Singapore Airlines 2016 Annual Report Download - page 159
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19 Borrowings and Long-Term Liabilities (in $ million) (continued)
Purchase option price payable
SIA Cargo continues to remain the primary obligor under the lease agreements, and as such, there are unpaid lease commitments of
$132.1 million (2015: $192.3 million) as at 31 March 2016. Of this amount, $79.4 million (2015: $76.6 million) relates to the purchase option price
payable to the lessor, which $28.6 million (2015: $76.6 million) is recognised under long-term liabilities and $50.8 million (2015: nil) under trade
and other creditors. The fair value of the purchase option price payable amounted to $83.8 million (2015: $85.3 million) as at 31 March 2016.
Future minimum lease payments under these finance leases are as follows:
The Group
31 March
2016 2015
Minimum
Lease
Payments
Present
Value of
Payments
Minimum
Lease
Payments
Present
Value of
Payments
Not later than one year 23.8 21.5 57.8 54.1
Later than one year but not later than five years 23.7 22.9 48.3 45.2
Total minimum lease payments 47.5 44.4 106.1 99.3
Amounts representing interest (3.1) – (6.8) –
Present value of minimum lease payments 44.4 44.4 99.3 99.3
Annual Report FY2015/16 157