Time Value of Money .......................................................................................................... 7

Practical Study of the Organization ..................................................................................... 9

Company in a Glance ......................................................................................................... 11

Financial Statement Analysis: ............................................................................................ 15

Data Collection Method .................................................................................................... 19

SWOT Analysis ................................................................................................................... 20

Recommendations ............................................................................................................. 22

Conclusion ......................................................................................................................... 24

References ......................................................................................................................... 25


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An Abstract

Pakistan International Airlines is one of the leading Public Sector Organizations in the country

and is serving the nations for more than half a century. Here in this report, I will be giving areview of the company and the implication of the financial tools generally followed in it.

The report presented here will be first giving a brief idea about the Time Value of Money and

then its impact on the taxation. After that a brief company review will follow an analysis of the

financial statement for the year 2009. There we will study the tax culture in the organization

and a SWOT analysis will follow the conclusion.


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Time Value of Money

Introduction

Time Value of Money (TVM) is an important concept in financial management. It can be used to

compare investment alternatives and to solve problems involving loans, mortgages, leases,

savings, and annuities.

TVM is based on the concept that a dollar that you have today is worth more than the promise

or expectation that you will receive a dollar in the future. Money that you hold today is worth

more because you can invest it and earn interest. After all, you should receive some

compensation for foregoing spending. For instance, you can invest your dollar for one year at a

6% annual interest rate and accumulate $1.06 at the end of the year. You can say that the

future value of the dollar is $1.06 given a 6% interest rate and a one-year period. It follows that

the present value of the $1.06 you expect to receive in one year is only $1. A key concept ofTVM is that a single sum of money or a series of equal, evenly-spaced payments or receipts

promised in the future can be converted to an equivalent value today. Conversely, you can

determine the value to which a single sum or a series of future payments will grow to at some

future date.

You can calculate the fifth value if you are given any four of: Interest Rate, Number of Periods,

Payments, Present Value, and Future Value. Each of these factors is very briefly defined in the

right-hand column below. The left column has references to more detailed explanations,

formulas, and examples.

Present value

The current worth of a future sum of money or stream of cash flows given a specified rate of

return. Future cash flows are discounted at the discount rate, and the higher the discount rate,

the lower the present value of the future cash flows. Determining the appropriate discount rate

is the key to properly valuing future cash flows, whether they be earnings or obligations.

Present value of anannuityAn annuity is a series of equal payments or receipts that occur at evenly spaced intervals.

Leases and rental payments are examples. The payments or receipts occur at the end of each

period for an ordinary annuity while they occur at the beginning of each period for an annuitydue. Present value of a perpetuity is an infinite and constant stream of identical cash flows.

Future value

FV is the value of an asset or cash at a specified date in the future that is equivalent in value to

a specified sum today.
http://en.wikipedia.org/wiki/Present_valuehttp://en.wikipedia.org/wiki/Cash_flowshttp://en.wikipedia.org/wiki/Annuity_(finance_theory)http://en.wikipedia.org/wiki/Annuity_(finance_theory)http://en.wikipedia.org/wiki/Annuity_(finance_theory)http://en.wikipedia.org/wiki/Perpetuityhttp://en.wikipedia.org/wiki/Future_valuehttp://en.wikipedia.org/wiki/Future_valuehttp://en.wikipedia.org/wiki/Perpetuityhttp://en.wikipedia.org/wiki/Annuity_(finance_theory)http://en.wikipedia.org/wiki/Cash_flowshttp://en.wikipedia.org/wiki/Present_value


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Future value of an annuity (FVA) is the future value of a stream of payments (annuity),

assuming the payments are invested at a given rate of interest.

Tax deferral

It refers to instances where a taxpayer can delay paying taxes to some future period. In theory,

the net taxes paid should be the same. In practice, due to the time value of money, paying

taxes in future is usually preferable to paying them now. Taxes can sometimes be deferred

indefinitely, or may be taxed at a lower rate in the future, particularly for deferral of income

taxes. It is a general fact of taxation that when taxpayers can choose when to pay taxes, the

total amount paid in tax will likely be lower

Income tax deferral

In many jurisdictions, income taxes may be deferred to future periods by a number of means.

