Singapore Airlines 2006 Annual Report Download - page 110

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108
Singapore Airlines Annual Report 05/06
17 Long-Term Liabilities (in $ million)
The Group The Company
31 March 31 March
2006 2005 2006 2005
Notes payable 1,100.0 1,100.0 900.0 900.0
Repayable within one year – – – –
Repayable after one year 1,100.0 1,100.0 900.0 900.0
Loans 140.7 167.8 – –
Repayable within one year (16.6) (25.6) – –
Repayable after one year 124.1 142.2 – –
Finance lease commitments 1,064.9 1,135.2 541.8 549.5
Repayable within one year (464.6) (44.1) (419.5) –
Repayable after one year 600.3 1,091.1 122.3 549.5
Total repayable after one year 1,824.4 2,333.3 1,022.3 1,449.5
Notes payable
Notes payable at 31 March 2006 comprise unsecured long-term notes issued by the Company, which bear fi xed interest at
4.15% (2004-05: 4.15%) per annum and are repayable on 19 December 2011, and unsecured medium-term notes issued by
SATS, which bear fi xed interest at 3.0% per annum and are repayable on 2 September 2009. The fair value of notes payable
amounted to $1,112.1 million (2004-05: $1,139.5 million) for the Group, and $909.9 million (2004-05: $935.7 million) for
the Company.
Loans
Of the Group’s $140.7 million (2005: $167.8 million) loans, $135.3 million (2005: $161.8 million) are secured by a fi rst priority
mortgage over one B747-400 freighter and $3.1 million (2005: $2.9 million) are secured by a fi rst legal mortgage on a building
at 22 Senoko Way, Singapore 758044. Interest on the loan for the B747-400 freighter is charged at a margin above the London
Interbank Offer Rate (“LIBOR”) ranging from 3.54% to 5.05% (2004-05: 1.77% to 3.03%) per annum. Interest on the loan for
the building ranged from 4.00% to 5.00% (2004-05: 3.75% to 5.00%) per annum in the current year and is repayable over 20
years commencing 10 April 2003. The remaining loan of $2.3 million (2005: $3.1 million) is unsecured with interest rates ranging
from 2.30% to 4.42% (2004-05: 1.37% to 2.57%) per annum.
The Group
31 March
2006 2005
Not later than one year 16.6 25.6
Later than one year but not later than fi ve years 56.0 57.9
Later than fi ve years 68.1 84.3
140.7 167.8
NOTES TO THE FINANCIAL STATEMENTS
31 March 2006