Singapore Airlines 2002 Annual Report Download - page 81

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SIA Annual Report 01/02 81
Notes to the Financial Statements
31 March 2002
16 Long-Term Liabilities (in $ million) (continued)
The amounts payable by and debts payable to in respect of the Company and SATS at the balance sheet date are as follows:-
Company
Amounts payable by Debts payable to
31 March 31 March
2002 2001 2002 2001
Not later than two years 2,448.3 2,684.2 1,437.1 1,591.5
Later than two years but not later than five years 467.9 (9.2) 55.0 7.2
Later than five years but not later than ten years 1,041.3 603.6 170.7 157.8
3,957.5 3,278.6 1,662.8 1,756.5
SATS
Amounts payable by Debts payable to
31 March 31 March
2002 2001 2002 2001
Not later than two years 242.2 38.4 47.6 14.2
Later than two years but not later than five years 48.0 200.0 54.2 6.9
Later than five years but not later than ten years – 47.4 – 47.4
290.2 285.8 101.8 68.5
Finance leases
The Company holds 2 B747-400s under finance leases which mature in 2007 without any options for renewal. Both leases have
options for the Company to purchase the aircraft at the end of the lease period of 12.5 years. One of the B747-400 leases has an
additional purchase option exercisable in the 10.5th year. The Company intends to hold the aircraft until the end of the lease periods.
Sub-leasing is allowed under the lease agreements.
During the year, SIA sub-leased both aircraft to Singapore Airlines Cargo under identical terms and conditions as part of Cargo
Division’s corporatization. Singapore Airlines Cargo paid the entire outstanding lease liabilities by issuing ordinary shares at par for cash
to SIA.
Interest rates on the finance lease commitments are charged at a margin above the London Interbank Offer Rate (LIBOR). These
ranged from 2.28% to 2.38% (2000-01 : 5.77% to 5.96%) per annum.
Singapore Airlines Cargo has 1 B747-400 under a finance lease which matures in 2026, without any options for renewal. The lease
has options for Singapore Airlines Cargo to purchase the aircraft at the end of the lease period of 15 years and Singapore Airlines
Cargo intends to exercise that option. Sub-leasing is allowed under the lease agreement.
Interest on Singapore Airlines Cargo’s finance lease commitment is charged at a margin above the London Interbank Offer Rate
(LIBOR). This ranged from 2.75% to 5.78% (2000-01 : 5.77% to 5.96%) per annum.