For example, income may be recognized in future years by using income tax deductions, or

certain expenses may be provided as deductions in current rather than future periods. In

jurisdictions where tax rates are progressive - meaning that income taxes as a percentage of

income are higher for higher incomes or tax brackets, resulting in a higher marginal tax rate -

this often results in lower taxes paid, regardless of the time value of money.

Tax deferred retirement accounts exist in many jurisdictions, and allow individuals to declare

income later in life; if the individuals also have lower income in retirement, taxes paid may be

considerably lower. In Canada, contributions to registered retirement savings plans or RRSPs

are deducted from income, and earnings (interest, dividends and capital gains) in these

accounts are not taxed; only withdrawals from the retirement account are taxed as income.

Other types of retirement accounts will defer taxes only on income earned in the account. In

the United States, a number of different forms of retirement savings accounts exist with

different characteristics and limits, including 401ks, IRAs, and more.

As long as the individual makes withdrawals when he or she is in a lower tax bracket (that is,

has a lower marginal tax rate), total taxes payable will be lower.

Corporate tax deferral

Corporations (or other enterprises) may often be allowed to defer taxes, for example, by

using accelerated depreciation. Profit taxes (or other taxes) are reduced in the current period

by either lowering declared revenue now, or by increasing expenses. In principle, taxes in future

periods should be higher.
http://en.wikipedia.org/wiki/Taxhttp://en.wikipedia.org/wiki/Time_value_of_moneyhttp://en.wikipedia.org/wiki/Jurisdictionhttp://en.wikipedia.org/wiki/Income_taxhttp://en.wikipedia.org/wiki/Progressive_taxhttp://en.wikipedia.org/wiki/Tax_brackethttp://en.wikipedia.org/wiki/Marginal_tax_ratehttp://en.wikipedia.org/wiki/Retirement_accounthttp://en.wikipedia.org/wiki/Canadahttp://en.wikipedia.org/wiki/RRSPhttp://en.wikipedia.org/wiki/Interesthttp://en.wikipedia.org/wiki/Dividendshttp://en.wikipedia.org/wiki/Capital_gainhttp://en.wikipedia.org/wiki/401khttp://en.wikipedia.org/wiki/Individual_retirement_accounthttp://en.wikipedia.org/wiki/Accelerated_depreciationhttp://en.wikipedia.org/wiki/Reducedhttp://en.wikipedia.org/wiki/Reducedhttp://en.wikipedia.org/wiki/Accelerated_depreciationhttp://en.wikipedia.org/wiki/Individual_retirement_accounthttp://en.wikipedia.org/wiki/401khttp://en.wikipedia.org/wiki/Capital_gainhttp://en.wikipedia.org/wiki/Dividendshttp://en.wikipedia.org/wiki/Interesthttp://en.wikipedia.org/wiki/RRSPhttp://en.wikipedia.org/wiki/Canadahttp://en.wikipedia.org/wiki/Retirement_accounthttp://en.wikipedia.org/wiki/Marginal_tax_ratehttp://en.wikipedia.org/wiki/Tax_brackethttp://en.wikipedia.org/wiki/Progressive_taxhttp://en.wikipedia.org/wiki/Income_taxhttp://en.wikipedia.org/wiki/Jurisdictionhttp://en.wikipedia.org/wiki/Time_value_of_moneyhttp://en.wikipedia.org/wiki/Tax


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Practical Study of the Organization

We here discuss Strategic Analysis of PIA which is in practice now days in Pakistan.

Overview

Pakistan International Airlines, Pakistan s national flagship airline, has been a pioneer since its

inception in 1955. PIA was the first Pakistani airline from a non-communist country to fly into

the People s Republic of China and, in 1962 PIA set out to break the record for the fastest flight

between London and Karachi.

