Investor Presentation - FinanzNachrichten.de · the directors and management of SATS about our...
Transcript of Investor Presentation - FinanzNachrichten.de · the directors and management of SATS about our...
Investor Presentation DB Access Asia Conference, Singapore
20 – 21 May 2013
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This presentation may contain forward-looking statements regarding, among
other things, the Company's outlook, business and strategy which are
current as of the date they are made. These forward-looking statements are
based largely on the current assumptions, expectations and projections of
the directors and management of SATS about our business, and the industry
and markets in which we operate. These statements are not guarantees of
SATS‟ future performance and are subject to a number of risks and
uncertainties, some of which are beyond the Company's control and are
difficult to predict. Future developments and actual results could differ
materially from those expressed in the forward-looking statements. In light of
these risks and uncertainties, there can be no assurance that the forward-
looking information will prove to be accurate. SATS does not undertake to
update these forward-looking statements to reflect events or circumstances
which arise after publication.
Forward Looking Statements
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Agenda
• SATS Overview
• Investment Highlights
• Strategic Directions & Outlook
• Appendix
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SATS Overview
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Our Business
Airline Catering
Institutional
Catering
Passenger Services
and Lounge
Management
Ramp and
Baggage Handling
Airfreight Handling
and Logistics
Aviation Security
Cruise Handling
and Terminal
Management
Food Solutions Gateway Services
Airline Linen
Laundry
Food Distribution
and Logistics
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SATS at a Glance
Revenue1
S$1.82bn
PATMI1
S$184.8mn
Total Assets2
S$2.01bn
Cash and Cash
Equivalents2
S$404.2mn
Debt-to-Equity2
0.09x
ROE1
12.7%
Market
Capitalisation3
S$3.5bn
Headcount2
~14,400
(1) For the twelve months ending 31 March 2013 (2) As at 31 March 2013
(3) As at 14 May 2013
4Q12/13 Highlights
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Revenue • Higher revenue due to steady growth momentum in gateway
(+7.7%) and food (+1.4%) businesses.
$449.0m +3.6%
Operating Profit • Despite a 2.6% increase in operating expenditure, operating profit
rose 12% to $54.1m.
$54.1m +12.0%
Share of results of
Associates/JVs, net of tax
• Higher share of results of associates/JVs attributed to higher
profit contributions from associates in all regions.
$18.5m +76.2%
PATMI • PATMI declined 7.8% to $46.2m due to a $16.8m provision for
impairment of Daniels‟ deferred consideration.
• Excluding this impairment and gain arising from early retirement
of sale and leaseback arrangement in 4Q12, underlying net profit
grew 32.4% to $63m.
$46.2m -7.8%
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Our Road Map – Expanding Beyond Aviation and Singapore
By Business By Geography By Industry
FY1999
Gateway Services 35.7%
Food Solutions
64.0%
Corp 0.3%
Aviation 81.2%
Non-Aviation 18.5%
Corp 0.3%
Singapore 76.4%
Japan 18.4%
Others 5.2%
FY2013
Singapore 100.0%
Aviation 100.0% Gateway
Services 50.9%
Food Solutions
47.6%
Corp 1.5%
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Investment Highlights
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Investment Highlights
1.
Unique
Business Model
2.
Strong
Market Position
3.
Positive
Prospects
4.
Sound Operating
Fundamentals
5.
Resilient
Cash Flows
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1. Unique Business Model
(1) Based on FY12/13 aviation statistics for Singapore and overseas operations
Indonesia
Medan
Batam Manado
Timika Balikpapan
Ujung
Pandang
Denpasar
Surabaya
Yogyakarta
Jakarta
Singapore
Manila Ho Chi Minh
City
Macau
Hong Kong Taipei
Beijing
Tianjin
Shenyang
Jilin
Tokyo
Hervey Bay Brisbane
Male
Riyadh
Jeddah India
Gateway Services
Food Solutions
Gateway Services and Food
Solutions
Trivandrum
Mangalore Bangalore
Chennai Goa
Mumbai Hyderabad
Delhi
Amritsar
Kolkata Rockhampton
• Twin engines of growth in gateway services and food solutions
• Largest aviation services network in Asia
10 Countries
36 Airports
Flights(1)
410,246
Passengers(1)
65.1m
Meals(1)
70.3m
Airfreight(1)
4m tons
(Narita & Haneda)
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2. Strong Market Position
Gateway Services(1)
Ground & Cargo Handling
Aviation Food Solutions(1)
Airline Catering
• Singapore aviation: first-choice service provider for close to 60 scheduled airlines at Changi Airport
SATS 74%
DNATA 26%
SATS 85%
DNATA 15%
(1) Source: Changi Airport Group; market share based on number of scheduled flights.
