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LTK/AG
LTK/AG
8.0
8.5
9.0
9.5
10.0
10.5
8.0
8.5
9.0
9.5
10.0
10.5
2007-082006-072005-062004-052003-04
Fuel Productivity of Passenger Fleet
Singapore Airlines Annual Report 2007-08
65
FINANCIAL REVIEW
Performance of the Company (continued)
Fuel Productivity and Sensitivity Analysis
Fuel฀productivity฀as฀measured฀by฀load฀tonne-km฀per฀American฀gallon฀(ltk/AG)฀increased฀by฀4.0%฀over฀the฀previous฀year฀to฀
10.20฀ltk/AG.฀This฀was฀attributable฀to฀higher฀load฀factor฀and฀a฀younger฀aircraft฀eet,฀arising฀from฀the฀addition฀of฀the฀new฀
A380-800฀and฀B777-300ER฀aircraft฀and฀decommissioning฀of฀some฀of฀the฀older฀B747-400฀aircraft.
A฀change฀in฀fuel฀productivity฀(passenger฀aircraft)฀of฀1.0฀per฀cent฀would฀impact฀the฀Company’s฀annual฀fuel฀cost฀by฀about฀$40฀
million,฀before฀accounting฀for฀changes฀in฀fuel฀price,฀USD฀exchange฀rate฀and฀ying฀operations.
A฀change฀in฀price฀of฀fuel฀by฀one฀US฀cent฀per฀American฀gallon฀affects฀the฀Company’s฀annual฀fuel฀cost฀by฀about฀$17฀million,฀
before฀accounting฀for฀USD฀exchange฀rate฀movements,฀and฀changes฀in฀volume฀of฀fuel฀consumed.
Finance Charges
Finance฀charges฀decreased฀20.0฀per฀cent฀due฀mainly฀to฀repayment฀of฀lease฀liabilities฀in฀2006-07.
Surplus on Disposal of Aircraft, Spares and Spare Engines
Surplus฀on฀the฀disposal฀of฀aircraft,฀spares฀and฀spare฀engines฀was฀$152฀million฀lower฀than฀the฀year฀before.฀During฀the฀year,฀two฀
B747-400฀aircraft฀were฀sold฀as฀compared฀to฀sale฀of฀four฀B747-400฀and฀three฀A310-300฀aircraft฀and฀sale฀and฀leaseback฀of฀four฀
B777-300฀aircraft฀last฀year.
Gross Dividends from Subsidiary Companies
Gross฀dividends฀from฀subsidiary฀companies฀decreased฀by฀$141฀million,฀mainly฀contributed฀by฀lower฀dividends฀received฀from฀
SIA฀Engineering฀Company฀(-$157฀million).฀Last฀year,฀SIA฀Engineering฀Company฀paid฀a฀special฀dividend฀of฀20฀cents฀per฀share.
Exceptional Items
There฀were฀no฀exceptional฀items฀recorded฀this฀year.฀Exceptional฀items฀last฀year฀comprised฀surplus฀on฀sale฀of฀the฀35.5%฀equity฀
stake฀in฀SALE฀of฀$340฀million฀and฀surplus฀on฀sale฀of฀SIA฀Building฀of฀$223฀million.
Taxation
There฀was฀a฀tax฀charge฀of฀$319฀million,฀comprising฀current฀tax฀of฀$253฀million฀and฀deferred฀tax฀of฀$66฀million.฀Last฀year’s฀tax฀
charge฀of฀$78฀million฀comprised฀a฀taxation฀expense฀of฀$272฀million฀and฀a฀write-back฀of฀$194฀million฀in฀respect฀of฀prior฀years’฀
deferred฀tax฀liabilities฀which฀arose฀from฀the฀2฀percentage฀points฀reduction฀in฀statutory฀tax฀rate.
As฀at฀31฀March฀2008,฀the฀Company’s฀deferred฀taxation฀account฀stood฀at฀$2,102฀million.