Kingfisher Airlines Annual Report

Kingfisher Airlines Limited (KFA) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Kingfisher Airlines Limited

Kingfisher Airlines Limited Balance Sheet (In Millions)

PARTICULARS	2023	2022
Non-current assets
Goodwill	2,408	2,424
Other intangible assets	371	330
Property, plant and equipment	3,205	3,078
Investment property	30	33
Right-of-use assets	1,947	1,885
Investments in joint ventures and associates	30	17
Post-employment benefits	251	540
Deferred tax assets	16	10
Other tax authority asset	64	64
Derivative assets	–	1
Other receivables	19	22
	8,341	8,404
Current assets
Inventories	3,070	2,749
Trade and other receivables	347	300
Derivative assets	16	37
Current tax assets	40	33
Cash and cash equivalents	286	823
Assets held for sale	3	6
	3,762	3,948
Total assets	12,103	12,352
Current liabilities
Trade and other payables	-2,483	-2,674
Borrowings	-16	-14
Lease liabilities	-343	-347
Derivative liabilities	-47	-12
Current tax liabilities	–	-46
Provisions	-10	-23
	-2,899	-3,116
Non-current liabilities
Other payables	-4	-10
Borrowings	-102	-2
Lease liabilities	-2,101	-2,029
Derivative liabilities	-5	-1
Deferred tax liabilities	-205	-276
Provisions	-10	-10
Post-employment benefits	-114	-130
	-2,541	-2,458
Total liabilities	-5,440	-5,574
Net assets	6,663	6,778
Equity
Share capital	305	325
Share premium	2,228	2,228
Own shares held in ESOP trust	-22	-46
Retained earnings	3,796	4,025
Capital redemption reserve	71	50
Other reserves	285	196
Total equity	6,663	6,778

Kingfisher Airlines Limited Profit & Loss Statement (In Millions)

PARTICULARS	2023	2022
Sales	13,059	13,183
Cost of sales	-8,264	-8,248
Gross profit	4,795	4,935
Selling and distribution expenses	-3,223	-2,999
Administrative expenses	-880	-823
Other income	26	26
Share of post-tax results of joint ventures and
associates	5	5
Operating profit	723	1,144
Finance costs	-129	-148
Finance income	17	11
Net finance costs	-112	-137
Profit before taxation	611	1,007
Income tax expense	-140	-164
Profit for the year	471	843
Remeasurements of post-employment benefits	-278	21
Inventory cash flow hedges – fair value gains Tax on items that will not be reclassified	58	59
	85	-18
Total items that will not be reclassified subsequently to profit or loss	-135	62
Currency translation differences
Group	129	-218
Joint ventures and associates	11	-7
Inventory cash flow hedges – gains transferred to income statement	-5	–
Fair value gains	–	1
Gains transferred to income statement	–	-1
Total items that may be reclassified subsequently to profit or loss	135	-225
Other comprehensive loss for the year	–	-163
Total comprehensive income for the year	471	680
Earnings per share
Basic	23.8p	40.3p
Diluted	23.5p	39.8p
Adjusted basic	29.7p	35.2p
Adjusted diluted	29.4p	34.8p

Kingfisher Airlines Limited Consolidated Cash Flow Statement (In Millions)

PARTICULARS	2023	2022
Operating activities
Cash generated by operations	984	1,411
Income tax paid	-130	-169
French tax authority payments	-34	–
Other tax authority payments	–	-64
Net cash flows from operating activities	820	1,178
Investing activities
Purchase of property, plant and equipment and intangible assets	-449	-397
Disposal of property, plant and equipment, intangible assets held for sale	2	9
Disposal of businesses, net of cash disposed	8	7
Interest received	5	2
Interest element of lease rental receipts	1	1
Principal element of lease rental receipts	3	3
Advance payments on right-of-use assets	-7	-11
Advance receipts on right-of-use assets	2	–
Dividends received from joint ventures and associates	3	1
Net cash flows used in investing activities	-432	-385
Financing activities
Interest paid	-5	-22
Interest element of lease rental payments	-124	-135
Principal element of lease rental payments	-329	-341
Repayment of bank loans	–	-2
Issue of fixed term debt	99	–
Repayment of fixed term debt	–	-95
New shares issued under share schemes	8	5
Purchase of own shares for cancellation	-337	-157
Purchase of own shares for ESOP trust	-9	-29
Ordinary dividends paid to equity shareholders of the Company	-246	-254
Net cash flows used in financing activities	-943	-1,030
Net dec in cash and cash equivalents and bank overdrafts	-555	-237
Cash and cash equivalents and bank overdrafts at beginning of year	809	1,136
Exchange differences	16	-90
Cash and cash equivalents and bank overdrafts at end of year	270	809

