Singapore Airlines 2003 Annual Report Download - page 57

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Value Added
Compared to 2001-02, the total value added of the Group increased by $649 million to $4,367 million in 2002-03.
This was mainly attributable to increase in revenue (+$1,132 million), provision for diminution in value of the
investment in Air New Zealand Limited in the previous year (+$267 million) and higher share of profits of associated
companies (+$195 million), partially offset by higher costs of goods and services purchased (-$753 million) and gain
on divestment of 51 per cent equity interests in Eagle Services Asia Pte Ltd in the previous year (-$203 million).
Salaries and other staff costs accounted for $2,245 million (51.4 per cent) of the value added. $167 million (3.8 per
cent) was applied on dividends for shareholders, and $55 million paid for finance charges (1.3 per cent). Minority
interests’ share was $55 million (1.2 per cent). The remaining $1,988 million (45.6 per cent) was retained for future
capital requirement. The above was partially offset by the write-back of corporate taxes, at $143 million (3.3 per cent).
55
SIA Annual Report 02/03
Financial Review
Group Value Added Productivity Ratios
Dollar
Dollar
1998-99 1999-00 2000-01 2001-02 2002-03
Value Added per $ Employment Costs
Value Added per $ Revenue
Value Added per $ Investment in Fixed Assets
3.0
2.4
1.8
1.2
0.6
0
3.0
2.4
1.8
1.2
0.6
0
350
280
210
140
70
0
Group Staff Strength and Productivity
$ ‘000
Staff Number
Staff Strength
Revenue per Employee ($)
Value Added per Employee ($)
50,000
40,000
30,000
20,000
10,000
0
1998-99 1999-00 2000-01 2001-02 2002-03
Group Value Added
$ Million
$ Million
1998-99 1999-00 2000-01 2001-02 2002-03
-500
0
500
1000
1500
2000
2500
3000
-500
0
500
1000
1500
2000
2500
3000
Retained in the Business
Employees
Suppliers of Capital
Government