A Study on the Board Composition and Financial Performance of Singapore Airlines

The assignment content discusses the board composition and financial performance of Singapore Airlines. The company has a low net profit and operating profit margin but has a strong solvency position with a debt-to-equity ratio below the ideal ratio. It also has a good interest coverage ratio, indicating its ability to pay off debts. However, the company's liquidity position is below average. The analysis suggests that Singapore Airlines should focus on improving customer service and retention programs to increase customer satisfaction and loyalty. Additionally, the company should innovate new techniques to improve its competitive position and market share.

Company Analysis
on
Name | FDM Assessment | 21 August 2024

TABLE OF CONTENTS
INTRODUCTION ....................................................................................................................1
HORIZONTAL AND VERTICAL ANALYSIS.............................................................................2
ECONOMIC CONDITION OF THE AVITAION SECTOR...............................................................6
RATIO ANALYSIS.................................................................................................................7
ANALYSIS OF NON-FINANCIAL THINGS..............................................................................11
SCETION B- NEWS/CRISTICISM/CORPORATE GOVERNANCE..............................................12
CONCLUSION......................................................................................................................13
REFERENCES.......................................................................................................................14
APPENDIX...........................................................................................................................16

Introduction
Singapore Airlines Limited, provides passenger
and freight air transport service to various Countries
like United states of America, Africa, Europe, Asia,
South West Pacific. It operates through the SilkAir,
SIAEC, Singapore Airlines, Budget Aviation. The
company provides engineering services, charter
flights and tour wholesale services. It trains pilot
and delivers maintenance services, repair services, and renovation of aircraft systems. The company
operated a fleet of 202 aircraft which included 195 passenger aircraft and 7 cargo ships as on 31 March
2019. Temasek private Limited is the holding company of Singapore Airlines Limited. The company was
originated in 1947 and it has it headquarters in Singapore. Singapore Airlines hub is at Changi Airport.
Singapore Airlines uses Singapore Girl for the company's
branding. Skytrax was ranked as the best airline in the
world since 2018, In 2018, the airline ranked 18th among
the 50 most admired airlines in the world, first in Asia and
the only airline on the list.
Page | 1

Horizontal and Vertical Analysis
31-Mar-19 31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15
Total Revenue 100% 100% 100% 100% 100%
Cost of Revenue 75% 72% 75% 77% 72%
Gross Profit 25% 28% 25% 23% 28%
Selling General and Administrative 5% 5% 5% 5% 5%
Others 5% 6% 5% 3% 3%
Total Operating Expenses 93% 90% 96% 95% 37%
Operating Income or Loss 7% 10% 4% 5% 3%
Total Other Income/Expenses Net -1% 0% -1% 1% 1%
Earnings Before Interest and Taxes 7% 10% 4% 5% 3%
Interest Expense -1% -1% 0% 0% 0%
Income Before Tax 5% 10% 3% 6% 3%
Income Tax Expense 1% 2% 1% 1% 0%
Minority Interest 2% 2% 3% 2% 0%
Net Income From Continuing Ops 4% 9% 3% 6% 3%
Net Income 4% 8% 2% 5% 5%
Operating Expenses
Income from Continuing Operations
Income Statement - Vertical Analysis
Page | 2

31-Mar-19 31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15
Total Revenue 3% 6% -2% -2%
Cost of Revenue 6% 2% -4% 4%
Gross Profit -5% 20% 3% -19%
Selling General and Administrative 11% 1% 5% -9%
Others -6% 26% 47% 12%
Total Operating Expenses 7% 0% -1%
Operating Income or Loss -29% 156% -22% 88%
Total Other Income/Expenses Net -436% -185% -138% 145%
Earnings Before Interest and Taxes -29% 156% -22% 74%
Interest Expense 30% 95% -9% -199%
Income Before Tax -45% 207% -47% 120%
Income Tax Expense -41% 223% -36% 235%
Minority Interest 8% -5% 2%
Net Income From Continuing Ops -46% 204% -48% 109%
Net Income -48% 261% -55% -6%
Operating Expenses
Income from Continuing Operations
Income Statement - Horizontal Analysis
Page | 3

