THIRD QUARTER OPERATING PROFIT MARGINALLY UP AT $293 MILLION

Similar documents
FIRST QUARTER OPERATING PROFIT RISES TO $281 MILLION

THIRD QUARTER OPERATING PROFIT UP 13% TO $330 MILLION

$168 MILLION PROFIT FOR FIRST HALF

HIGH FUEL PRICES DRIVE HALF YEAR PROFIT DOWN 62% AMIDST CHALLENGING ENVIRONMENT

FIRST HALF NET PROFIT UP 32% TO $425 MILLION

FULL YEAR OPERATING PROFIT RISES TO $259 MILLION 25 CENTS SPECIAL DIVIDEND PROPOSED OUTLOOK REMAINS CHALLENGING

SECOND QUARTER OPERATING PROFIT IMPROVES TO $87 MILLION

THIRD QUARTER PROFIT DOWN 43% TO $337 MILLION

$131 MILLION OPERATING PROFIT IN THIRD QUARTER AMID CHALLENGING ENVIRONMENT

THIRD QUARTER OPERATING PROFIT UP 51% TO $675 MILLION

THIRD QUARTER OPERATING PROFIT UP 96%

FIRST QUARTER OPERATING PROFIT IMPROVES 69% TO $463 MILLION

STRONG OPERATING RESULTS LIFT NET PROFIT 7.3% TO $932 MILLION

PARENT AIRLINE OPERATIONS LIFT GROUP PROFIT

FULL-YEAR OPERATING PROFIT UP $151 MILLION AMID LOWER FUEL COSTS

FIRST QUARTER OPERATING PROFIT IMPROVES TO $274 MILLION

PROFIT OF $1.24b ON STRONG REVENUE GAINS BUT FUEL COSTS REMAIN GREATEST CHALLENGE

OPERATING PROFIT OF $193M DAMPENED BY STEEP RISE IN FUEL PRICE

WEAK FOURTH QUARTER CAPS FULL-YEAR PROFIT AT $1.06 BILLION

THIRD QUARTER NET PROFIT OF $397 MILLION ON RECORD REVENUE

RECORD REVENUE AND EFFICIENCY DRIVE SOFTEN IMPACT OF HIGH FUEL COST, ENABLE HALF YEAR PROFIT OF $578 MILLION

THIRD QUARTER REVENUE GROWTH OFFSETS HIGHER NET FUEL COSTS

NEWS RELEASE ON FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31 DECEMBER 2003 CONTINUED RECOVERY IN THIRD FINANCIAL QUARTER

SIA ANALYST/MEDIA BRIEFING Q2 and 1H FY17/18 Results 8 November 2017

THE PARENT AIRLINE FY2010/11 RESULTS

SIA GROUP FINANCIAL RESULTS

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events

Half Year and 2nd Quarter FY Financial Results 27 October 2005

1 st Half FY17/18 FY17/18

MEDIA/ANALYST PRESENTATION FY RESULTS 11 MAY 2007

OPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS

AEROFLOT ANNOUNCES FY 2017 IFRS FINANCIAL RESULTS

SIA ENGINEERING COMPANY 1 st Half FY17/18 Financial Review

Singapore Airlines Group Analyst/Media Briefing HALF YEAR FY RESULTS 5 NOVEMBER 2012 THE PARENT AIRLINE 1H FY2012/13 RESULTS

OPERATING AND FINANCIAL HIGHLIGHTS

OPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS

OPERATING AND FINANCIAL HIGHLIGHTS

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events

Managing through disruption

OPERATING AND FINANCIAL HIGHLIGHTS

Copa Holdings Reports Net Income of US$113.9 Million for the Fourth Quarter of 2013

Copa Holdings Reports Net Income of $49.9 million and EPS of $1.18 for the Second Quarter of 2018

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events

Singapore Airlines Group Analyst/Media Briefing HALF YEAR FY RESULTS. 13 November 2013 THE PARENT AIRLINE 1H FY2013/14 RESULTS

Copa Holdings Reports Fourth Quarter and Full Year 2007 Results

OPERATING AND FINANCIAL HIGHLIGHTS

CONSOLIDATED PROFIT AND LOSS ACCOUNT

Copa Holdings Reports Net Income of $57.7 million and EPS of $1.36 for the Third Quarter of 2018

Copa Holdings Reports Record Earnings of US$41.8 Million for 4Q06 and US$134.2 Million for Full Year 2006

