Singapore Airlines 2003 Annual Report Download - page 59

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The directors have pleasure in presenting their report together with the audited financial statements of the Group and
of the Company for the financial year ended 31 March 2003.
1 Accounts (in $ million)
The Group The Company
2002-03 2001-02 2002-03 2001-02
Profit before taxation 976.8 925.6 460.1 740.7
Taxation
Current (288.7) 19.7 (240.1) 32.3
Deferred 153.4 (253.5) 172.9 (205.8)
Adjustment for reduction in
Singapore corporate tax rate 277.8 – 225.1 –
142.5 (233.8) 157.9 (173.5)
Profit after taxation 1,119.3 691.8 618.0 567.2
Minority interests (54.5) (60.1) – –
Profit attributable to shareholders 1,064.8 631.7 618.0 567.2
In the opinion of the directors, the results of the operations of the Group and of the Company during the financial
year have not been affected by any item, transaction or event of a material and unusual nature apart from the
adjustment for reduction in Singapore corporate tax rate as disclosed in note 11 to the financial statements.
2 Transfers to/from Reserves and Provisions
There were no other material transfers to or from reserves and provisions during the financial year except as
disclosed in the financial statements.
3 Dividends
The final dividend paid during the financial year in respect of the previous financial year and included in the previous
directors’ report was $124.7 million (comprising 4.0 cents per share tax exempt dividend and 8.0 cents per share
less 22.0% tax).
An interim dividend of 6.0 cents per share, less tax at 22.0%, amounting to $57.0 million, was paid on
21 November 2002. The directors propose that a final tax exempt (one-tier) dividend of 9.0 cents per share,
amounting to $109.6 million, be paid for the financial year ended 31 March 2003.
4 Principal Activities
The principal activities of the Group consist of passenger and cargo air transportation, airport terminal services,
engineering services, training of pilots, air charters and tour wholesaling and related activities.
The principal activity of the Company consists of passenger air transportation.
5 Directors of the Company
(a) The names of the directors in office at the date of this report are:
Koh Boon Hwee Chairman
Cheong Choong Kong Deputy Chairman/Chief Executive Officer (Executive)
Edmund Cheng Wai Wing (Independent)
Chew Choon Seng Chief Executive Officer Designate (Executive) (appointed on 5 March 2003)
Fock Siew Wah
Charles B Goode (Independent)
Ho Kwon Ping (Independent)
Lim Boon Heng
Davinder Singh (Independent)
57
SIA Annual Report 02/03
Report by the Board of Directors