Financial Performance Management

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Table of Contents

Introduction

Financial performance is a comprehensive review of a company’s entire position in areas such as assets, liabilities, equity, costs, revenue, and overall profitability (Busco et al., 2019). Assets, liabilities, and equity are all measured separately. It may be calculated using a variety of business formulae that provide users with precise information about a company’s potential efficacy. In the case of internal users, financial performance is used as a benchmark to gauge the health and position of their specific organisations (Galant and Cadez, 2017). The financial performance of a firm is scrutinised by other parties in order to decide whether or not it is a worthwhile investment. Financial statements must be analysed before any financial indicators can be used to determine overall performance. A financial performance study uses precise financial formulae and ratios, which, when contrasted to historical and industry indicators, give insight into a company’s financial health and performance (Rodriguez-Fernandez, 2016). Financial performance is measured using seven important ratios that are widely utilised in the business sector to aid and assess the overall performance of a firm.

This report has focused on identifying which company, between Virgin Atlantic and British Airways, is a better performer in terms of Financials. The comparison will be achieved by conducting a ratio analysis between the companies, taking their financial data of 2019 and 2020. The poor Performer company will be advised strategies through discussing the application of Balanced Scorecard and Integrating Reporting. The Kaplan and Norton’s Balanced Scorecard Framework will be considered while discussing the application. And, the <IR> Framework of integrated reporting will be considered to suggest its benefits and limitation to the poor performer company.

Answer to Question 1

Financial Performance Comparison of Virgin Atlantic and British Airways through Ratio Analysis

Liquidity Ratio is a financial tool which is used to identify the capability of an organisation to cover it short term obligations or current liabilities. There are three types of liquidity ratio which are commonly used, “Current Ratio, Quick Ratio or Acid Test Ratio, Cash Ratio” (Atrill and McLaney, 2018).

Current Ratio is a liquid ratio and this ratio indicated whether a firm has short term function. This ratio is used to compare its current assets to its current liabilities (Berk and DeMarzo, 2017). In terms of Current Ratio of Virgin Atlantic in the year 2020, the value was 0.50 simultaneously in the year 2019 it was 0.59 It shows that company has more current liabilities than its current assets; it means company is not at a good liquid position.

In case of British Airways, it was 0.36 in the year 2020 but in the year 2019 it was valued 0.74. In comparison of these companies Virgin Atlantic performed well in the year 2020, but in the year 2019, British Airways performed better than Virgin Atlantic.

Again, Quick Ratio is a financial ratio which is indicates company’s capacity to pay its current liabilities without needing to sells (Musallam, 2018). It shows a company’s liquid position means it helps to identify a firm’s ability to cover its short-term obligations or current liabilities. Quick Ratio of Virgin Atlantic in the year of 2020 the value was 0.46 and in 2019 it was 0.56. It means company is not at standard condition, it indicates that company is facing trouble to cover its short-term obligation. In comparison with “British Airways” its quick ratio in the year 2020 valued 0.36 and in 2019 it was 0.71. It means in the year 2019 “British Airways” quick ratio is good as compared to “Virgin Atlantic” but in 2020 Virgin Atlantic’s quick ratio is better than “British Airways”

Cash Ratio is a financial instrument which is used to measure firm’s liquid condition, it’s also a type of liquidity ratio, which shows how much cash is available to cover its current liabilities (Atrill and McLaney, 2018). Cash Ratio of “Virgin Atlantic” in the year 2019 was 0.26 but in the year 2020 it was 0.15 but in case of “British Airways” in the year 2020 it was 0.22 and in the year 2019 it was 0.20. In comparison of these companies “British Airways” cash ratio is more stable than “Virgin Atlantic”.

In terms of “Profitability Ratio”, it is a financial instrument which is used by analysts and investors to identify a company’s ability to get profit or income (Berk and DeMarzo, 2017). The components require to identify this ratio- “Gross Profit, Operating Income”, Income Before Tax, “Net Income, Sales, Total Equity, Total Assets” etc. There are few types of profitability ratio – “Gross Margin, Operating Margin, Pre-tax Margin, Net Profit Margin, Return on Equity (ROE), Return on Assets (ROA)” etc.

In term of Profitability Gross Margin of “Virgin Atlantic” in the year 2020 was 0.53 but in the year 2019 was 0.66. But in case of “British Airways,” Gross Margin was valued 0.73 in the year 2019 but in 2020 it was 0.54. So, in the comparison of these companies British Airways is better than Virgin Atlantic in term of Gross Margin.