Period Ending 31-Mar-19 31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15
Cash And Cash Equivalents 10% 10% 14% 17% 25%
Short Term Investments 0% 1% 2% 3% 1%
Net Receivables 5% 6% 5% 6% 7%
Inventory 1% 1% 1% 1% 1%
Other Current Assets 1% 1% 1% 2% 0%
Total Current Assets 18% 19% 23% 28% 36%
Long Term Investments 5% 6% 7% 8% 4%
Property, plant and equipment 54% 46% 47% 46% 71%
Goodwill 1% 1% 1% 1% 0%
Intangible Assets 1% 1% 1% 1% 3%
Accumulated Amortization
Other Assets 22% 27% 22% 16% 0%
Deferred Long Term Asset Charges
Total Assets 100% 100% 100% 100% 100%
Accounts Payable 10% 11% 13% 12% 14%
Short/Current Long Term Debt 0% 0% 0% 0% 0%
Other Current Liabilities 13% 15% 12% 14% 18%
Total Current Liabilities 24% 25% 25% 27% 32%
Long Term Debt 21% 12% 6% 5% 8%
Other Liabilities 10% 12% 14% 13% 11%
Deferred Long Term Liability Charges 0% 0% 0% 0% 1%
Minority Interest 1% 1% 2% 2% 2%
Total Liabilities 55% 49% 46% 45% 72%
Common Stock 6% 7% 8% 8% 9%
Retained Earnings 37% 42% 48% 50% 55%
Total stockholders' equity 44% 50% 53% 53% 65%
Current Assets
Current Liabilities
Stockholders' Equity
Balance Sheet- Vertical Analysis
Page | 4

Period Ending 31-Mar-19 31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15
Cash And Cash Equivalents 10% 10% 14% 17% 25%
Short Term Investments 0% 1% 2% 3% 1%
Net Receivables 5% 6% 5% 6% 7%
Inventory 1% 1% 1% 1% 1%
Other Current Assets 1% 1% 1% 2% 0%
Total Current Assets 18% 19% 23% 28% 36%
Long Term Investments 5% 6% 7% 8% 4%
Property, plant and equipment 54% 46% 47% 46% 71%
Goodwill 1% 1% 1% 1% 0%
Intangible Assets 1% 1% 1% 1% 3%
Accumulated Amortization
Other Assets 22% 27% 22% 16% 0%
Deferred Long Term Asset Charges
Total Assets 100% 100% 100% 100% 100%
Accounts Payable 10% 11% 13% 12% 14%
Short/Current Long Term Debt 0% 0% 0% 0% 0%
Other Current Liabilities 13% 15% 12% 14% 18%
Total Current Liabilities 24% 25% 25% 27% 32%
Long Term Debt 21% 12% 6% 5% 8%
Other Liabilities 10% 12% 14% 13% 11%
Deferred Long Term Liability Charges 0% 0% 0% 0% 1%
Minority Interest 1% 1% 2% 2% 2%
Total Liabilities 55% 49% 46% 45% 72%
Common Stock 6% 7% 8% 8% 9%
Retained Earnings 37% 42% 48% 50% 55%
Total stockholders' equity 44% 50% 53% 53% 65%
Current Assets
Current Liabilities
Stockholders' Equity
Balance Sheet- Vertical Analysis
Page | 5

