The financial impact of Covid-19 ended up with some companies' becoming bankrupt. In Australia, one of the companies that was announced for insolvency was Virgin Australia: "One of the biggest casualties so far of the COVID-19 pandemic has been Virgin Australia (ASX: VAH), which now seems highly unlikely to resume flying in its current form. With the Federal Government having turned down the airline's request for a $1.4 billion loan to help the struggling airline, there are now a welter of interested private parties trying to engineer a change of ownership. The key to recapitalising Virgin Australia is for the company to somehow shrug off its $5 billion debt which has accumulated as the company has continued to post losses for many years." (Resource: https://smallcaps.com.au April 20, 2020) The table below summarises the financial statements for the Virgin Group for the 2019, 2018 and 2017. a) Prepare the Horizontal analysis and analyse the financial status of Virgin Australia in 2019 compared with 2018 ensuring you refer to the information in the horizontal analysis. (4 marks) Movement Movement % 2017 $m 2018 $m 2019 $m 1,787.5 4,568.3 1,979.50 4,208.90 2,165.30 4,302.90 6,355.8 6,188.40 2,348.3 2,523.90 6,468.20 3,236.90 2,433.7 2,569.50 2,612.40 5,849.30 618.9 Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Net assets Share capital Reserves Retained earnings Non- controlling interests Total equity Loss Net cash from operating activities 4,782.0 5,093.40 1,573.8 1,095.00 2,243.7 2,238.90 58.8 268.3 (734.8) -1,415.80 2,238.50 117.6 -1,766.40 6.1 3.6 29.2 618.9 1,573.8 1,095.00 (185.8) (653.3) (315.4) 273.9 570.40 470