Singapore Airlines 2007 Annual Report Download - page 114

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NOTES TO THE FINANCIAL STATEMENTS
31 March 2007
Singapore Airlines 112 Annual Report 2006-07
15 Deferred Account (in $ million)
The Group The Company
31 March 31 March
2007 2006 2007 2006
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Deferred gain on sale and leaseback transactions
– operating leases 374.8 301.7 261.3 254.9
– fi nance leases 49.3 47.9 – –
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
424.1 349.6 261.3 254.9
Deferred credit 549.5 – 549.5 –
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
973.6 349.6 810.8 254.9
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
16 Deferred Taxation (in $ million)
The Group The Company
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– ––––––––––––––––––––––––––––
Consolidated Consolidated
balance sheet profit and loss Balance sheet
31 March 31 March
2007 2006 2006-07 2005-06 2007 2006
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The deferred taxation arises as
a result of:
Deferred tax liabilities
Differences in depreciation 2,377.1 2,436.1 (59.0) 4.7 1,918.1 1,860.6
Revaluation of jet fuel swap/
option contracts to fair value – 2.3 – – – 1.8
Revaluation of forward currency
contracts to fair value – 4.4 – – – 3.5
Revaluation of interest rate swap
contracts to fair value – 2.3 – – – 2.3
Revaluation of available-for-sale
fi nancial assets to fair value 6.1 2.3 – – 4.8 1.3
Other temporary differences 90.5 108.3 (17.8) (7.8) 88.0 99.3
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Gross deferred tax liabilities 2,473.7 2,555.7 (76.8) (3.1) 2,010.9 1,968.8
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Deferred tax assets
Unabsorbed capital allowances
and tax losses (8.9) (24.7) 15.8 20.4 – –
Revaluation of jet fuel swap/
option contracts to fair value (6.5) – – – (5.3) –
Revaluation of forward currency
contracts to fair value (4.4) – – – (3.4) –
Other deferred tax assets (43.0) (44.9) 1.9 7.4 (20.7) (18.3)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Gross deferred tax assets (62.8) (69.6) 17.7 27.8 (29.4) (18.3)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Net deferred tax liabilities 2,410.9 2,486.1 1,981.5 1,950.5
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Deferred tax (credited)/charged
to profi t and loss (59.1) 24.7
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Deferred tax (credited)/charged
to equity (16.1) 11.3 (12.8) 8.9
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––