Finnair Group Interim Report 1 January 31 March 2008

Finnair Group Interim Report 1 January 30 June 2008

Media Release QANTAS RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2004 HIGHLIGHTS. Fully franked interim dividend of 10 cents per share

Air China Limited Interim Results. August Under IFRS

AIR CANADA REPORTS THIRD QUARTER RESULTS

Finnair Q Result

Finnair Group Annual Report 1 January 31 December 2006

Finnair 2015 kolmannen vuosineljänneksen tulos

HK GAAP RESULTS RELEASE 25 February 2008 STAR CRUISES GROUP ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS FOR 2007

QANTAS DELIVERS STRONG FIRST HALF RESULT DESPITE HIGHER FUEL BILL

Finnair Q Result

RESULTS RELEASE 20 August GENTING HONG KONG GROUP ANNOUNCES FIRST HALF RESULTS FOR 2015 Highlights

Credit Suisse. 19 th Annual AIC 8 th April Cathay Pacific Airways Limited

Media Release HIGHLIGHTS QANTAS RESULTS FOR THE YEAR ENDED 30 JUNE 2005

Cathay Pacific Airways 2011 Interim Results 10 August 2011

Forward looking statements

Analysts Briefing. 27 November Cathay Pacific Airways Limited

Air China Limited Announces 2010 Annual Results

26 August Christopher Luxon Chief Executive Officer. Rob McDonald Chief Financial Officer

THIRD QUARTER RESULTS 2017

Cathay Pacific Airways Annual Results 10 March Cathay Pacific Airways Interim Results 6 August 2008

Cathay Pacific is committed to building its network and connectivity and so to strengthen Hong Kong s position as a major aviation hub.

Tiger Airways Holdings Limited FY11 Results

Cathay Pacific Airways Interim Results for the six months ended 30 June 2012

HK GAAP RESULTS RELEASE 18 November 2005

Finnair Q Result

Interim Business Report 2017

QANTAS HALF YEAR 2015 FINANCIAL RESULTS 1

Cathay Pacific Airways 2013 Analyst Briefing 25 June Cathay Pacific Airways Analyst Briefing 27 November 2013

Cathay Pacific Airways 2010 Annual Results 9 March 2011

Aer Lingus Group plc. Interim Management Statement

H1 FY2015/16 Performance Review

THIRD QUARTER AND NINE MONTHS OF 2014 KEY RESULTS

QANTAS ANNOUNCES PROFIT RESULT YEAR ENDED 30 JUNE 2009

Analysts Briefing. 18 March Cathay Pacific Airways Limited

Media Release. Qantas Group Full Year 2017 Financial Result 1. Sydney, 25 August 2017

Air China Limited Announces 2009 Annual Results

Virgin Australia Holdings Limited (ASX: VAH) H1 FY18 Results 1

Overview. > Normalised earnings* before taxation of, up 30% > Statutory earnings before taxation of, up 40% > Statutory net profit after taxation of

2003/04 Full Year Results Presentation to Investors

Copa Holdings Reports Earnings of US$30.3 Million and EPS of US$0.70 for 3Q08

Tat Hong Reports 13% Decline in FY2017 Revenue

JAPAN AIRLINES Co., Ltd. Financial Results 1 st Quarter Mar/2017(FY2016) July 29, 2016

FOURTH QUARTER RESULTS 2017

Balance sheets and additional ratios

CROWN ANNOUNCES 2017 FULL YEAR RESULTS

Cathay Pacific Airways Analyst Briefing. 21 November 2014

Leaving the Competition Behind. Second Quarter (Apr-Jun) 2009 Results

Management Discussions and Analysis for the three-month period ended 31 March 2014 and Executive Summary

Cathay Pacific Airways Interim Results 04 August Cathay Pacific Airways Interim Results 6 August 2008

QANTAS RESULTS FOR THE YEAR ENDED 30 JUNE 2000 HIGHLIGHTS. Net profit before tax of AUD$762.8 million, up AUD$100.3 million, 15 percent on last year

Transcription:

