Singapore Airlines 2009 Annual Report Download - page 9

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Over the years, Singapore Airlines
has invested heavily in our people.
The relations wlth our unions mean
there is a good understanding
of the impact of the economic
downturn, and an appreciation that
sacrifi ce is needed to successfully
navigate our way through it.
I want to recognise and thank our
staff, and the leaders of our unions,
for their understanding of the
measures we are asking of them.
On the other side, our teams will
work hard to boost demand in
these weaker market conditions.
We are well placed because we
have a strong line of products that
are appealing to customers. We
have a young and modern fl eet,
led by the very popular Airbus
A380, and boosted this past year
by the delivery of the new Airbus
A330s for medium-haul and
regional routes. We are already
aggressively pursuing business
with more dynamic pricing,
exceptional value-added packages
and promotions designed to
recognise our loyal customers.
These offers will continue, so
that we maximise the potential
to fi ll seats. Our cargo teams are
also working hard to establish a
presence in new markets.
My key message to all shareholders
this year is that Singapore Airlines
is not immune from the impact of
the global economic downturn.
As an airline that serves many
business customers, we will feel
the contraction of corporate
travel most acutely. However,
it will not be business as usual:
our management and staff have
responded, and will continue to
respond, to the changing business
climate with disciplined cost
management and aggressive
sales techniques.
The Company is also well
positioned to manage through
these times. It is said that ‘cash is
king’: never more so than now. The
underlying strength of Singapore
Airlines is the Company’s solid
foundations, highlighted by a very
healthy balance sheet and no
reliance on debt.
In closing, Iet me record my thanks
to shareholders for sticking with us
during these times. We appreciate
your loyalty, and are committed
to managing through these times
prudently, so that we provide
sustainable returns to you for the
long term.
Also, to our customers, we
appreciate you have a choice of
airlines, and that you choose to
fl y with us. We are absolutely
committed to continuing our
quest to deliver you the world’s
best service in the air, and on the
ground. As you will have seen
with the introduction of the A330,
and its new medium-haul cabin
products this year, our commitment
to product and service innovation
will not diminish as a consequence
of the diffi cult times.
To our staff, thank you for
your commitment and your
understanding of the measures
required of you, both during the
last year and this one coming. You
are the key to delivering on our
commitment to our customers.
Finally, I would like to thank my
fellow directors for another solid
contribution during this year. The
direction and counsel provided
serves our shareholders, customers
and staff well.
Stephen Lee
Chairman