Singapore Airlines 2012 Annual Report Download - page 149
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147ANNUAL REPORT 2011/2012
Notes to the Financial Statements
31 March 2012
19 Long-TermLiabilities(in$million)(continued)
Finance lease commitments (continued)
SIA Cargo continues to remain the primary obligor under the lease agreements, and as such, there are unpaid lease
commitments of $78.8 million (2011: $79.0 million) as at 31 March 2012. Out of this, $59.3 million (2011: $56.2 million)
are covered by funds placed with financial institutions under defeasance to provide for payments due at time of exercise
of purchase option at the end of the 12th year or 15th year of the lease period. The funds placed with financial institutions
are expected to generate interest in order to meet the obligation at time of maturity. These arrangements have not been
included in the financial statements.
SIAEC Group’s finance leases for certain equipment and vehicles matured during the financial year.
Future lease payments under these finance leases are as follows:
The Group
31 March
2012 2011
Minimum Repayment Minimum Repayment
Payments of Principal Payments of Principal
Not later than one year 72.2 64.8 71.1 61.4
Later than one year but not later than five years 204.3 189.3 256.9 234.3
Later than five years 22.1 21.3 44.4 41.5
Total future lease payments 298.6 275.4 372.4 337.2
Amounts representing interest (23.2) - (35.2) -
Principal value of finance lease commitments 275.4 275.4 337.2 337.2
20 Provisions (in $ million)
Included are provisions for warranty claims, provisions made for upgrade costs and provisions for return costs for leased
aircraft. It is expected that the return costs will be incurred by the end of the lease terms.
An analysis of the provisions is as follows:
The Group The Company
31 March 31 March
2012 2011 2012 2011
Balance at 1 April 264.5 199.2 224.3 142.6
Provision during the year 157.1 114.9 133.4 101.4
Provision utilised during the year (44.0) (41.2) (44.0) (17.4)
Provision written back during the year (23.7) (8.0) (19.5) (1.9)
Exchange gain - (0.4) - (0.4)
Balance at 31 March 353.9 264.5 294.2 224.3
Current 35.3 62.5 35.1 62.3
Non-current 318.6 202.0 259.1 162.0
353.9 264.5 294.2 224.3