The vertical analysis reveals variability in the Gross margin ranging from 23% to 28%. As we can see that
variability in GP margin is primarily due variability in cost of revenue. Year 2018 has the highest GP margin
of 28% and highest Net Profit Margin of 8%. The main driving reason is because low Cost of Revenue &
total operating expenses. Year 2018 has a cost of Revenue as a percentage of sales is 72% and total
operating expenses as a % of sales is 90%, which is the lowest in 2018, leading to high Gross Profit & high
Net Income. We can't know be sure about the intricacies of company performance without listening to the
company's management, but with the above vertical analysis it can clearly be seen that ABC Company's
cost of goods sold and Net profits margins can be a big issue.
Trend Analysis: -
Revenue of the company has been slight on an uptrend. The Revenue of Singapore Airlines has not
increased because of its stiff competition from its competing Airlines like Malaysia Airlines, Etihad Airways,
Emirates etc. Profit of the Company has moved up in 2018 & then again dipped in 2019. It has been worst in
the year 2017.
Assets of the company has been increasing because the company is making huge investment in Aircrafts,
which can be seen in the figures of 2019. With an increased investment in Assets, Company has to borrow
new debt in order to fund the new investments, the result of which is the increase in debt numbers from
3106700 to 6441500
Economic Condition of the Aviation Sector: -
It has been studied that Singaporean Economy has a huge benefit from the Singaporean Aviation. Below
given points will reveal these facts: -
Aviation in Singapore is a major contributor of the Singapore economy. Aviation sector has contributed a
total of 5.4% to the GDP. Around 119000 have been provided by the Aviation Sector.
Singapore is the 6th busiest airport and the 4th busiest airport in the Asia.
Aviation sector in Singapore is also has a significant aerospace maintenance, repair & overhaul centre. In
2009, Aviation sector contributes S$14.2 billion in direct add to the Singaporean GDP.
Page | 6

Ratio Analysis
Profitability Ratios
Higher the profitability ratios, the better would the firm’s ability to produce profits from its operations. In order
to analyze the profitability of the Singapore Airlines Ltd, ROA, ROE, Operating Margin, gross margin is
calculated. Let’s discuss the Profitability ratios of Singapore Airlines ltd. Industry Average for ROE & ROA is
12.97 & 4.25, whereas Singapore Airlines have ROE of 5.2% & 2.4%.
Return on Assets of Singapore Airlines is 2.4%, whereas it was industry average is about 4.25. This shows
that it very low compared to the industry average. Return on Equity of Singapore Airlines is 5.2%, whereas
the industry average is 12.97.
From the above table, it is clear that Operating margin and Net Profit margin are quite less as compared to
the Gross Margin. This means that the company has huge expenses towards selling, General &
administration expenses which are eating away the company’s profit. All the margin ratios have been stable,
with not much variability. The only variability can be seen in year 2018 which has the highest margins in all
of the three categories. Operating margin is in the range of 5% to 10%. Gross Profit margin has been in the
range of 23% to 27.70%. Net Profit has been in the range of 5% to 8.5 %. Industry Operating margin
average is 19.92, whereas Singapore Airlines has operating margin of 6.67% that is way lower than the
industry average. Industry Net Profit margin average is 16.63, whereas Singapore Airlines has operating
margin of 4.18% that is way lower than the industry average
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31-Mar-19 31-Mar-18 31-Mar-17 31-Mar-16
Return on Assets Ratio 2.4% 5.1% 1.5%
Return on Equity Ratio 5.2% 10.0% 2.8%
Operating profit Margin 6.67% 9.66% 4.01% 5.05%
Gross Profit Margin 25.50% 27.70% 24.54% 23.21%
Net Profit Margin 4.18% 8.23% 2.42% 5.28%
Profitability/Return Ratios

