FY2004-05 Financial Results11 May 2005

SIA GROUP RESULTS

FY2004-05

GROUP REVENUE – FY2004/05 ($ million)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2001 2002 2003 2004 2005

($ million)

9,852 9,38310,515

9,762

12,013+23%+14%

GROUP NET PROFIT – FY2004/05 ($ million)

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2001 2002 2003 2004 2005

($ million)

1,625

632

1,065

849

1,389+64%+31%440

1,185

GROUP EARNINGS & DIVIDENDS PER SHARE – FY2004/05

(cents)

0

20

40

60

80

100

120

140

160

2001 2002 2003 2004 2005

133

52

114

70

8797

Earnings per share

35

15 1525

40*

* Includes a proposed final dividend of 30¢ per share

Dividend per share

GROUP NET ASSET VALUE PER SHARE – FY2004/05

0

2

4

6

8

10

12

2001 2002 2003 2004 2005

($)

8.19 8.088.79

9.4010.21

CONTRIBUTION TO GROUP OPERATING PROFIT – FY04/05 vs FY03/04

SIA53% (22%)

SATS15% (28%)

SIAEC8% (12%)

SIA Cargo19% (30%)

SilkAir2% (2%)

Others3% (6%)

FY03/04Contribution

SIA – THE PARENT AIRLINE COMPANY

FY2004-05

THE PASSENGER AIRLINE COMPANYOPERATING PERFORMANCE – FY2004/05

(Billion KM)

0

20

40

60

80

100

120

140

160

2003 2004 2005

74.2

88.399.6

18.6%

64.777.6

104.7

20.0%

RPKASK

72

73

74

75(%)

74.5 Passenger load factor (%)74.1

73.3

THE PASSENGER AIRLINE COMPANYOPERATING PERFORMANCE – FY04/05

(cents)

0

2

4

6

8

10

12

14

16

18

20

2003 2004 2005

9.110.1

6.7

9.2

7.06.7

Revenue cts/RPK

Cost cts/ASK

74.574.1

Passenger load factor (%)

73.3

68

70

72

74

76

78

(%)

69.3

73.6

BELF (%) 72.8

THE PASSENGER AIRLINE COMPANY COST COMPOSITION – FY04/05

Fuel (net) 25.2%

(+5.1 pts)

Handling8.5%

(-0.4 pt)

Others 27.0%

(no change)

Aircraft depreciation & rental 12.8% (-3.0 pts)

Staff 17.9%

(+0.5 pt)

AMO 8.6%

(-2.2pts)

0 500 1000 1500 2000 2500

Staff

Fuel (net)

FY2003-04

FY2004-05

THE PASSENGER AIRLINE COMPANY COST ANALYSIS – FY04/05

$2,148M(+51.7%)

$1,526M(+24.5%)

$ million

$1,416M

$732M

$1,226M

$300M

FUEL PRICE (INDEPENDENT OF HEDGING)

30

35

40

45

50

55

60

65

70

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

USD

/BB

L

Fuel Price FY03/04

Fuel Price FY04/05

Average Price FY03/04

59.4

42.2 42.0

40.3

37.5

54.5Average Price FY04/05

THE PASSENGER AIRLINE COMPANY FUEL COST ANALYSIS – FY04/05 ($ million)

732+1,416 2,148Fuel cost (net)

256-(47)(303)Hedging (gain)/loss

988+1,463 2,451Fuel cost

Change2003-042004-05

+ 771Increase in weighted average fuel price

$988 million increase in fuel costs (before hedging) :

$ million

+ 290Increase in volume uplifted

+ 988

- 73Weakening of USD against SGD

THE PASSENGER AIRLINE COMPANY FUEL COST ANALYSIS – FY04/05

167Fuel surcharge collected in FY04/05

+ 62Adjustment under new CAs

+ 151 Higher provision for profit sharing bonus

+ 54Expansion of operations

$300 million increase in staff costs:$ million

+ 18Service increments

+ 300

+ 15Various

THE PASSENGER AIRLINE COMPANY STAFF COST ANALYSIS – FY04/05

SUBSIDIARIES’ PERFORMANCE

FY2004-05

SUBSIDIARIES NET PROFIT – FY04/05 vs FY03/04 ($ million)