In terms of Operating Margin of Virgin Atlantic, it was 0.02 in the year 2019 but in the year 2020 it was -0.62, In case of British Airways its operating margin in the year 2019 was 0.10 and in the year 2020 it was -0.97. In the year 2019 British Airways was better than Virgin Atlantic but in 2020 Virgin Atlantic was better.

Pre-Tax Margin was better in case of “British Airways” compared to “Virgin Atlantic”.

In case of Net Profit Margin here also “British Airways” performed better than “Virgin Atlantic”.

Return on Equity (ROE) of “Virgin Atlantic” is better than “British Airways”.

In case of Return on Assets (ROA) “British Airways” was performed better than “Virgin Atlantic”.

Leverage Ratio is one type of financial instrument which used to identify how a company financed its assets and business operations by using debt or equity. There are few leverage ratios which are normally used- Debt Equity Ratio, Debt Capital Ratio and Equity Multiplier. Leverage Ratio is another financial tool which is used by financial experts and investors to identify the ability of an organisation of doing business operations by using their DEBT and EQUITY. Types of Leverage Ratio like, Debt Equity Ratio, Debt Capital Ratio, Equity Multiplier, Interest Coverage Ratio etc. In case of Debt Equity Ratio, the value of “Virgin Atlantic” in the year 2019 was -18.01 but in the year 2020 was -5.89 but in term of “British Airways” its value was 2.22 in the year 2019 but in 2020 it was 9.26. In the comparison of these companies British Airways performed well as compared to Virgin Atlantic.

In case of Debt Capital Ratio Virgin Atlantic’s value in 2019 was 1.06 but in 2020, it was valued 1.20 but of British Airways it was 0.69 in the year 2019 but in 2020 it was 0.90, in case of Debt Capital Ratio Virgin Atlantic performed better as compare to British Airways. In case of Equity Multiplier British Airways has been performed better as compared to Virgin Atlantic.

Working Capital Ratio is a financial instrument which indicates a firm’s ability to operate daily operations and activities (Musallam, 2018). There are few types of Working Capital Ratio like, “Inventory Days, Account Receivable Days, Account Payable Days, Duration Working Capital Cycle”. In Working Capital Ratio, in term of Inventory Days “Virgin Atlantic’s” was valued 24.62 in the year 2019 but in 2020 it was valued 124.10. Again, for British Airways it was valued 35.75 in the year 2019 but in 2020 it was valued 27.66. In comparison of these companies Virgin Atlantic’s Inventory Days was better than British Airways.

For Account Receivable Days Virgin Atlantic’s value was 35.46 in the year 2019 but in the year 2020 it was valued 67.19. Similarly for British Airways Account Receivable Days was 32.56 in the year 2019 but in 2020 was 32.03. In case of Account Receivable Days Virgin Atlantic has been performed better as compared to British Airways.

In term of Account Payable Days Virgin Atlantic has been performed well as compared to British Airways. Duration of Working Capital Cycle was valued -1227.42 in the year 2020 of Virgin Atlantic and in 2019 it was 57.79. Similarly, for British Airways it was valued -413.83 in 2019 but in 2020 it was valued -411.34.

Answer to Question 2

Application of Kaplan and Norton’s Balanced Scorecard to Manage Virgin Atlantic’s Performance

Virgin Atlantic is a British airline company group, present in names of Virgin Atlantic Airways Limited and Virgin Atlantic International Limited. Their head centre in Crawley, England. Virgin Atlantic Limited this company is 51% owned by virgin group and 49% by Delta Air Lines. Overall, the total amount is £400m investment is split £204m virgin group (Obadina, 2019).

Vision: It is the vision of Virgin Atlantic to become “the most loved travel company.” For this organisation, the best customer experience system serves as a source of inspiration. As a result of this, the firm has been able to attract new employees by creating new challenges that focus on the client experience (Kitamura, Matsushima and Sato, 2018).

Mission: The mission of Virgin Atlantic is “To grow a profitable airline, that people love to fly and where people love to work.” Company’s motive is to be a profitable business entity and to be a company where people love to fly and love to work (Virgin Atlantic Airways Ltd., 2022).

