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87
SIA Annual Report 02/03
Notes to the Financial Statements
31 March 2003
16 Deferred Taxation (in $ million)
The Group The Company
31 March 31 March
2003 2002 2003 2002
Balance at 1 April 2,664.5 2,440.3 2,205.9 2,309.6
(Written-back)/provided during the year (9.4) 206.5 (36.3) 188.1
Adjustment for reduction in Singapore
corporate tax rate (271.9) – (225.1) –
Transferred to Singapore Airlines Cargo Pte Ltd – – – (309.5)
(Over)/under provision in respect of prior years (132.2) 17.7 (136.6) 17.7
Balance at 31 March 2,251.0 2,664.5 1,807.9 2,205.9
The deferred taxation arises as a result of:
Deferred tax liabilities
An excess of net book value over tax
written down value of fixed assets 2,341.1 2,769.2 1,773.5 2,257.0
Other taxable temporary differences 127.0 131.1 107.0 116.4
Gross deferred tax liabilities 2,468.1 2,900.3 1,880.5 2,373.4
Deferred tax assets
Unabsorbed capital allowances and
tax losses 117.8 119.5 – 53.8
Other deductible temporary differences 99.3 116.3 72.6 113.7
Gross deferred tax assets 217.1 235.8 72.6 167.5
Net deferred tax liabilities 2,251.0 2,664.5 1,807.9 2,205.9
17 Long-Term Liabilities (in $ million)
The Group The Company
31 March 31 March
2003 2002 2003 2002
Notes payable 1,100.0 1,100.0 900.0 900.0
Repayable within one year (200.0) – – –
Repayable after one year 900.0 1,100.0 900.0 900.0
Loans 222.9 223.1 – 220.0
Repayable within one year (24.7) (221.6) – (220.0)
Repayable after one year 198.2 1.5 – –
Finance lease commitments 794.4 869.7 583.9 606.8
Repayable within one year (13.0) (42.3) – –
Repayable after one year 781.4 827.4 583.9 606.8
1,879.6 1,928.9 1,483.9 1,506.8
Notes payable
Notes payable comprise unsecured long-term notes issued by the Company, which bear fixed interest at 4.15%
(2001-02: 4.15%) per annum and are repayable on 19 December 2011, and unsecured medium-term notes
issued by SATS, which bear effective interest at 2.94% (2001-02: 2.94%) per annum and are repayable on
29 March 2004.