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89
SIA Annual Report 03/04
Notes to the Financial Statements
31 March 2004
16 Long-Term Liabilities (in $ million) (continued)
Future lease payments under these finance leases are as follows:
The Group The Company
31 March 31 March
–––––––––––––––––––––––––––––––––––––––––––––––– ––––––––––––––––––––––––––––––––––––––––––––––––
2004 2003 2004 2003
Minimum Repayment Minimum Repayment Minimum Repayment Minimum Repayment
Payments of Principal Payments of Principal Payments of Principal Payments of Principal
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Within one year 67.5 41.5 28.6 13.0 8.3 (1.2) 8.5 (2.4)
After one year but not
more than five years 846.5 747.1 715.6 646.6 578.5 558.2 620.5 586.3
More than five years 445.9 392.7 156.4 134.8 – – – –
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Total future lease
payments 1,359.9 1,181.3 900.6 794.4 586.8 557.0 629.0 583.9
Amounts representing
interest (178.6) – (106.2) – (29.8) – (45.1) –
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Principal value of long-
term commitments
under finance leases 1,181.3 1,181.3 794.4 794.4 557.0 557.0 583.9 583.9
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Additionally, at 31 March 2004, there are lease obligations in respect of two aircraft finance lease agreements, which
expire over the next 2 years, amounting to $72.6 million (2003: $135.4 million) for the Company. These are covered by
funds amounting to $72.6 million (2003: $135.4 million) placed with financial institutions under defeasance and other
arrangements which have not been included in these financial statements. There are no restrictions on the use of the
aircraft.
The Company continues to remain the primary obligor under these lease agreements. There are contingent liabilities
(secured) amounting to $72.6 million (2003: $135.4 million) for the unpaid lease commitments at 31 March 2004.