• Singapore non-aviation: leading institutional caterer with the largest capacity
• Regional aviation: majority of subsidiaries and JVs are either No. 1 or 2 service provider in the airports where they operate
ASIG 0%
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3. Positive Prospects - Singapore & the Region
• Located in Asia – a bright spot in the world economy
2013 GDP forecasts(1) China – 8.0% and India – 5.7%
Asia-Pacific airlines remain the biggest contributors to global aviation industry profit(2)
YTD Passenger traffic (RPK) on Asia Pacific airlines grew 3.6% against global
average of 3.1%(3)
• Well established international hub Changi Airport is Asia‟s leading air hub; passenger
traffic up 10.0% to 51.2m in 2012(4)
Addition of the new Marina Bay Cruise Centre
Singapore
• Transforming tourism and hospitality landscape
Integrated Resorts, F1, Gardens by the Bay, River Safari, Sports Hub
Visitor arrivals up 9.1% to 14.4m in 2012; target to reach 14.8.m to 15.5m in 2013(5)
(1) Source: World Economic Outlook Update April 2013 (2) Source: IATA Financial Forecast March 2013
(3) Source: IATA February 2013 Air Transport Market Analysis (4) Source: Changi Airport Group
(5) Source: Singapore Tourism Board
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4. Sound Operating Fundamentals
• Strong customer focus and consistently high service standards
• Economies of scale
• Focused on sustainable cost levels
Source: FactSet, Company information as of latest financial year
(1) Calendarised to March-year end
Operating Margins – SATS vs global peers (1)
Aviation Food Solutions Airport Service Providers Food Solutions
10.6% 9.1%
7.0%
5.3% 4.3%
3.2% 3.0%
SATS BBA Compass Sodexo Autogrill John Menzies gategroup
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5. Resilient Cash Flows & Strong Balance Sheet
• Highly cash generative businesses
with short cash cycle
• Contract based revenues with limited
downside risks
• Low capex spend ~ S$60-70m p.a.
• Healthy cash reserves of S$404.2m
(36 cents per share)(1)
• Low debt-to-equity ratio of 0.09x(1)
• Undrawn S$500m MTN programme
Excellent financial flexibility to seek
strategic opportunities
(1) As at 31 March 2013
(2) Includes special dividends
* Includes special dividends of S$0.06 per share,
S$0.15 per share and S$0.04 per share for FY11,
FY12 and FY13 respectively
Dividend Payout Ratio(2)
FCF & Dividends Paid(2)
S$ m
156
190
132
104
208
108
142
188
289
167
FY08/09 FY09/10 FY10/11 FY11/12 FY12/13
Free Cash Flow Dividends paid
73.5% 78.6%
63.7% 71.4%
FY08/09 FY09/10 FY10/11 FY11/12 FY12/13
Ordinary dividend Special divdend
98.4%
168.8%
66.2%
90.3%
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Strategic Directions & Outlook
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Our Strategy
Customer Intimacy • Anticipate customers‟
business challenges
and find solutions
collaboratively
• Increase share of
their spending
Innovation • Explore creative ways
to delight our customers
with game-changing
innovations
• Sustain and improve
product and service
offerings
Operational Excellence • Continually improve
productivity and
performance
Growth • Serve key customers
at strategic locations
• Seek strategic
partnerships and
acquisitions
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Execution
Focused execution of strategy
Appointed as exclusive
caterer for Singapore
Sports Hub
Formed 50:50 ground
handling JV with
Air India – AISATS
Awarded technical ramp
handling licence at
Changi Airport
Formed JV to set up an
integrated pig farm in
Jilin Food Zone, China
Purchased 50.7% stake
in Japanese inflight
caterer, TFK Corporation
Bought 40% stake in
Adel Abuljadayel Flight
Catering in Saudi Arabia
Formed a 51:49 JV with
OCS Ventures to provide
remote catering services
Disposed UK non-
aviation food business –
Daniels Group
Won tender to operate
and manage the new
Marina Bay Cruise
Centre S‟pore (MBCCS)
Commenced cruise
handling and terminal
management MBCCS
Renewed ground
handling and inflight
catering contracts with
SIA
Formed a 30%-owned
assoc company in Saudi
Arabia to offer pilgrimage
catering services
Divested 51% equity
stake in Country Foods
Macau
Key Contracts Secured in FY12/13
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Singapore
• Ground handling and inflight catering for Singapore Airlines.
