ANNUAL REPORT 2015 SBS Transit Ltd
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BUS SERVICES BASIC BUS SERVICES PREMIUM SERVICES FAST FORWARD SERVICES CHINATOWN DIRECT SERVICES PARKS SERVICE EXPRESS SERVICES NITE OWL SERVICES RAIL SERVICES NORTH EAST LINE DOWNTOWN LINE SENGKANG LIGHT RAIL TRANSIT PUNGGOL LIGHT RAIL TRANSIT CORE BELIEFS CUSTOMER-DRIVEN STRIVIN G FOR EXCELLENCE ACTINGACTING WITHWITH INTEGRITYINTEGRITY TREATINGTREATING PEOPLEPEOPLE FAIRLYFAIRLY STAYSTAYINGNG COLLABORATIVECOLLAB PUTTING SAFETY FIRST DOWNTOWN LINE BUGIS BUKIT PANJANG NEWTON NORTH EAST LINE HARBOURFRONT OUTRAM PARK CHINATOWN CLARKE QUAY DHOBY GHAUT LITTLE INDIA FARRER PARK BOON KENG POTONG PASIR WOODLEIGH SERANGOON KOVAN HOUGANG BUANGKOK SENGKANG PUNGGOL ANNUAL REPORT 2015 SBS Transit Ltd OUR VISION OUR MISSION CORE BELIEFS MOVING To achieve excellence for our To achieve our Vision and customers, employees, shareholders Mission, we are guided by PEOPLE and community. To this end, we the following beliefs: are committed to delivering safe We will: and reliable services at affordable IN A SAFE, • Be driven by our customers’ needs prices, being an employer of choice, • Strive for excellence in everything we do RELIABLE AND creating significant shareholder value • Act with integrity at all times and becoming a socially responsible AFFORDABLE • Treat people with fairness and respect corporate role model. • Maintain safety as a top priority WAY • Collaborate with our partners for a win-win outcome • Give our shareholders a reasonable return Annual Report 2015 1 CONTENTS 02 Chairman’s Statement 53 Financial Statements 06 Group Financial Highlights 54 Directors’ Statement 08 Corporate Information 59 Independent Auditors’ Report 09 Board of Directors 60 Statements of Financial Position 14 Key Management 62 Group Income Statement 18 Operations Review 63 Group Comprehensive Income Statement 23 Sustainability Report 64 Statements of Changes in Equity 27 Corporate Governance 66 Group Cash Flow Statement 45 Directors’ Particulars 68 Notes to the Financial Statements 49 Risk Management 103 Share Price Movement Chart 52 Financial Calendar 104 Shareholding Statistics 105 Notice of Annual General Meeting Proxy Form 2 SBS Transit Ltd CHAIRMAN’S STATEMENT For the year under review, our buses ferried a total of 1.03 billion passengers Demand for rail services continued to grow with over 259.1 million passenger trips made in 2015 The Downtown Line will have 34 stations making it the longest automated underground MRT system in Singapore Introduction 2015 was a bittersweet year. Bitter because we lost our elder statesman, Mr Lee Kuan Yew, and yet sweet because we marked our Nation’s 50 th year of independence and celebrated the opening of the Downtown Line 2 (DTL 2). The public scheduled bus industry also underwent significant changes as the Government Bus Contracting Model was implemented with two tenders awarded. A third is due this year. Passing of Mr Lee Kuan Yew On 23 March 2015 , the Nation mourned the death of our first Prime Minister, Mr Lee Kuan Yew. It was due entirely to him that Singapore Bus Service, our predecessor, was established in 1973 . Under his Government, the days of haphazard, unsafe and unruly bus services became a distant memory. While the bus industry was shaping up, Mr Lee had also come to the conclusion that an all-bus system would be inadequate in meeting the transportation needs of the growing nation in land- scarce Singapore. Following a debate on whether an all-bus system would be more cost-effective, the Government proceeded with the construction of Singapore’s first Mass Rapid Transit network in October 1983 . In 1988 , Mr Lee officially launched Singapore’s first MRT system – the North South Line. It was 15 years later in 2003 that SBS Transit first got involved in rail operations through the North East Line (NEL) and became a multi-modal operator. To ensure that transportation did not pose a problem to the thousands of Singaporeans who queued overnight to pay their last respects to Mr Lee as he lay in state, we extended our bus and train operating hours. During the funeral, we observed a minute of silence with all bus and train operations put on hold at all our bus interchanges and train stations. SG50 Celebrations In 2015 , SBS Transit joined in the Nation’s jubilee celebrations by offering free rides on all our bus and train services throughout the entire day on 9 August. More than 430 extra buses were deployed and another 209 extra train trips were made to cater to demand. In addition, 1,200 extra staff were marshalled for duty to ensure that bus and train services operated smoothly. Annual Report 2015 3 Opening of Downtown Line 2 The Government Bus Contracting Model The second phase of the Downtown went full steam ahead in 2015 with Line