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44 SIA Annual Report 03/04
Performance of the Group (continued)
Statement of Value Added and its Distribution ($ million)
2003-04 2002-03 2001-02 2000-01 1999-00
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Total revenue 9,761.9 10,515.0 9,382.8 9,852.2 8,861.4
Less: Purchase of goods and services (5,931.8) (6,462.4) (5,709.6) (5,345.6) (4,784.5)
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
3,830.1 4,052.6 3,673.2 4,506.6 4,076.9
Add: Interest income 32.5 33.7 52.0 86.0 154.6
Surplus on disposal of aircraft, spares
and spare engines 102.7 144.9 66.0 181.3 98.4
Surplus/(loss) on disposal of other
fixed assets 5.5 1.2 2.9 2.4 (0.8)
Dividends from long-term investments, gross 3.6 5.2 5.7 7.7 3.6
Provision for diminution in value of
long-term investments (1.8) (9.4) (1.1) (20.5) (6.7)
Amortisation of goodwill on consolidation (0.1) ––––
Amortisation of deferred gain 1.6––––
Share of profits of joint venture companies 6.4 14.5 20.5 27.0 21.0
Share of profits/(losses) of associated
companies 86.3 123.8 (71.3) 81.7 33.2
Retrenchment and early retirement costs (41.4) ––––
Surplus on liquidation of Abacus
Distribution Systems Pte Ltd 9.2 ––––
Surplus on disposal of Aviation Software
Development Consultancy India Limited 1.1 ––––
Surplus on liquidation of Asian Frequent
Flyer Pte Ltd – 0.5 – – –
Provision for diminution in value of
Air New Zealand Limited – – (266.9) – –
Gain on sale of long-term investments – – 30.2 – 171.3
Ex-gratia bonus payment – – – (134.6) –
Surplus on disposal of long-term
investments – – 4.4 3.0 –
Recognition of deferred gain on
divestment of 51% equity interests in
Eagle Services Asia Private Limited – – 202.6 – –
Profit on disposal of vendor shares
(13% equity interests in SATS and SIAEC) – – – 440.1 –
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Total value added available for distribution 4,035.7 4,367.0 3,718.2 5,180.7 4,551.5
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Applied as follows:
To employees
– Salaries and other staff costs 1,969.5 2,245.2 1,779.2 2,093.4 1,853.5
To government
– Corporation taxes 130.3 135.3 233.8 242.4 296.5
To suppliers of capital
– Interim and proposed dividends 304.5 166.6 152.3 321.1 295.5
– Finance charges 65.1 54.7 44.0 37.5 28.8
– Minority interests 46.0 54.5 60.1 37.5 3.6
Retained for future capital requirements
– Depreciation 1,180.2 1,090.3 969.4 1,145.1 1,205.3
– Retained profit 340.1 R1 620.4 R1 479.4 1,303.7 868.3
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Total value added 4,035.7 4,367.0 3,718.2 5,180.7 4,551.5
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Value added per $ revenue ($) 0.41 0.42 0.40 0.53 0.51
Value added per $ employment cost ($) 2.05 1.95 2.09 2.47 2.46
Value added per $ investment in fixed assets ($) 0.17 0.19 0.18 0.28 0.24
R1 Retained profit excludes write-back of prior years’ tax liabilities of $204.7 million and $277.8 million for 2003-04 and 2002-03 respectively from reduction
in statutory tax rates. If the tax write-back were included, retained profit for 2003-04 and 2002-03 would be $544.8 million and $898.2 million
respectively.
Value added is a measure of wealth created. The statement above shows the Group’s value added from 1999-00 to 2003-04 and its distribution by way
of payments to employees, government, and to those who have provided capital. It also indicates the portion retained in the business for future capital
requirements.
Financial Review