Singapore Airlines 2013 Annual Report Download - page 151
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149
ANNUAL REPORT 2012/13
19 Long-Term Liabilities (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 $77.9 million (2012: $78.8 million) as at 31 March 2013. Out of this, $61.9 million (2012: $59.3 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.
Future minimum lease payments under these finance leases are as follows:
The Group
31 March
2013 2012
Minimum Present Minimum Present
Lease Value of Lease Value of
Payments Payments Payments Payments
Not later than one year 72.4 67.8 72.2 64.8
Later than one year but not later than five years 151.3 140.6 204.3 189.3
Later than five years - - 22.1 21.3
Total minimum lease payments 223.7 208.4 298.6 275.4
Amounts representing interest (15.3) - (23.2) -
Present value of minimum lease payments 208.4 208.4 275.4 275.4
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
2013 2012 2013 2012
Balance at 1 April 353.9 264.5 294.2 224.3
Provision during the year 181.8 157.1 172.8 133.4
Provision utilised during the year (28.5) (44.0) (12.9) (44.0)
Provision written back during the year (13.6) (23.7) (12.8) (19.5)
Balance at 31 March 493.6 353.9 441.3 294.2
Current 72.3 35.3 65.2 35.1
Non-current 421.3 318.6 376.1 259.1
493.6 353.9 441.3 294.2