Singapore Airlines 2008 Annual Report Download - page 56

Download and view the complete annual report

Please find page 56 of the 2008 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 178

  • 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
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178

$฀Million
$฀Million
Revenue
Expenditure
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2007-082006-072005-062004-052003-04
Group Revenue and Expenditure
$฀Million
$฀Million
Operating฀Profit
Profit฀Before฀Tax
Profit฀Attributable฀to฀Equity฀Holders฀
of฀the฀Company
0
500
1,000
1,500
2,000
2,500
3,000
0
500
1,000
1,500
2,000
2,500
3,000
2007-082006-072005-062004-052003-04
Group Operating Profit, Profit Before Tax and Profit
Attributable to Equity Holders of the Compa ny
Singapore Airlines Annual Report 2007-08
54
FINANCIAL REVIEW
Performance of the Group
Group Earnings
Group฀operating฀prot฀for฀the฀year฀was฀$2,125฀million,฀a฀year-on-year฀improvement฀of฀$810฀million฀(+61.6฀per฀cent).฀This฀was฀
principally฀on฀account฀of฀the฀Company฀(+$617฀million)฀and฀the฀wholly-owned฀cargo฀company฀(+$164฀million),฀although฀all฀the฀
ve฀main฀operating฀companies฀in฀the฀Group฀posted฀better฀operating฀results.
•฀ Singapore฀Airlines฀ $1,644฀million฀(+60.1฀per฀cent)
•฀฀ Singapore฀Airlines฀Cargo฀ $132฀million฀(Loss฀of฀$32฀million฀previously)
•฀ Singapore฀Airport฀Terminal฀Services฀Group฀ $174฀million฀(+13.8฀per฀cent)
•฀ SIA฀Engineering฀Group฀ $103฀million฀(+0.9฀per฀cent)
•฀ SilkAir฀ $40฀million฀(+100.0฀per฀cent)
Group฀revenue฀grew฀10.2฀per฀cent฀to฀$15,973฀million,฀$1,478฀million฀higher฀than฀the฀year฀before.฀The฀improvement฀was฀
mainly฀on฀account฀of฀the฀Group’s฀airline฀operations฀which฀was฀up฀$1,478฀million฀(+10.7฀per฀cent),฀beneting฀from฀strong฀
passenger฀yields฀and฀higher฀passenger฀load฀factor.฀The฀Company฀carried฀19.120฀million฀passengers฀for฀the฀full฀year,฀a฀year-on-
year฀increase฀of฀4.2฀per฀cent.฀Underpinned฀by฀the฀strong฀growth฀in฀carriage฀for฀passenger฀operations,฀passenger฀yield฀improved฀
11.0฀per฀cent.
Group฀expenditure฀also฀increased,฀albeit฀at฀a฀slower฀pace฀than฀revenue฀growth,฀rising฀$668฀million฀(+5.1฀per฀cent)฀to฀$13,848฀
million.฀The฀increase฀in฀expenditure฀was฀due฀mainly฀to฀higher฀fuel฀cost฀from฀increase฀in฀jet฀fuel฀price฀and฀depreciation฀from฀
delivery฀of฀new฀aircraft.
Group฀prot฀attributable฀to฀equity฀holders฀of฀the฀Company฀for฀the฀nancial฀year฀was฀$2,049฀million,฀$79฀million฀lower฀
(-3.7฀per฀cent)฀than฀in฀the฀preceding฀year,฀which฀had฀the฀benet฀of฀one-off฀gains฀totalling฀$421฀million฀[from฀sale฀of฀SIA฀Building฀
and฀sale฀of฀investment฀in฀Singapore฀Aircraft฀Leasing฀Enterprise฀(“SALE”)]฀and฀write-back฀of฀deferred฀tax฀provision฀of฀$247฀million฀
due฀to฀reduction฀in฀statutory฀tax฀rate฀from฀20฀per฀cent฀to฀18฀per฀cent.฀Excluding฀last฀year’s฀one-off฀gains฀and฀tax฀write-back,฀
prot฀attributable฀to฀equity฀holders฀of฀the฀Company฀would฀have฀been฀higher฀by฀$588฀million฀(+40.3฀per฀cent),฀on฀the฀back฀of฀
higher฀operating฀prot.
Earnings฀per฀share฀(basic)฀for฀the฀Group฀was฀lower฀by฀2.4฀per฀cent฀to฀168.5฀cents,฀compared฀to฀last฀year’s฀earnings฀per฀share฀of฀
172.6฀cents.