commenced passenger service results of the first tender, the Bulim Bus on 27 December 2015 , a day after its Package, announced in May. Results opening by Prime Minister Lee Hsien of the second tender, the Loyang Bus Loong. Spanning 16 .6km, the 12 stations Package, were announced in November. run along the Bukit Panjang and Bukit Collectively, the two packages involve Timah stretch and offer convenience a total of 51 services of which 42 are REMEMBERING for commuters getting to town and the currently operated by us. Unfortunately, Marina Bay Financial District. we were not successful in our bid for LEE KUAN YEW both tenders. With its opening, the DTL now has 18 stations from Bukit Panjang to Serving Our Commuters Chinatown. When fully completed in For the year under review, our buses “Every time I pass by 2017 , the 42 -km long DTL will have ferried a total of 1.03 billion passengers. Alexandra Road, I 34 stations, making it the longest This means that on average, our buses remember the Hock Lee automated underground MRT system ferried more than 2.8 million passengers bus depot there, and in Singapore. a day or 2.8% more than previously. workers linking arms in Free travel was offered by the Land We operated 261 bus routes, of which 1955 , refusing to let the Transport Authority (LTA) from 215 are basic services. Outside of buses out, police coming 27 2015 1 2016 December to January BSEP, we launched two new routes in with water cannons, to enable the public to explore the and a supplementary service to cater Line. This drew slightly more than to ridership demand and changes in finally the riots. ...It is 1.7 million commuters over the year-end commuter travel patterns. vividly etched in my mind holiday period. and anytime anybody We took delivery of 194 buses as part starts anything which Other Significant Highlights of our fleet renewal and expansion will unwind and unravel The Public Transport Council (PTC) programme and another 154 buses implemented two fare review exercises under BSEP. In all, 348 new buses were this orderly, organised, in 2015 . In April 2015 , it implemented added to our fleet which grew by 6% sensible, rational society a 2.8% fare increase but with falling to 3,656 . The average age of our fleet and make it irrational, energy prices, it announced in October (including BSEP buses) is now 5.6 years, emotional, I put a stop to that bus and train fares would reduce by which is marginally younger by 0.1 year 1.9% from 27 December 2015 . compared to a year ago. Close to 44 % it and without hesitation.” of our fleet are double deck buses while – The Bus Service Enhancement about 89 % are wheelchair-accessible. Mr Lee Kuan Yew, an excerpt Programme (BSEP 2) continued into its from his 1982 National Day second phase with 154 new buses rolled With more wheelchair friendly buses Rally Speech out in 2015 . Another 142 buses are due in our fleet, we were able to roll out for delivery over the next two years until 25 wheelchair-accessible basic bus 2017 . In all, we have taken delivery of a services during the year. This brings the total of 525 BSEP buses since 2012 . total number of wheelchair-accessible basic bus services that we offer to 195 , The Bus Service Reliability Framework which means that nine out of every which began with 12 services in 2014 10 basic bus services in our operation to improve enroute bus regularity and cater to passengers-in-wheelchairs. reduce instances of bus bunching and prolonged waiting times was extended Demand for our rail services continued to include another 13 services in 2015 . to grow with over 259 .1 million In all, the 25 services are part of the passenger trips made in 2015 . This is an incentive-penalty scheme that is on trial. increase of 7.3% over the previous year. Our performance in the two periods Average daily ridership on the NEL grew of assessment has earned us some by 4.6% to 537 ,000 while that of the financial incentives. Sengkang and Punggol Light Rail Transit 4 SBS Transit Ltd CHAIRMAN’S STATEMENT (LRT) systems increased by 14 .1% to 99 ,000 . For DTL 1, average as the Champion in the “Safety Award for Buses Fleet”. A Bus daily ridership increased by 23 .5% to 76 ,000 for the year. Captain was also crowned a Road Safety Champion in the “Most Improved Driver” category while another won a Merit In tandem with the increase in passenger demand, award in the “Safe Driver”category. 135 additional train trips per week were added to the schedules of the NEL. We were able to do this with new trains Financial Performance that were delivered during the year. In 2015 , six new trains out Group revenue for the year crossed the one-billionth mark for of the 18 ordered have been delivered. the first time in more than four decades. It increased by 7.7% from $ 951 .0 million to $ 1.02 billion.