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Annual Report 2011 Contents 191 Number of Train Cars 2,989,000 Average Daily 3,015 Number of Buses Ridership (Bus & Train) SBS Transit Annual Report 2011 Contents 1 Our Vision 2 Chairman’s Statement 6 Financial Highlights 7 Corporate Information 8 Board of Directors 13 Key Management 15 Operations Review 20 Sustainability Report 23 Corporate Governance 32 Risk Management 36 Financial Calendar 37 Financial Statements 38 Report of the Directors 44 Statement of Directors 45 Independent Auditors’ Report 46 Statement of Financial Position 48 Income Statement 49 Comprehensive Income Statement 50 Statement of Changes in Equity 51 Cash Flow Statement 53 Notes to the Financial Statements 85 Share Price Movement Chart 86 Shareholding Statistics 87 Notice of Annual General Meeting Proxy Form SBS Transit Annual Report 2011 1 Our Vision Moving people in a safe, reliable and affordable way Our Mission Our Beliefs To achieve excellence for our To achieve our Vision and Mission, we customers, employees, shareholders are guided by the following beliefs: and community. To this end, we are committed to delivering safe and We will: reliable services at affordable prices, • Be driven by our customers’ needs being an employer of choice, creating • Strive for excellence in everything we do significant shareholder value and • Act with integrity at all times • Treat people with fairness and respect becoming a socially responsible • Maintain safety as a top priority corporate role model • Collaborate with our partners for a win- win outcome • Give our shareholders a reasonable return Our Vision Financial Highlights Chairman’s Statement Corporate Information 2 SBS Transit Annual Report 2011 Chairman’s Statement Demand for our bus and rail services continued to grow during the year as the resident population in Singapore increased. Introduction Against this backdrop, oil prices continue to soar. The The public transport industry came under intense scrutiny difficulties we have faced in the past in the recruitment of in 2011 with two major events taking place – the General Bus Captains continued to pose a challenge. Elections in May and the major North South MRT disruptions Despite these challenges, we did not lose sight of our in December, which prompted the Government to set up a commitment to our Commuters, the Authorities, the Committee of Inquiry (COI). Communities we operate in and our Shareholders. The General Elections brought the issues of overcrowdedness In such a challenging and difficult environment, we were in trains and buses into sharp focus while the COI was set happy to have been awarded the licence to operate up to look into the causes of the disruptions on the North Singapore’s newest MRT line - the Downtown Line (DTL). South MRT Line and review the emergency preparedness This is the first major contract under the new Land Transport and communications plans for effective management of Masterplan. With it, we will increase our rail network from future incidents. 40km to 82km, accounting for about 36% of the total rail system in Singapore. Our Vision Financial Highlights Chairman’s Statement Corporate Information SBS Transit Annual Report 2011 3 REVENUES AT A GLANCE $566.1m $134.5m $50.6m Bus Rail Outdoor Advertising/ Rental Serving Our Customers iPhone and Android users as well. These newly-introduced Demand for our bus services during the year continued to apps have been very well-received, attracting a sizeable grow as the size of the resident population in Singapore 666,000 downloads during the year. We continue to add increased. In all, our buses made more than 913.2 million more features and information to these apps to make them passenger trips, 6% more than the previous year. even more useful to our commuters. We continued to add more efficient, more comfortable In our rail operations, ridership grew by 13.2% with more and more environmentally friendly buses to our fleet. than 177.8 million passenger trips made. As demand on our Since 2006, we have been investing some $854 million to North East Line (NEL) continued to grow, an order has been purchase 2,050 new buses. This includes the 600 buses that placed for 18 new trains to be delivered from 2015. These were ordered in 2010. In 2011, we took delivery of 337 new new trains will increase our train fleet by about 70%. buses which consisted of 150 award-winning through low- floor, single deck Citaro buses from Mercedes Benz and 187 We also continued to surpass all the operating performance double deck Volvo buses, all of which are Euro 5-compliant. standards set by the Authorities by a strong margin through As a result, more than half of our fleet of 3,015 is now less frequency and capacity enhancements. than 6 years old. We continue to explore