Singapore Airlines 2003 Annual Report Download - page 45

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Financial Position of the Group
Net asset value per share for the Group was $8.79 at 31 March 2003, an improvement of 8.8 per cent compared to
31 March 2002.
The Group’s total assets increased 3.2 per cent to $19,184 million as at 31 March 2003.
Shareholders’ funds of the Group stood at $10,709 million on 31 March 2003, up 8.8 per cent from a year ago.
The net debt of the Group as at 31 March 2003 grew 9.5 per cent from a year ago, to $719 million. his was largely
the result of aircraft purchases. The net debt equity ratio remain unchanged at 0.07 time.
The Group’s profitability ratios are as follows:
2002-03 2001-02 Change
% % % points
Return on turnover 10.6 7.4 + 3.2
Return on total assets 5.9 3.8 + 2.1
Return on average shareholders’ funds 10.4 6.4 + 4.0
43
SIA Annual Report 02/03
Financial Review
2,500
2,000
1,500
1,000
500
0
-500
-1,000
Group Net Liquid Assets and Net Debt
$ Million
$ Million
1999 2000 2001 2002 2003
31 March
Net Liquid Assets
Net Debt
2,500
2,000
1,500
1,000
500
0
-500
-1,000
Group Capital Expenditure and
Internally Generated Cash Flow
1.8
1.5
1.2
0.9
0.6
0.3
0
Ratio
$ Million
1998-99 1999-00 2000-01 2001-02 2002-03
5,000
4,000
3,000
2,000
1,000
0
Cash Flow: Capital Expenditure Ratio
Other Capital Expenditure ($ million)
Capital Expenditure on Aircraft,
Engines and Spares ($ million)
Internally Generated Cash Flow ($ million)
140
105
70
35
0
Group Profitability Ratios
Cents
Percent
1998-99 1999-00 2000-01 2001-02 2002-03
Earnings per share (¢)
Return on Turnover (%)
Return on Shareholders' Funds (%)
Return on Total Assets (%)
25
20
15
10
5
0
10
8
6
4
2
0
Group Shareholders’ Funds, Total Assets
and Net Asset Value Per Share
Dollars
$ Million
1999 2000 2001 2002 2003
31 March
Shareholders’ Funds ($ million)
Total Assets ($ million)
NAV per share ($)
25,000
20,000
15,000
10,000
5,000
0