Dividend Ratios
31-Mar-19 31-Mar-18 31-Mar-17 31-Mar-16
Earnings per share 0.57 1.09 0.30 0.68
Price-earnings ratio 15.39 8.62 30.84 14.19
Dividend Yield Ratio 4.30% 2.23% 4.71% 2.82%
Dividend Payout Ratio 66% 19% 145% 40%
As of today (2019-08-30), Singapore Airlines has a Dividend Yield % 4.30%. Singapore Airlines has a
highest trailing dividend yield of 5.97% and the lowest dividend yield of 0.74% during the last 13 years.
Singapore Airlines has a maximum 3-year average dividend growth rate of 77.10% and the lowest growth
rate was -31.60% during the last 13 years. Dividend Pay-out ratio were 66% in 2019, 19% in 2018, 145% in
2017 & 40% in 2016. As of today (2019-08-30), Singapore Airline’s share price is $8.83. Singapore Airline’s
Earning per share as on ended in March. 2019 was $0.57. Therefore, using the share price as on
30/08/2019 & EPS as on 31/03/2019, we get P/E ratio of P/E ratio 15.39 for Singapore Airlines. Industry
Price to earning ratio is 12.11, whereas Singapore Airlines has a Price to earnings of 15.39 that is way
higher than the industry average. Dividend Yield Average is 2.27, whereas the company has a dividend yield
of 4.30 which is way higher than the industry average.
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Solvency & Liquidity Ratios: -
31-Mar-19 31-Mar-18 31-Mar-17 31-Mar-16
Current Ratio (CR) 0.75 0.76 0.91 1.05
Quick Ratio (QR) 0.71 0.73 0.88 1.02
Debt/ Assets 0.10 0.12 0.14 0.13
Interest Coverage 9.55 17.42 13.25 15.48
Debt/ Equity 0.48 0.24 0.12 0.09
The current ratio is that ratio which measures a company's capacity to pay its current obligations But,
However, Singapore Airlines always had a much lesser ratio than this figure. Current Ratio was 0.75 in
2019. It indicates that company will have issues in fulfilling its short-term obligations from its current assets.
Quick ratio is a more stringent measure of liquidity. Singapore Airlines have a lesser ratio, but it has quick
ratio equivalent to current ratio, which shows its current assets consists of maximum liquid assets which is a
good sign. Industry Current ratio is 2.25, whereas Singapore Airlines has a Current Ratio 0.75 that is way
lower than the industry average. Industry Quick ratio is 1.72, whereas Singapore Airlines has a Current
Ratio 0.71 that is way lower than the industry average.
Higher solvency ratios suggest that there is more of debt used in the company’s capital structure as against
equity. Such firms face bankruptcy risks. Singapore Airlines have all solvency ratios in control. It has a
Debt/Equity ratio of 0.24 in 2018, 0.09 in 2016. The Ideal Debt/Equity ratio is 0.5. Debt/Assets ratios shows
that the percentage of debt used in purchasing the fixed assets is very less. The Company has a very good
interest coverage ratio of 9.55 in 2019, The Ideal interest coverage ratio has to be 3. All in all, we can see
that the company has a very good solvency position.
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Efficiency Ratios:
2019 2018 2017 2016
Inventory Turnover Ratios 59.44 63.90 62.28
Inventory Days in Hand 6.14 5.71 5.86
Creditors Turnover Ratio 4.19 3.84 3.70
Debtors Turnover Ratio 10.66 11.76 11.65
Net Assets Turnover ratio 0.58 0.62 0.61
Efficiency Ratios tells us how efficiently company is using its assets to generate revenues and profits.
Singapore Airlines have an Assets Turnover Ratio of 0.58 in 2019, 0.62 in 2018, 0.61 in 2017. As we can
see that Singapore Airlines is having an assets turnover ratio of less than 1, which means company was
unable to use its assets efficiently to generate sales & maximize profits. Company has a high Inventory
turnover ratio, with an average inventory day of 6.14 days in 2019, 5.71 days in 2018, 62.28 days in 2017.
Singapore Airlines have a creditors turnover ratio in the range of 3.70 to 4.19 days; and a Debtors turnover
ratio of 10.66 to 11.65 days. The company has a less creditors ratio than debtor’s ratio. This shows that the
company receives the payment from his customers earlier than he makes payment to its suppliers, which is
a good sign. Industry Average for 7.05 for inventory days, Singapore Airlines have an industry turnover of
6.14 which is less compared to the industry
Market Price/Trend:-
Page | 10