7 February 2017 Page 1 of 6 No. 01/17 7 February 2017 THIRD QUARTER OPERATING PROFIT MARGINALLY UP AT $293 MILLION Fuel cost savings more than offset lower passenger flown revenue stemming from yield erosion Cargo performance improved, backed by strong year-end freight demand Stable operating performance by subsidiary passenger airlines Outlook remains challenging for loads and yields GROUP FINANCIAL PERFORMANCE Third Quarter 2016-17 The SIA Group reported an operating profit of $293 million in the third quarter of the 2016-17 financial year, $5 million higher compared to the same period last year (+1.7%). Group revenue fell $97 million year-on-year to $3,844 million (-2.5%), mainly attributable to lower passenger flown revenue in a weak-yield environment. The Parent Airline Company saw its flown revenue decline by $167 million, which was partly compensated by growth from Scoot (+$45 million). Cargo and mail revenue improved by $8 million (+1.5%), boosted by stronger freight carriage. Group expenditure contracted by $102 million to $3,551 million (-2.8%). Net fuel costs declined $200 million (-17.6%), largely due to a $256 million reduction in fuel hedging loss. Fuel costs before hedging rose $56 million, on the back of a higher average jet fuel price (+$36 million) and higher fuel volume uplifted (+$29 million), partially offset by a weaker US Dollar against the Singapore Dollar compared to one year ago (-$9 million). Ex-fuel costs increased $98 million or 3.9%, partly attributable to capacity expansion by SilkAir and Scoot. Note 1: The SIA Group s unaudited financial results for the third quarter and nine months ended 31 December 2016 were announced on 7 February 2017. A summary of the financial and operating statistics is shown in Annex A. (All monetary figures are in Singapore Dollars. The Company refers to Singapore Airlines, the Parent Airline Company. The Group comprises the Company and its subsidiary, joint venture and associated companies).

Page 2 of 6 Third Quarter Operating Results of Main Companies The operating results of the main companies in the Group for the third quarter of the financial year were as follows: 3rd Quarter 3rd Quarter FY2016-17 FY2015-16 Operating Profit/(Loss) $ million $ million Parent Airline Company 151 181 SilkAir 30 33 Scoot 20 18 Tiger Airways 9 9 SIA Cargo 53 2 SIA Engineering 25 29 Operating profit for the Parent Airline Company fell $30 million year-onyear (-16.6%). Total revenue slipped by $173 million, largely attributed to a $167 million reduction in passenger flown revenue, as passenger yield declined 5.5%. Passenger carriage (measured in revenue passenger-kilometres) dipped 1.3% against flat capacity (measured in available seat-kilometres), resulting in a one percentage-point drop in passenger load factor to 79.0%. Expenditure decreased $143 million, mainly due to a $170 million reduction in net fuel costs, partly offset by higher aircraft depreciation, and aircraft maintenance and overhaul costs. SilkAir s operating profit was $3 million lower than last year (-9.1%). Total revenue increased $3 million, as passenger carriage rose 10.1%, partly offset by a 7.4% slide in passenger yield. Capacity expanded 10.4% and passenger load factor fell by 0.3 percentage points to 71.3%. Expenditure increased $6 million on the back of capacity expansion, overshadowing growth in revenue. Scoot saw its operating profit increase by $2 million compared to the same quarter in the last financial year. Total revenue was up $49 million (+35.5%), bolstered by a 44.3% increase in passenger carriage, albeit diluted by weaker passenger yield (-7.1%). Capacity expanded more rapidly, by 51.8%, resulting in a passenger load factor decline of 4.2 percentage points to 80.8%. Expenditure rose $47 million (+39.2%), while unit cost dropped 8.9%. Tiger Airways operating result remained flat year-on-year. Passenger carriage was constant on the back of a marginal capacity drop (-0.9%), and passenger load factor inched up 0.8 percentage points to 83.9%. Revenue declined by $7 million, primarily due to weaker passenger yield (-5.5%). This was offset by a reduction in expenditure, which was mostly attributable to lower net fuel costs.

Page 3 of 6 SIA Cargo achieved an operating profit of $53 million, its best third quarter performance in nine years. Yield remained under pressure (-5.2%), but freight carriage grew 6.6%, boosted by stronger-than-expected peak demand. Consequently, revenue increased $8 million. Capacity rose 5.1%, trailing the growth in traffic, and cargo load factor was one percentage point higher at 65.9%. Expenditure fell $43 million mainly arising from lower fuel costs. SIA Engineering s operating profit declined $4 million year-on-year. Revenue fell $3 million, mainly from fleet management programme and airframe and component overhaul revenue, partially offset by higher line maintenance revenue. Expenditure was marginally up by $1 million, as higher staff costs were partially offset by a decrease in subcontract costs. Third Quarter Net Profit The Group reported a net profit of $177 million for the October-December 2016 quarter, a decline of $98 million (-35.6%) from the same period last year. During the quarter, the Group recognised a $79 million write-down of the Tigerair brand and trademark following the announcement by Budget Aviation Holdings that Tiger Airways and Scoot would operate under the common Scoot brand from the second half of 2017. In addition, there was an absence of a gain from SilkAir s sale and leaseback of four 737-800s reported last year (-$52 million). These were partially compensated by a reduction in tax expense (+$30 million). April to December 2016 Group operating profit for the nine months to December 2016 improved $67 million to $595 million (+12.7%). Expenditure shrunk $437 million (-4.0%), surpassing revenue reduction of $370 million (-3.2%) that arose mainly from a decline in passenger flown revenue. The operating results of the main companies in the Group for the nine months were as follows:

Page 4 of 6 9 months 9 months FY2016-17 FY2015-16 Operating Profit/(Loss) $ million $ million Parent Airline Company 427 387 SilkAir 74 59 Scoot 26 (4) Tiger Airways 20 (1) SIA Cargo 8 (10) SIA Engineering 48 77 Most companies in the Group recorded moderate improvements in operating results year-on-year. SIA Engineering reported a lower operating profit, due to higher expenditure, coupled with a fall in revenue. Expenditure rose predominantly from a provision for profit sharing bonus following the divestment of Hong Kong Aero Engine Services Ltd (HAESL), partly offset by lower production overheads. Revenue reduced mainly from fleet management programme revenue, alleviated by an increase in line maintenance revenue. Group net profit fell $81 million (-14.0%) to $499 million. Improvement in operating profit was negated by lower dividends from long-term investments (-$108 million) [see Note 2], write-down of the Tigerair brand and trademark (-$79 million), share of losses from associated companies against share of profits last year (-$60 million), and loss on disposal of aircraft, spares and spare engines versus a surplus one year ago (-$67 million). The decline in net profit was partially cushioned by a $142 million gain from SIA Engineering s divestment of HAESL, and $36 million special dividends received from HAESL following the sale of its 20% stake in Singapore Aero Engine Service Ltd. FLEET DEVELOPMENT During the third quarter, the Parent Airline Company took delivery of five A350-900s, of which four entered into service by the end of December. As at 31 December 2016, the operating fleet of the Parent Airline Company comprised 108 passenger aircraft (54 777s, 26 A330-300s, 19 A380-800s and nine A350-900s), with an average age of 7 years and 8 months. Note 2: This was primarily due to lower dividends received from Everest Investment Holdings Limited (formerly known as Abacus International Holdings Limited), which declared a special dividend arising from sale of its 65% investment in Abacus International Pte Ltd to Sabre Technology Enterprises II Ltd last year.

Page 5 of 6 SilkAir took delivery of one 737-800 during the quarter. As at 31 December 2016, SilkAir operated 31 aircraft 11 A320s, three A319s and 17 737-800s with an average age of 4 years and 2 months. Scoot maintained a fleet of 12 787s (six 787-9s and six 787-8s) in the third quarter. Its average fleet age as at 31 December 2016 was 1 year and 4 months. Tiger Airways operated 23 aircraft 21 A320s and two A319s with an average age of 5 years and 8 months as at 31 December 2016. During the quarter, SIA Cargo returned one 747-400 freighter to its lessor. As at 31 December 2016, SIA Cargo operated a fleet of eight 747-400 freighters. ROUTE DEVELOPMENT The Parent Airline Company will introduce services to a second Scandinavian city, Stockholm (via Moscow), from 30 May 2017. Frequency to Moscow will therefore increase from four to five times a week, as flights, which will be operated with A350-900s, continue on to Stockholm. The Parent Airline Company s route network will then expand to 62 destinations across 32 countries, including Singapore. Frequency to various points, including Ahmedabad, Bangkok, Brisbane, Dhaka, Ho Chi Minh City, Melbourne, Rome and Sydney, will also increase during the Northern Summer season (26 March 2017 28 October 2017) to meet growing travel demand. SilkAir commenced services to Fuzhou on 21 November 2016. It will commence thrice-weekly services to Colombo from 8 April 2017, operating alongside the Parent Airline which will retain daily services to the Sri Lankan city. This will grow SilkAir s network to 53 destinations across 15 countries, including Singapore. Scoot s network will increase to 24 destinations across 10 countries with the commencement of new services to Athens from 20 June 2017. Tiger Airways maintains a network of 40 destinations in 12 countries, including Singapore. Overall, including the announced new routes, the portfolio of airlines in the Group will be serving 133 destinations across 37 countries.