PIA continues to soar, ever committed to innovation and rich customer experience. With a fleet

of young airplanes, a crew dedicated to providing the highest standards of in-house service, and

stellar management, POA is a flight that is going places. However, recently, the profitability of

PIA has been witnessing a downside.

Year 2008 did not bring any significant improvement in the financial performance of PIA. The

problems of the past years recurred and compounded to give the company a higher net loss for

the year. The company is in a dire situation to salvage itself from further crises. A brief recap of

year 2007 reveals that during the year, the company experienced a series of financial,

operational and marketing problems. In the early part of the year, imposition of operating

restrictions by EU caused considerable disruption in the PIA schedule as well as significant

curtailment in capacity.

With the airline brand severely dented, PIA lost market share as well as growth in business,

which made the situation still more difficult. The unprecedented hike in oil prices adversely

impacted PIA s bottom line. PIA, the late starter was unable to hedge the risk against the high

oil prices and thus had to absorb the burden of expensive fuel. Apart from the fuel cost,

increases in pay to certain categories of personnel and depreciation of the rupee vis-a-vis the

US dollar towards the end of the year also adversely affected the financial results.

The airline could not remain immune to ever-increasing competition due to an over supplied

capacity environment including entry of new operators in certain key markets. PIA managed to

increase the yields despite competition. However, this improvement was offset by reduced

level of traffic. PIA s revenues, thus, remained static for the year. The cash position of the

company remained under strain throughout the year and was managed by short/medium termborrowings from the market based on GOP guarantees. However, a positive development

during the last quarter of 2007 was the withdrawal of EU operating restrictions, as PIA was able

to satisfactorily address the issues highlighted by the EU Air Safety Committee.

Company Snapshot

1) Company Name: Pakistan International Airlines


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2) Nature of Business: Airline Service

3) Ticker: PIAC

4) Net Premium Comparison

a. Net Premium CY 07 PRs 70,480,734,000

b.

Net Premium CY 08 PRs 89,201,257.0005) Share Price (Average) PRs 3.17while closing for 2009 was PRs 2.61

6) Market Capitalization: 6,703,472,884

7) Total Loss for 2009 was PRs 5822 million (as of 31st

December 2009)

Fleet

Company as of December 2009 had 40 planes in its fleet


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Company in a Glance

Vision

PIAC has a vision to be a world class airline, meeting customer expectations through excellentservices, on-time performance, innovative products and absolute safety

Mission Statement analysis

PIACs mission statement is as follows

Employee teams will contribute towards making PIA a global airline of choice through

1. Offering quality customer services and innovative products

2. Using state-of-the-art technologies

3. Ensuring cost effective measures in procurement and operations

4. Developing safety culture

This mission statement addresses following core points of nine point mission statement analysis

1. Product and or service

2. Technology

3. Philosophy

4. Self-concept

5. Concern for people

6. Concern for survival growth and profitability

Business Status

PIAC is capitalized (publicized) and its the only airline in Pakistan to be in stock market. Though

its full privatization is announced by the GOP but it was never implemented due to Union

power. Currently 89.1% shares of PIA are with government.

Several steps towards outsourcing of non-core business have been initiated. Catering units

(starting with Karachi Flight Kitchen), Ground Handling (starting with Ramp Services) and

Engineering, are to be gradually carved out of the airline and operated as independent

companies.

Offered Services

Following services are offered by PIAC which are strategically very important for organizations

market demand.

1) News Paper and magazines are provided to all customers. The bi monthly Hamsafar is

quiet popular which was introduced in 1980 and still continues

2) Frequent flyer program allows passengers to receive free tickets, excess baggage

vouchers, cabin upgrades, and rewards and special deals. Awards +Plus offers three tiers


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of membership to frequent flyers - Emerald, Sapphire and Diamond. A+ mile can be

earned by flying PIA, and by using the products of PIA's partners.

3) Livery has been with PIAC since its creation. It regularly changes the look of the planes

the average aircraft look remains for 3 years approximately. This gives it a new feel to

travel in PIA plane. Especially the four tail design has been quiet popular withcustomers, as it signifies the four provinces of Pakistan.

