Financial Analysis Report on Singapore Airlines

Financial Analysis Report on Singapore Airlines

Table of contents 1. Introduction ………………………………………………………………………………………...3 2. Company’s Background………………………………………………………………..…………4 3. Business Environment ……………………………………………………………………………5 4. Developments and Competition in the Air Industry Market…………………………………...6 5. Overview of Annual Report for Financial Year (FY) ended 31 March 2008/2009 and 2009/2010

 Group Balance
Sheet………………………………………………………………………..7

 Group Income Statement…………………………………………………………………...8  Group
…….9 6. Financial Ratios for two years 2008/2009 - 2009/2010 Cash Flow Statement………………………………………………………….

 Profitability Ratios…………………………………………………….......................10 -11  Solvency Ratios…………………………………………………….........................12 - 13  Efficiency Ratios……………………………………………………........................14 - 15  Shareholders Ratios……………………………………………………........................16  Capital Structure Ratios……………………………………………………...................17
7. Annual Report Analysis and Interpretation for Financial Ratios

7.1 7.2 7.3

Company’s performance…………………………………………………………18 Financial position …………………………………………………………………18 Cash Flows ………………………………………………………………………..18

7.3.1 7.3.2 7.3.3

Operating Activities……………………………………………………….18 Investing Activities………………………………………………………..18 Financing Activities……………………………………………………….18

8. Comparison to Industry Benchmark………………………………………………………..….19 9. Recommendations……………………………………………………………………………….20 10. Conclusion……………………………………………………………………………………….21 11. Appendix A: Reference List……………………………………………………………....22 24

Ho Kit Wah, Justina Erzawati Soonari, Kalsom Bte Aboo Had, Ng Wen Tee, Tey Danyi Angela

Page 2 of 10

11/11/2010

Kalsom Bte Aboo Had. Tey Danyi Angela Page 3 of 10 11/11/2010 . Justina Erzawati Soonari.Financial Analysis Report on Singapore Airlines 1 Introduction Ho Kit Wah. Ng Wen Tee.

Company Background Singapore Airlines began with the incorporation Ocean of Malayan Airlines of (MAL) on 12 October 1937. Their fleets are among the youngest. Ng Wen Tee. by the Steamship the Company Liverpool.Financial Analysis Report on Singapore Airlines 2. Straits Steamship Company of Singapore and Imperial Airways. SIA made aviation history when the Airline became the first to operate world’s largest aircraft. Kalsom Bte Aboo Had. Tey Danyi Angela Page 4 of 10 11/11/2010 . Their quality service and innovative offerings are the tradition and future of Singapore Airlines. the A3803. Justina Erzawati Soonari. Singapore Airlines has grown to become one of the most respected brands in the world. It has grown from regional airlines into one of the most leading carriers.2 In August 2007. Ho Kit Wah. most modern and comfortable in the world.1 Over the decades. The airline's first flight was a chartered flight from the British Straits Settlement of Singapore to Kuala Lumpur on 2 April 1947 using an Airspeed Consul twin-engine airplane In 1972 MSA ceased operation when political disagreements between Singapore and Malaysia resulted in the formation of two entities: Singapore Airlines and Malaysian Airlines System.

that SIA should consider divesting SATS (and SIA Engineering Company) to focus on its core business of flying so as to remain competitive6.Financial Analysis Report on Singapore Airlines 3 Business Environment Singapore Airlines does not only provide air transportation services. Tey Danyi Angela Page 5 of 10 11/11/2010 . customs. it provides flexibility to meet all types of needs to get cargo to anywhere in the world. S IA which handles aviation range of tour packages many destinations around Engineering Company engineering provides services to more than 85 international carriers and aerospace equipment manufactures. 2005. With wide range of products. Singapore Airline diversified its one of largest subsidiaries. anytime. SATS (Singapore Airport Terminal Services) which core businesses are handling ground handling and air catering5. leasing. Ng Wen Tee. On 1st September 2009. Ho Kit Wah. Kalsom Bte Aboo Had. It also expand its businesses to related industries including ground handling. Justina Erzawati Soonari. In which where Minister Mentor Lee Kuan Yew mentioned on Dec 29. SIA Cargo which operates destination around the world with its large fleet and most technologically advanced commercial freighters – the B747-400 Freighter. Travel provides wide and special deals to the world. aviation engineering.4 Subsidiaries such as SilkAir is Airlines which travel to exotic offering local a cultures Tour unique and and through its natural and Tradewinds regional wing of Singapore each location where “unwinding experience” man made wonders. air catering and tour operations.

