Singapore Airlines 2004 Annual Report Download - page 104

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102 SIA Annual Report 03/04
Notes to the Financial Statements
31 March 2004
30 Analysis of Capital Expenditure Cash Flow (in $ million)
The Group
2003-04 2002-03
––––––––––––––––––––––––––––––––
Additions to fixed assets 5,637.6 5,621.0
Less: progress payments transferred to fixed assets (2,945.0) (2,534.7)
––––––––––––––––––––––––––––––––
Purchase of fixed assets 2,692.6 3,086.3
Less: Assets acquired under finance lease (448.6) –
Less: Assets acquired under credit terms (29.8) (44.1)
Less: Assets of subsidiary company acquired – (2.9)
––––––––––––––––––––––––––––––––
Cash invested in capital expenditure 2,214.2 3,039.3
––––––––––––––––––––––––––––––––
31 Capital and Other Commitments (in $ million)
(a) Capital expenditure commitments
The following commitments for capital expenditure have not been provided for in the financial statements:
The Group The Company
31 March 31 March
2004 2003 2004 2003
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Authorized and contracted for 7,784.9 11,946.3 6,658.1 10,209.9
Authorized but not contracted for 256.9 296.7 4.7 5.9
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
8,041.8 12,243.0 6,662.8 10,215.8
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The Group’s share of capital expenditure commitments of a joint venture company:
The Group
31 March
2004 2003
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Authorized and contracted for 483.9 713.5
––––––––––––––––––––––––––––––––
The commitments relate principally to the acquisition of aircraft fleet and related equipment.
(b) Operating lease commitments
As lessee
Aircraft
The Company has 16 B747-400s, 1 B777-200 and 1 B777-300 under operating leases with fixed rental rates. The
lease terms range from 4 to 10 years. In 11 of the aircraft 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. Sub-leasing is allowed under all the lease arrangements.
SilkAir (Singapore) Private Limited (“SilkAir”) has 1 A320-232 aircraft under operating lease with fixed rental rates.
The lease term is 2 years. It holds the option to extend the lease for a further maximum period of 2 years, which is
not likely to be exercised. There is no option to purchase the aircraft.
Future lease payments under non-cancellable operating leases are as follows:
The Group The Company
31 March 31 March
2004 2003 2004 2003
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Within one year 418.4 429.4 414.0 424.0
After one year but not more than five years 859.4 1,060.7 859.0 1,059.8
More than five years 192.8 202.1 192.8 202.1
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
1,470.6 1,692.2 1,465.8 1,685.9
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––