Singapore Airlines 2005 Annual Report Download - page 84

Download and view the complete annual report

Please find page 84 of the 2005 Singapore Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

82 SIA Annual Report 04/05
Notes to the Financial Statements
31 March 2005
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#
13col
13 Share Capital (in $ million)
The Group and
the Company
31 March
2005 2004
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Authorised share capital
Ordinary shares
3,000,000,000 ordinary shares of $0.50 each 1,500.0 1,500.0
Special share
1 special share of $0.50 each # #
Preference shares
3,000,000,000 redeemable cumulative preference shares of $0.50 each 1,500.0 1,500.0
–––––––––––––––––––––––––––––––––
3,000.0 3,000.0
–––––––––––––––––––––––––––––––––
Issued and fully paid share capital
Ordinary shares
Balance at 1 April
1,218,144,622 of $0.50 each (2003: 1,218,144,622 of $0.50 each) 609.1 609.1
95,024 share options exercised during the year (2003-04: NIL) @ –
–––––––––––––––––––––––––––––––––
Balance at 31 March
1,218,239,646 of $0.50 each (2004: 1,218,144,622 of $0.50 each) 609.1 609.1
–––––––––––––––––––––––––––––––––
Special share
Balance at 1 April
1 of $0.50 each (2003: 1 of $0.50 each) # #
–––––––––––––––––––––––––––––––––
Balance at 31 March
1 of $0.50 each (2004: 1 of $0.50 each) # #
–––––––––––––––––––––––––––––––––
609.1 609.1
–––––––––––––––––––––––––––––––––
@ The value was $47,512.
# The value is $0.50.
The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary
shares carry one vote per share without restriction.
During the financial year, the Company issued 95,024 shares (2003-04: nil) upon exercise of options granted under the
Employee Share Option Plan.
There was no buyback of the Company’s shares during the financial year, pursuant to the share buyback approved by
shareholders.
The Company’s ability to operate its existing route network and flight frequency is derived solely from and dependent
entirely on the Air Service Agreements (“ASAs”) concluded between the Government of Singapore and the governments
of other countries. ASAs are therefore critical to the Company’s operations. In almost all the ASAs, it is a condition that
the Company must at all times be “effectively controlled” and “substantially owned” by Singapore nationals for the
tenure of the respective ASAs.
In order to comply with the above requirement, one non-tradeable Special Share of $0.50 each was issued to the
Ministry of Finance. The Special Share enjoys all the rights attached to ordinary shares. In addition, pursuant to Article
3A of the Articles of Association, no resolution may be passed on certain matters without prior written approval of the
Special Member.
Included in the authorised share capital are 3,000,000,000 non-tradable redeemable cumulative preference shares of
$0.50 each, which carry full voting rights (“ASA shares”). When issued, the ASA shares will be partially paid at $0.01
each and will carry equal voting rights as those of ordinary shares, whether partially paid or otherwise. These shares will
be issued only when the directors determine that the Company’s operating rights under any of the ASAs are threatened
by reason of the nationality of the majority shareholders.