Singapore Airlines 2007 Annual Report Download - page 10

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Singapore Airlines 8 Annual Report 2006-07
I am delighted to introduce the Singapore Airlines
Group’s 2006-07 Annual Report and Summary Financial
Statements to shareholders.
2006-07 was an especially good year for Singapore
Airlines. A very healthy fi nancial result at the end of the
year enabled the Board to review the Group’s capital
structure and we have recommended returning surplus
capital to shareholders by way of a special dividend and
a restructure of equity.
The Year In Review
During the year, we were able to unlock capital from
non-core assets, such as real estate, and divestment of the
Group’s stake in Singapore Aircraft Leasing Enterprise. We
CHAIRMAN’S LETTER TO SHAREHOLDERS
can return capital to shareholders, without compromising
the Group’s strong fi nancial position and, ensuring we
can meet our future capital expenditure requirements.
The Airline’s much anticipated new cabin products were
launched in late 2006, to international acclaim. The
launch was followed by the delivery of the new Boeing
777-300ER aircraft, and their entry into service. These
events reaffi rmed Singapore Airlines as a market leader
and innovator, delivering on a commitment to ensure we
set our own challenges for the competition – not merely
respond to theirs.
Flights commenced to Milan and Barcelona – two of
Europe’s fashion and sporting centres – in July 2006.
This service improves access to southern Europe, and has
already proved very popular.
The achievement of good results and
improvements in the operating performance
of the Group required concerted effort from
all the staff across the Airline, as well as
the subsidiary companies.