BALANCED SCORECARD (BSC):

BSC’s full form is Balanced scorecard, its mean performance of strategic management which is used for identify and developing whole structure and how to improve various internal and external function of business. These tools identify well feedback for this organisation. As well as, its measure better finance plane, growth and learning, better process of business (Busco and Quattrone, 2015). This structure information input in a single report. Its regulated information like, developing efficiencies and performance of finance.

Elements of Kaplan and Norton’s Balanced Scorecard: There are four types of elements which are-

Financial perspective.

Customer perspective.

Business process component.

Growth and Learning

Concept of the Elements:

Financial perspective:

This elements measure by company’s any types of cost, term of return on investment and other types of cost operating in the organisation.

Customer perspective:

It indicates contentment of customers .and their satisfaction, relation with company and share market retention held by this corporations.

Business process components:

This measures all operational activities of the organisation and the processes which relates with quality, cost and business process.

Growth and Learning:

Its measure company’s growing knowledge, increasing company’s developing plane, and good relation with internal and external employees (Kaplan, 2010).

All components are attached with one by one. It’s not to be a used in one function. This organisation has to together or more of all components. All perspectives are work together and achieve organisation goals and achieve well objective of running days. Four sub-components are:

Objective: organisations objective such as profitability and market share.

Measure: observe company’s objective, and measure progress.

Target: These sub elements can be determined organisation’s goal and measure achieves.

Initiative: it can be measure various types of action and objective taken to meet (Kaplan, 2010).

BSC (Balanced Scorecard) it’s a better figure for any organisation to measure Company’s performance, and this tool better route for corporation. There are some advantages of BSC, which are

It gives a stature this strategy like organisation takes frequently performance in a proper way.

There are some different perspectives to management of strategic. BSC helps to achieve their goal and take helps positive actions

It ensures that overall area of this organisations is offset in an easiest way to understand, and makes a better communicate for organisations.

It gives well-structured goals and helps identifying employees’ superior goals

It is also aligning organisations department and dividing up. Overall department and division should line up with an ordinary strategy, and the stabilize balanced scorecard facilitates this process. In the same way they can see how their main roll up to the level of enterprise measures, better project report.

Balanced scorecard makes better connections and easier, and outstanding scenario of this organisation (Hoque, 2014).

Additionally Balanced scorecard some disadvantages are there. Such as:

Balanced scorecard can be overwhelming, it also needs to be customized to each and every organisation using this tool.

It is required to be bought in from successful leadership, its necessary execute from the top way to the bottom of the organisation.

It also can get elaborated, Balanced scorecard take hold of some times and enthusiasm to. There are innumerable case studies and resources to read from and it’s easy to get broiled down with more different routes of utilize this method.

Mostly, Balanced scorecard requires team members and managers reporting information. Its mean gets in the routes of doing required work to meet objectives (Hoque, 2014).

Application Kaplan and Norton’s BSC Framework to Virgin Atlantic

Financial Perspective:

Objective	Measure	Targets	Initiatives
Growth of sales	increasing more customers	12% revenue	Generating more profits
cost minimization	Increasing Net profit	4% per annum	Decrease cost of operating
Asset utilisation	Lease cost plane	4% per annum	standardize of planes

Customer Perspective:

Objective	Measure	Targets	Initiatives
Increasing customer satisfaction	Retention of customers	Increase a greater number of customers.	More user-friendly customers
Relationship building with customers	well behaviour of customers	Flight is on time and better customer ranking	Customer loyalty program.

Business Process Components:

Objective	Measure	Targets	Initiatives
Meals on flight	Decoration of food meal	Increase food menu by7%	Varities of food
Fast ground turnaround	On ground turn On time departure	20 minutes 90%	Optimization programs of cycle time

Growth and Learning:

Objective	Measure	Targets	Initiatives
Alignment crew ground	7% of crew ground trained	Per annum 1 to 50%	Crew ground training
Stock ownership plane	10% of ground stock holder	6 years of 98%	Better ownership plane.

Answer to Question 3

Application of <IR> Integrated Reporting Framework in Virgin Atlantic’s Improvement

As outlined in the company’s mission statement, Virgin Atlantic aims “To build a successful airline, that customers love to travel and where employees love to work.” That means Virgin Atlantic aspires to be both a financially successful airline and one that its passengers enjoy flying with. “Where peoples enjoy to work” is also a goal of the airline (Virgin Atlantic Airways Ltd., 2022).

