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Singapore Airlines SINGAPORE AIRLINES Annual Report FY2016/17 MISSION STATEMENT Singapore Airlines is a global company dedicated to providing air transportation services of the highest quality and to maximising returns for the benefit of its shareholders and employees. OUR JOURNEY CONTINUES... CELEBRATING 70 YEARS OF EXCELLENCE: The Singapore Airlines Group’s history dates back to 1947 with the maiden flight of Malayan Airways Limited. The airline was later renamed Malaysian Airways Limited, and then Malaysia-Singapore Airlines. In 1972, Malaysia-Singapore Airlines split into Singapore Airlines and Malaysian Airline System. Initially operating a modest fleet of 10 aircraft to 22 cities in 18 countries, Singapore Airlines’ commitment to service excellence, product leadership and network connectivity quickly distinguished it as a world-class international airline group. Today, Singapore Airlines operates a modern passenger fleet of more than 100 aircraft. Together with wholly-owned subsidiaries SilkAir, Scoot, Tiger Airways (which operates as Tigerair) and SIA Cargo, the SIA Group fleet comprises nearly 180 aircraft. The combined passenger network covers 131 destinations in 35 countries. More than 31 million passengers were carried by the SIA Group’s four Singapore-based passenger airlines in the 2016/17 financial year. Singapore Airlines and its subsidiaries today employ more than 25,000 staff, with the world-famous Singapore Girl as an iconic symbol of quality customer care and service. CONTENTS OVERVIEW STRATEGY PERFORMANCE GOVERNANCE FINANCIAL 2 3-Year Financial 8 A Global Flyer 22 The Year in Review 62 Statement on 80 Financial Report Highlights 10 A Premium 24 Network Risk Management 212 Information on 3 SIA Group Portfolio Full-Service Airline 26 Fleet Management 63 Corporate Shareholdings 4 Statistical Highlights 12 An Innovative 27 Products and Services Governance Report 214 Share Price and 6 Market Leader 32 People Development 75 Membership Turnover and Attendance 14 Celebrating 70 Years 34 215 Notice of Annual Significant Events of Singapore General Meeting 35 Community Airlines Limited 16 Our Strategy Environment IBC Corporate Data forof Excellence the Future 76 Further Information 36 Subsidiaries Chairman’s on Board of Directors 18 FinancialEngagement Review Letter to Shareholders 44 60 Awards 20 Board of Directors Annual Report FY2016/17 01 Overview 3-Year Financial Highlights 2016/17 14,869 2016/17 623 2016/17 360 2015/16 15,239 2015/16 681 2015/16 804 2014/15 15,566 2014/15 410 2014/15 368 ($ million) ($ million) ($ million) Total Group Revenue Group Operating Profit Group Net Profit NET ASSET Net asset value per share is computed by dividing equity VALUE PER attributable to owners of the parent by the number of SHARE ordinary shares in issue excluding treasury shares. $11.07 TOTAL The final dividend of 11 cents per share will be paid on 20 cents DIVIDEND 16 August 2017 to shareholders as at 3 August 2017. PER SHARE Including the interim dividend of 9 cents per share paid on 24 November 2016, the total dividend for the 2016/17 financial year will be 20 cents per share. Earnings per share is computed by dividing profit EARNINGS attributable to owners of the parent by the weighted PER SHARE average number of ordinary shares in issue excluding treasury shares. 30.5 cents 02 Singapore Airlines SIA Group Portfolio During the year in review, the Singapore Airlines Group continued to expand its global network, leveraging its position as a leader in key markets around the globe. FULL SERVICE LOW COST Singapore Airlines SilkAir Tigerair Scoot 18,990,166 4,105,576 5,145,835 3,357,174 passengers carried passengers carried passengers carried passengers carried in FY2016/17 in FY2016/17 in FY2016/17 in FY2016/17 106 30 23 12 aircraft in fleet aircraft in fleet aircraft in fleet aircraft in fleet 3 3 12 5 new destinations new destinations cities served new destinations introduced introduced in China introduced 70 52 13 8 years of operation destinations in years of operation additional Dreamliners in 2017 14 countries in 2017 on firm order Annual Report FY2016/17 03 Overview Statistical Highlights Financial Statistics R1 2016/17 2015/16 % Change The Group Financial Results ($ million) Total revenue 14,868.5 15,238.7 - 2.4 Total expenditure 14,245.7 14,557.5 - 2.1 Operating profit 622.8 681.2 - 8.6 Profit before taxation 518.6 972.4 - 46.7 Profit attributable to owners of the parent 360.4 804.4 - 55.2 Financial Position ($ million) Share capital 1,856.1 1,856.1 – Treasury shares (194.7) (381.5) + 49.0 Capital reserve (147.6) (129.2) - 14.2 Foreign currency translation reserve (123.7) (151.3) + 18.2 Share-based compensation reserve 88.5 123.7 - 28.5 Fair value reserve (234.4) (498.6) + 53.0 General reserve 11,838.8 11,935.5 - 0.8 Equity attributable to owners of the parent 13,083.0 12,754.7 + 2.6 Return on equity holders’ funds (%) R2 2.8 6.4 - 3.6 points Total assets 24,720.0 23,846.6 + 3.7 Total debt 1,567.8 1,347.5 + 16.3 Total debt : equity ratio (times) R3 0.12 0.11 + 0.01 times Value added 4,843.1 5,030.9 - 3.7 Per Share Data Earnings – basic (cents) R4 30.5 69.0 - 55.8 Earnings – diluted (cents) R5 30.3 68.7 - 55.9 Net asset value ($) R6 11.07 10.96 + 1.0 Dividends Interim dividend (cents per share) 9.0 10.0 - 1.0 cents Final dividend (cents per share) 11.0 35.0 - 24.0 cents Dividend cover (times) R7 1.5 1.5 – times The Company Financial Results ($ million) Total revenue 11,094.2 11,686.1 - 5.1 Total expenditure 10,707.8 11,201.0 - 4.4 Operating profit 386.4 485.1 - 20.3 Profit before taxation 579.3 766.2 - 24.4 Profit after taxation 514.0 672.0 - 23.5 Value added 3,550.7 3,661.6 - 3.0 n.m. not meaningful R1 Singapore Airlines’ financial year is from 1 April to 31 March. Throughout this report, all figures are in Singapore Dollars, unless otherwise stated. R2 Return on equity holders’ funds is profit attributable to owners of the parent expressed as a percentage of the average equity holders’ funds. R3 Total debt : equity ratio is total debt divided by equity attributable to owners of the parent as at 31 March. R4 Earnings per share (basic) is computed by dividing profit attributable to owners of the parent by the weighted average number of ordinary shares in issue excluding treasury shares. R5 Earnings per share (diluted) is computed by dividing profit attributable to owners of the parent by the weighted average number of ordinary shares in issue excluding treasury shares, adjusted for the dilutive effect on the exercise of all outstanding share options. R6 Net asset value per share is computed by dividing equity attributable to owners of the parent by the number of ordinary shares in issue excluding treasury shares at 31 March. R7 Dividend cover is profit attributable to owners of the parent divided by total dividends. 04 Singapore Airlines Operating Statistics 2016/17 2015/16 % Change Singapore Airlines Passengers carried (thousand) 18,990 19,029 - 0.2 Revenue passenger-km (million) 92,913.8 94,267.4 - 1.4 Available seat-km (million) 117,662.3 118,366.5 - 0.6 Passenger load factor (%) 79.0 79.6 - 0.6 points Passenger yield (cents/pkm) 10.2 10.6 - 3.8 Passenger unit cost (cents/ask) 8.2 8.5 - 3.5 Passenger breakeven load factor (%) 80.4 80.2 + 0.2 points SilkAir Passengers carried (thousand) 4,106 3,836 + 7.0 Revenue passenger-km (million) 7,138.0 6,516.2 + 9.5 Available seat-km (million) 10,086.3 9,117.8 + 10.6 Passenger load factor (%) 70.8 71.5 - 0.7 points Passenger yield (cents/pkm) 12.5 13.5 - 7.4 Passenger unit cost (cents/ask) 8.3 9.0 - 7.8 Passenger breakeven load factor (%) 66.4 66.7 - 0.3 points Budget Aviation Holdings Passengers carried (thousand) 8,503 7,540 + 12.8 Revenue passenger-km (million) 22,083.8 18,225.0 + 21.2 Available seat-km (million) 26,792.8 21,732.8 + 23.3 Passenger load factor (%) 82.4 83.9 - 1.5 points Revenue per revenue seat-km (cents/pkm) 5.9 6.3 - 6.3 Cost per available seat-km (cents/ask) 4.8 5.3 - 9.4 Breakeven load factor (%) 81.4 84.1 - 2.7 points SIA Cargo Cargo and mail carried (million kg) 1,248.1 1,170.1 + 6.7 Cargo load (million tonne-km) 6,895.8 6,510.9 + 5.9 Gross capacity (million tonne-km) 10,912.3 10,513.3 + 3.8 Cargo load factor (%) 63.2 61.9 + 1.3 points Cargo yield (cents/ltk) 25.9 29.0 - 10.7 Cargo unit cost (cents/ctk) 16.8 18.9 - 11.1 Cargo breakeven load factor (%) 64.9 65.2 - 0.3 points Group Airlines (Passenger) Passengers carried (thousand) 31,599 30,405 + 3.9 Revenue passenger-km (million) 122,135.6 119,008.6 + 2.6 Available seat-km (million) 154,541.4 149,217.1 + 3.6 Passenger load factor (%) 79.0 79.8 - 0.8 points Employee Productivity (Average) – The Company Average number of employees 14,423 13,983 + 3.1 Seat capacity per employee (seat-km) 8,157,963 8,465,029 - 3.6 Passenger load per employee (tonne-km) R1 598,451 626,572 - 4.5 Revenue per employee ($) 769,202 835,736 - 8.0 Value added per employee ($) 246,183 261,861 - 6.0 Employee Productivity (Average) – The Group Average number of employees 25,194 24,350 + 3.5 Revenue per employee ($) 590,160 625,819 - 5.7 Value added per employee ($) 192,232 206,608 - 7.0 R1 Passenger load includes excess baggage carried.
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