Singapore Airlines 2015 Annual Report Download - page 58
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Fuel Productivity and Sensitivity Analysis
Fuel productivity as measured by load tonne-km per barrel
(ltk/BBL) improved 1.2 per cent over the previous year to
429ltk/BBL. This was largely due to the cessation of the ultra
long-haul direct flights to Americas.
A change in fuel productivity (passenger aircra) of 1.0 per cent
would impact the Company’s annual fuel cost by about
$44 million, before accounting for changes in fuel price,
US dollar exchange rate and flying operations.
A change in the price of fuel of one US dollar per barrel aects
the Company’s annual fuel cost by about $42 million, before
accounting for US dollar exchange rate movements, and
changes in volume of fuel consumed.
Finance Charges
In 2014/15, finance charges rose $10 million or 31.0 per cent,
mainly due to interest expense incurred on the $500 million
notes issued in April 2014.
Interest Income
Interest income was $15 million or 23.3 per cent higher, largely
due to higher interest from short-term deposits, bonds, fixed
rate notes and investment funds.
Surplus on Disposal of Aircra, Spares
and Spare Engines
The $37 million gain on disposal of aircra, spares and spare
engines arose mainly from the sale and leaseback of three
777-300ER and sale of one 777-200 aircra. Last year’s
$46 million gain on disposal was due mainly to sale of three
777-200 and five A340-500 aircra.
Other Non-operating Items
Other non-operating items in 2014/15 pertained mainly to
impairment losses ($43 million) on the Company’s investment
in Singapore Flying College Pte Ltd being written down to its
estimated recoverable amount, and two grounded 777-200
aircra ($22 million). Last year’s non-operating items comprised
largely impairment loss of $54 million recorded on the
Company’s investment in Tiger Airways being written down to
its fair market value.
Taxation
There was a net tax expense of $23 million, comprising current
tax charge of $85 million and deferred tax credit of $62 million.
As at 31 March 2015, the Company’s deferred taxation account
stood at $1,326 million.
Fuel Productivity of Passenger Fleet
2010/11 2011/12 2012/13 2013/14 2014/15
440
430
420
410
400
440
430
420
410
400
LTK/BBL LTK/BBL
Financial Review
Performance of the Company
(continued)
56 PERFORMANCE | Financial Review |