Singapore Airlines 2004 Annual Report Download - page 83

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81
SIA Annual Report 03/04
Notes to the Financial Statements
31 March 2004
10 Taxation (in $ million) (continued)
A reconciliation between taxation expense and the product of accounting profit multiplied by the applicable tax rate for
the years ended 31 March is as follows:
The Group
2003-04 2002-03
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Profit before taxation 820.9 976.8
––––––––––––––––––––––––––––––––
Taxation at statutory tax rate of 20.0% (2002-03: 22.0%) 164.2 214.9
Adjustments
Income not subject to tax (20.9) (37.2)
Expenses not deductible for tax purposes 27.8 27.2
Higher effective tax rates of other countries 6.2 9.7
Over provision in respect of prior years, net (26.5) (78.5)
Effect of change in statutory tax rate (204.7) (277.8)
Reversal of tax contingency provision no longer required (21.2) –
Others 0.7 (0.8)
––––––––––––––––––––––––––––––––
Taxation (74.4) (142.5)
––––––––––––––––––––––––––––––––
11 Earnings Per Share
The Group
2003-04 2002-03
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Profit attributable to shareholders (in $ million) 849.3 1,064.8
––––––––––––––––––––––––––––––––
Weighted average number of ordinary shares in issue used for computing
basic earnings per share (in million) 1,218.1 1,218.1
Adjustment for share options (in million) 1.1 –
––––––––––––––––––––––––––––––––
Weighted average number of ordinary shares in issue used for computing
diluted earnings per share (in million) 1,219.2 1,218.1
––––––––––––––––––––––––––––––––
Basic earnings per share (cents) 69.7 87.4
––––––––––––––––––––––––––––––––
Diluted earnings per share (cents) 69.7 87.4
––––––––––––––––––––––––––––––––
Basic earnings per share is calculated by dividing the profit attributable to shareholders by the weighted average
number of ordinary shares in issue during the financial year.
For purposes of calculating diluted earnings per share, the weighted average number of ordinary shares in issue is
adjusted to take into account effects of dilutive options.
12 Dividends Paid and Proposed (in $ million)
The Group and the Company
2003-04 2002-03
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Dividends paid:
Final dividend of 9.0 cents per share tax exempt
(one-tier) in respect of 2002-03 (2002-03: 4.0 cents per share
tax exempt and 8.0 cents per share less 22.0% tax in respect of 2001-02) 109.6 124.7
NIL interim dividend
(2002-03: 6.0 cents per share less 22.0% tax) – 57.0
––––––––––––––––––––––––––––––––
109.6 181.7
––––––––––––––––––––––––––––––––
The directors propose that a final tax exempt (one-tier) dividend of 25.0 cents per share amounting to $304.5 million
(2002-03: $109.6 million tax exempt [one-tier]), be paid for the financial year ended 31 March 2004.