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Summary Report Taking Flight. 24/7. Summary Report 2007/2008 We aim to be the first-choice provider of airline ground services and inflight solutions by leveraging on our capability to exceed users’ expectations. 1 Key Figures 2 Financial Calendar 3 Statistical Highlights 4 Chairman’s Statement 9 Report by the Board of Directors 14 Statement by the Directors 15 Independent Auditors’ Report 16 Consolidated Profit and Loss Account 17 Balance Sheets 18 Statements of Changes in Equity 20 Consolidated Cash Flow Statement 21 Notes to Financial Statements 23 Additional Information 24 Information on Shareholdings 26 Notice of Annual General Meeting 29 Proxy Form 31 Request Form IBC Corporate Information Key Figures (for the last five financial years) 2003-04 2005-06 TODAY Revenue Revenue Revenue $868.7m $932.0m $958.0m PATMI PATMI PATMI $188.2m $188.6m $194.9m Total assets Total assets Total assets $1,559m $1,718m $1,850m Ordinary dividend per share Ordinary dividend per share Ordinary dividend per share 8.0¢ 10.0¢ 14.0¢ Presence in Presence in Presence in 14 airports 23 airports 40 airports 07 countries 10 countries 09 countries Number of joint ventures Number of joint ventures Number of joint ventures 12 15 18 SATS Summary Report 2007/2008 Key Figures Financial Calendar Financial year ended Financial year ending 31 March 2008 31 March 2009 . 1 August 2007 13 June 2008 24 July 2008 Announcement of 1Q FY2007-08 results Despatch of Summary Report to Proposed announcement of shareholders Q FY2008-09 results 31 October 2007 Announcement of 2Q FY2007-08 results 27 June 2008 4 November 2008 Despatch of Annual Report to shareholders Proposed announcement of 1 November 2007 2Q FY2008-09 results Analysts and media briefing for 24 July 2008 2Q FY2007-08 results Annual General Meeting January 2009 Proposed announcement of 29 November 2007 1 August 2008 3Q FY2008-09 results Payment of Interim Dividend Book closure date May 2009 28 January 2008 13 August 2008 Proposed announcement of Announcement of 3Q FY2007-08 results Proposed payment of Final Dividend 4Q FY2008-09 results 9 May 2008 Announcement of 4Q FY2007-08 results Analysts and media briefing for 4Q FY2007-08 results 2 SATS Summary Report 2007/2008 Financial Calendar Statistical Highlights 2007-08 2006-07 2005-06 2004-05 2003-04 Financial statistics Group ($ million) Total revenue 958.0 945.7 932.0 975.7 868.7 Total expenditure 783.7 792.5 747.9 78.5 679.4 Operating profit 174.3 53.2 84. 94.2 89.3 Profit before tax 248.7 29.8 246. 27.3 26. Profit after tax 195.2 79.0 89.2 68. 88. Profit attributable to equity holders of the Company 194.9 78.2 88.6 67.8 88.2 Equity attributable to equity holders of the Company 1,383.9 ,34.2 ,202.5 ,06. ,228. Total assets 1,849.5 ,804.2 ,77.9 ,593.2 ,558.6 Total debt 208.0 202.8 247.5 249.0 49.7 Value added 682.5 675. 665. 67.7 627. Economic value added 53.9 60.7 79.8 92.7 80.4 Financial ratios Return on equity holders’ funds (%) 14.4 4.2 6.7 4.7 6.3 Total debt equity ratio (times) 0.15 0.5 0.2 0.23 0.04 Return on total assets (%) 10.7 0.2 11.4 0.7 11.6 Per share data Earnings after tax (cents) – basic 18.2 7.0 8.2 6.5 8.8 – diluted 17.9 6.9 8. 6.3 8.7 Net asset value ($) 1.29 .24 .5 .03 .22 Interim dividend (cents) 4.0 4.0 4.0 3.0 3.0 Proposed final dividend (cents) 10.0 6.0 6.0 6.0 5.0 Special dividend (cents) – 5.0 – – 37.0 Dividend cover (times) 1.3 .4 2.3 2.3 0.5 Dividend payout (%) *77.3 48.5 44.4 44.3 33.9 * estimate Operating statistics Employee productivity Average number of employees 7,938 7,46 7,660 8,52 9,374 Revenue per employee ($) 120,691 26,747 2,675 114,509 92,668 Value added per employee ($) 85,979 90,477 86,83 78,824 66,897 Value added per $ employment costs 1.85 .76 .9 .73 .83 Operating data Airfreight throughput (in million tonnes) 1.57 .55 .49 .42 .38 Passengers served (in millions) 31.65 29.27 27.32 25.27 2.24 Inflight meals prepared (in millions) 25.72 24.74 24.9 23.53 9.73 Flights handled (in thousands) 85.95 84.52 84.11 76.09 63.3 Notes: 1 SATS’ financial year is from 1 April to 31 March. Throughout this report, all financial figures are stated in Singapore Dollars, unless stated otherwise. 2 Returns on equity holders’ funds is the profit attributable to equity holders of the Company expressed as a percentage of the average equity holders’ funds. 3 Total debt equity ratio is total debts divided by equity attributable to equity holders of the Company at 31 March. 