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Singapore Airlines Annual Report 2007-08
57
FINANCIAL REVIEW
Performance of the Group (continued)
Statements of Value Added and its Distribution ($ million)
2007-08 2006-07 2005-06 2004-05 2003-04
Total฀revenue฀ 15,972.5฀ 14,494.4฀ 13,341.1฀ 12,012.9฀ 9,761.9
Less:฀Purchase฀of฀goods฀and฀services฀ (9,413.3)฀ (9,078.6)฀ (8,352.2)฀ (7,030.7)฀ (5,931.8)
฀ ฀ ฀ 6,559.2฀ 5,415.8฀ 4,988.9฀ 4,982.2฀ 3,830.1฀
Add:฀Interest฀income฀ 181.2฀ 181.8฀ 96.7฀ 52.7฀ 32.5
฀ Surplus฀on฀disposal฀of฀aircraft,฀spares฀and
฀ ฀ spare฀engines฀ 49.1฀ 237.9฀ 115.7฀ 215.2฀ 102.7
฀ Dividends฀from฀long-term฀investments,฀gross฀ 34.8฀ 38.8฀ 24.6฀ 8.0฀ 3.6
฀ Other฀non-operating฀items฀ 96.8฀ 77.9฀ 12.3฀ 9.8฀ 5.2
฀ Share฀of฀prots฀of฀joint฀venture฀companies฀ 50.8฀ 57.9฀ 40.6฀ 12.5฀ 6.4
฀ Share฀of฀prots/(losses)฀of฀associated฀companies฀ 110.2฀ 79.0฀ 255.2฀ 203.7฀ (39.0)
฀ 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฀Raf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
Total฀value฀added฀available฀for฀distribution฀ 7,082.1฀ 6,510.1฀ 5,534.0฀ 5,533.6฀ 3,910.4
Applied฀as฀follows:
To฀employees
฀ -฀ Salaries฀and฀other฀staff฀costs฀ 2,903.4฀ 2,727.4฀ 2,481.1฀ 2,456.5฀ 1,981.0
To฀government
฀ -฀ Corporation฀taxes฀ 410.3฀ 328.9฀ 352.6฀ 387.3฀ 130.3
To฀suppliers฀of฀capital
฀ -฀ Interim฀and฀proposed฀dividends฀ 1,184.4฀ 1,245.2฀ 550.5฀ 487.4฀ 304.5
฀ -฀ Finance฀charges฀ 100.2฀ 124.1฀ 96.3฀ 77.5฀ 65.1
฀ -฀ Minority฀interests฀ 87.5฀ 73.6฀ 68.8฀ 51.3฀ 46.0
Retained฀for฀future฀capital฀requirements
฀ -฀ Depreciation฀and฀amortisation฀ 1,531.3฀ 1,374.0฀ 1,294.5฀ 1,208.6฀ 1,180.2
฀ -฀ Retained฀prot฀R1฀ 865.0฀ 636.9฀ 690.2฀ 865.0฀ 203.3
Total฀value฀added฀ 7,082.1฀ 6,510.1฀ 5,534.0฀ 5,533.6฀ 3,910.4
Value฀added฀per฀$฀revenue฀($)฀ 0.44฀ 0.45฀ 0.41฀ 0.46฀ 0.40
Value฀added฀per฀$฀employment฀cost฀($)฀ 2.44฀ 2.39฀ 2.23฀ 2.25฀ 1.97
Value฀added฀per฀$฀investment฀in฀property,฀plant฀
฀ and฀equipment฀($)฀ 0.29฀ 0.27฀ 0.23฀ 0.24฀ 0.16
R1 Retained profit excludes tax write-back as a result of the reduction in statutory tax rate of $246.7 million and $204.7 million for 2006-07 and
2003-04 respectively. If tax write-back were included, retained profit for 2006-07 and 2003-04 would be $883.6 million and $408.0 million
respectively.
Value฀added฀is฀a฀measure฀of฀wealth฀created.฀The฀statement฀above฀shows฀the฀Group’s฀value฀added฀from฀2003-04฀to฀2007-08฀
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.