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Audit of annual and consolidated financial statements
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Global audit technology
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Accounting related consulting
Accounting in accordance with UGB, US-GAAP or IFRS is in constant motion. The integration of new regulations into their own accounting systems poses special challenges for companies.
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Corporate Tax
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Restructuring, Mergers & Acquisition
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International Tax
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Transfer pricing
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Private Wealth
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Real Estate Tax
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Global Mobility Services
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Advisor for Advisor
As advisors for advisors, we support in complex situations
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Bookkeeping & Financial accounting
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Preparation of annual & consolidated financial statements
Depending on the size of your company and the legal form chosen, you are obliged to prepare annual financial statements. In addition, shareholders, owners and management want to be provided with financial information on a regular basis. We support you in fulfilling your recording obligations and thus ensure that you present companies, the bank and other addressees with meaningful and reliable figures.
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Payroll Services
Payroll services are among the subject areas that are changing rapidly and constantly gaining in complexity. This is where tax law, social security law, labour law, residence law and other legal matters come together. Our experts will help your team to stay up-to-date and solve complex issues. But we are also happy to take care of your entire payroll accounting.
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Tax Compliance
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Robotic Process Automation (RPA)
Robotic Process Automation (RPA) is a software-based technology that mimics a series of activities within and between systems based on a set of instructions typically to complete a process.
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Valuation
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Forensic Services
When it comes to risks in business, our experts are on hand. We support you not only in suspicious cases or in disputes, but also develop suitable strategies in the area of prevention to avoid serious cases as far as possible. Our Cyber Security team helps you to keep your networks and applications secure and is quickly on hand in the event of a security leak.
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Transaction Support
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Sustainability Services
Sustainability is no longer a trend, but the only way to create a future worth living. Our experts will support you in successfully developing your sustainability strategy and preparing your sustainability reporting in compliance with regulations.
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Merger & Acquisition
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Restructuring & Going Concern Forecast
Restructuring & Going Concern Forecast: Bundled services for your strategic, operational and financial decisions offer the right answers for companies, banks, shareholders and investors.
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Internal Audit
Internal Audit helps companies and organisations to achieve their goals by analysing and evaluating the effectiveness of risk management, controls and management and monitoring processes. Internal Audit focuses on independent and objective audit (assurance) and consulting services that improve the value creation and business activities of your company.
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Expert dispute resolution & advisory
Grant Thornton Austria offers comprehensive services in the field of business-oriented expert services with a broad range of competencies from banking to communication. The core activity of experts is the objective recording of findings and the preparation of expert opinions - regardless of all external circumstances. Our experts Gottwald Kranebitter and Georg H. Jeitler, as sworn and court-certified experts, ensure that the highest professional standards and the principle of objectivity are observed.
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Blockchain and Crypto-Asset
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Corporate & Brand Strategy
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Cyber Security
Cyber incidents, IT system failures, the resulting business interruptions and the loss of critical data are one of the greatest business risks for companies. Recent cases underline the need for strategic protection and awareness of the issue and require a holistic approach and technical expertise that takes into account all legislative, regulatory and technical aspects of cyber security to protect companies against the daily increase in cybercrime incidents.
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International Project Coordination
Our International Engagement Management team is your central point of contact for international projects in all our service lines. We take care of operational project management for you and act as a central point of contact and coordination for your projects. We support companies that start international projects from Austria as well as companies from abroad that want to gain a foothold in Austria or use Austria as a hub for their international projects, especially in the DACH (Germany, Austria and Switzerland) and CEE region.
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International Desks
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COVID-19 has been an unprecedented shock for the global aviation industry, resulting in fleets of idle aircraft, empty airports and a huge drop in passenger numbers. And while large-scale vaccination programmes offer hope, some level of disruption looks set to remain for a significant period of time.
According to the International Civil Aviation Organisation (ICAO), 2020 saw a staggering 60% drop in international passenger traffic, bringing totals down to 2003 levels[i]. It is forecasted the industry will not return to 2019 levels of activity until 2024.
Aviation is in for the long haul when it comes to pandemic-related disruption, but what are the specific challenges that businesses are facing?
Liquidity
It is likely that the airline industry will remain cash negative in 2021, as lockdowns, travel restrictions and reluctant passengers continue to take effect. The International Air Transport Association (IATA) predicts that cash burn could be between $75 billion and $95 billion[ii].
This makes cash flow management a top priority for airlines, lessors and support businesses, but uncertainty is a clear risk. Many businesses are relying on government support which will not last forever, and the varying speed of vaccination programmes makes it hard to predict when travel restrictions will ease.
Download the brochure besides or read on for our aviation industry insights.
Operating costs
Up until now, the main strategy for lowering operating costs has been reducing staff levels, either through redundancies or by placing workers on governments’ furlough schemes. But this is only a temporary source of stress-relief and creates further issues later on when operators are looking to scale operations back up, especially when it comes to staff with more specialised skill sets and experience who could be harder to recruit when growth returns.
Debt and restructuring
For airlines, the capital debt accrued through the ownership or leasing of aircraft is a huge part of their fixed costs. A regional variance in the number of these assets going unused is starting to emerge[iii]. As of February 2021, global scheduled seat percentage is down 44% on the same time last year.
The International Bureau of Aviation (IBA) believes the varying scales of vaccination rollouts will “significantly affect global travel patterns and airline route commitments in 2021”[iv]. It is predicting revenue passenger growth (RPK) of 60% in the US, 50% in Europe and 30% in Latin America as these regions begin to catch up with the growth seen in China at the end of 2020.
As such, businesses are looking to negotiate payment deferrals with banks and lessors. Lessors themselves often hold between 70% - 80% debt on each of their aircrafts, and many are in serious financial difficulty. While attempting to draw down funds, secure more finance or restructure debts, it is clear joint efforts between all market participants will be necessary for some time.
Operational changes
Another large source of uncertainty is simply what exactly a return to business looks like for the aviation industry. As some airlines begin to take on more activity, there has been a variety of approaches to social distancing. Operating at a lower capacity may not be feasible as a long-term strategy for smaller operators with shallow cash reserves.
Lessors are looking to create more resiliency to market volatility, with some businesses likely to take new approaches to fleet management and pricing.
What is the direction of travel for aviation?
The aviation industry faces a long road to recovery, even as demand from travel-hungry consumers and businesses begin to return in 2021.
We are currently working with our clients to help protect and restore value so if you need support for the year ahead, get in touch with our expert Andrew Dickson.
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i. ICAO, icao.int, 2021
ii. IATA, iata.org, 2021
iii. OAG, oag.com, 2021
iv. IBA, iba.aero, 2021