Virgin Atlantic’s vision statement is that it wants to be the most admired airline. Take a cue from the company’s customer experience model and apply it to this one. It also serves to entice new employees to join the company. In addition, Virgin Atlantic places an emphasis on the mental well-being of its employees and provides them with assistance and support in order to improve employee retention and job happiness (Virgin Atlantic, 2020). However, Virgin Atlantic’s goal is to become the most beloved airline business in the world, where employees and passengers alike enjoy their employment and travel.

Integrated Reporting <IR> is a report framework which shows the components which helps organisations to create their values in financial as well as in term of non-financial. It helps organisations to create their values over the years in term of short, medium and long (IIRC, 2013). Purpose of the Integrated Reporting is to how the company allocate their capitals in short, medium and long term to show the report to the capital providers. It improves the quality of information available for more productivity allocation and efficiency. Integrated reporting helps in communication about how an organisation’s strategy, performance, prospects and governance (Busco et al., 2013).

Capitals of Integrated Reporting <IR>: There are 6 capitals of Integrated Reporting which all are interrelated with each other.

Financial Capital: It shows all financial capitals or funds, that available in the organisation which needs to operate all activities like production, service and all operations. It also obtained financing like equity, debt or any type of grants, and funds generated from operations and other investments.

Human Capital: It includes all human activities, motivating all employees to grow productivity and acquiring new talents and innovations. It includes governance framework, risk management, ethical values etc. (De Villiers, Rinaldi and Unerman, 2014).

Manufactured Capital: It includes all physical objects of organisation apart from natural objects, it shows all physical objects which helps to manufacture and used for operations of the organisation such as building, equipment or machineries, infrastructure etc.

Social and Relationship Capital: It includes the relationship with the peoples and other institutions, communities etc. It also takes care of key stakeholders and other networks which develops the social and individuals value, it creates social capital of the organisation.

Intellectual Capital: It includes knowledge base intangibles such as patents, copyrights, rights and licences. It also shows systems and managerial processes, and knowledge tacit (Dumay et al., 2016).

Natural Capital: It includes all renewable and non-renewable energy natural resources, and a process of goods processing which give supports to the present, future of an organisation.

Key elements of Integrated Reporting: There are eight key elements of Integrated Reporting

“Organisational overview and external environment”

“Governance”

“Business model”

“Risks and opportunities”

“Strategy and resource allocation”

“Performance”

“Outlook”

“Basis of preparation and presentation” (IIRC, 2013)

Organisational Overview and external environment of Virgin Atlantic: Headquarter of Virgin Atlantic is situated in Crawley, England. This Airways was established in the year 1984, Its 51% owned by Virgin Group and 49% owned by Delta Group. It is one of the leading airline companies in United Kingdom (UK) (Virgin Atlantic, 2021).

Risks and opportunities of Virgin Atlantic:

This company has financial risk like fuel price risk, credit risk, capital risk and liquidity risk. On the other hand, Virgin Atlantic’s technology is one of the key opportunities. Growth in the tourism industry is one another opportunity (Virgin Atlantic, 2020).

Benefits of Integrated Reporting in Virgin Atlantic: There are several benefits of Virgin Atlantic by using Integrated Reporting:

It gives more integrated thinking and management

Better view of business performance, it’s given a better clarity of performance. It gives greater insights and clarity of the business

It creates social value of the company; it creates good relationship with the stakeholders and other networks. Though it improves company’s reputation

It develops a greater engagement between the employees

It improves gross margin of the company, by adopting integrated reporting company’s getting more financial benefits

It gives a better understanding of the factors that determines the ability to create value of the organisation

Financial capital helps to understand how to manage the fund and investments and other financial benefits

Human capital helps to manage peoples and it also helps to manage skills, employees. It also helps to motivate employees and it analyse future growth of the organisation

It also improves the relationship with the customers and their satisfaction

Better understanding also helps business to promote more creative thinking. Integrated reporting also increases the opportunity to explore information and gives a clear understanding

It improves the quality of information for more productivity allocation and efficiency

Integrated reporting helps in communication about how an organisation’s strategy, performance, prospects and governance

It helps to create values of any company in term of financial or non-financial, it helps to create value for both (De Villiers, Rinaldi and Unerman, 2014; Dumay et al., 2016; Malafronte and Pereira, 2020)

