Singapore Airlines 2002 Annual Report Download - page 47

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SIA Annual Report 01/02 47
Financial Review
Statement of Value Added and its Distribution (in $ million)
2001 - 02 2000 - 01 1999 - 00 1998 - 99 1997 - 98
Total revenue 9,447.8 9,951.3 9,018.8 7,895.8 7,821.8
Less: Purchase of goods and services (5,715.8) (5,366.1) (4,791.2) (4,060.6) (3,886.5)
Value added by the Group 3,732.0 4,585.2 4,227.6 3,835.2 3,935.3
Add: Surplus on disposal of aircraft,
spares and spare engines 66.0 181.3 98.4 211.3 157.1
Share of profits of joint venture companies 20.5 27.0 21.0 13.9 7.1
Share of (losses)/profits of associated companies (66.2) 81.7 33.2 23.1 8.9
Provision for diminution in value of Air New Zealand (266.9) ––––
Recognition of deferred gain on divestment of 51%
equity interests in Eagle Services Asia 202.6 ––––
Profit on disposal of vendor shares (13% equity
interests in SATS and SIAEC) –440.1 –––
Profit on sale of investments 30.2 –171.3 ––
Surplus on liquidation of Abacus Distribution Systems –––14.1 –
Ex-gratia bonus payment –(134.6) –––
Total value added available for distribution 3,718.2 5,180.7 4,551.5 4,097.6 4,108.4
Applied as follows:-
To employees
–Salaries and other staff costs 1,779.2 2,093.4 1,853.5 1,778.8 1,848.4
To government
–Corporation taxes 233.8 242.4 296.5 80.3 130.9
To suppliers of capital
–Interim and proposed dividends 152.3 321.1 295.5 240.6 213.6
–Finance charges 44.0 37.5 28.8 29.5 28.2
–Minority interests 60.1 37.5 3.6 3.3 2.3
Retained for future capital requirements
–Depreciation 969.4 1,145.1 1,205.3 1,172.5 1,063.9
–Retained profit 479.4 1,303.7 868.3 792.6 821.1
Total value added 3,718.2 5,180.7 4,551.5 4,097.6 4,108.4
Value added per $ revenue ($) 0.39 0.52 0.50 0.52 0.53
Value added per $ employment cost ($) 2.09 2.47 2.46 2.30 2.22
Value added per $ investment in fixed assets ($) 0.18 0.28 0.24 0.23 0.24
Value added is a measure of wealth created. The statement above shows the Group’s value added from 1997-98 to 2001-02 and its distribution by way of
payments to employees, government, and to those who have provided capital. It also indicates the portion retained in the business for future capital requirements.