Singapore Airlines 2002 Annual Report Download - page 92

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92
Notes to the Financial Statements
31 March 2002
SIA Annual Report 01/02
26 Trade Creditors (in $ million)
The Group The Company
31 March 31 March
2002 2001 2002 2001
Trade creditors 1,769.9 2,354.3 1,166.4 1,838.2
Provision for aircraft maintenance and overhaul – 110.8 – 97.7
1,769.9 2,465.1 1,166.4 1,935.9
Effective 1 April 2001, the Company and the Group recognize the cost incurred for engine overhaul and heavy maintenance visits on
an incurred basis. The change in the accounting policy resulted in a pre-tax write-back of $59.9 million for the Group and $46.8 million
for the Company to the opening balance of the general reserves for 2001-02. The tax effect of $14.8 million for the Group and $11.5
million for the Company had also been adjusted against the opening balance of the general reserves for 2001-02.
27 Cash Flow from Operating Activities (in $ million)
The Group The Company
2001 - 02 2000 - 01 2001 - 02 2000 - 01
Operating profit 983.4 1,346.7 482.3 983.4
Adjustments for:-
Depreciation of fixed assets 969.4 1,145.1 779.7 1,054.8
Income from investments and deposits (64.6) (127.5) (65.6) (110.7)
Write-back of provision for aircraft maintenance
and overhaul, net – (104.8) – (109.4)
Provision for diminution in value of long-term investments 1.1 14.4 1.1 14.4
Provision for impairment in value of associated companies – 3.5 – 9.4
Amortization of goodwill 5.1 – – –
Provision for loans to associated companies – 2.6 – –
Surplus on sale of long-term investments (5.0) (3.1) (4.3) (0.1)
Surplus on sale of fixed assets other than aircraft
and spares (2.9) (2.4) (0.1) (2.2)
Surplus on sale of associated companies – – (0.2) –
Exchange differences (0.8) (6.4) (9.4) (5.6)
Provision for impairment of fixed assets 1.8 9.0 – –
Amortization of deferred gain on sale and leaseback
of aircraft and spare engines (121.2) (100.8) (121.0) (100.8)
Operating profit before working capital changes 1,766.3 2,176.3 1,062.5 1,733.2
(Decrease)/Increase in trade creditors
and deferred accounts (765.4) 255.8 (813.2) 116.2
Decrease in investments 477.2 200.2 – –
Increase in sales in advance of carriage 34.0 67.6 59.7 65.5
(Increase)/decrease in debtors (117.6) (57.9) 185.4 (28.0)
(Increase)/decrease in stocks (12.6) 2.3 (3.1) 1.9
Increase in amounts owing to subsidiary
and associated companies – – 47.6 280.7
Increase in deferred revenue 39.0 – 39.0 –
Decrease in amounts owing by subsidiary and
associated companies 0.2 0.4 – –
Cash generated from operations 1,421.1 2,644.7 577.9 2,169.5
Interest paid (22.3) (37.2) (25.1) (44.1)
Income taxes paid (40.7) (280.5) (6.6) (224.7)
Interest/dividends received from investments and deposits 76.4 124.1 74.1 90.5
Net cash provided by operating activities 1,434.5 2,451.1 620.3 1,991.2