4 Basic earnings per share is computed by dividing the profit attributable to equity holders of the Company by the weighted average number of fully paid shares in issue. 5 Diluted earnings per share is computed by dividing the profit attributable to equity holders of the Company by the weighted average number of fully paid shares in issue after adjusting for dilution of shares under the employee share option plan. 6 Net asset value per share is computed by dividing equity attributable to equity holders of the Company by the ordinary shares in issue at 31 March. 7 Dividend cover is profit attributable to equity holders of the Company divided by total dividend (net of tax). 8 Payout ratio is total ordinary dividend (net of tax) divided by profit attributable to equity holders of the Company. 3 SATS Summary Report 2007/2008 Statistical Highlights Chairman’s Statement Dear Shareholders, SATS will move into related businesses PATMI such as food and hospitality management, SATS witnessed two historic milestones in in order to exploit the full growth potential $194.9m the financial year 2007-08. We were the of the air travel industry. first ground handling company in the world to handle the A380 superjumbo. In addition, The emerging new opportunities are up 9.4% as the only ground handler commencing exciting. We want to be amply prepared to operations at Terminal 3 in January 2008, benefit from these opportunities. The new we contributed towards the successful financial year 2008-09 will be a period Total dividend payout ($m) opening of the new terminal at Singapore when we will consolidate our position and Changi Airport. make preparations to gear up for our next FY07-08 150.7 phase of growth. FY06-07* 130.5 The year, however, was not without challenges. At home, we continued to An overview of our financial results FY05-06 83.7 operate in a highly competitive business SATS turned in a reasonable set of results in FY04-05 74.4 environment while facing higher inflation. FY2007-08. Our revenue grew 1.3 percent The global economic uncertainty also cast to $958.0 million on the back of higher FY03-04* 366.1 a shadow over the aviation industry. business volumes. Our expenditure declined * Includes special dividends .1 percent to $783.7 million as a result of SATS must continue to reinvent itself in lower profit sharing bonus provisions arising Dividend payout ratio* (%) this challenging environment. With the from the de-linking from SIA Group’s FY07-08 77.3 appointment of Clement Woon as our profitability, but was partially offset by President and Chief Executive Officer, we higher staff costs, counter rentals at FY06-07 48.5 are opening a new chapter by taking a fresh Terminals 2 and 3, and raw material costs. FY05-06 44.4 look at our business strategies to prepare ourselves for a new phase of growth. As a result, our operating profit rose FY04-05 44.3 3.8 percent to $74.3 million, compared FY03-04 33.9 We will broaden our relationships with to $53.2 million in the previous year. * Excludes special dividends customers and serve them in more locations, even if this means moving Profit contribution from our overseas beyond the Asia Pacific region. We will associates fell 14.2 percent to $44.7 million also strengthen our product and service mainly because of higher costs incurred offerings to improve the performance of by Asia Airfreight Terminal as a result of our current core businesses and better the addition of a second cargo terminal, cater to specific market segments including and Beijing Aviation Ground Services, the low-cost carriers. Where possible, in preparation for the new Terminal 3 operations at Beijing Capital International Airport. 4 SATS Summary Report 2007/2008 Chairman’s Statement Profit before exceptional item, at SATS in Singapore meet the unique challenges of handling this $23.4 million, was 5.3 percent higher. We have successfully upheld our market aircraft. We also introduced new equipment Including the sale of SATS Express Courier position at Singapore Changi Airport. to ensure quick aircraft turnaround time. Centre 2 in January 2008 which resulted We continue to handle about 80 percent in an exceptional gain of $7.3 million, of the scheduled flights and serve more The opening of Terminal 3 in January 2008 our profit before tax increased 13.1 percent than 65 percent of the airlines operating was another landmark development at to $248.7 million.
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