4) Cargo service is strategically very important even though it was launched in 1970s but in

2003, PIA launched a full courier service and introduced "PIA Speedex". The services

were started in Karachi, Lahore and Islamabad, expanding in a year to twelve cities.

Today, the airline offers over seventy locations within Pakistan with shipments collected

and delivered from customer homes. From 2004 to September 2007 PIA Cargo operated

two Airbus A300 Freighter aircraft through MNG Airlines under wetlease/ACMI to Haan

and Luton, initially these also operated to Amsterdam, Basel and Cologne. If used

properly this can become a winning strike for PIAC.

5) PIA maintained its operations to three Continents of North America. Europe and Asia

while serving 42 destinations around the world. Contributing from all major routes

improved from last years level with Pakistan region contributing 26% followed by UK

24%, Middle East 23% America 14%, Europe 8% and Far East 6% only. Pakistan

International Airlines Corporation, through its subsidiaries, provides passenger and

cargo air transport services. It also offers engineering, baggage, charter, mail and

telephone, and handling and related services. In addition, the company operates as a

promoter and investor in projects related to construction, development, and operation

of hotels, motels, and restaurants; and manages an airport hotel at Karachi. It operates

in the United States, Canada, Europe, the Middle East, Africa, and Asia. They can be


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better understood by the following pie chart

Brand marketing through sponsorships

PIAC has been using brand marketing quiet efficiently through various sponsorships as

described follows. Their use in strategy formulation will be discussed ahead.

1) Pakistan International Airlines (PIA) supports a first-class cricket team that plays in the

ABN AMRO Patron's Trophy in Pakistan. PIA is also sponsoring the Pakistani team for the

A1 Grand Prix.

2) PIA also promotes the Shandur Polo Gala that takes place every year in the Chitral and

Gilgit regions of northern Pakistan during the summer period.

3) PIA is one of the official sponsors of the "Destination Pakistan 2007" festivals.

4) PIA also has its own Boy Scouts Association (PIA-BSA) working in partnership with

Pakistan Boy Scouts Association. After the earthquake, PIA-BSA was working in

partnership with other charity organisations to provide relief help.

5)

PIA Planetariums located in Karachi and Lahore are owned by PIA, which enable the

public to see static aircraft as well as astronomy shows.

6) PIA Horticulture, set up in 1996, provides flowers for display in PIA's offices and for a

range of events, winning several awards and accolades at flower exhibitions across the

country.


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7) PIA also supports non-profit organisations within Pakistan such as; Al-Shifa Trust, Zindagi

Trust, The Citizens Foundation and Sind Institute of Urology and Transplantation (SIUT).

Pakistan International Airlines is one of the many public sector organizations in the country

which is not only facing huge deficit on their operational profits but also it is struggling in itsprofit after taxes. The following are the financial statements of the organization for the year

2009 and we will be discussing some of the vital indices under the umbrella of Time Value of

Money as well as the Tax environment prevailing in the same period of time.


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Financial Statement Analysis:


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The Equity:

The equity of the company is clearly under acute pressures as the airline is facing huge losses in

the recent years. For the year 2008, it dramatically decreased by around 36 billion rupees and

in 2009 it further dropped by 2 billion. According to the tome value of money concept, the

impact which is visible in the statement gets a bit lighter. The country has faced an inflation of

about 25% for the last couple of years, therefore, the deficit of about 38 billion can be seen as

of around 30 billion.

The Liabilities:

When we see the total liabilities of the organization in the statement, we will see an interesting

fact that if we concentrate on the Dollar side of the statement, it shows that the liabilities have


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decreased a bit since Jan 2008. But on contrary, the picture is totally different when we

concentrate on the Rupee side. The reason here again is of the time value of money. But this

time, the value of the money is exchanged against the dollar. The devaluation of the rupee

against the dollar in the year 2008 nearly cost the organization about 20 billion rupees.

The Assets:There is no impact of time value of money on the assets of the airline. The assets are

depreciated by the course of time and can only be assessed according to the time value of

money if they are revalued at some point of time. But the revaluation is not been done in the

recent times.