Challenges of Integrated Reporting in Virgin Atlantic:

It changes the mindset of those people who were involved in

There is lack of some terminology, which are common

It changes the silo mentality while writing the annual report

There is lack of standards

It gives more focus to the financial capital where as other capitals also important for growing an organisation. Others like “Human”, “Social and relationship”, “Manufacturing”, “Natural”

There is some lack of complexity and contribution to the annual report where need to do some changes

There is lack of clarity (De Villiers, Rinaldi and Unerman, 2014; Malafronte and Pereira, 2020)

Conclusion

It has been learned that British Airways was a better performer than Virgin Atlantic in terms of their financials of 2019 and 2020. The Ratio Analysis has been attached in the appendix. Therefore, the Virgin Atlantic has been advised with a Balanced Scorecard Framework of Kaplan and Norton to improve its performance. Also, the company Virgin Atlantic has been recommended with the <IR> framework to engage with better integrated reporting, so that the company can identify its weaknesses effectively and make betterments in its financial performance management.

References

Atrill, P. and McLaney, E.J., 2018. Management Accounting for Decision Makers. Pearson.

Berk, J. and DeMarzo, P., 2017. Corporate Finance (3^rd ed.), Chapter 2. Pearson.

Busco, C. and Quattrone, P., 2015. Exploring how the balanced scorecard engages and unfolds: Articulating the visual power of accounting inscriptions. Contemporary Accounting Research, 32(3), pp. 1236-1262.

Busco, C., Frigo, M.L., Quattrone, P. and Riccaboni, A., 2013. Integrated Reporting: Concepts and Cases that Redefine Corporate Accountability. Springer.

Busco, C., Malafronte, I., Pereira, J. and Starita, M., 2019. The Determinants of Companies’ Levels of Integration: Does One Size Fit All? The British Accounting Review,51(3), pp. 277-298.

De Villiers, C., Rinaldi, L. and Unerman, J., 2014. Integrated Reporting: Insights, gaps and an agenda for future research. Accounting, Auditing & Accountability Journal, 27(7), pp. 1042-1067.

Dumay, J., Bernardi, C., Guthrie, J. and Demartini, P., 2016. Integrated reporting: A structured literaturereview. Accounting Forum, 40(3), pp. 166-185.

Galant, A. and Cadez, S., 2017. Corporate social responsibility and financial performance relationship: a review of measurement approaches. Economic research-Ekonomska istraživanja, 30(1), pp.676-693.

Hoque, Z., 2014. 20 years of studies on the balanced scorecard: Trends, accomplishments, gaps and opportunities for future research. British Accounting Review,46(1), pp.33–59.

IIRC, 2013. International Integrated Reporting Council (2013). International<IR>framework. Available at: http://integratedreporting.org. [Accessed on 23.03.2022].

International Airlines Group, 2020. British Airways Plc Annual Report and Accounts – Year ended 31 December 2019. [Online] Available at: British Airways Plc Annual Report and Accounts 2019.pdf (iairgroup.com) [Accessed on 23.03.2022].

International Airlines Group, 2021. British Airways Plc Annual Report and Accounts – Year ended 31 December 2020. [Online] Available at: british-airways-plc-annual-report-and-accounts-2020.pdf (iairgroup.com) [Accessed on 23.03.2022].

Kaplan, R.S., 2010. Conceptual foundations of the balanced scorecard. Working Paper10-074.

Kitamura, H., Matsushima, N. and Sato, M., 2018. Naked exclusion under exclusive-offer competition.

Malafronte, I. and Pereira,J., 2020. Integrated thinking: measuring the unobservable. Meditari Accountancy Research.

Musallam, S.R., 2018. Exploring the relationship between financial ratios and market stock returns. Eurasian Journal of Business and Economics, 11(21), pp.101-116.

Obadina, I., 2019. Air Carrier’s Liability for Aviation Injuries in Nigeria: Rethinking Harkar Air Services v. Okeazor and Oparaji v. Virgin Atlantic Limited. Journal of Public and International Law,(ABUJPIL) Ahmadu Bello University, Zaria, pp.252-275.

Rodriguez-Fernandez, M., 2016. Social responsibility and financial performance: The role of good corporate governance. BRQ Business Research Quarterly, 19(2), pp.137-151.

