Slide Analystbriefingq2fy1112

Singapore Airlines Group
Analyst/Media Briefing
Half Year and 2nd Quarter FY2011-12 RESULTS
4 NOVEMBER 2011
THE PARENT AIRLINE

1H FY2011/12
RESULTS
THE PARENT AIRLINE COMPANY

RESULTS 2Q & 1H FY11/12
2Q/11
$million
%
Change
1H/11
$million
%
Change
Total Revenue
3,033
+3.5
5,935
+4.0
Total Expenditure
2,944
+9.5
5,882
+10.4
1,170
+35.1
2,384
+36.9
- Fuel Cost
- Fuel Hedging Loss
- Ex-fuel Cost
-70.8
n.m.
1,765
-1.3
3,498
+0.2
Operating Profit
89
-63.5
53
-85.9
Operating Profit
Margin (%)
2.9
-5.4 pts
0.9
-5.8 pts
Slide 3

OPERATING PERFORMANCE 2Q & 1H FY11/12
2Q/11
%
Change
1H/11
%
Change
Revenue Pax-KM
(million)
22,443
+4.1
43,457
+3.8
Available Seat-KM
(million)
28,313
+5.4
56,094
+6.3
Passenger Load
Factor (%)
Slide 4
79.3
-1.0 pts
77.5
-1.9 pts

2Q/11
%
Change
1H/11
%
Change
11.7
-0.8
11.8
Passenger Unit Cost

(/ask)
9.2
+4.5
9.2
+3.4
Passenger Unit Cost

Excluding Fuel (/ask)
5.0
-9.1
5.0
-7.4
78.6
+4.0 pts
Passenger Yield
(/pkm)
Passenger Breakeven
Load Factor (%)
78.0
+2.6 pts
Slide 5

2Q/11
%
Change
1H/11
%
Change
Passenger Load
Factor (%)
79.3
- 1.0 pt
77.5
-1.9 pts
Passenger Breakeven
Load Factor (%)
78.6
+4.0 pts
78.0
+2.6 pts
0.7
-5.0 pts
-0.5
-4.5 pts
Passenger Load
Factor Margin
(% pts)
Slide 6

OPERATING PERFORMANCE
Passenger Load Factor vs Breakeven Load Factor
Passenger Load Factor
Breakeven Load Factor
88
84
82.4
80
76
78.0
79.0
75.5
72
0
3Q
4Q
1Q
2009-10
2Q
3Q
79.3
78.6
75.2
75.6
4Q
1Q
2010-11
2Q
2011-12
Slide 7

COST COMPOSITION 1H FY11/12
Others
19.7%
-1.9% pts
Passenger Costs
4.9%
-0.2% pt
Fuel
40.5%
+6.0% pts
Handling Charges
6.9%
-0.5% pt
Staff Costs
12.6%
-1.8%
1.8 pts
Slide 8
Aircraft
Depreciation & Rentals
15.4%
-1.6% pts

TOP 5 EXPENDITURE 1H FY11/12
2,384
(+29.7% , +$546M)
Fuel
905 (-0.3% , -$2M)
Aircraft Depr. &

Lease Rentals
739 (-3.4% , -$26M)
Staff Costs
1H FY11/12
406 (+3.3% , +$13M)
Handling Charges
1H FY10/11
288 (+5.1% , +$14M)
Passenger Costs
($ million)
500
1,000
1,500
2,000
2,500
3,000
Slide 9

FUEL EXPENDITURE 1H FY11/12
($ million)
2,800
+842
+94
2,600
-97
2,200
2,000
2,384
-293
2,400
+546
1,838
1,800
1,600
1,400
1H/10
Slide 10
Higher
weighted
average
fuel price
Higher
volume
uplifted
Weaker
US Dollar
Hedging
gain vs
Hedging
Losses
Price
Volume
Exchange
Hedging
1H/11
THE GROUP
1H FY2011/12
RESULTS
GROUP REVENUE
1H FY11/12
($ million)
2010/11
4,000
3,750
3,500
3,466
2011/12
3,631
3,578
3,699
+112
+3.2%
Year-on-Year
$180M
+2.5%
3,250
3,000
2,750
2,500
2,250
0
Q1
Slide 12
+68
+1.9%
Half Year
Revenue
$7,277M
Q2
GROUP EXPENDITURE
1H FY11/12
($ million)
2010/11
4,000
3,750
3,567
3,500
3,250
3,576
+290
+8.9%
+352
3,286
+10.9%
3,215
Half Year
Expenditure
$7,143M
2011/12
3,000
Year-on-Year
$642M
+9.9%
2,750
2,500
2,250
0
Q1
Q2
Slide 13
GROUP OPERATING PROFIT

