Singapore Airlines 2016 Annual Report Download - page 151

13 Dividends Paid and Proposed (in $ million)
The Group and the Company
FY2015/16 FY2014/15
The following tax exempt (one-tier) dividends were declared and paid by the Group and Company
to the owners of the Company:
Final dividend of 17.0 cents per share in respect of FY2014/15
(FY2014/15: 11.0 cents per share in respect of FY2013/14) 199.1 129.2
Interim dividend of 10.0 cents per share in respect of FY2015/16
(FY2014/15: 5.0 cents per share in respect of FY2014/15) 116.3 58.4
Special dividend of 25.0 cents per share in respect of FY2013/14 –293.6
315.4 481.2
The Directors propose that a final tax exempt (one-tier) dividend of 35.0 cents per share amounting to $407.3 million be paid for the financial
year ended 31 March 2016.
During the financial year, total dividends of $43.6 million (FY2014/15: $72.0 million) were paid to non-controlling interests.
14 Share Capital (in $ million)
The Group and the Company
Number of shares Amount
2016 2015 2016 2015
Issued and fully paid share capital
Ordinary shares
Balance at 1 April and 31 March 1,199,851,018 1,199,851,018 1,856.1 1,856.1
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, which have no par value, carry one vote per share without restriction. All shares rank equally with regards to the Group’s residual assets.
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 “eectively 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.
The Company can also issue non-tradeable redeemable cumulative preference shares, which carry full voting rights (“ASA shares”). When
issued, the ASA shares will be paid at $0.01 each and will carry equal voting rights as those of ordinary shares. These shares will be issued only
when the Directors determine that the Company’s operating rights under any of the ASAs are threatened by reason of the nationality of the
majority shareholders.
During the financial year, the Company did not issue any shares (FY2014/15: nil) upon exercise of options granted under the ESOP, or vesting
of share-based incentive plans.
Annual Report FY2015/16 149