Singapore Airlines 2005 Annual Report Download - page 55

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Financial Review
SIA Annual Report 04/05 53
CC
฀MOD: CN1323
M Y
C K
While every effort has been taken to carry out instruction to customers satisfaction
NO RESPONSIBILITY liablilty will be accepted for errors
CUSTOMERS ARE THEREFOREURGED TO CHECK THOROUGHLY BEFORE
AUTHORISING PRINTRUNS
DALIM
1 2 3 4 5 6 7 8 9 10 OK TS
CC196777 DLMAC13 10.06.2005 150#
1
Performance of the Company (continued)
Finance Charges
Finance charges increased 5.9 per cent due mainly to higher interest rates on lease liabilities.
Interest income was 52.3 per cent higher due mainly to an increase in income from deposits.
Surplus on Disposal of Aircraft, Spares and Spare Engines
Surplus on the disposal of aircraft, spares and spare engines was $77 million higher than the year before benefiting from a
stronger market. During the year, four B747-400 aircraft were sold, two B747-400 and one A310-300 aircraft were traded-
in, and two B777-200ER and one B777-300 aircraft were sold and leased back.
Gross Dividends from Subsidiary and Associated Companies
Gross dividends from subsidiary and associated companies increased by $518 million. Higher dividends were received from
Singapore Airport Terminal Services (+$331 million), SIA Engineering Company (+$183 million), Virgin Atlantic Limited (+$2
million) and Service Quality Centre (+$1 million). Unlike last year, $3 million was received from Asia Leasing (+$3 million) but
no dividend was received from SIA Properties (-$2 million).
Provision for Diminution in Value of Investments
The $11 million provision for diminution in value of investments pertained to investments in Asia Leasing and AeroXchange.
Exceptional Items
Exceptional items comprised surplus on sale of investment in Air New Zealand (+$46 million) and Raffles Holdings (+$32
million), and staff compensation arising from the restructuring of operations (-$9 million).
Taxation
There was a tax charge of $287 million, comprising current tax charge of $77 million and deferred tax provision of $210
million. As at 31 March 2005, the company’s deferred taxation account stood at $1,952 million.
Average Staff Strength and Productivity
The Company’s average staff strength was 13,572, a decrease of 438 over the previous year. The distribution of employee
strength by category and location is as follows:
2004-05 2003-04 % Change
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Category
Senior staff (administrative and higher ranking officers) 1,265 1,368 – 7.5
Technical crew 1,912 1,873 + 2.1
Cabin crew 6,637 6,678 – 0.6
Other ground staff 3,758 4,091 – 8.1
––––––––––––––––––––––––––––––––––––––––––––––––––––
13,572 14,010 – 3.1
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Location
Singapore 11,261 11,545 – 2.5
East Asia 1,001 1,064 – 5.9
Europe 460 508 – 9.4
South West Pacific 364 372 – 2.2
West Asia and Africa 247 259 – 4.6
Americas 239 262 – 8.8
––––––––––––––––––––––––––––––––––––––––––––––––––––
13,572 14,010 – 3.1
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––