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Taxation:

The organization is in the deep troubles for last some years and despite the losses, it is paying

taxes to the FBR. This fact has further worsened the state of affairs and ultimately the

organization id plunging into deep crisis. But in the year 2010, FBR has reimbursed the taxes

been paid in the last 05 years as the organization has been paying the taxes even in being in thelosses for the same period of time. This has relaxed the situation in the organization and has

also increased the liquidity of the finances.

Deferred Tax

A net reversal of PKR 8,852 million in deferred taxation has been recorded which has resulted in

a significant reduction in amount of loss after taxation for the year. The reversal is caused due

to recognition of deferred tax asset on account of unused tax losses related to unabsorbed

depreciation amounting to PKR 91,709 million. In view of the history of losses, the amount of

deferred tax asset is restricted to the amount of taxable temporary differences available and

recognized only for tax losses related to unabsorbed tax depreciation which can be carriedforward indefinitely.


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Data Collection Method

The data collection method used in this report is Secondary data, which is collected throughNewspaper, Reports, Magazine and Internet to analyze the market polices of consumer goods

and services

These sources provided some very valuable data, which enable me to formulate and more

ahead with this Project.


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SWOT Analysis

SWOT Analysis is a powerful technique for understanding your Strengths and Weaknesses, andfor looking at the Opportunities and Threats that face

Strength:

PIAC has following strengths in doing business in Pakistan:

Monopoly in Pakistan market

Huge financial advantage being 89.1% shares with GOP

Younger planes as compared to competition

Reach to international destinations

Brand advantage

Experience curve advantage

Broader target market

Point to point frequency

Weakness:

PIAC has following weaknesses:

Corruption is at level high and lack of accountability

High amount of debt

Dysfunctional and inefficient organizational structure

Uncooperative and non-professional crew

Hold of union (Union has higher than average power)

Inefficient use of resources (Human and Technological)

High influence of Government officials on rules and regulations

Offer free travelling to most of government officials, supporters, MPAs,

MNAs, and other government guests. (lack of business professionalism in

revenue generation)

Overstaffing in last 10-12 years

Low rewards and appraisal

High fares when compared with domestic competitors

Low salary of engineers and high salary of pilots (discrimination effect)


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Opportunities:

PIAC has following opportunities:

Lowered oil prices

Ability to have maximum route and fleet reach

Demand for low cost airlines is growing due to global crisis

Shifting customer trend to national airline due to racism in various countries

Industry recovery for airlines is predicted in couple of years

Better recruitment policy

Speed ex which is domestic can be international

Better training programs

Threats:

PIAC would face following threats:

High interest rate in Pakistan

5 major accidents involving PIAs planes

Technical failures have started growing in planes increasing customer distrust

for safetyStrong competition by Air Blue

Dollar to PRs rate is increasing (money is devaluing)

EU is expected to restrict planes from entering air without Euro2 standard

emission system.

Government may capitalize this sector; in this case their biggest advantage of

holding monopoly would end.

Fluctuating fuel prices

Terrorism

Time taken by embassy to accept visa

Open sky policy and single euro sky policy

High debt can affect its resource purchasing


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Recommendations

The following specific steps can help to go a long way toward supporting to organization.

Employee satisfaction or dissatisfaction measures

If PIA believes that dissatisfaction or absenteeism is affecting the productivity level of

employees, then the root cause of such factors is identified. If a genuine reason emerges, the

employee is assisted in rectifying the situation; if not, then the employee might get a letter of

warning.

Employees at PIA can express dissatisfaction through the Suggestion Boxes located at various

sites of PIA. Furthermore, quarterly employee co-ordination meetings are held where all

employees can share their views with their bosses and subordinates.

Violation of Code of Conduct (COC)

If the code of conduct is violated in PIA, a Show Cause Letter is issued while in severe cases the

employee is suspended until a proper investigation takes place.