Kalsom Bte Aboo Had. Hence SIA increases their flights services to remain competitive9 Ho Kit Wah. The twin impact had resulted of reduced the operational cost and staff cost. which in anytime during two and 48 hours prior to flight departure. SIA introduce SIA mobile where SIA customers can now book flight and access KrisFlyer services using selected mobile phones. Blackberry and iPhone devices. Singapore Airlines Service Centre moved to ION Orchard which gives greater convenience and accessibility for customers Besides feelings the effect of the global economic crisis. Tey Danyi Angela Page 6 of 10 11/11/2010 . introducing shorter work month scheme for employees and deferment of nonessential projects7. The Airline announce in March 2009 to reduce 11% in overall capacity starting in April 2009. Despite the challenging economic environment and keeping its commitment to product and service excellence. SIA also faced challenges from its competitor in providing affordable flight services. or during their SIA Mobile check-in.Financial Analysis Report on Singapore Airlines 4 Developments and Competition in the Air Industry Market The Airline faced a global economic downturn in the second half of its financial year in 2008. Customers can choose their seats immediately after making their SIA Mobile booking. It’s status as a well-known Airport may be in jeopardized as more airports are upgrading and improving their facilities and services to attract more visitors and businesses to invest in those countries8. Ng Wen Tee. Justina Erzawati Soonari. It continued to feel the downturn in the first year of financial year in 2009 as well as H1N1 outbreak in April 2009. the Airline continued to invest in product enhancement and rolled out a cabin renewal programme for selected aircraft.

593. payment of final dividends and increase in fair value reserve12 Ho Kit Wah. A decrease of $461. Kalsom Bte Aboo Had.000 0 Total Assets Total Liabilities Total Equity FY 2008/2009 FY 2009/2010 Findings: • Total Assets Total Assets for FY 2009/2010 and FY 2008/2009 are $22 484.4 million respectively.000 10. • Total Equity Total Equity for FY 2009/2010 and FY 2008/2009 are $13.1 million10. • Total Liabilities Total Liabilities for FY 2009/2010 and FY 2008/2009 are $8. Ng Wen Tee.045.50 million respectively.328. million and $10.000 20.749.Financial Analysis Report on Singapore Airlines 5 Overview of Annual Report for Financial Year (FY) ended 31 March 2008/2009 and 2009/2010 Group Balance Sheet  25.3 million and $14.1 million respectively. A decrease of $1.7 million in Total Equity was resulted from the distribution of dividends in specie in regards to deconsolidation of SATS groups. Justina Erzawati Soonari.2 million in Total Assets was resulted from the deconsolidation of SATs group’s assets which amounted to $2.000 15. A decrease of $2344. Tey Danyi Angela Page 7 of 10 11/11/2010 .30 million and $24.490.735.000 5.818.1 million in Total Liabilities were resulted from several factors such as dispossess of SATS Group. reduction of fair value losses for outstanding fuel hedges and decrease of trade creditors11.

707.000 10.3 million and $15.7 million respectively.000 0 Total Revenue Total Expenditure FY 2008/2009 FY 2009/2010 Findings: • Total Revenue Total Revenue for FY 2009/2010 and FY 2008/2009 are $12. • Total Expenditure Total Expenditure for FY 2009/2010 and FY 2008/2009 are $12644. decrease in contributions of airline. This was resulted to decrease in jet fuel prices. Justina Erzawati Soonari.000 8. Tey Danyi Angela Page 8 of 10 11/11/2010 . Ho Kit Wah.000 12. airport terminal and food operations as well as the disposed of SATS Group13. Kalsom Bte Aboo Had. Ng Wen Tee. This was resulted to economic crisis.000 2. A decrease in Total Revenue was amounted to $3289 million.000 14. A decrease in Total Expenditure was amounted to $2448.3 million respectively. cargo.000 4.996.6 million.Financial Analysis Report on Singapore Airlines  Group Income Statement 16. staff cost and other variable cost savings14.000 6.1 million and $15092.