Certainly, here is a summary of the Cash Flow Statement for the years 2023 and 2022:

A. Cash Flow from Operating Activities

In 2023, KLM Axiva Finvest Ltd generated ₹984 from its operating activities, while in the previous year (2022), this figure was higher at ₹1,411. Adjustments included income tax payments of -₹130 in 2023 and -₹169 in 2022. Additionally, the company made payments to the French tax authority of -₹34 in 2023, which was not applicable in 2022. Other tax authority payments amounted to -₹64 in 2022 but were not specified for 2023. As a result, the net cash flows from operating activities were ₹820 in 2023 and ₹1,178 in 2022.

B. Cash Flow from Investing Activities

In 2023, KLM Axiva Finvest Ltd spent ₹449 on the purchase of property, plant, and equipment and intangible assets. In 2022, this expenditure was slightly lower at ₹397. The company also disposed of property, plant, and equipment and intangible assets held for sale, generating ₹2 in 2023 and ₹9 in 2022. Disposal of businesses, net of cash disposed, contributed ₹8 in 2023 and ₹7 in 2022. Interest received increased from ₹2 in 2022 to ₹5 in 2023, and interest and principal elements of lease rental receipts remained consistent. Advance payments on right-of-use assets amounted to -₹7 in 2023 and -₹11 in 2022, while advance receipts on right-of-use assets were ₹2 in 2023 and not specified for 2022. Dividends received from joint ventures and associates increased from ₹1 in 2022 to ₹3 in 2023. The net cash flows used in investing activities were -₹432 in 2023 and -₹385 in 2022.

C. Cash Flow from Financing Activities

The company paid -₹5 in interest in 2023 and -₹22 in 2022. The interest element of lease rental payments amounted to -₹124 in 2023 and -₹135 in 2022, while the principal element of lease rental payments was -₹329 in 2023 and -₹341 in 2022. There was no repayment of bank loans in 2023, but in 2022, -₹2 was spent in this category. KLM Axiva Finvest Ltd issued fixed-term debt amounting to ₹99 in 2023, with no such issuance in 2022. The company also repaid -₹95 of fixed-term debt in 2022. New shares were issued under share schemes, resulting in ₹8 in 2023 and ₹5 in 2022. The purchase of own shares for cancellation amounted to -₹337 in 2023 and -₹157 in 2022, while the purchase of own shares for the ESOP trust was -₹9 in 2023 and -₹29 in 2022. Ordinary dividends paid to equity shareholders of the company were -₹246 in 2023 and -₹254 in 2022. Consequently, the net cash flows used in financing activities were -₹943 in 2023 and -₹1,030 in 2022.

Overall Net Cash Flows

The net decrease in cash and cash equivalents for 2023 was -₹555, indicating a reduction in liquidity compared to -₹237 in 2022. Cash and cash equivalents and bank overdrafts at the beginning of the year were ₹809 in 2023 and ₹1,136 in 2022. Exchange differences added ₹16 to the cash and cash equivalents in 2023, while they subtracted -₹90 in 2022. This led to cash and cash equivalents and bank overdrafts at the end of the year amounting to ₹270 in 2023, compared to ₹809 in 2022. These figures illustrate the company 's cash flow activities and changes in its financial position over the specified years.

Kingfisher Airlines Annual Report and Financials

Kingfisher Airlines Limited (KFA) Return Comparision with Primex 40 Index

Kingfisher Airlines Limited Balance Sheet (In Millions)

Kingfisher Airlines Limited Profit & Loss Statement (In Millions)

Kingfisher Airlines Limited Consolidated Cash Flow Statement (In Millions)

Kingfisher Airlines Annual Report 2022-23

Kingfisher Airlines Annual Report 2012-13

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