the feasibility of On the eve of public holidays, we extended our train Green vehicles with our trial of two hybrid buses. operating hours by half-an-hour to better serve our With the roll-out of more new buses, we have been able commuters. We also extended our operating hours on all to add more wheelchair accessible bus (WAB) routes to the Fridays in December 2011 to cater to late night shoppers, cater to the needs of the physically disabled. A record 42 and ran our service round the clock one Sunday in December WAB services were rolled out during the year, bringing to provide connectivity for participants and volunteers in a the total number of WAB services under our stable to 103, national marathon. representing 53% of our basic bus services. During the year, we also began revenue operations at our For the year, we also worked closely with the Land Transport last unopened NEL station, Woodleigh, bringing the entire Authority (LTA) to improve our commuters’ experience by 16-station line to full operation. We also opened the Damai adding more trips and deploying bigger capacity buses on Station on the Punggol East Light Rail Transit (LRT) system high demand routes. In all, 68 bus services were enhanced – and operated train service in both directions throughout the more than double the 31 from the year before. day as all the seven stations have opened. We also made further enhancements to our highly popular In the pursuit of service excellence and safe practices for bus arrival information service, iris – extending it beyond our staff, we broke new ground by continually innovating the Short Message Service (SMS) and Internet services to the way that we do things. To this end, we developed a Board of Directors Operations Review Key Management Sustainability Report 4 SBS Transit Annual Report 2011 device which enables our train brakes to be released quickly million due mainly to profits generated from operations in the event the train stalls. This means a quicker return to which were partially offset by the payment of dividends. the depot and a faster return to normal service. The device so impressed judges at the National Workplace Safety and As at 31 December 2011, we have drawn down $100 million Health Awards that it was named one of the winners in the of our $250 million Multicurrency Medium Term Note Innovation Category. programme to fund our purchase of new buses. On the customer service front, in spite of the operational Your Directors have proposed a tax-exempt one-tier final challenges that we face, we did not let up on the training dividend of 2.8 cents per share. Together with the tax- of our staff to provide good service to our customers. Our exempt one-tier interim dividend of 3.1 cents per share paid 7,451 staff, including more than 5,300 Bus Captains as well earlier, the total tax-exempt one-tier dividend to be paid as support staff, have completed the three-year CARES out for 2011 will be 5.9 cents per share, 33% lower than the programme which focuses on providing CAring, REliable and previous year, in light of the lower profit. Safe services to our commuters. Bus Services Enhancement Programme Financial Results In March 2012, the Government announced that it would Despite a drop in average fares as a result of the inject $1.1 billion over 10 years to ramp up bus capacity under introduction of Distance Fares, revenue from both our bus a new Bus Services Enhancement Programme (BSEP). Under and rail operations increased during the year as ridership this programme, it will fund 550 buses while the public grew. Revenue increased by 4.2% or $30.2 million to $751.1 transport operators will add 250 buses. In all, bus capacity million in 2011. Revenue from bus operations increased by will be increased by a total of 800 buses. 3.1% to $566.1 million while revenue from rail operations By end of 2014, these additions are expected to increase bus grew by 10.5% to $134.4 million. This was achieved on the capacity by reducing the average loading level from 95% to back of a 12.9% increase in ridership on the NEL and a 15.7% 85% on the more crowded stretches of bus routes during increase on the Sengkang and Punggol LRT Systems. peak hours. The frequency of feeder services will also be On the other hand, revenue from the advertisement business improved as we are expected to deliver higher service levels saw a marginal drop of 0.3% to $36.2 million. Revenue from beyond what is required in the current Quality of Service the rental business, however, increased by 3.9% or $0.5 standards. We are fully cognizant of the responsibilities million to $14.4 million as a result of higher income received that come as a result of this funding and will work hard at from roadshows held at the bus interchanges.
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