Singapore Airlines Ltd. · SGX:C6L

Singapore Airlines — H1 FY2014/15 Earnings Presentation

12 slides from Singapore Airlines's earnings presentation, Nov 6, 2014

1. Slide 1: SIA 79th Business Meeting: 1H FY2014/15 Results

   SIA 79th BUSINESS MEETING 1H FY2014/15 Results 06 November 2014 THE PARENT AIRLINE 1H FY2014/15 RESULTS 1

2. Slide 2: Operating Performance – 2Q & 1H FY14/15

   THE PARENT AIRLINE COMPANY OPERATING PERFORMANCE – 2Q & 1H FY14/15 % % 2Q/14 Change 1H/14 Change Available Seat-KM 30,562 -1.1 60,825 -0.2 (million) Revenue Pax-KM 25,016 -0.2 48,516 +0.1 (million) Passenger Load 81.9 +0.8 pt 79.8 +0.2 pt Factor (%) Slide 3 THE PARENT AIRLINE COMPANY OPERATING PERFO

3. Slide 3: Parent Airline Results – 2Q & 1H FY14/15

   THE PARENT AIRLINE COMPANY RESULTS – 2Q & 1H FY14/15 Better/ Better/ 2Q/14 (Worse) 1H/14 (Worse) $million $million % $million $million % Total Revenue 3,222 - - 6,231 (151) (2.4) Total Expenditure 3,084 41 1.3 6,048 148 2.4 - Fuel Cost 1,175 105 8.3 2,353 98 4.0 - Fuel Hedging 18 (62) n.m. (10) 1 7.

4. Slide 4: Operating Performance: Load Factor

   THE PARENT AIRLINE COMPANY OPERATING PERFORMANCE Passenger Load Factor Breakeven Load Factor (%) 88 84 82.7 79.8 80.7 80 79.4 78.0 79.6 79.6 79.8 76 77.5 75.4 72 68 0 1H 10/11 1H 11/12 1H 12/13 1H 13/14 1H 14/15 Slide 7 THE PARENT AIRLINE COMPANY OPERATING PERFORMANCE Passenger Load Factor Breakeven

5. Slide 5: Monthly Passenger Yield and Cost Composition

   THE PARENT AIRLINE COMPANY MONTHLY PASSENGER YIELD 2012-13 2013-14 2014-15 ¢/pkm 12 11.6 11.6 11.5 11.4 11.4 11.3 11.3 11.4 11.2 11.2 11.2 11.3 11.1 11.3 11.3 11.2 11 10.9 11.1 11.1 11.1 10.8 11.0 10.9 10.9 10.7 10.8 10.8 10.7 10 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Slide 9 THE PARENT AIR

6. Slide 6: Top Expenditure Items and Fuel Price Trend

   THE PARENT AIRLINE COMPANY TOP EXPENDITURE ITEMS – 1H FY14/15 Composition of decrease in Operating Expenditure $M -99.1 6,195.7 (-4.1%) 6,200 6,150 Higher revaluation -147.7 and (-2.4%) -26.7 hedging (-3.3%) -6.9 loss 6,100 (-2.1%) Lower net fuel +11.5 6,048.0 cost +8.1 -34.6 (+44.1%) (+2.4%) (-1.5%

7. Slide 7: Fuel Expenditure – 1H FY14/15

   THE PARENT AIRLINE COMPANY FUEL EXPENDITURE – 1H FY14/15 $M 2500 Lower volume 2,442 uplifted Lower weighted Higher 2400 Weaker hedging -99 average US Dollar gain vs (-4.1%) fuel price -75 last year -14 2,343 -9 -1 2300 1H Volume Exchange Price Hedging 1H FY13/14 FY14/15 Slide 13 THE GROUP 1H FY2014/

8. Slide 8: Group Revenue and Expenditure – 1H FY2014/15

   GROUP REVENUE – 1H FY2014/15 2013/14 2014/15 ($ million) Half Year 4,000 3,901 3,905 +$4m Revenue 3,840 +0.1% $7,587M 3,750 3,682 -$158m -4.1% 3,500 Year-on-Year $154M 3,250 -2.0% 3,000 2,750 0 Q1 Q2 Slide 15 GROUP EXPENDITURE – 1H FY2014/15 2013/14 2014/15 ($ million) Half Year 4,000 3,814 3,773 -$

9. Slide 9: Group Operating Profit – 1H FY2014/15

   GROUP OPERATING PROFIT – 1H FY2014/15 2013/14 2014/15 ($ million) Half Year 150 Op Profit 132 $171M 125 +$45m +51.7% 100 Year-on-Year 82 87 $2M 75 +1.2% -$43m -52.4% 50 39 25 0 Q1 Q2 Slide 17 CONTRIBUTION TO GROUP OPERATING PROFIT – 1H FY14/15 ($ million) 1H 1415 1H 13/14 Change % Change Singapore A

10. Slide 10: Group Net Profit – 1H FY2014/15

    GROUP NET PROFIT – 1H FY2014/15 2013/14 2014/15 ($ million) Half Year 200 Net Profit $126M 161 150 Year-on-Year -$70M 122 -43.5% $157M -55.5% 100 91 -$87M -71.3% 50 35 0 Q1 Q2 Slide 19 GROUP NET PROFIT – 1H FY2014/15 ($ million) 300 283 -154 250 -157 200 -55.5% 150 -32 -4.0 +31 Share of 126 losses f

11. Slide 11: Group Results and Business Outlook for FY2014/15

    GROUP RESULTS – 1H FY2014/15 1H 1415 1H 1314 EBITDAR Per Share ($) 1.09 1.25 Earnings Per Share (¢) 10.7 24.0 Interim Dividend Per 5.0 10.0 Share (¢) At 30 Sep 14 At 31 Mar 14 Net Asset Value Per 10.96 11.26 Share ($) Slide 21 BUSINESS OUTLOOK FOR FY2014/15 11

12. Slide 12: Outlook / Thank You

    OUTLOOK  Intense competition  Geopolitical factors  Economic risks Slide 23 Thank You 12

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