304 million respectively. Tey Danyi Angela Page 9 of 10 11/11/2010 .7 million respectively.000 500 0 -500 -1.000 -1.000 1.000 FY 2008/2009 FY 2009/2010 Operating Investing Activities Activities Financing Activities Net cash flow Findings: • Operating Activities Net Operating Activities for FY 2009/2010 and FY 2008/2009 are $12644.402.Financial Analysis Report on Singapore Airlines  Group Cash Flow Statement 2.2 million. Kalsom Bte Aboo Had.500 -2.500 1.6 million and -$1.2 million. • Net Cash Flow Net Cash Flow for FY 2009/2010 and FY 2008/2009 are $668 million and -$1.1 million and $15092. $299. There is an inflow of cash amounted to $636 million. A decrease in the net Investing activities was amounted to -$605. An increase in net operating activities was amounted to • Financing Activities Net Financing Activities for FY 2009/2010 and FY 2008/2009 are -$335.6 million and -$1. Ng Wen Tee.568. Ho Kit Wah. • Investing Activities Net Investing Activities for FY 2009/2010 and FY 2008/2009 are -$962. Justina Erzawati Soonari.6 million. A decrease in the net Financing activities was amounted to -$1067.2 million respectively.8 million respectively.

Ng Wen Tee.3 1146.3 1198.8 ---------.5% 15996.6 Revenue = 15996.8 15996.6 ---------.2% 15996.*100% = 7.3 Gross profit after tax ---------------------------*100% Revenue Gross profit = 1198.*100% = 7.3 Ho Kit Wah.Financial Analysis Report on Singapore Airlines 6 Financial Ratios for two years 2008/2009 – 2009/2010  Profitability Ratios Return on turnover for year 2008/2009 (in $ millions) Net profit after tax ------------------------*100% Revenue Net profit = Revenue = 1146. Kalsom Bte Aboo Had. Justina Erzawati Soonari. Tey Danyi Angela Page 10 of 10 11/11/2010 .

the Group saw a much lower profit compared to the previous year. The second half of financial year saw lower profit as demand for air travel fell because of the global economic slowdown.*100% = 2. Profit for the financial year was $279.2% 12707.Financial Analysis Report on Singapore Airlines Return on turnover for year 2009/2010(in $ millions) Net profit after tax ------------------------*100% Revenue Net profit = Revenue = 279.5 ---------. The group earned $682 million the first half of the financial year despite of fuel high prices.25% 12707.3 Gross profit after tax ---------------------------*100% Revenue Gross profit = 285. Kalsom Bte Aboo Had. For financial year ended 31st March 2010.5 Revenue = 12707. This was because the Group was hit by twin challenges of the global economic downturn and outbreak of Influenza Ho Kit Wah. Tey Danyi Angela Page 11 of 10 11/11/2010 .*100% = 2. Ng Wen Tee. Justina Erzawati Soonari.3 The Group profit for the financial year ended 31st March 2009 was $1146.3 279.5 ---------.5 million.8 million.5 12707.3 285.

918.717 4.16: 1 (1.716 = 1.16 times) ∴ Current Ratio for FY (2009/2010): = = Current Assets__ Current liabilities 6.519. It can be seen that there is an increase of $0. Ho Kit Wah.45 times) ∴ Findings: During the year 2009 shows that every $1 of current liability owed.Financial Analysis Report on Singapore Airlines A (H1N1).515__ 5. Positive signs of recovery could be seen in the second half of financial year but operating conditions remained challenging. The increase might be due to the economy recovery therefore the company has higher amount to pay off.  Solvency Ratios Current Ratio for FY (2008/2009): = = Current Assets__ Current liabilities 6. Justina Erzawati Soonari. Ng Wen Tee.45: 1 (1.618 = 1. Tey Danyi Angela Page 12 of 10 11/11/2010 .548.16 of current assets to pay while in the year 2010 the company has a $1. the company has $1.80 of current assets to pay off.836. Kalsom Bte Aboo Had.45 of current assets to pay.