• Ground and cargo handling for Air India Express, FedEx,
Lufthansa Cargo/AeroLogic, Sichuan Airlines, United Airways.
• Inflight catering services for Air Mauritius.
• Catering services for Singapore Sports Hub and the Home Team
Academy.
• .
Key Contracts Secured in FY12/13
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Overseas
• TFK: inflight catering services for Air Asia Japan, Air France, Finnair,
Garuda, Scoot and Swiss International Air Lines.
• SATS HK: ground handling services for Air India, Ethiopian Airlines,
Malaysia Airlines, Singapore Airlines, Spring Airlines and Turkish
Airlines.
Corporate Updates
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Key Management Appointments
• Appointed Mr Alexander Charles Hungate as Executive Director
effective 16 July 2013 and subsequently as President & CEO effective
1 January 2014.
• Appointed Mr Cho Wee Peng as CFO effective 1 July 2013.
• Appointed Mr Wong Hong as the Executive Vice President for
Gateway Services.
Accolades
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• SATS clinched „Best Air Cargo Terminal in Asia‟ title at the 27th Asian
Freight & Supply Chain Awards (AFSCA) for the 15th time.
• SATS won joint Silver Award for Best Managed Boards at Singapore
Corporate Awards 2012.
• SATS was ranked 27th out of 100 top brands in Singapore by Brand
Finance, up 8 notches from last year.
• SATS won a distinction award at the inaugural Human Capital
Breakthrough Award for being one of Singapore‟s boldest and most
innovative companies in the field of people management.
• AISATS Bangalore Cargo won the “Air Cargo Terminal Operator of the
Year in India” for second consecutive year at the Indian Supply Chain
and Logistics Summit and Excellence Awards 2013.
Outlook
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The continued growth of passenger traffic at Singapore Changi Airport
and the robust intra-Asia traffic will provide opportunities for the
Group‟s gateway and food businesses. Air freight demand, however, is
anticipated to remain weak.
The continuing manpower policies in Singapore and their impact on
operating costs remain major challenges for SATS.
The Group continues to seek new growth areas by expanding its
offerings and regional footprint.
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In Summary
• Gateway Services and Food Solutions are our core businesses.
• We will leverage our core strengths to access opportunities in Asia
Pacific and the Middle East.
• We continue to adopt a focused and disciplined approach to drive
both organic and inorganic growth.
• Our strong financial position provides funding capacity for
acquisitions.
• We continue to return surplus cash to shareholders by way of
dividends.
• Our objectives are well aligned to create value for shareholders.
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Appendix
- Highlights of 4Q & FY12/13 Results
Released on 15 May 2013
Impairment of Daniels‟ Deferred Consideration
• Took a $16.8m one-off provision for impairment of Daniels‟ deferred
consideration receivable.
• This receivable is contingent on Daniels‟ FY12 and FY13 EBITDA which
have not met the agreed annual target of £19.245m.
Recap of Daniels Divestment:
• Aggregate sales consideration comprised of:
- £150m consideration received
- Deferred consideration of up to £13m in the event that Daniels met its EBITDA
target over two-year period
• Sale consideration estimated at £159m after accounting for fair value of
deferred consideration.
• Deferred consideration earn-out formula: 3 x (FY EBITDA - £19.245m).
- No earn-out, no clawback if EBITDA target was not achieved
• Recorded loss on disposal of S$5.5m in 3Q12.
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Underlying Net Profit from Continuing Ops
$M 4Q12/13 4Q11/12 FY12/13 FY11/12
Profit Attributable to Owners of the Company 46.2 50.1 184.8 170.9
Adjustment for Discontinued Operations
Loss/(Profit) from Daniels - - - 10.1
One-offs:
Write-back of TFK's Retirement Benefit Plan
Obligations - - - (5.5)
Loss/(Gain) on Early Retirement of Sale &
Lease Back Arrangement - (2.5) - 2.0
Loss on Disposal of Country Foods Macau - - 0.4 -
Impairment of Daniels Deferred Consideration 16.8 - 16.8 -
Underlying Net Profit from Continuing
Operations 63.0 47.6 202.0 177.5
FY12/13 Highlights
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Revenue • Higher revenue driven by organic growth in gateway (+7.6%) and
food (+8.1%) businesses. $1,819.0m +7.9%
Operating Profit • Operating profit increased due mainly to better performance of
food business, including TFK.