31-03-19 31-03-18 31-03-17 31-03-16
Asset Value per share 25.6 21.8 20.8 20.0
Share Price 8.83 9.43 9.34 9.59
The above table shows the assets value per share. As we can see that there is vast difference between
Asset value per share & Share price per share. It can be clarely seen, it is not linear with the stock
exchange, where the share price is lower than the assets value.
Further Analysis of the non-financial things are here under:-
Brand Preference:- Customers prefer Singapore Airlines because company focuses a lot on Innovation,
best Quality & excellent Customer Service.
Customer Retention and churn/Customer Loyalty/Customer Service:- Singapore Airlines uses
“KrisFlyer” program to retain customers which allows customers to fly free on the basis of mileages. Due to
such activities customers have good experience.
Strenght :-Implements the right Strategies, Famous for its luxury suites, Excellent in flight Food.
Weakness:- Poor Margins, Location Drawback, Issues with Low capacit
Opportunity:- Growing in India as well in other countries, Preferences for comfortable Air travel has
increased
Threats:- Singapore Airlines faces a lot from other Airlines companies like, Etihad Airways, Qatar Airways,
Air India, Emirates Airlines.
Innovation:- The Company has received “Eisenhower Global Innovation Award”. This shows that company
has been innovative in running its business.
Management Capability:- Management is been effectively handling issues like Cyber Security, Risk
Mitigation, Crisis Reponse plan. These are some of the areas where management is proved to be effective.
CSR Activities:- Training to employees, conversation to Elephant are some of the areas where company is
performing CSR activities.
Employee Relations:- Company treates employees as Humans. Company has good relations with the
Employees.
Service Quality:- Sinagpore ailrlines maintains high Quality of its products & services in each country, it
operates.
Staff Turnover:- Company increased its staff strength to 14800, as on 31 st march 2017, which was approx
an increase of 754 employees compared to last year.
R & D Activities:- Company has been in partnership with many Like Civil Authority of sinagpore, Economic
Development Board(EDB), National Univeristy of Singapore(NUS) to foster the development of of a
innovative & vibrant R & D ecosystem.
Page | 11

Section B
News:-
In March 2017, SIA & Silk Air have rolled out new Airfare Pricing. This has improved the Revenue numbers
for the company, as shown in annual Report - Concrete progress can be seen on the revenue generation
front. Revenue numbers grew by $16.3 billion.
Singapore Airlines wants to have 49% stake in Indian Airline Company “Air India” This will Enable the
company to Further expand Vistara. This will also enable the company to enter into Indian Territories. (Zee
News, Jan 2018)
Airline Vistara, a joint venture between Tata sons and Singapore Airlines is expected to have an aggressive
expansion plan. The company expects to have around 41 aircrafts by end of 2019. Since India being an
growing economy will definitely require premium products, This move will eventually lead to increase in
Singapore Airline’s Profit.
Criticism: -
From the Airlinerating.com, Company has been criticized for various reasons like the meals & Beverages
provided by the company are of poor Quality, no Entertainment been provided by the Company, & also
customer service is poor. In Social Media also, there has been several complaints against the company.
These complaints from the customers will definitely affect the brand value and reputation of the company.
In Feb 2019, company was criticized was having Spy camera on its on -board entertainment panel. To which
Singapore Airlines have clarified that these cameras are permanently disabled. After the Clarification also,
passengers were not convinced about possible invasion of privacy.
Corporate Goverance :-
Company has been able to form various committees. For Example: - Board Committee will work for the buy-
back of the shares. Board Audit committee will do the entire audit work of the Company. Board Nomination
Committee will nominate the Key Management for the Company. The President of Singapore Airlines and
the CEO of the Singapore Airlines are not dependent. There is an adequate separation of task between the
president and the CEO, which guarantees an equilibrium of authority and control inside the company. The
President is in charge of the Council and is responsible for its operation and procedures. As per the table
given below, we can look at the board of directors of the company. Peter seah lim huat is the chairman of
the company, GOH CHOON PHONG is the Director of the Company. Mr Seah has been the head & CEO of
Singapore Technologies pvt ltd. He has been banker for more than 30 years. Goh Choon phong joined
Singapore Airlines way back in 1990. In his journey with Singapore Airlines, he has headed many Senior
positions in various departments from Marketing, Technology, Finance, Cargo. He has been the Vice
Page | 12

president of Marketing divisions and head of Singapore Airlines cargo pvt ltd, Mr. Gautam Banerjee headed
a company called of Blackstone Singapore. He also worked with Pricewaterhousecoopers (“pwc”),
Singapore for more than 30 years, He has handled many leadership positions in India as well as Asia pacific
region All the directors are independent as we can see in the table. They hold their Directorship to perform
Long-tern & short-term activities of the company.
Board Composition: -
Conclusions: -
Singapore Airlines has low net profit & operating profit margins but is having a strong solvency position with
D/E ratio below the ideal ratio, good interest coverage ratio. It has a below average liquidity position. An
investor should be investing in companies having a return on Equity (ROE) of more than 25%. But
Singapore Airlines have a much less ROE numbers which does not make it a viable investment option. All
the ratios are very low when compared to the Industry Averages. As can also be seen in the above Analysis
in the criticism section that company has been criticized for the meals & beverages, for its poor service
quality. If company focuses on customer service, customer retention/Loyalty programs; then company can
get a huge benefit from satisfied customers. Company has many customer retentions programs like
“KrisFlyer” program to retain customers.Singpaore Airlines should focus on devising many such programs to
increase customer experinces. So, it can be concluded that the company has to perform better than its
industry or its competitors to perform well in the future. To increase its market share & competitive position,
company should focus to innovate new techniques to increase the customer satisfaction, corporate relations
and eventually improve itself to perform better than its competitors.
Page | 13

