Singapore Airlines 2013 Annual Report Download - page 150
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148
SINGAPORE AIRLINES
NOTES TO THE FINANCIAL STATEMENTS
19 Long-Term Liabilities (in $ million)
The Group The Company
31 March 31 March
2013 2012 2013 2012
Notes payable
Non-current 800.0 800.0 800.0 800.0
Loans
Current 5.7 2.4 - -
Finance lease commitments
Current 67.8 64.8 - -
Non-current 140.6 210.6 - -
208.4 275.4 - -
Maintenance reserve
Current 4.3 - 4.3 -
Non-current 3.9 7.9 3.9 7.9
8.2 7.9 8.2 7.9
Total long-term liabilities 944.5 1,018.5 803.9 807.9
Notes payable
Notes payable at 31 March 2013 comprise unsecured notes and bonds issued by the Company.
$500 million fixed rate notes due 2020 (“Series 001 Notes”) bear fixed interest at 3.22% per annum and are repayable
on 9 July 2020. The fair value of notes payable amounted to $513.4 million as at 31 March 2013 (2012: $504.2 million)
for the Company.
$300 million bonds bear fixed interest at 2.15% per annum and are repayable on 30 September 2015. The fair value of
notes payable amounted to $306.8 million as at 31 March 2013 (2012: $301.3 million) for the Company.
Loans
The revolving credit facility denominated in USD taken by a subsidiary company is unsecured and bears a fixed interest at
2.30% (2011-12: 2.50%) per annum. The carrying amounts of the loans are reasonable approximation of their fair value
due to their short-term nature.
Finance lease commitments
SIA Cargo holds 4 B747-400 freighters under finance leases, which mature between 2014 and 2018, without any options
for renewal. 3 leases have options for SIA Cargo to purchase the aircraft at the end of the lease period of 12 years. The
fourth lease has an option for SIA Cargo to purchase the aircraft at the end of the 12th or 15th year of the lease period.
Sub-leasing is allowed under the lease agreements.
Interest rates on 3 of SIA Cargo’s finance lease commitments are charged at a margin above the London Interbank Offered
Rate (“LIBOR”). These ranged from 0.34% to 1.41% (2011-12: 0.28% to 1.14%) per annum. The interest rate on the fourth
finance lease commitment is fixed at 5.81% (2011-12: 5.81%) per annum. The net carrying amounts approximate the fair
value as the interest rate approximates the market rate.
31 March 2013