From the financial statements of Air New Zealand (AIR NZ) 2020 calculate the following ratios:

Return on Investment

Debt Service Coverage Ratio

Receivables Turnover Ratio (assume 20% of passenger and cargo sales are on credit)

Du-Point 3-step model

Referring to the Forecasted Liquidity statement of the AIR NZ and your knowledge of financial statement analysis and associated ratios, discuss whether Air NZ is (i) a going concern; (ii) if Air NZ is trading insolvently and (iii) what are the consequences if AIR NZ is trading insolvently.