Singapore Airlines 2002 Annual Report Download - page 82

Download and view the complete annual report

Please find page 82 of the 2002 Singapore Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

82
Notes to the Financial Statements
31 March 2002
SIA Annual Report 01/02
16 Long-Term Liabilities (in $ million) (continued)
Future lease payments under these finance leases are as follows:
The Group The Company
31 March 31 March
2002 2001 2002 2001
Minimum Repayment Minimum Repayment Minimum Repayment Minimum Repayment
Payments of Principal Payments of Principal Payments of Principal Payments of Principal
Within one year 63.1 42.3 28.4 (2.3) 11.5 (2.4) 28.4 (2.3)
After one year but not more
than five years 630.6 527.4 113.2 (9.2) 523.4 468.2 113.2 (9.2)
More than five years 340.0 300.0 636.2 603.6 143.4 141.0 636.2 603.6
Total future lease payments 1,033.7 869.7 777.8 592.1 678.3 606.8 777.8 592.1
Amounts representing interest (164.0) – (185.7) – (71.5) – (185.7) –
Principal value of long-
term commitments
under finance leases 869.7 869.7 592.1 592.1 606.8 606.8 592.1 592.1
As at 31 March 2002, there are lease obligations amounting to $359.4 million (2001: $1,040.0 million) which are covered by funds
amounting to $360.7 million (2001: $1,042.3 million) placed with financial institutions under defeasance and other arrangements which
have not been included in these financial statements.
The Company continues to remain the primary obligor under the lease agreements and as such, there are contingent liabilities
(secured) of $359.4 million (2001: $1,040.0 million) in respect of unpaid lease commitments.
Operating leases
The Company has 15 B747-400s, 1 B777-200 and 6 CFM-56 engines under operating leases with fixed rental rates. The lease terms
range from 4 to 10 years for the B747-400 and B777-200 aircraft, and 2 to 3.5 years for the CFM-56 engines. In 10 of the B747-400
lease agreements, the Company holds options to extend the leases for a further maximum period of 2 years. None of the operating
agreements confer on the Company an option to purchase the related aircraft or engines. Sub-leasing is allowed under all the lease
arrangements.
Future lease payments under non-cancellable operating leases are as follows:-
Aircraft
The Group The Company
31 March 31 March
2002 2001 2002 2001
Within one year 445.4 357.0 445.4 357.0
After one year but not more than five years 1,315.6 1,285.8 1,315.6 1,285.8
More than five years 325.9 290.1 325.9 290.1
Total future lease payments 2,086.9 1,932.9 2,086.9 1,932.9
Property and equipment
The Group The Company
31 March 31 March
2002 2001 2002 2001
Within one year 10.0 11.5 7.2 8.0
After one year but not more than five years 21.3 22.2 10.5 10.0
More than five years 41.6 44.0 – –
Total future lease payments 72.9 77.7 17.7 18.0