Singapore Airlines 2005 Annual Report Download - page 103

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SIA Annual Report 04/05 101
Notes to the Financial Statements
31 March 2005
CC
฀MOD: CN1323
M Y
C K
While every effort has been taken to carry out instruction to customers satisfaction
NO RESPONSIBILITY liablilty will be accepted for errors
CUSTOMERS ARE THEREFOREURGED TO CHECK THOROUGHLY BEFORE
AUTHORISING PRINTRUNS
DALIM
1 2 3 4 5 6 7 8 9 10 OK TS
CC196777 DLMAC13 10.06.2005 150#
1
3col
30 Analysis of Capital Expenditure Cash Flow (in $ million)
The Group
2004-05 2003-04
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Assets acquired under credit terms at 1 April 29.8 44.1
Additions to fixed assets 4,071.3 5,637.6
Less : Progress payments transferred to fixed assets (2,003.2) (2,945.0)
Purchase of fixed assets 2,068.1 2,692.6
Less: Assets acquired under finance lease – (448.6)
Less: Assets acquired under credit terms at 31 March (2.7) (29.8)
––––––––––––––––––––––––––––––––––
Cash invested in capital expenditure 2,095.2 2,258.3
––––––––––––––––––––––––––––––––––
31 Capital and Other Commitments (in $ million)
(a) Capital expenditure commitments
The Group and the Company have commitments for capital expenditures. Such commitments aggregated $12,855.0
million (2004: $8,041.8 million) for the Group and $11,551.5 million (2004: $6,662.8 million) for the Company.
In addition, the Group’s share of joint venture companies’ commitments for capital expenditures totalled $664.5
million (2004: $483.9 million).
The commitments relate principally to the acquisition of aircraft fleet and related equipment.
(b) Operating lease commitments
As lessee
Aircraft
The Company has 13 B747-400s, 3 B777-200s and 2 B777-300s under operating leases with fixed rental rates.
The original lease terms range from 5 to 11 years. In 10 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 lease agreements
confer on the Company an option to purchase the related aircraft. Sub-leasing is allowed under all the lease
arrangements.
SIA Cargo has 1 B747-400F aircraft under operating lease with fixed rental rates. The lease term is 10 years with no
option for renewal. Sub-leasing is allowed under the lease arrangement.
SilkAir (Singapore) Private Limited (“SilkAir“) has 1 A320-232 and 2 A319-132s under operating lease with fixed
rental rates. The A320-232 will be returned at the end of April 2005. The lease term for the 2 A319-132s is 5.5
years. It holds the option to extend the lease for a further period of one year. There is no option to purchase
these aircraft.
Future lease payments under non-cancellable operating leases are as follows:
The Group The Company
31 March 31 March
2005 2004 2005 2004
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Within one year 404.2 418.4 383.0 414.0
After one year but not more than five years 886.7 859.4 803.9 859.0
More than five years 449.4 192.8 394.5 192.8
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
1,740.3 1,470.6 1,581.4 1,465.8
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––