Aviation is among the industries that were adversely impacted by Covid. Below table shows selective financial ratios of Singapore Airlines (SIA), for five semi-annual fiscal periods, including both before and after Covid outbreak (period of March 2020 - September 2020, highlighted with bond font). Financial Statements are also provided. Analyse the impact of Covid outbreak on SIA's FIVE categories of financial ratios (i.e. Liquidity, leverage, turnover, profitability and market value). [Hint: Elaborate your finding with information from financial statements and attempt to connect the numbers with business activities.] The presentation of the answer should be well-organized

Period Start 03/21 09/20 03/20 09/19 03/19 Period End 09/21 03/21 09/20 03/20 09/19 Liquidity Ratios Cash Ratio 2.28 1.41 1.11 0.28 0.16 Current Ratio 2.72 1.69 1.30 0.44 0.41 Quick Ratio 2.49 1.57 1.22 0.35 0.32 Leverage Ratios Total Debt/Equity 67.47 88.07 71.27 121.08 71.90 Total Debt/Total Assets 33.97 38.15 30.83 34.96 27.76 Long-Term Debt/Equity 62.45 79.48 62.11 88.68 60.89 Long-Term Debt/Total Assets 31.44 34.43 26.86 25.60 23.51 Turnover Ratios Accounts Receivable Turnover 5.06 4.77 8.51 15.05 11.51 Days Sales Outstanding 72.13 76.59 42.99 24.31 31.71 Profitability Ratios Operating Margin -22.95 -29.92 -113.12 -4.16 5.42 Profit Margin -29.60 -36.84 -212.13 -5.46 2.47 Return on Equity -8.82 -33.87 -28.72 -1.88 5.36 Return on Assets -4.07 -11.98 -11.47 -0.66 2.29 Market Value Ratios Price/Book 0.68 1.03 0.67 0.73 0.92 Price/Sales 4.88 5.36 0.68 0.43 0.65 Dividend Yield 1.62 1.62 5.23 3.31 Share Price 5.03 5.55 3.47 4.04 6.38Period Start 03/21 09/20 03/20 09/19 03/19 Period End 09/21 03/21 09/20 03/20 09/19 Balance Sheet (In Millions of SGD) Assets Current Assets 15,404 9,672 8,941 4,843 3,551 Cash & Cash Equivalents 12,938 8,055 7,587 3, 109 1,435 Accounts Receiv 1, 189 903 791 699 1,391 Inventories 191 195 207 239 234 Other ST Assets 1,086 486 357 682 491 Non-Current Assets 28,963 27,909 27,227 28,870 28,044 Total Assets 44,367 37,581 36, 167 33,713 31,594 Liabilities Current Liabilities 5,670 5,713 6,855 11,002 8,700 Accounts Payable 2,216 2, 117 2,307 3,016 3, 101 Accrued Taxes 134 95 70 69 78 Interest & Dividends Payable 72 46 Other Payables & Accruals 338 - Short-Term Debt 1, 121 1,399 1,433 3,154 1,343 Other ST Liabilities 2,200 2, 113 3,046 4,780 4, 178 Non-Current Liabilities 16,362 15,590 13,668 12,978 10,696 Long-Term Debt 13,949 12,938 9,716 8,631 7,427 Other LT Liabilities 2,414 2,652 3,952 4,348 3,269 Total Liabilities 22,032 21,303 20,523 23,980 19,396 Total Shareholders' Equity 22,335 16,278 15,645 9,733 12, 198 Total Liabilities & Shareholders' Equity _ 44,367 37,581 36,167 33,713 31,594Period Start 03/21 09/20 03/20 09/19 03/19 Period End 09/21 03/21 09/20 03/20 09/19 Cashflow Statement (In Millions of SGD) Cash Flow from Operations 327 -606 -2,687 1,033 1,699 Cash Flow from Investing -732 -369 -945 -2,278 -2,687 Cash Flow from Financing 5,093 1,687 8,050 2,600 -664Period Start 03/21 09/20 03/20 09/19 03/19 Period End 09/21 03/21 09/20 03/20 09/19 Income Statement (In Millions of SGD) Revenue 2,827 2, 182 1,634 7,651 8,325 Operating Expenses 3,446 2,831 3,497 8,005 7,911 Staff Costs 664 584 577 1,047 1,516 Fuel Costs 810 640 376 2,288 2,349 Commission & Incentives 21 255 Handling Charges 282 174 615 661 Rentals on Leased Aircrafts 4 6 67 Operating Income -619 -650 -1,863 -354 413 EBITDA 342 366 -726 847 1,477 Pre-Tax Income -948 -1, 182 -3,776 -507 287 Net Income -837 -804 -3,467 -418 206