$192.3m +13.8%
Share of results of
Associates/JVs, net of tax
• Higher profit contributions from associates/JVs in North and
Southeast Asia saw higher share of results of associates/JVs.
$52.7m +27.9%
PATMI • Due to provision for impairment of Daniels‟ deferred
consideration, PATMI grew at a lower rate of 8.1% to $184.8m.
• Excluding Daniels‟ loss in FY11/12 and one-off items, underlying
net profit improved 13.8% to $202m.
$184.8m +8.1%
Debt-to-equity • Debt-to-equity ratio remained healthy.
• Cash balance was $404.2m as at 31 March 2013.
• Free cash flow generated during the year was $208.1m. 0.09 times -0.01 ppt
4Q and FY12/13 Financials
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$M 4Q12/13 4Q11/12 % Change FY12/13 FY11/12 % Change
Operating Revenue 449.0 433.3 3.6 1,819.0 1,685.4 7.9
Operating Expenditure (394.9) (385.0) 2.6 (1,626.7) (1,516.4) 7.3
Operating Profit 54.1 48.3 12.0 192.3 169.0 13.8
EBITDA 77.2 73.3 5.3 285.2 264.8 7.7
Share of Results of
Associates/JVs, Net of Tax18.5 10.5 76.2 52.7 41.2 27.9
Other Non-Operating
Income/Expenses(17.0) 3.3 n.m. (20.5) 11.6 n.m.
PBT from Continuing Operations 55.6 62.1 (10.5) 224.5 221.8 1.2
Profit from Continuing Operations,
Net of Tax & Non-Controlling
Interests
46.2 50.1 (7.8) 184.8 181.0 2.1
Loss from Discontinued
Operations, Net of Tax- - - - (10.1) n.m.
PATMI 46.2 50.1 (7.8) 184.8 170.9 8.1
Underlying Net Profit from
Continuing Operations63.0 47.6 32.4 202.0 177.5 13.8
n.m. – not meaningful
Q-o-Q Highlights
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$M 4Q12/13 3Q12/13 2Q12/13 1Q12/13 4Q11/12
Revenue 449.0 470.6 461.5 437.9 433.3
% Change in Revenue -4.6% 2.0% 5.4% 1.1% -2.0%
Expenditure (394.9) (423.8) (409.4) (398.6) (385.0)
Operating Profit 54.1 46.8 52.1 39.3 48.3
% Change in Operating Profit 15.6% -10.2% 32.6% -18.6% 10.3%
EBITDA 77.2 70.6 75.5 61.9 73.3
Share of Results of Associates/JVs, Net of Tax 18.5 12.1 10.4 11.7 10.5
PBT from Continuing Operations 55.6 57.2 61.0 50.7 62.1
Profit from Continuing Operations, Net of Tax & Non-
Controlling Interests46.2 47.0 50.3 41.3 50.1
Loss from Discontinued Operations, Net of Tax - - - - -
PATMI 46.2 47.0 50.3 41.3 50.1
% Change in PATMI -1.7% -6.6% 21.8% -17.6% 31.2%
Underlying Net Profit from Continuing
Operations63.0 47.0 50.7 41.3 47.6
% Change in Underlying Net Profit 34.0% -7.3% 22.8% -13.2% 8.9%
Financial Indicators
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% 4Q12/13 4Q11/12
Change
(ppt) FY12/13 FY11/12
Change
(ppt)
Operating Margin 12.0 11.1 0.9 10.6 10.0 0.6
EBITDA Margin 17.2 16.9 0.3 15.7 15.7 -
PBT Margin 12.4 14.3 (1.9) 12.3 13.2 (0.9)
PATMI Margin 10.3 11.6 (1.3) 10.2 10.1 0.1
Underlying Net Margin 14.0 11.0 3.0 11.1 10.5 0.6
Cents 4Q12/13 4Q11/12
%
Change FY12/13 FY11/12
%
Change
EPS Based on Net Profit
Attributable to Shareholders4.2 4.5 (6.7) 16.6 15.4 7.8
EPS Based on Net Profit from
Continuing Operations
Attributable to Shareholders
4.2 4.5 (6.7) 16.6 16.3 1.8
31-Mar-13 31-Mar-12
NAV Per Share ($) 1.26 1.36
Debt Equity Ratio 0.09 0.10
Margins are calculated based on profits from continuing operations.
