Singapore Airlines 2008 Annual Report Download - page 57

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Per฀Cent
Cents
Return฀on฀Turnover฀(%)
Return฀on฀Average฀Equity฀Holders'฀Funds฀(%)
Return฀on฀Average฀To tal฀Assets฀(%)
Basic฀Earnings฀Per฀Share฀(¢)
0
5
10
15
20
25
0
30
60
90
120
150
180
2007-082006-072005-062004-052003-04
Group Profitability Ratios
$฀Million
Dollars
Equity฀Holders'฀Funds฀($฀Million)
Total฀Assets฀($฀Million)
NAV฀Per฀Share฀($)
0
5,000
10,000
15,000
20,000
25,000
30,000
0
2
4
6
8
10
12
14
20082007200620052004
Group Equity Holders’ Funds, To tal Assets
and Net Asset Value (NAV) Per Share
31฀March
$฀Million
$฀Million
Net฀Liquid฀Assets
Net฀Debt
-500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
20082007200620052004
Group Net Liquid Assets and Net Debt
31฀March
Singapore Airlines Annual Report 2007-08
55
FINANCIAL REVIEW
Performance of the Group (continued)
Group Earnings (continued)
Protability฀ratios฀of฀the฀Group฀are฀as฀follows:
2007-08 2006-07 Change
% % % points
Return฀on฀turnover฀ 13.4฀ 15.2฀ –฀ 1.8
Return฀on฀average฀total฀assets฀ 8.1฀ 8.9฀ –฀ 0.8
Return฀on฀average฀equity฀holders’฀funds฀ 13.6฀ 14.9฀ –฀ 1.3
Financial Position of the Group
The฀Group’s฀total฀assets฀stood฀at฀$26,515฀million฀as฀at฀31฀March฀2008,฀up฀2.0฀per฀cent฀from฀a฀year฀ago.฀Net฀asset฀value฀per฀
share฀improved฀5.5฀per฀cent฀to฀$12.77.
Equity฀holders’฀funds฀increased฀0.2฀per฀cent฀to฀$15,125฀million฀as฀at฀31฀March฀2008,฀mainly฀attributable฀to฀prot฀for฀the฀
nancial฀year,฀partially฀offset฀by฀payment฀of฀dividends฀and฀capital฀reduction฀during฀the฀nancial฀year.฀Dividends฀paid฀included฀
special฀dividend฀of฀50฀cents฀per฀share฀and฀nal฀dividend฀of฀35฀cents฀per฀share฀in฀respect฀of฀nancial฀year฀2006-07฀and฀interim฀
dividend฀of฀20฀cents฀per฀share฀in฀respect฀of฀nancial฀year฀2007-08.฀Pursuant฀to฀a฀capital฀reduction฀exercise฀84,309,846฀shares฀
were฀cancelled฀at฀the฀price฀of฀$18.46฀per฀share,฀while฀1,093,530฀shares฀were฀issued฀under฀a฀top-up฀offer฀of฀new฀shares฀at฀the฀
price฀of฀$18.46฀per฀share฀to฀enable฀shareholders฀to฀round฀up฀their฀holding฀of฀shares฀after฀the฀capital฀reduction฀to฀the฀nearest฀
multiple฀of฀200฀shares.
The฀Group฀improved฀its฀net฀liquid฀assets฀R1฀position฀from฀$3,810฀million฀a฀year฀ago฀to฀$3,927฀million฀as฀at฀31฀March฀2008.฀This฀
stronger฀liquidity฀position฀(+$117฀million)฀was฀a฀result฀of฀stronger฀cash฀generated฀from฀operations.฀Total฀debt฀to฀equity฀ratio฀
improved฀marginally฀by฀0.01฀times฀to฀0.11฀times.
R1 Net liquid assets is defined as the sum of cash and bank balances (net of bank overdrafts), investments, loans to third parties, and net of
finance lease commitments, loans and fixed rate notes issued.