1H FY11/12
($ million)
2010/11
500
400
300
345
251
-222
-64.4%
200
-240
-95.6%
100
123
11
0
Q1
Slide 14
Half Year
Op Profit
$134M
2011/12
Q2
Year-on-Year
$462M
-77.5%
CONTRIBUTION TO GROUP OPERATING

PROFIT 1H FY11/12 ($ million)
1H/11
1H/10
Change
% Change
Singapore Airlines
53
380
- 327
- 85.9
SIA Engineering
69
71
2.8
SilkAir
34
36
5.6
(31)
102
SIA Cargo
- 133
n.m.
Slide 15
GROUP NET PROFIT

1H FY11/12
($ million)
2010/11
500
380
400
300
2011/12
Year-on-Year
$394M
-186
-62.2%
-48.9%
253
194
200
-208
-82.3%
100
45
Q1
Slide 16
Half Year
Net Profit
$239M
Q2
GROUP NET PROFIT

1H FY11/12
($ million)
700
633
Lower
operating
profit
600
Return of
capital on
-394
redemption Lower
(-62.2%)
Lower
share of
Lower
of pref
surplus on shares profit from taxation
disposal of (VAL) and associates and others
239
and JV
aircraft
others
500
400
300
200
-462
100
-31
+30
-30
+99
0
1H 10/11
Operating Aircraft Other non- Associates Taxation 1H 11/12

Profit
Disposal operating
and JV and others
items
Slide 17
GROUP RESULTS
1H FY11/12
1H/11
1H/10
EBITDAR Per Share ($)
1.23
1.64
Earnings Per Share ()
20.0
53.0
Interim Dividend Per

Share ()
10.0
20.0
At 30 Sep 11
At 31 Mar 11
10.90
11.89
Net Asset Value Per

Share ($)
Slide 18
BUSINESS OUTLOOK
FOR THE
2nd HALF YEAR
OUTLOOK FOR 2nd HALF YEAR
High and volatile jet fuel prices

Global economic uncertainty
PMI have fallen across most countries
Forward bookings show signs of
weakness
Slide 20
FLEET DEVELOPMENT
No. of Aircraft
Operating Fleet at 30 September 11
106
IN: Delivery of A380-800
+ 3
OUT:
-8
Return to Lessor (1x B747, 4x B777s)

Sale (1x B747, 2x B777s )
5
3
Operating Fleet at 31 March 12
101
Slide 21
GROUP CAPITAL EXPENDITURE
FY12/13 FY13/14 FY14/15 FY15/16 FY16/17

Aircraft
Other Assets
Total
Slide 22
1,700
2,350
3,000
2,500
1,300
150
150
100
100
100
1,850
2,500
3,100
2,600
1,400

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Singapore Airlines Group

THE PARENT AIRLINE

THE PARENT AIRLINE COMPANY

THE PARENT AIRLINE COMPANY

THE PARENT AIRLINE COMPANY

Passenger Unit Cost

Passenger Unit Cost

THE PARENT AIRLINE COMPANY

THE PARENT AIRLINE COMPANY

Breakeven Load Factor

THE PARENT AIRLINE COMPANY

THE PARENT AIRLINE COMPANY

905 (-0.3% , -$2M)

Aircraft Depr. &

739 (-3.4% , -$26M)

288 (+5.1% , +$14M)

THE PARENT AIRLINE COMPANY

GROUP OPERATING PROFIT

CONTRIBUTION TO GROUP OPERATING

GROUP NET PROFIT

GROUP NET PROFIT

Operating Aircraft Other non- Associates Taxation 1H 11/12

EBITDAR Per Share ($)

Earnings Per Share ()

Interim Dividend Per

Net Asset Value Per

OUTLOOK FOR 2nd HALF YEAR

High and volatile jet fuel prices

IN: Delivery of A380-800

Return to Lessor (1x B747, 4x B777s)

Operating Fleet at 31 March 12

GROUP CAPITAL EXPENDITURE

FY12/13 FY13/14 FY14/15 FY15/16 FY16/17

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