Group Segmental Revenue
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$M 4Q12/13 4Q11/12 % Change FY12/13 FY11/12 % Change
By Business:
Gateway Services 165.3 153.5 7.7 648.7 602.7 7.6
Food Solutions 282.3 278.3 1.4 1,164.7 1,077.0 8.1
Corporate 1.4 1.5 (6.7) 5.6 5.7 (1.8)
Total 449.0 433.3 3.6 1,819.0 1,685.4 7.9
By Industry:
Aviation 363.2 351.9 3.2 1,476.1 1,357.6 8.7
Non-Aviation 84.4 79.9 5.6 337.3 322.1 4.7
Corporate 1.4 1.5 (6.7) 5.6 5.7 (1.8)
Total 449.0 433.3 3.6 1,819.0 1,685.4 7.9
By Geographical Location:
Singapore 350.3 326.1 7.4 1,389.9 1,298.5 7.0
Japan 78.1 81.5 (4.2) 334.4 302.6 10.5
Others 20.6 25.7 (19.8) 94.7 84.3 12.3
Total 449.0 433.3 3.6 1,819.0 1,685.4 7.9
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Group Expenditure – 4Q12/13
$M 4Q12/13 4Q11/12 % Change 4Q12/13 4Q11/12 % Change
Staff Costs 179.3 169.1 6.0 144.6 134.3 7.7
Cost of Raw Materials 97.5 96.3 1.2 71.6 70.0 2.3
Licensing Fees 19.2 18.1 6.1 18.7 17.7 5.6
Depreciation & Amortisation 23.5 26.2 (10.3) 20.2 21.7 (6.9)
Company Premise & Utilities 31.3 31.6 (0.9) 25.6 25.4 0.8
Other Costs 44.1 43.7 0.9 38.2 37.8 1.1
Total Expenditure 394.9 385.0 2.6 318.9 306.9 3.9
Revenue 449.0 433.3 3.6 370.9 351.8 5.4
Including TFK Excluding TFK
Excluding TFK‟s expenses, group expenditure increased 3.9% y-o-y
against revenue growth of 5.4%
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Group Expenditure – FY12/13
$M FY12/13 FY11/12 % Change FY12/13 FY11/12 % Change
Staff Costs 765.5 697.0 9.8 617.3 559.8 10.3
Cost of Raw Materials 393.0 370.7 6.0 284.1 271.7 4.6
Licensing Fees 77.0 70.3 9.5 75.2 68.8 9.3
Depreciation & Amortisation 92.9 97.4 (4.6) 79.3 79.7 (0.5)
Company Premise & Utilities 130.5 123.7 5.5 105.7 99.6 6.1
Other Costs 167.8 157.3 6.7 142.8 134.5 6.2
Total Expenditure 1,626.7 1,516.4 7.3 1,304.4 1,214.1 7.4
Revenue 1,819.0 1,685.4 7.9 1,484.6 1,382.8 7.4
Including TFK Excluding TFK
Associates/JVs Performance by Business – Based on SATS‟ Shareholding*
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* Excludes TFK’s Associates
$M 4Q12/13 4Q11/12 % Change FY12/13 FY11/12 % Change
Turnover 94.6 86.9 8.9 315.8 337.3 (6.4)
Gateway Services 74.7 68.6 8.9 240.6 263.1 (8.6)
Food Solutions 19.9 18.3 8.7 75.2 74.2 1.3
EBITDA 24.1 16.1 49.7 83.6 77.4 8.0
Gateway Services 21.7 14.6 48.6 74.0 71.2 3.9
Food Solutions 2.4 1.5 60.0 9.6 6.2 54.8
EBITDA Margin (%) 25.5 18.5 7.0 ppt 26.5 22.9 3.6 ppt
Gateway Services 29.0 21.3 7.7 ppt 30.8 27.1 3.7 ppt
Food Solutions 12.1 8.2 3.9 ppt 12.8 8.4 4.4 ppt
PAT 18.6 10.5 77.1 52.9 41.7 26.9
Gateway Services 17.1 11.2 52.7 48.8 41.1 18.7
Food Solutions 1.5 (0.7) n.m. 4.1 0.6 n.m.
