Singapore Airlines 2003 Annual Report Download - page 68

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The notes on pages 72 to 107 form an integral part of these financial statements.
66 SIA Annual Report 02/03
Profit and Loss Accounts
For the financial year ended 31 March 2003 (in $ million)
The Group The Company
Notes 2002-03 2001-02 2002-03 2001-02
REVENUE 4 10,515.0 9,382.8 8,047.0 7,694.7
EXPENDITURE
Staff costs 5 2,245.2 1,779.2 1,409.7 1,128.9
Fuel costs 1,864.6 1,763.9 1,523.1 1,540.9
Depreciation 18 1,090.3 969.4 840.1 779.7
Provision for impairment of fixed assets 18 43.2 1.8 42.6 –
Aircraft maintenance and overhaul costs 780.9 560.8 902.8 745.1
Commission and incentives 675.5 585.0 400.0 411.9
Landing, parking and overflying charges 576.1 531.6 478.6 477.0
Handling charges 521.1 548.2 719.0 756.5
Rentals on lease of aircraft 358.5 314.1 303.1 270.1
Material costs 312.7 314.1 – –
Inflight meals 218.0 217.8 387.3 388.0
Advertising and sales costs 208.6 191.2 218.5 213.7
Insurance expenses 179.0 99.8 121.1 79.0
Company accommodation and utilities 135.4 140.7 82.6 90.4
Other passenger costs 130.7 120.1 134.2 123.4
Crew expenses 98.9 100.4 99.2 100.7
Other operating expenses 359.2 220.1 176.1 176.3
9,797.9 8,458.2 7,838.0 7,281.6
OPERATING PROFIT 6 717.1 924.6 209.0 413.1
Finance charges 7 (54.7) (44.0) (52.1) (46.9)
Interest income 8 33.7 52.0 38.5 60.9
Surplus on disposal of aircraft, spares
and spare engines 144.9 66.0 138.3 334.8
Surplus/(loss) on disposal of other fixed assets 1.2 2.9 (0.8) 0.1
Dividends from subsidiary and associated
companies, gross 9 – – 131.5 138.6
Dividends from long-term investments, gross 5.2 5.7 4.1 4.7
Provision for diminution in value of
long-term investments (9.4) (1.1) (9.4) (1.1)
Surplus on disposal of long-term investments – 4.4 – 4.6
Share of profits of joint venture companies 14.5 20.5 – –
Share of profits/(losses) of associated companies 123.8 (71.3) – –
PROFIT BEFORE EXCEPTIONAL ITEMS 976.3 959.7 459.1 908.8
Exceptional items 10 0.5 (34.1) 1.0 (168.1)
PROFIT BEFORE TAXATION 976.8 925.6 460.1 740.7
TAXATION 11
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
BASIC EARNINGS PER SHARE (CENTS) 12 87.4 51.9 50.7 46.6
DILUTED EARNINGS PER SHARE (CENTS) 12 87.4 51.9 50.7 46.6