Singapore Airlines 2004 Annual Report Download - page 89
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87
SIA Annual Report 03/04
Notes to the Financial Statements
31 March 2004
15 Deferred Taxation (in $ million)
The Group The Company
31 March 31 March
2004 2003 2004 2003
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Balance at 1 April 2,251.0 2,664.5 1,807.9 2,205.9
Written-back during the year (5.2) (9.4) (46.2) (36.3)
Adjustment for reduction in Singapore statutory tax rate (204.7) (271.9) (164.4) (225.1)
Under/(over) provision in respect of prior years 134.2 (132.2) 144.8 (136.6)
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Balance at 31 March 2,175.3 2,251.0 1,742.1 1,807.9
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The deferred taxation arises as a result of:
Deferred tax liabilities
An excess of net book value over tax written
down value of fixed assets 2,231.8 2,341.1 1,686.9 1,773.5
Other taxable temporary differences 109.1 127.0 101.0 107.0
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Gross deferred tax liabilities 2,340.9 2,468.1 1,787.9 1,880.5
Deferred tax assets
Unabsorbed capital allowances and tax losses 89.2 117.8 – –
Other deductible temporary differences 76.4 99.3 45.8 72.6
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Gross deferred tax assets 165.6 217.1 45.8 72.6
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Net deferred tax liabilities 2,175.3 2,251.0 1,742.1 1,807.9
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
16 Long-Term Liabilities (in $ million)
The Group The Company
31 March 31 March
2004 2003 2004 2003
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notes payable 900.0 1,100.0 900.0 900.0
Repayable within one year – (200.0) – –
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Repayable after one year 900.0 900.0 900.0 900.0
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Loans 192.2 222.9 – –
Repayable within one year (24.8) (24.7) – –
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Repayable after one year 167.4 198.2 – –
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Finance lease commitments 1,181.3 794.4 557.0 583.9
Repayable within one year (41.5) (13.0) – –
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Repayable after one year 1,139.8 781.4 557.0 583.9
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Total repayable after one year 2,207.2 1,879.6 1,457.0 1,483.9
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––