Singapore Airlines 2011 Annual Report Download - page 141
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ANNUAL REPORT 2010/2011 139
NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
13 Dividends Paid and Proposed (in $ million)
The Group and the Company
2010-11 2009-10
Dividends paid:
Dividend in specie - 1,146.3
Final dividend of 12.0 cents per share tax exempt (one-tier)
in respect of 2009-10 143.3 236.9
(2009-10: 20.0 cents per share tax exempt [one-tier] in respect of 2008-09)
Interim dividend of 20.0 cents per share tax exempt (one-tier)
in respect of 2010-11 239.4 -
382.7 1,383.2
The directors propose that a final tax exempt (one-tier) dividend of 40.0 cents per share (2009-10: final
tax exempt [one-tier] dividend of 12.0 cents per share) and a special tax exempt (one-tier) dividend of
80.0 cents per share (2009-10: Nil) amounting to $477.9 million (2009-10: $143.3 million) and
$955.9 million (2009-10: Nil) respectively be paid for the financial year ended 31 March 2011.
14 Share Capital (in $ million)
The Group and the Company
Number of shares Amount
2011 2010 2011 2010
Issued and fully paid share capital
Ordinary shares
Balance at 1 April 1,191,608,511 1,186,547,790 1,750.6 1,684.8
Share options exercised and share
awards vested during the year 6,320,069 5,060,721 81.8 65.8
Balance at 31 March 1,197,928,580 1,191,608,511 1,832.4 1,750.6
Special share
Balance at 1 April and 31 March 1 1 # #
# The value is $0.50
The holders of ordinary shares (except treasury shares) are entitled to receive dividends as and when
declared by the Company. All ordinary shares carry one vote per share without restriction.
The Company’s ability to operate its existing route network and flight frequency is derived solely from
and dependent entirely on the Air Service Agreements (“ASAs”) concluded between the Government of
Singapore and the governments of other countries. ASAs are therefore critical to the Company’s operations.
In almost all the ASAs, it is a condition that the Company must at all times be “effectively controlled” and
“substantially owned” by Singapore nationals for the tenure of the respective ASAs.
In order to comply with the above requirement, one non-tradeable Special Share was issued to the Ministry
of Finance. The Special Share enjoys all the rights attached to ordinary shares. In addition, pursuant to
Article 3A of the Articles of Association, no resolution may be passed on certain matters without prior
written approval of the Special Member.