Recruitment and hiring procedures

An entire Recruitment and Selection Division is functioning in the HR & Administration

Department. Decisions are taken by the top management of PIA regarding the attributes

required for hiring. An assessment form, based on certain characteristics such as personality,

skills and qualifications, is used to evaluate a candidate. The verdict of the management is

forwarded to the recruitment division which then initiates the procedure of recruitment and

selection.

After difficult circumstances the Human Resource Department is now fully functional and

policies and procedures are now in place. New recruitments with clearly defined levels of skill

and competence in all areas are being made. New inductions both on the management side and

specifically the operational side of cockpit crew, cabin crew and ground engineers will continue

at regular intervals so that the shortages experienced in these areas are fully taken care. The

policy is to promote people from within the airline at all levels. However, where PIA does not

find the relevant competencies they hire people from outside which is based on market

salaries. Salaries of all the employees including operational crew have been considerably

enhanced in an effort to align PIA salaries with regional airlines over a period of time.

Communication pros and cons

The organizational structure of PIA is centralized, therefore decision-making is a time-

consuming process and delays occur in downward communication. Though, it is believed that

the current Chairman is inclined towards a decentralized system, the effectiveness of such an

approach in PIA remains to be seen.


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Effective communication is essential in all organizations and it becomes even more essential in

an organization like PIA due to its large size and expanded network. It is necessary that people

from various departments communicate between each other to have an overall uniformity.

Previously fax was widely used to transmit information, however, with the technological

advancement e-mails are used for this purpose. Another mode of communication is through

letters.

Exit Interviews

At PIA, exit interviews depend on the immediate supervisors and Departmental Heads. Some of

them are keen on the idea, others are not: there is no clear policy for exit interviews.

During downsizing employees are offered different packages such as a Golden Hand Shake in

which employees are paid a lump sum amount for their services. This is done to maintain a

healthy relationship between the management and the employees and also to make employees

feel that they are being taken care of in the organization.

Team works roleIn an airline industry almost all tasks are performed through team work and PIA is not any

different. From ticket reservation to the landing of the plane team work is the decisive factor.

Employees work in various teams such as ground staff, cabin crew, flight attendants, office staff

etc. All these teams have different sets of tasks to perform but cohesion among these teams is

necessary to run the day to day operations. Considering the diverse nature of employees PIA

has, it is difficult to make team work efficient so it is major challenge for them.

Influence of Groups on decision making

The sheer size of the organization leads to the formulation of various formal and informalgroups at PIA. The informal groups influence the overall decision making process to some

extent due to the nature of the workplace. These informal groups are formed because many

employees have been there in the organization for several years and they share common

interests.

One more important factor is the highly politicized environment of the organization which

allows and pampers such groups from top level management.

Power and Politics

In PIA employees are less empowered which means all the power rests with the top level

management and they can exercise it at their will. Also their power cannot be challenged by theemployees and compliance to the decisions being made by them is essential. We can also say

that in PIA that legitimate power is exercised. This also leads to high employee dissatisfaction

because in order to be influential one needs to have personal contacts. This is the reason

employees focus more on networking rather than concentrating on their jobs. We were not

able to get an insight on the various political issues in the organization but it is a common

observation that illegitimate political behavior is a common practice. It is present in the form of

nepotism, intentionally damaging the image of other employees.


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Conclusion

I propose the organization should review its expenditures and reinforce on the need to cutdown the overhead cost to get the organization back onto the winning tracks. Therefore, I

suggest that the company should rebuild its services and emphasize on the customer care for

giving ultimate flying experience onboard.


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References

The data has been collected from various sources to accomplish the project report. For thispurpose, PIA regional office has been visited frequently and much of the help has also been

taken from official website of the corporation. Following are the main sources from where the

information has been gathered:

PIA Regional Office Rawalpindi

www.piac.com.pk

www.wikipedia.com
http://www.piac.com.pk/http://www.piac.com.pk/http://www.wikipedia.com/http://www.wikipedia.com/http://www.wikipedia.com/http://www.piac.com.pk/

FM Assigment no 3

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