Singapore Airlines 2003 Annual Report Download - page 104

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102 SIA Annual Report 02/03
Notes to the Financial Statements
31 March 2003
28 Cash Flow from Operating Activities (in $ million)
The Group The Company
2002-03 2001-02 2002-03 2001-02
Operating profit 717.1 924.6 209.0 413.1
Adjustments for:
Depreciation of fixed assets 1,090.3 969.4 840.1 779.7
Provision for impairment of fixed assets 43.2 1.8 42.6 –
Income from short-term investments (0.9) (6.9) – –
Exchange differences 15.0 (0.8) 30.8 (9.4)
Write-down of loan to associated companies 0.2 – – –
Amortization of deferred gain on sale and
leaseback transactions (134.7) (121.2) (133.1) (121.0)
Operating profit before working capital changes 1,730.2 1,766.9 989.4 1,062.4
Increase/(decrease) in creditors 49.7 (766.0) (55.6) (813.1)
(Increase)/decrease in short term investments (114.1) 477.2 – –
(Decrease)/increase in sales in advance of carriage (38.1) 34.0 (25.9) 59.7
Decrease/(increase) in debtors 270.1 (117.6) 238.5 185.4
(Increase)/decrease in stocks (13.3) (12.6) 0.6 (3.1)
Increase in amounts owing to subsidiary and
associated companies – – 85.2 47.6
Increase in deferred revenue 8.8 39.0 8.8 39.0
(Increase)/decrease in amounts owing by subsidiary,
associated and joint venture companies (1.2) 0.2 – –
Cash generated from operations 1,892.1 1,421.1 1,241.0 577.9
Income taxes paid (74.0) (40.7) (4.9) (6.6)
Net cash provided by operating activities 1,818.1 1,380.4 1,236.1 571.3
29 Analysis of Capital Expenditure Cash Flow (in $ million)
The Group The Company
2002-03 2001-02 2002-03 2001-02
Purchase of fixed assets 3,086.3 3,862.9 2,614.0 2,882.2
Less: Assets acquired under credit terms (44.1) (330.5) (35.3) –
Less: Assets of subsidiary company acquired (2.9) – – –
Cash invested in capital expenditure 3,039.3 3,532.4 2,578.7 2,882.2
30 Capital and Other Commitments (in $ million)
The following commitments for capital expenditure have not been provided for in the financial statements:
The Group The Company
31 March 31 March
2003 2002 2003 2002
Authorized and contracted for 11,946.3 16,267.0 10,209.9 14,501.8
Authorized but not contracted for 296.7 672.0 5.9 4.7
12,243.0 16,939.0 10,215.8 14,506.5
The Group’s share of capital expenditure commitments of a joint venture company:
The Group
31 March
2003 2002
Authorized and contracted for 713.5 1,021.2
The commitments relate principally to the acquisition of aircraft fleet and related equipment.