Dividends Received - - - 24.6 23.2 6.0
n.m. – not meaningful
Associates/JVs Performance by Region – Based on SATS‟ Shareholding*
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* Excludes TK’s Associates
$M 4Q12/13 4Q11/12 % Change FY12/13 FY11/12 % Change
Turnover 94.6 86.9 8.9 315.8 337.3 (6.4)
West Asia 32.0 26.3 21.7 81.5 103.3 (21.1)
North Asia 45.5 45.1 0.9 170.7 174.3 (2.1)
SEA & Australasia 17.1 15.5 10.3 63.6 59.7 6.5
EBITDA 24.1 16.1 49.7 83.6 77.4 8.0
West Asia 4.5 2.3 95.7 15.4 20.4 (24.5)
North Asia 9.0 9.0 - 40.5 35.8 13.1
SEA & Australasia 10.6 4.8 120.8 27.7 21.2 30.7
EBITDA Margin (%) 25.5 18.5 7.0 ppt 26.5 22.9 3.6 ppt
West Asia 14.1 8.7 5.4 ppt 18.9 19.7 (0.8) ppt
North Asia 19.8 20.0 (0.2) ppt 23.7 20.5 3.2 ppt
SEA & Australasia 62.0 31.0 31.0 ppt 43.6 35.5 8.1 ppt
PAT 18.6 10.5 77.1 52.9 41.7 26.9
West Asia 3.7 1.0 n.m. 9.9 10.7 (7.5)
North Asia 6.5 4.8 35.4 23.5 15.6 50.6
SEA & Australasia 8.4 4.7 78.7 19.5 15.4 26.6
Dividends Received - - - 24.6 23.2 6.0
n.m. – not meaningful
37
Proforma Segmental Revenue (Include Proportionate Revenue from Assocs/JVs*)
Gateway Services 41.7% Food
Solutions 58.0%
Corp 0.3%
Aviation 83.9%
Non-Aviation 15.8%
Corp 0.3%
Singapore 65.1%
Japan 15.7%
Assoc/JVs 14.8%
Others 4.4%
Gateway Services 42.8% Food
Solutions 56.9%
Corp 0.3%
Aviation 83.8%
Non-Aviation 15.9%
Corp 0.3%
Singapore 64.2%
Japan 14.9%
Assoc/JVs 16.7%
Others 4.2%
By Business By Industry By Geography
FY12/13
FY11/12
* Excludes TFK’s Associates
Group Balance Sheet
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$M As at 31 Mar 13 As at 31 Mar 12
Total Equity 1,496.7 1,616.2
Long-term Loans 108.7 131.3
Other Long-Term Liabilities 89.7 102.7
Current Liabilities 310.1 272.3
Total Equity & Liabilities 2,005.2 2,122.5
Fixed Assets & Investment Property 603.5 667.4
Associated Companies & JVs 390.2 368.3
Intangible Assets 192.9 213.0
Other Non-Current Assets & Long-Term Investment 38.3 42.6
Current Assets
Cash & Short-Term Deposits 405.5 471.6
Debtors & Other Current Assets 374.8 359.6
Total Assets 2,005.2 2,122.5
Decline in equity and cash & short-term deposits mainly attributed to
dividend payments of $288.6m
Group Cash Flow Statement
39
* Free Cash Flow refers to net cash from operating activities less cash purchases of capital expenditure.
$M FY12/13 FY11/12 Difference
Net Cash from Operating Activities 245.9 168.0 77.9
Net Cash generated from/(used in) Investing Activities (16.6) 224.5 (241.1)
Net Cash used in Financing Activities (286.4) (215.9) (70.5)
Net (decrease)/increase in Cash & Cash Equivalents (57.1) 176.6 (233.7)
Cash & Cash Equivalents at the end of the period 404.2 470.1 (65.9)
Free Cash Flow* 208.1 103.7 104.4
Higher free cash flow attributed to higher cash flow from operating activities and lower capex incurred
Operating Statistics for Singapore Aviation Business
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• The above aviation operating data cover Singapore operations only.
• With the exception of unit and gross meals produced, all data include LCC operations.
• Unit services in 9M11/12 has been restated due to the change in the weightage factor for certain aircraft
type. As a result, the restated figure is higher than what was previously announced for 9M11/12.
4Q12/13 4Q11/12 % Change FY12/13 FY11/12 % Change
Passengers Handled ('M) 10.51 9.67 8.7 41.23 37.92 8.7
Flights Handled ('000) 31.42 29.26 7.4 123.01 115.19 6.8
Unit Services ('000) 26.67 24.31 9.7 103.80 95.88 8.3
Cargo ('000 tonnes) 357.80 351.43 1.8 1,463.09 1,504.64 (2.8)
Gross Meals Produced ('M) 6.94 6.70 3.6 28.26 26.50 6.6
Unit Meals Produced ('M) 5.37 5.26 2.1 21.85 20.72 5.5
All operating metrics grew y-o-y in 4Q FY12/13
END
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