Page 6 of 6 OUTLOOK 2017 is expected to be another challenging year amid tepid global economic conditions and geopolitical concerns, alongside other market headwinds such as overcapacity and aggressive pricing by competitors. Loads and yields for both the passenger and cargo businesses are projected to remain under pressure. Fuel prices have trended upward since the last quarter and are expected to remain volatile as uncertainty lingers around global oil production output. The Group regularly reviews and adapts its fuel hedging policy to manage volatility in fuel prices. For the fourth quarter of the financial year, the Group has hedged 37.4% of its jet fuel requirements in Singapore Jet Kerosene (MOPS) at a weighted average price of USD67 per barrel. The Group has also entered into longer dated Brent hedges with maturity extending to 2022, covering between 33% and 39% of our projected annual fuel consumption, at average prices ranging from USD53 to USD59 per barrel. An expanding, fuel-efficient A350-900 fleet has enabled the addition of more long-haul routes for SIA. At the same time, with a deeper integration between Scoot and Tiger Airways, the Group can capitalise on new opportunities to boost network connectivity and growth in the low-cost airline segment. The Group will maintain vigilance over its costs, and its strong balance sheet positions it well to weather the many challenges ahead. * * * Media Contacts: Investor Contacts: Public Affairs Department Investor Relations Tel: (65) 6541-5880 (office hours) Tel: (65) 6541-4885 (office hours) Tel: (65) 9753-2126 (after office hours) Fax: (65) 6542-9605 Email: Public_Affairs@singaporeair.com.sg Email: Investor_Relations@singaporeair.com.sg URL: singaporeair.com Singapore Company Registration Number: 197200078R

Annex A Page 1 of 3 GROUP FINANCIAL STATISTICS 3rd Quarter 3rd Quarter 9 months 9 months 2016-17 2015-16 2016-17 2015-16 Financial Results ($ million) Total revenue 3,843.8 3,941.0 11,148.5 11,519.1 Total expenditure 3,550.9 3,653.0 10,553.3 10,991.1 Operating profit 292.9 288.0 595.2 528.0 Non-operating items (66.2) 74.9 55.5 201.2 Profit before taxation 226.7 362.9 650.7 729.2 Profit attributable to owners of the Parent 177.2 274.9 498.7 579.7 Per Share Data Earnings per share (cents) - Basic R1 15.0 23.6 42.2 49.7 - Diluted R2 14.9 23.5 42.0 49.5 As at As at 31 Dec 2016 31 Mar 2016 Financial Position ($ million) Share capital 1,856.1 1,856.1 Treasury shares (194.7) (381.5) Capital reserve (152.6) (129.2) Foreign currency translation reserve (115.9) (151.3) Share-based compensation reserve 85.2 123.7 Fair value reserve 382.8 (498.6) General reserve 11,982.2 11,935.5 Equity attributable to owners of the Parent 13,843.1 12,754.7 Total assets 24,618.7 23,769.7 Total debt 1,581.8 1,347.5 Total debt : equity ratio (times) R3 0.11 0.11 Net asset value ($) R4 11.72 10.96 R1 R2 R3 R4 Earnings per share (basic) is computed by dividing profit attributable to owners of the Parent by the weighted average number of ordinary shares in issue less treasury shares. Earnings per share (diluted) is computed by dividing profit attributable to owners of the Parent by the weighted average number of ordinary shares in issue less treasury shares, adjusted for the dilutive effect on the exercise of all outstanding share options granted. Total debt : equity ratio is total debt divided by equity attributable to owners of the Parent. Net asset value per share is computed by dividing equity attributable to owners of the Parent by the number of ordinary shares in issue less treasury shares.