Justina Erzawati Soonari.7 = 1.35 times) ∴ Findings: Therefore this shows during 2009 every $1 of current liability owed.519. It can be seen that there is an increase of $0.07 of liquid assets to pay and in 2010 the company has a $1.07: 1 (1.548.28 of liquid assets to pay off.Inventory Current liabilities 6.918.519 . Ho Kit Wah. the company has $1.918.Inventory Current liabilities 6.Financial Analysis Report on Singapore Airlines Acid Test Ratio for FY (2008/2009): = = Current Assets .35: 1 (1. Kalsom Bte Aboo Had.836.721 = 6333. Tey Danyi Angela Page 13 of 10 11/11/2010 .3_ 5.722 .523 4.6 = 1.2_ 4.07 times) ∴ Acid Test Ratio for FY (2009/2010): = = Current Assets .35 of liquid assets to pay.503.519.429. The increase might be due to the economy recovery therefore the company has higher amount to pay off.220 5. Ng Wen Tee.624 = 6119.

Ho Kit Wah. every $1 asset the group own for year ending March 2009.64 times . the group sold 0.Financial Analysis Report on Singapore Airlines  Efficiency Ratios Asset Turnover (2009): Sales ---------Total Assets = $15996.57 times Based on the calculations above. Justina Erzawati Soonari. every $1 asset owned. There is a drop in the asset turnover rate comparing FY 2008/2009 with FY 2009/2010.57 cents worth of goods and services. Asset Turnover (2010): Sales ---------Total Assets $12707.5 = 0. There was a slight decrease in the year ending March 2010 as the group was faced with global economic downturn and economic crisis.3 --------------$24818. Tey Danyi Angela Page 14 of 10 11/11/2010 . it sold 0.64 cents worth of goods and services. Kalsom Bte Aboo Had. Ng Wen Tee. For year ending March 2010. Asset turnover rate is used to measure the effectiveness on the usage of assets to generate sales25. the outbreak of Influenza A (H1N1) which decrease the number of air travelers choosing the option to travel by air26.3 --------------$22484.3 =0.

New services to Kuwait and Riyadh were introduced to tap into the market’s potential and strengthen the Airline’s presence in the Middle East. the group carried out a carefully planned reduction in capacity. Justina Erzawati Soonari. It also came out with difficult decision in suspending Singapore-Karachi-Lahore and Singapore-Nanjing services which both serve twice-weekly routes.Financial Analysis Report on Singapore Airlines Inventory Turnover (2009): Cost of goods sold ------------------------Average Inventory $10810. capacity adjustments were made in certain sectors where there was a constant upward trend. Though in the second half of the year saw a signs of recovery in market conditions. mark the services added to London and Tokyo for Airbus A380. There are two sides to look at the decrease in the Ho Kit Wah.45 =21.2 --------------$505. Tey Danyi Angela Page 15 of 10 11/11/2010 . enhancements to products and services were introduced to give greater value to customers. Kalsom Bte Aboo Had.4 times Inventory Turnover (2010): Cost of goods sold -----------------------Average Inventory 8722.1 ---------466.35 = 18. New aircraft type. Declined in numbers of air travelers in the first half of financial year ending March 2010. Ng Wen Tee.7 times The inventory turnover in year ending March 2009.

