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Singapore Airlines 51 Annual Report 2006-07
FINANCIAL REVIEW
Performance of the Group (continued)
Statements of Value Added and its Distribution ($ million)
2006-07 2005-06 2004-05 2003-04 2002-03
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Total revenue 14,494.4 13,341.1 12,012.9 9,761.9 10,515.0
Less: Purchase of goods and services (9,078.6) (8,352.2) (7,030.7) (5,931.8) (6,462.4)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
5,415.8 4,988.9 4,982.2 3,830.1 4,052.6
Add: Interest income 181.8 96.7 52.7 32.5 33.7
Surplus on disposal of aircraft, spares
and spare engines 237.9 115.7 215.2 102.7 144.9
Dividends from long-term investments, gross 38.8 24.6 8.0 3.6 5.2
Other non-operating items 77.9 12.3 9.8 5.2 (8.2)
Share of profi ts of joint venture companies 57.9 40.6 12.5 6.4 14.5
Share of profi ts/(losses) of associated companies 79.0 255.2 203.7 (39.0) 123.8
Surplus on sale of SIA Building 223.3 – – – –
Surplus on sale of investment in Singapore
Aircraft Leasing Enterprise Pte Ltd 197.7 – – – –
Staff compensation and restructuring
of operations – – (37.8) (41.4) –
Surplus on sale of investment in Air
New Zealand Limited – – 45.7 – –
Surplus on sale of investment in Raffl es
Holdings Ltd – – 32.6 – –
Surplus on sale of investment in Taikoo
(Xiamen) Aircraft Engineering
Company Limited – – 9.0 – –
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
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Total value added available for distribution 6,510.1 5,534.0 5,533.6 3,910.4 4,367.0
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Applied as follows:
To employees
– Salaries and other staff costs 2,727.4 2,481.1 2,456.5 1,981.0 2,245.2
To government
– Corporation taxes 328.9 352.6 387.3 130.3 135.3
To suppliers of capital
– Interim and proposed dividends 1,245.2 550.5 487.4 304.5 166.6
– Finance charges 124.1 96.3 77.5 65.1 54.7
– Minority interests 73.6 68.8 51.3 46.0 54.5
Retained for future capital requirements
– Depreciation 1,374.0 1,294.5 1,208.6 1,180.2 1,090.3
– Retained profi t R1 636.9 690.2 865.0 203.3 620.4
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Total value added 6,510.1 5,534.0 5,533.6 3,910.4 4,367.0
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Value added per $ revenue ($) 0.45 0.41 0.46 0.40 0.42
Value added per $ employment cost ($) 2.39 2.23 2.25 1.97 1.95
Value added per $ investment in fi xed assets ($) 0.27 0.23 0.24 0.16 0.19
R1 Retained profi t excludes tax write-back as a result of the reduction in statutory tax rate of $246.7 million, $204.7 million and $277.8 million for 2006-07, 2003-04
and 2002-03 respectively. If tax write-back were included, retained profi t for 2006-07, 2003-04 and 2002-03 would be $883.6 million, $408.0 million and
$898.2 million respectively.
Value added is a measure of wealth created. The statement above shows the Group’s value added from 2002-03 to 2006-07 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.