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Singapore Airlines Reports FY 20/21 Net Loss of $4.3 Billion; To Raise $6.2 Billion via Bond Offer

Singapore Airlines has reported a fiscal year 2020/21 net loss of $4.3 billion on a 76 percent year-over-year decline in revenue to $3.8 billion. In a separate announcement, SIA announced that they will issue S$6.2 billion in Mandatory Convertible Bonds.

Singapore Airlines Airbus A350-900ULR - Courtesy Airbus

On Wednesday (May 19, 2021), Singapore Airlines (SIA) reported their fiscal year 2020/21 financial results. The airline reported an annual loss of $4.3 billion on a year-over-year decline in revenue of 76 percent to $3.8 billion. Passenger traffic was down 98 percent due to travel restrictions related to the global COVID-19 pandemic, while strong cargo revenue partially offset the steep decline in passenger revenue. During the period, the airline recorded a $2.0 billion non-cash impairment charge, largely attributable to the removal of 45 older aircraft from their fleet. This included $1.45 billion recorded during the first half of the year on 33 surplus aircraft and an additional $286 million during H2, pertaining mainly to four additional 777-300ERs, eight 737-800NGs and a further write-down on four A320s.

As of March 31, 2021, the Group’s cash and bank balances increased year-over-year by $5.1 billion to $7.8 billion, while the company’s debt balance increased by $2.6 billion to $14.3 billion, due to the drawdown of new debt facilities. Compared to the end of the previous fiscal year, the Group’s debt to equity ration fell from 1.27 times to 0.90 times. During FY 2020/21, SIA raised capital totaling approximately $14.6 billion including an $8.8 billion rights issue, $2.1 billion in secured financing on A350-900 and 787-10 aircraft, $2.0 billion in convertible bonds and notes, $1.2 billion from aircraft sale-and-leaseback transactions and $500 million in lines of credit and a short-term unsecured loan.

Singapore Airlines’ fleet currently includes 162 passenger aircraft and seven dedicated freighters. The total excludes 41 aircraft deemed surplus, six Boeing 737-8 MAXs that have temporarily been withdrawn from service, and two leased aircraft (one Airbus A330 and one A320) that have been removed from the fleet in preparation for return to the lessors. During the fourth quarter, SIA resumed service to some destinations and added frequencies on some routes. The transfer of narrowbody services from Silk Air to SIA commenced on March 4, 2021, starting with service from Phuket.

At March 31, 2021, Singapore Airlines served 47 destinations, up from 38 at December 31, 2020, while Silk Air served five destinations (down from 8) and Scoot’s network increased by one destination to 18. At the end of FY2020/21 the Group’s passenger network covered 60 destinations, while SIA’s cargo network grew to 72 destinations, up from 66 at the end of the third fiscal quarter. Singapore Airlines expects to offer approximately 28 percent of pre-pandemic capacity by June, increasing to 32 percent by July, with approximately 49 percent of pre-crisis destinations restored.

In a separate announcement on Wednesday (May 19, 2021), Singapore Airlines announced their intention to issue the second tranche of Mandatory Convertible Bonds (Rights 2021 MCBs), which will raise approximately S$6.2 billion (US $4.7 billion) in new liquidity. SIA shareholders will be offered on a pro-rata basis the rights to subscribe to 209 MCBs for every 100 existing shares they hold at the record date. The MCBs will be treated as equity on the company’s balance sheet and will be automatically converted to ordinary shares if they are not redeemed prior to maturity.

Source: Singapore Airlines


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