1. Intro: Summary of the case

2. Problem: what is the problem or question

3. Your comments or suggestions

EXHIBIT 1: TRANSAERO FINANCIAL STATEMENTS (A) Transaero Income Statement (in RUB millions) (B) Transaero Balance Sheet (in RUB millions) EXHIBIT 4: FINANCIAL RATIOS \begin{tabular}{|c|c|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{ Aeroflot } & \multicolumn{2}{|c|}{EuropeanEmergingMarkets} & \multicolumn{2}{|c|}{GlobalAirlineIndustry} \\ \hline & 2013 & 2014 & 2013 & 2014 & 2013 & 2014 \\ \hline \multicolumn{7}{|l|}{ LIQUIDITY RATIOS } \\ \hline Current Ratio & 1.2x & 0.7x & 1.3x & 0.7x & 0.7x & 0.6x \\ \hline Quick Ratio & 0.8x & 0.5x & 1.5x & 1.3x & 1.2x & 1.2x \\ \hline CashfromOperationstoCurrentLiabilities & 0.4x & 0.3x & 0.7x & 0.3x & 0.3x & 0.2x \\ \hline \multicolumn{7}{|l|}{ EFFICIENCY } \\ \hline Total Asset Turnover & 1.4x & 1.3x & 1.4x & 1.1x & 0.8x & 0.8x \\ \hline Fixed Asset Tumover & 3.4x & 3.1x & 3.2x & 2.7x & 1.5x & 1.4x \\ \hline Average Days Sales Outstanding & 28.1 & 31.3 & 28.7 & 31.2 & 22.8 & 21.9 \\ \hline Average Days Inventory Outstanding & 6.8 & 7.2 & 7.1 & 7.6 & 10.4 & 9.9 \\ \hline Average Days Payable Outstanding & 24.4 & 28.8 & 0.1 & 0.2 & 32.0 & 31.9 \\ \hline Average Cash Conversion Cycle & 10.5 & 9.7 & 7.0 & 10.4 & 10.3 & 10.0 \\ \hline \multicolumn{7}{|l|}{ FINANCIAL LEVERAGE } \\ \hline Total Liabiilies/Total Assets & 74.0% & 104.9% & 54.2% & 101.6% & 81.7% & 83.5% \\ \hline Tatal Debt/Equity & 156.8% & NM & 83.1% & NM & NM & NM \\ \hline Long-Term DebtEquity & 131.7% & NM & 55.4% & NM & 136.0% & 165.7% \\ \hline EBIT/Interest Expenses & 6.1x & 1.9x & 2.9x & 2.0x & 0.9x & 1.4x \\ \hline \multicolumn{7}{|l|}{ PROFITABILITY } \\ \hline Retum on Equity & 13.6% & (83.7%) & 13.1% & NM & 10.5% & 11.0% \\ \hline Retum on Assets & 6.1% & 2.4% & 5.9% & 2.1% & 2.3% & 3.3% \\ \hline Retum on Sales & 2.8% & (4.8%) & 7.1% & (4.4%) & 0.1% & (0.6%) \\ \hline Gross Margin & \begin{tabular}{|l|l|} 12.1% & \\ \end{tabular} & 9.3% & 23.1% & 10.0% & 17.5% & 18.2% \\ \hline \end{tabular} EXHIBIT 5: AIRCRAFT INFORMATION