References
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Investopedia. (2019). What Corporate Governance Means for the Bottom Line.
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Appendix
31-Mar-19 31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15 31-Mar-14
Total Revenue 16,323,200 15,806,100 14,868,500 15,238,700 15,566,000 15,234,900
Cost of Revenue 12,160,900 11,428,300 11,220,300 11,702,200 11,201,000 8,039,000
Gross Profit 4,162,300 4,377,800 3,648,200 3,536,500 4,365,000 7,195,900
Total Operating Expenses 15,234,000 14,278,500 14,272,300 14,469,500 5,756,000 4,228,000
Operating Income or Loss 1,089,200 1,527,600 596,200 769,200 410,000 259,300
Total Other Income/Expenses Net -220,600 65,600 -77,600 203,200 83,000 62,700
Interest Expense -114,000 -87,700 -45,000 -49,700 50,000 37,300
Income Before Tax 868,600 1,593,200 518,600 972,400 443,000 367,900
Income Tax Expense 147,000 247,700 76,700 120,600 36,000 56,500
Net Income 682,700 1,301,600 360,400 804,400 406,700 424,400
Income Statement
Income from Continuing Operations
Page | 16

Period Ending 31-Mar-19 31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15 31-Mar-14
Cash And Cash Equivalents 2,944,000 2,568,300 3,380,500 3,972,400 5,042,700 4,884,000
Short Term Investments 140,800 180,500 556,000 684,000 168,600 287,400
Net Receivables 1,597,000 1,466,000 1,221,700 1,331,900 1,491,500 1,655,000
Inventory 229,900 179,300 178,400 181,900 202,000 243,000
Total Current Assets 5,499,700 4,967,000 5,700,000 6,794,000 7,465,000 7,310,700
Long Term Investments 1,620,100 1,545,400 1,622,800 1,831,300 1,125,000 1,125,000
Property, plant and equipment 16,348,000 12,015,400 11,681,700 10,975,600 14,143,500 13,026,700
Intangible Assets 206,300 179,700 181,000 276,700 515,800 223,400
Total Assets 30,505,200 25,892,500 24,720,000 23,846,600 36,850,500 37,270,800
Accounts Payable 3,081,700 2,729,700 3,216,500 2,844,800 2,899,000 2,977,900
Short/Current Long Term Debt 1,400 0 0 0 0 0
Other Current Liabilities 4,018,800 3,783,400 3,012,500 3,430,500 3,541,000 2,413,500
Total Current Liabilities 7,378,400 6,565,700 6,288,600 6,487,200 6,440,000 5,391,400
Long Term Debt 6,441,500 3,106,700 1,525,800 1,112,700 1,521,200 1,370,000
Other Liabilities 3,002,100 2,991,700 3,435,400 3,090,900 2,255,900 15,317,300
Deferred Long Term Liability Charges 35,000 58,500 58,400 58,200 174,100 226,400
Minority Interest 396,400 368,100 387,200 378,200 466,500 337,400
Negative Goodwill - - - -
Total Liabilities 16,822,000 12,664,100 11,249,800 10,713,700 17,138,700 17,251,100
Common Stock 1,856,100 1,856,100 1,856,100 1,856,100 1,856,100 1,856,100
Retained Earnings 11,275,100 10,986,500 11,838,800 11,935,500 10,933,800 11,643,300
Total stockholders' equity 13,286,800 12,860,300 13,083,000 12,754,700 12,930,000 13,574,600
Current Assets
Current Liabilities
Stockholders' Equity
Balance Sheet
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