% Change2003-042004-05

8.4--189.8173.8SATS Group

25.2+139.9175.1SIAEC Group

4.5+175.9183.8SIA Cargo

94.9+15.730.6SilkAir

SIA CARGO RESULTS – FY04/05 vs FY03/04 ($million)

4.5+175.9183.8Net Profit

30.2+201.6262.5Operating Profit

18.3+(2,200.4)(2,602.0)Total Expenditure

19.3+2,402.02,864.5Total Revenue

% Change2003-042004-05

SIA CARGO OPERATING PERFORMANCE – FY04/05 vs FY03/04

-

+

+

% Change

3.0

8.6

13.7

pts66.563.5Cargo Load Factor (%)

6,749.47,333.2Load Carried (M ltk)

10,156.511,544.1Capacity(M ctk)

2003-042004-05

-

+

+

% Change

2.9

3.4

8.5

pts62.2

20.6

33.1

2003-04

59.3Breakeven Load Factor (%)

21.3Unit Cost (¢/ctk)

35.9Cargo Yield (¢/ltk)

2004-05

SIA CARGO OPERATING PERFORMANCE – FY04/05 vs FY03/04

SILKAIR RESULTS – FY04/05 vs FY03/04 ($ million)

94.9 +15.730.6Net Profit

47.5+16.023.6Operating Profit

28.4+(210.8)(270.6)Total Expenditure

29.7+226.8294.2Total Revenue

% Change2003-042004-05

SILKAIR OPERATING PERFORMANCE– FY04/05 vs FY03/04

+

+

+

% Change

0.5

28.0

26.9

pt51.451.9Overall Load Factor (%)

156.2200.0Load Carried (M ltk)

303.7385.3Capacity (M ctk)

2003-042004-05

-

+

+

% Change

0.3

1.5

2.1

pt49.9

65.7

131.6

2003-04

49.6Overall Breakeven Load Factor (%)

66.7Overall Unit Cost (¢/ctk)

134.4Overall Yield (¢/ltk)

2004-05

SILKAIR OPERATING PERFORMANCE– FY04/05 vs FY03/04

OUTLOOK &

DEVELOPMENTS

GROUP CAPITAL EXPENDITURE FOR NEXT 5 YEARS ($ million)

4,400

300

4,100

FY06/07

5,200

200

5,000

FY07/08

4,400

500

3,900

FY08/09

2,0002,600Total

200300Other Assets

1,8002,300Aircraft

FY09/10FY05/06

GROUP FUEL HEDGING POSITION – FY05/06

• Budgeted Uplift Volume (M BBL) 36

• Hedging Target (%) 30-60

• Percentage Hedged (%) 32

• Weighted Average Hedged

Price (USD/BBL) 53.96

• Current Fuel Price (USD/BBL) 65.33

PASSENGER NETWORK EXPANSION – FY05/06

2121197

21774

14

+ 2+ 2+ 2+ 2+ 7+ 4+ 2+ 1+ 2

- Brisbane- Melbourne- Perth- Christchurch- Beijing- Shenzhen - Fukuoka- Kolkata- Mumbai

FY05/06(x weekly)

Planned(x weekly)

Frequency increases

PASSENGER NETWORK EXPANSION – FY05/06

7187

14

+ 1+ 4+ 1+ 2

- Surabaya- Penang- Hanoi- Ho Chi Minh City

FY05/06(x weekly)

Planned(x weekly)

Frequency increases

• 4.8% growth in capacity

• 60 destinations in 32 countries by March 06

OUTLOOK

• Australia Transpacific Route in 2006

• First to Fly A380 in 2006