2 cents which is fell by 79.8 --------. Kalsom Bte Aboo Had.2 cents 1184.=18.8 With the global economic turndown.7 percent.=89. the price share for the group fell to 89.8 percent which to compare with the previous year.5 ---------. \Further with global economic turndown and the outbreak of Influenza A (H1N1). This reduction would mean drop in aviation demand due to economic crisis or it may be the firm’s effectively managing their inventory.6 cents.7 Earnings per share (EPS) 2009/2010 Net profit attributable to ordinary share -----------Weighted average number of ordinary share 215. Justina Erzawati Soonari.6 cents 1184. the price share for the group drop further to 18. Ng Wen Tee. Ho Kit Wah.Financial Analysis Report on Singapore Airlines inventory when the figures for FY2008/2009 are compared with FY2009/2010. Drop by 46. Tey Danyi Angela Page 16 of 10 11/11/2010 .  Shareholders Ratios Earnings per share (EPS) 2008/2009 Net profit attributable to ordinary share -----------Weighted average number of ordinary share 1061.

8 = 0. For financial year ended 31 March 2010.5 -----------$1185. It is to show the company made a profit of 1.8 ----------$143 = 1. Justina Erzawati Soonari. Ng Wen Tee. the Board recommended a total distribution of 40 cents per share comprising 20 cents interim dividend paid on 4 December 2008 and a recommended final dividend of 20 cents per share. the Board recommended a final dividend of 12 cents per share. Tey Danyi Angela Page 17 of 10 11/11/2010 .9 times Dividend Cover (2010): Net profit attributable to ordinary shareholders ----------------Total dividend $215.Financial Analysis Report on Singapore Airlines Dividend Cover (2009): Net profit attributable to ordinary shareholders ----------------Total dividend $1061. Kalsom Bte Aboo Had. A total of approximately of $143 million payout based on the number of issued shares as at 31 March 2010.5 times For financial year ended 31 March 2009.5 times to compare to dividend paid Ho Kit Wah.

Ho Kit Wah. Kalsom Bte Aboo Had.6027:$24.90% Findings: From the above ratios it is observe that there is a decline in both net worth and total asset in FY2009/2010 as compared with FY2008/2009’s ratio.930. it impacted on the net worth and total asset figures. Justina Erzawati Soonari.484. Ng Wen Tee.13%  For FY 2009/2010 the ratio is: $13.3030 = = $13.5028 = = $13.30 59.90 $22484.50 56. With their withdrawal from the SIA group.60 $24818.468.818.Financial Analysis Report on Singapore Airlines  Capital Structure Ratios o Net Worth : Total Asset  For FY 2008/2009 the ratio is: $13. Tey Danyi Angela Page 18 of 10 11/11/2010 .468.9029:$22. The main contributing factor is due to the separation of SATS from SIA group31.930.

Justina Erzawati Soonari.3 Cash Flows 7.3035 = 26.Financial Analysis Report on Singapore Airlines o Debt ratio = Total Liabilities Total Asset  For FY 2008-2009 = $7. they will be able to manage the debts 7 Annual Report Analysis and Interpretation for Financial Ratios 7.2 Financial position 7.95% For FY 2009-2010 = $5.2032 $24818. Ng Wen Tee. Hence.432.3.1 Operating Activities Ho Kit Wah.5%  Findings: The above calculation gives investor an overview of the company’s risk of bankruptcy and potential risks the company faces in terms of its debtload36.7034 $22. Tey Danyi Angela Page 19 of 10 11/11/2010 . It is perceive that SIA group have more assets than the debts they are liable. Kalsom Bte Aboo Had.1 Company’s performance 7.5033 = 29.957.484.

Kalsom Bte Aboo Had.3 Financing Activities 8 Comparison to Industry Benchmark Ho Kit Wah.2 Investing Activities 7. Ng Wen Tee.3.3.Financial Analysis Report on Singapore Airlines 7. Justina Erzawati Soonari. Tey Danyi Angela Page 20 of 10 11/11/2010 .

Tey Danyi Angela Page 21 of 10 11/11/2010 . Justina Erzawati Soonari.Financial Analysis Report on Singapore Airlines 9 Recommendations Ho Kit Wah. Kalsom Bte Aboo Had. Ng Wen Tee.