Annex A Page 2 of 3 OPERATING STATISTICS 3rd Quarter 3rd Quarter 9 months 9 months 2016-17 2015-16 2016-17 2015-16 SIA Passengers carried (thousand) 4,819 4,830 14,254 14,379 (million) 23,484.7 23,788.5 69,648.5 71,479.0 (million) 29,738.7 29,738.0 88,810.8 89,340.4 (%) 79.0 80.0 78.4 80.0 Passenger yield (cents/pkm) 10.4 11.0 10.2 10.7 Passenger unit cost (cents/ask) 8.1 8.5 8.0 8.6 Passenger breakeven load factor (%) 77.9 77.3 78.4 80.4 SilkAir Passengers carried (thousand) 1,075 996 3,042 2,862 (million) 1,877.7 1,706.2 5,293.1 4,865.6 (million) 2,632.3 2,384.5 7,518.2 6,814.1 (%) 71.3 71.6 70.4 71.4 Passenger yield (cents/pkm) 12.6 13.6 12.5 13.4 Passenger unit cost (cents/ask) 8.1 8.7 8.2 9.1 Passenger breakeven load factor (%) 64.3 64.0 65.6 67.9 Scoot Passengers carried (thousand) 879 635 2,441 1,689 (million) 3,359.2 2,327.5 9,071.0 6,056.0 (million) 4,159.2 2,739.3 11,145.9 7,228.5 (%) 80.8 85.0 81.4 83.8 Revenue per revenue seat-km (cents/pkm) 5.2 5.6 5.1 5.4 Cost per available seat-km (cents/ask) 4.1 4.5 4.2 4.9 Breakeven load factor (%) 78.8 80.4 82.4 90.7 Tiger Airways Passengers carried (thousand) 1,321 1,306 3,847 3,874 (million) 2,440.9 2,439.8 7,107.8 7,217.4 (million) 2,909.9 2,936.8 8,548.9 8,636.6 (%) 83.9 83.1 83.1 83.6 Revenue per revenue seat-km (cents/pkm) 6.9 7.3 6.7 6.9 Cost per available seat-km (cents/ask) 5.5 5.8 5.5 5.8 Breakeven load factor (%) 79.7 79.5 82.1 84.1 SIA Cargo Cargo and mail carried (million kg) 333.5 312.5 946.7 877.1 Cargo load (million tonne-km) 1,878.4 1,762.5 5,246.5 4,902.5 Gross capacity (million tonne-km) 2,852.2 2,714.4 8,320.3 7,889.0 Cargo load factor (%) 65.9 64.9 63.1 62.1 Cargo yield (cents/ltk) 27.3 28.8 25.9 29.7 Cargo unit cost (cents/ctk) 16.6 19.0 16.8 19.2 Cargo breakeven load factor (%) 60.8 66.0 64.9 64.6 Group Airlines (Passenger) Passengers carried (thousand) 8,094 7,767 23,584 22,804 (million) 31,162.5 30,262.0 91,120.4 89,618.0 (million) 39,440.1 37,798.6 116,023.8 112,019.6 (%) 79.0 80.1 78.5 80.0

Annex A Page 3 of 3 GLOSSARY SIA Passenger yield Passenger unit cost Passenger breakeven load factor SilkAir Passenger yield Passenger unit cost Passenger breakeven load factor Scoot Revenue per revenue seat-km Cost per available seat-km Passenger breakeven load factor Tiger Airways Revenue per revenue seat-km Cost per available seat-km Passenger breakeven load factor SIA Cargo Cargo load Gross capacity Cargo load factor Cargo yield Cargo unit cost Cargo breakeven load factor Group Airlines (Passenger) = expressed as a percentage of available seat-km = Passenger revenue from scheduled services divided by revenue passenger-km = Operating expenditure (less bellyhold revenue from SIA Cargo) divided by available seat-km = Passenger unit cost expressed as a percentage of passenger yield. This is the theoretical load factor at which passenger revenue equates to the operating expenditure (less bellyhold revenue from SIA Cargo) = expressed as a percentage of available seat-km = Passenger revenue from scheduled services divided by revenue passenger-km = Operating expenditure (less cargo and mail revenue) divided by available seat-km = Passenger unit cost expressed as a percentage of passenger yield. This is the theoretical load factor at which passenger revenue equates to the operating expenditure (less cargo and mail revenue) = expressed as a percentage of available seat-km = Passenger revenue from scheduled services divided by revenue passenger-km = Operating expenditure divided by available seat-km = Cost per available seat-km expressed as a percentage of revenue per revenue seat-km. This is the theoretical load factor at which passenger revenue equates to the operating expenditure = expressed as a percentage of available seat-km = Passenger revenue from scheduled services divided by revenue passenger-km = Operating expenditure divided by available seat-km = Cost per available seat-km expressed as a percentage of revenue per revenue seat-km. This is the theoretical load factor at which passenger revenue equates to the operating expenditure = Cargo and mail load carried (in tonnes) x distance flown (in km) = Cargo capacity production (in tonnes) x distance flown (in km) = Cargo and mail load (in tonne-km) expressed as a percentage of gross capacity (in tonne-km) = Cargo and mail revenue from scheduled services divided by cargo load (in tonne-km) = Operating expenditure (including bellyhold expenditure to SIA) divided by gross capacity (in tonne-km) = Cargo unit cost expressed as a percentage of cargo yield. This is the theoretical load factor at which cargo revenue equates to the operating expenditure (including bellyhold expenditure to SIA) = expressed as a percentage of available seat-km