Virgin Atlantic Airways Ltd., 2022. Our story. [Online] Available at: Our story | Virgin Atlantic [Accessed on 26.03.2022].

Virgin Atlantic, 2020. Virgin Atlantic Limited and subsidiary companies Annual report and consolidated financial statements (For the year ended 31 December 2019). [Online] Available at: Virgin Atlantic Annual Report 2019_Final.pdf [Accessed on 26.03.2022].

Virgin Atlantic, 2021. Annual Report & Financial Statements (2020). [Online] Available at: Virgin Atlantic Annual Report 2020_final v1.pdf [Accessed on 26.03.2022].

Appendix

In £m	RATIO ANALYSIS
CALCULATIONS:
		VIRGIN ATLANTIC				BRITISH AIRWAYS
Input data for Liquidity Ratios:		2020	2019				2020	2019
Current Assets		386	796				2,093	4,720
Current Liabilities		773	1,352				5,801	6,390
Inventories		30	39				73	156
Cash		115	353				1,261	1,258
LIQUIDITY RATIOS:		2020	2019				2020	2019
Current Ratio		0.50	0.59				0.36	0.74
Current Assets/Current Liabilities
Quick Ratio (or Acid Test Ratio)		0.46	0.56				0.35	0.71
(Current Assets-Inventories)/Current Liabilities
Cash Ratio		0.15	0.26				0.22	0.20
Cash/Current Liabilities
		VIRGIN ATLANTIC				BRITISH AIRWAYS
Input data for Profitability Ratios:		2020	2019				2020	2019
Gross Profit		457	1,926				2,180	9,662
Operating Income		-539	55				-3,881	1,338
Pre Tax Income		-858	-64				-4,184	1,459
Net Income		-865	28				-3,489	1,109
Sales		868	2,927				4,001	13,290
Total Equity		-576	-190				1,567	5,807
Total Assets		2,816	3,238				16,077	18,705
PROFITABILITY RATIOS:		2020	2019				2020	2019
Gross Margin		0.53	0.66				0.54	0.73
Gross Profit/Sales
Operating Margin		-0.62	0.02				-0.97	0.10
Operating Income/Sales
PreTax Margin		-0.99	-0.02				-1.05	0.11
PreTax Income/Sales
Net Profit Margin		-1.00	0.01				-0.87	0.08
Net Income/Sales
Return on Equity (ROE)		1.50	-0.15				-2.23	0.19
Net Income/Tot.Equity
Return on Assets (ROA)		-0.31	0.01				-0.22	0.06
Net Income/Tot.Assets
LEVERAGE RATIOS Input:		2020	2019				2020	2019
Total Debt		3,392	3,428				14,510	12,898
Total Equity		-576	-190				1,567	5,807
Total Assets		2,816	3,238				16,077	18,705
EBIT (Operating income)		-539	55				-3,881	1,338
Interest Expense		0	0				0	0
LEVERAGE RATIOS:		2020	2019				2020	2019
Debt/Equity Ratio		-5.89	-18.01				9.26	2.22
Total Debt/Total Equity
Debt/Capital Ratio		1.20	1.06				0.90	0.69
Total Debt/(Tot.Equity+Tot.Debt)
Equity Multiplier		-4.89	-17.01				10.26	3.22
Total Assets/Total Equity
Interest Coverage Ratio		_	_				_	_
EBIT/Interest Expense
Input data for Working Capital Ratios:		2020	2019				2020	2019
Inventories		30	39				73	156
Account Receivables		162	288				356	1202
Account Payables		346	4				1243	2104
Purchases		88	567				950	1571
Sales		868	2,927				4,001	13,290
WORKING CAPITAL RATIOS:		2020	2019				2020	2019
Inventory Days		124.10	24.62				27.66	35.75
(Inventories/Purchases) x 360
Account Receivable Days		67.19	35.46				32.03	32.56
(Account Receivable/Sales) x 360
Account Payable Days		1418.70	2.28				471.03	482.14
(Account Payable Days/Purchases) x 360
Duration Working Capital Cycle		-1227.42	57.79				-411.34	-413.83
Stock Period + Credit Period – Payable Period

Data collected from 2019 and 2020 annual reports of Virgin Atlantic (Virgin Atlantic, 2020; Virgin Atlantic, 2021) and 2019 and 2020 annual reports of British Airways (International Airlines Group, 2020; International Airlines Group, 2021)

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