Tey Danyi Angela Page 22 of 10 11/11/2010 . Justina Erzawati Soonari. Ng Wen Tee.Financial Analysis Report on Singapore Airlines 10 Conclusions Ho Kit Wah. Kalsom Bte Aboo Had.

singaporeair.gov. Kalsom Bte Aboo Had.singaporeair.com/saa/en_UK/index.jsp ?v=26485140& 8.org/wiki/SATS_Ltd 6.http://www. Tey Danyi Angela Page 23 of 10 11/11/2010 . page 16 http://www.singaporeair.archive. Justina Erzawati Soonari.jsp? v=1918103451& 4. http://en.http://www. Ng Wen Tee.com/saa/en_UK/docs/company_info/investor/financial/SGXAnnFY0 910pdf? 11 page 16 http://www.jsp? JSESSIONID=dtQ9MLmGCpGGtBnKSY1zXQStpXdLyrTJQBkp12ZYnQ99sSLZjQbr! 1454804626!-1183536947 10.singaporeair.com/saa/en_UK/content/company_info/siastory/history.org/web/20070710110942/http://www.com/saa/en_UK/docs/company_info/investor/financial/SGXAnnFY0 910pdf? 12.asp 7. page 16 http://www.com/saa/en_UK/content/company_info/siastory/subsidiaries.jsp 3.singaporeair.htm 9.sg/News/Transcripts/Minister+Mentor/MM+Lee+ +Let+s+prepare+Changi+to+stay+ahead. http://web.wikipedia.singaporeair.jsp? v=150163192& 5.com/saa/en_UK/docs/company_info/investor/financial/SGXAnnFY0 910pdf? 13.singaporeair.todayonline. http://www.pmo.com/saa/en_UK/content/company_info/investor/annual_report. http://en.org/wiki/Singapore_Airlines#Origins 2.com/mediacentre/pacontent/news/NE_2810. pdf? Ho Kit Wah.singaporeair.http://www.http://www.http://www.Financial Analysis Report on Singapore Airlines 11 Appendix A: Reference List . page 52 http://www.singaporeair.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910.com/articles/99578.wikipedia.

pg 83 http://www.singaporeair. pdf? 16. pdf? 21. 11th Edition.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910.singaporeair. pdf? 15.singaporeair.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910. pg399 Frank Wood’s Business Accounting 2 Frank Wood & Alan Sangster Financial Times Prentice Hall. pdf? 19.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910. Kalsom Bte Aboo Had. pdf? 22.singaporeair.singaporeair.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910. 2008 Ho Kit Wah. pdf? 25.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910. pg 82 http://www. Chapter 27.singaporeair. pg 83 http://www. pdf? 20.singaporeair.singaporeair.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910. Justina Erzawati Soonari.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910.pg 83 http://www.Financial Analysis Report on Singapore Airlines 14.singaporeair.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910. pdf? 18. pg82 http://www.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910. pdf? 24. pg 82 http://www. pdf? 23. pg82 http://www. pdf? 17. Tey Danyi Angela Page 24 of 10 11/11/2010 . pg 53 http://www.singaporeair. pg 83 http://www. pg82 http://www.singaporeair.pg82 http://www.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910. Ng Wen Tee.

pg 64 http://www.singaporeair.singaporeair. pg 197 http://www.Financial Analysis Report on Singapore Airlines 26.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910.singaporeair.singaporeair.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910. pdf? 28. pdf? 35. Tey Danyi Angela Page 25 of 10 11/11/2010 .asp Ho Kit Wah. pdf? 32.com/terms/d/debtratio.pg 2 http://www. pdf? 34. pg 197 http://www. pg 2 http://www.investopedia. http://www. pdf? 33.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910. Justina Erzawati Soonari. pdf? 29.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910.singaporeair. pdf? 31. pg 2 http://www.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910. Kalsom Bte Aboo Had. pg 2 http://www. pg 2 http://www.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910.com/saa/en_UK/docs/company_info/investor/annual/SIA_AR_0910. pdf? 30. pg 2 http://www.singaporeair.singaporeair. Ng Wen Tee. pdf? 27.singaporeair.singaporeair. pdf? 36 . pg 54 http://www.singaporeair.

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