Singapore Airlines 2002 Annual Report Download - page 28

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28 SIA Annual Report 01/02
Singapore Aircraft Leasing Enterprise
(SALE)
Singapore Aircraft Leasing Enterprise (SALE)
added 14 aircraft to its portfolio during the
year. These included three new A320 family
aircraft and one B777-200ER from the
manufacturers, all of which were placed
with airlines on delivery. Seven additional
A320 aircraft were acquired on the open
market with leases attached, as well as one
new A330-300 and two B737-800s. SALE
sold four A320s and one B777-200 at a profit
to international investors during the year.
Reflecting its emphasis on new, modern
aircraft types, SALE continues to offer one
of the youngest fleets in the industry, with
an average age of just 4 years 5 months for
wholly-owned aircraft. Importantly, SALE has
also been careful to maintain its global
placement strategy, with aircraft operating
in all major world markets and risk spread
across a highly diversified customer base.
The average lease time remaining is higher
than the industry average, standing at 6 years
5 months at the end of the financial year.
Singapore Flying College
In December 2001, the Singapore Flying
College decided to call the clear blue skies
of Australia’s Sunshine Coast “home” for
its Advanced Training operations.
From August 2002, Advanced Flight Training
operations will be moved from Singapore
to a new facility at Maroochydore, Queensland.
Basic flying training will continue to be
conducted at Jandakot, Western Australia,
where the College has operated a training
facility since 1990.
It was becoming increasingly difficult to run
the Advanced Training operations at
Singapore’s busy Changi Airport, and the clear
airspace and logistical support services
available in Australia made the new location
an excellent choice.
The College will operate four Learjet 45
training aircraft and an Advanced Flight
Simulator at the new base.
Auspice Limited
Auspice Limited, a Channel Islands-based
subsidiary, was responsible for the offshore
portfolio investment activities of the SIA
Group. During the financial year, Auspice
was liquidated and the funds recalled back
to the parent company.
Sing-Bi Funds Private Limited
Sing-Bi Funds Private Limited, a Singapore-
based subsidiary, was responsible for the
regional portfolio investment activities of
the SIA Group. During the year in review,
Sing-Bi Funds Private Limited sold all of its
investments in quoted bonds and equities.
The funds were redeployed back to SIA.
Sing-Bi Funds Private Limited is currently
dormant.