Singapore Airlines 2004 Annual Report Download - page 47

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45
SIA Annual Report 03/04
Performance of the Group (continued)
Value Added
Total value added for 2003-04 declined 7.6 per cent (–$331 million) to $4,036 million. The drop was mainly attributable to
lower revenue (–$753 million), lower share of profits of associated companies (–$38 million), lower surplus on disposal of
aircraft, spares and spare engines (–$42 million) and retrenchment and early retirement costs (–$41 million), partially offset
by lower purchase of goods and services (+$531 million).
Payroll and other staff cost accounted for 48.8 per cent of the value added, 2.6 percentage points lower than last year.
$305 million (7.5 per cent) of the value added was for distribution to shareholders, $65 million (1.6 per cent) for finance
charges, and $46 million (1.1 per cent) belonging to minority interests. Including the tax write-back of $205 million arising
from the 2 percentage points reduction in statutory tax rate, $1,725 million was retained for future capital requirements.
R1 Excludes write-back of prior years’ tax liabilities of
$204.7 million and $277.8 million for 2003-04 and 2002-03
respectively arising from reduction in statutory tax rate.
Financial Review
Group Value Added Distribution
$ Million
$ Million
1999-00 2000-01 2001-02 2002-03 2003-04
2,500
2,000
1,500
1,000
500
0
Retained in the Business
Employees
Suppliers of Capital
Government
2,500
2,000
1,500
1,000
500
0
R1
R1
Group Value Added Productivity Ratios
Dollar
Dollar
1999-00 2000-01 2001-02 2002-03 2003-04
Value Added Per $ Employment Cost
Value Added Per $ Revenue
Value Added Per $ Investment in Fixed Assets
3.0
2.4
1.8
1.2
0.6
0
3.0
2.4
1.8
1.2
0.6
0