Singapore Airlines Ltd. · SGX:C6L
Singapore Airlines — Q1 FY2023/24 Earnings Presentation
18 slides from Singapore Airlines's earnings presentation, Jul 28, 2023
Slide 1: SIA Group Business Update Q1 FY2023/24 Results
SIA Group Business Update Q1 FY2023/24 Results (Ended 30 June 2023) 28 July 2023 The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources
Slide 2: Group Financial Results: Key Takeaways
Group Financial Results Key Takeaways Q1 FY2023/24 Operating profit of $754.5 million, up 35.6% YoY ▪ Passenger revenue rose $1,000.7 million on the back of a record quarterly passenger load factor (PLF) ▪ Cargo revenue fell $554.6 million with lower loads and yields as demand for air freight contin
Slide 3: Group Operating Statistics
Group Operating Statistics Pax capacity expanded as restrictions on air travel eased globally; rise in cargo capacity as pax flights resumed ASK CTK Overall CTK Q1 (YoY) Q1 (YoY) Q1 (YoY) +32.4% +12.1% +23.1% Pax Capacity - ASK (million) Cargo Capacity - CTK (million) Overall Capacity – CTK (million
Slide 4: Group Financial Results
Group Financial Results Q1 Q1 Better/ Better/ FY23/24 FY22/23 (Worse) (Worse) ($’M) ($’M) ($’M) (%) Total Revenue 4,479.3 3,928.2 551.1 14.0 Total Expenditure 3,724.8 3,371.8 (353.0) (10.5) -- Net Fuel Cost 1,053.4 1,272.7 219.3 17.2 Fuel Cost (before hedging) 1,154.2 1,474.9 320.7 21.7 Fuel Hedging
Slide 5: Group Revenue
Group Revenue Demand for air travel remained robust through the mid-year school holidays and the start of the summer travel season Group Revenue ($'M) Record Quarterly Pax demand Full Revenue remains re-opening of robust borders in 4,846.4 Singapore 4,488.3 4,511.9 4,479.3 3,928.2 862.1 541.7 642.4
Slide 6: Operating Statistics - Passenger
Group Operating Statistics - Passenger Strong passenger demand led to all-time high PLF, and highest first-quarter RASK PLF (%) Q1 FY23/24 Record RASK RASK: 9.6¢/ask Quarterly (₵/ask) 100 PLF: 88.9% Record Group RASK Quarterly 12 10.6 Group PLF 10 90 88.9 FY19/20 Group RASK 8 (7.5¢/ask) FY19/20 Grou
Slide 7: SIA and Scoot Operating Statistics - Passenger
SIA and Scoot Operating Statistics - Passenger Record quarterly PLF for both airlines; RASKs remain elevated above pre-Covid levels FSC: SIA Operating Statistics LCC: Scoot Operating Statistics Q1 FY23/24 Record Q1 FY23/24 RASK: 10.6¢/ask RASK Record RASK PLF (%) Quarterly (₵/ask) PLF (%) RASK: 6.3¢
Slide 8: Operating Statistics - Cargo
Group Operating Statistics - Cargo Cargo yields continued to weaken, albeit still higher than pre-Covid levels Cargo Yield CLF (%) (₵/ltk) 100 Q1 FY23/24 80 Yield: 44.6¢/ltk 90 CLF: 51.8% 70 80 60 70 60 FY19/20 CLF 50 (59.3%) 50 40 40 FY19/20 Yield 30 (30.5¢/ltk) 30 20 20 10 10 Q1 Q2 Q3 Q4 Q1 FY22/2
Slide 9: Group Expenditure
Group Expenditure Group expenditure increased due to higher non-fuel expenditure, partially offset by lower net fuel costs Group Expenditure ($'M) 4,091.4 3,810.3 3,809.2 3,724.8 3,371.8 2,387.1 2,758.3 2,628.8 Q1 (YoY) 2,671.4 2,099.1 YoY $353.0M (+27.3%) (+10.5%) 1,272.7 1,423.2 1,333.1 1,053.4 1,
Slide 10: Net Fuel Cost and Fuel Hedging
Net Fuel Cost and Fuel Hedging YoY decrease in fuel cost largely driven by lower fuel prices, partially offset by higher uplift and lower hedging gain Group Fuel Cost Analysis ($'M) +304.7 -598.7 1,272.7 Higher +101.4 -26.7 -$219.3M 1,053.4 (-17.2%) uplift Lower Lower Weakening of weighted hedging U
Slide 11: Group Operating Performance
Group Operating Performance Highest first quarter operating profit in history Group Operating Performance ($'M) Record Quarterly Op Profit 755.0 754.5 702.7 678.0 Q1 (YoY) 556.4 $198.1M (+35.6%) Q1 Q2 Q3 Q4 Q1 FY22/23 FY22/23 FY22/23 FY22/23 FY23/24 Slide 11 The copyright in this material (other tha
Slide 12: Operating Performance (YoY progression)
Group Operating Performance (YoY progression) Higher pax revenue and lower net fuel cost, partially offset by lower cargo revenue and higher non-fuel expenditure Group Operating Performance ($'M) Lower cargo Largely: +1,000.7 revenue • Foreign exchange gain vs loss last year • Higher staff costs, ai
Slide 13: Operating Results for the Main Companies of the Group
Operating Results for the Main Companies of the Group Improvements in operating performance for SIA, Scoot and SIAEC Q1 Q1 Better/ Better/ FY23/24 FY22/23 (Worse) (Worse) ($’M) ($’M) ($’M) (%) Full-service carrier 737.5 624.3 113.2 18.1 Low-cost carrier 23.7 (51.9) 75.6 n.m. SIAEC Group 0.4 (4.0) 4.
Slide 14: Group Net Performance
Group Net Performance Highest quarterly net profit in history Group Net Performance ($'M) Record Quarterly Net Profit 734.0 628.0 601.9 556.5 Q1 (YoY) $363.6M 370.4 (+98.2%) Q1 Q2 Q3 Q4 Q1 FY22/23 FY22/23 FY22/23 FY22/23 FY23/24 Slide 14 The copyright in this material (other than in respect of infor
Slide 15: Net Performance (YoY progression)
Group Net Performance (YoY progression) Improvement driven by higher operating profit, net interest income vs net finance charges last year, share of profits of associated companies vs losses last year and partially offset by higher tax expenses Group Net Performance ($'M) Higher tax +80.9 expenses
Slide 16: Financial Results: EPS and EBITDA
Group Financial Results Q1 FY23/24 Q1 FY22/23 Earnings Per Share (cents) - Basic R1 14.3 5.8 - Adjusted Basic R2 24.7 12.5 - Diluted R3 14.0 5.7 EBITDA ($ million) R4 1,505.1 1,049.4 EBITDA margin (%) R5 33.6 26.7 R1 Earnings per share (basic) is computed by dividing profit attributable to owners of
Slide 17: Financial Position
Group Financial Position As at 30 June 2023 As at 31 March 2023 Total assets ($’M) 46,064.8 49,101.2 Total debt ($’M) 14,695.8 15,339.3 Total cash and bank balances ($’M) 13,773.7 16,327.6 Total liabilities ($’M) 28,499.4 28,851.4 Equity attributable to Owners of the Company ($’M) 17,167.0 19,858.3
Slide 18: Thank You
Thank You The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republish
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