Singapore Airlines 2011 Annual Report Download - page 73
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ANNUAL REPORT 2010/2011 071
FINANCIAL REVIEW
Performance of the Company (continued)
Expenditure
The Company’s expenditure increased 6.9 per cent to $10,888 million in 2010-11.
2010-11 2009-10
$ million % $ million % % change
Fuel costs 3,805.1 35.0 3,536.7 34.7 + 7.6
Depreciation R8 1,416.0 13.0 1,402.2 13.8 + 1.0
Staff costs 1,549.5 14.2 1,374.2 13.5 + 12.8
Handling charges 802.9 7.4 787.5 7.7 + 2.0
Inflight meals and other passenger costs 560.3 5.2 542.3 5.3 + 3.3
Airport and overflying charges 514.9 4.7 495.1 4.9 + 4.0
Sales costs R9 556.3 5.1 485.3 4.8 + 14.6
Rentals on leased aircraft 525.6 4.8 481.3 4.7 + 9.2
Aircraft maintenance and overhaul costs 504.9 4.6 477.3 4.7 + 5.8
Communication and information
technology costs R10 86.5 0.8 95.5 0.9 - 9.4
Other costs R11 565.8 5.2 506.2 5.0 + 11.8
Total 10,887.8 100.0 10,183.6 100.0 + 6.9
A breakdown of fuel cost is shown below:
2010-11 2009-10 Change
$ million $ million $ million
Fuel cost (before hedging) 3,755.2 3,076.6 + 678.6
Fuel hedging loss 49.9 460.1 - 410.2
3,805.1 3,536.7 + 268.4
Expenditure of fuel before hedging was $679 million higher because of:
$ million
26.3% increase in weighted average fuel price from 79.5 USD/BBL to 100.4 USD/BBL + 840.8
3.6% increase in volume uplifted from 27.2 M BBL to 28.2 M BBL + 100.6
6.5% weakening of USD against SGD from US$1=S$1.425 to US$1=S$1.332 - 262.8
+ 678.6
R8 Depreciation included impairment of property, plant and equipment and amortisation of computer software.
R9 Sales costs included commission and incentives, frequent flyer programme cost, computer reservation system booking fees,
advertising expenses and other sales costs.
R10 Communication and information technology costs were for data transmission and contract service fees, hire of computer
equipment, maintenance/rental of software, and information technology contract and professional fees.
R11 Other costs mainly comprised crew expenses, company accommodation cost, foreign exchange hedging and revaluation loss,
comprehensive aviation insurance cost, airport lounge expenses, non-information technology contract and professional fees,
expenses incurred to mount non-scheduled services, aircraft licence fees and recoveries.