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NOTES TO THE FINANCIAL STATEMENTS
31 March 2007
Singapore Airlines 113 Annual Report 2006-07
17 Long-Term Liabilities (in $ million)
The Group The Company
31 March 31 March
2007 2006 2007 2006
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notes payable repayable after one year 1,100.0 1,100.0 900.0 900.0
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Loans 116.3 140.7 – –
Repayable within one year (12.8) (16.6) – –
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Repayable after one year 103.5 124.1 – –
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Finance lease commitments 663.1 1,064.9 – 541.8
Repayable within one year (60.8) (464.6) – (419.5)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Repayable after one year 602.3 600.3 – 122.3
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Total repayable after one year 1,805.8 1,824.4 900.0 1,022.3
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notes payable
Notes payable at 31 March 2007 comprise unsecured long-term notes issued by the Company, which bear fi xed interest
at 4.15% (2005-06: 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% (2005-06: 3.0%) per annum and are repayable on 2 September 2009.
The fair value of notes payable amounted to $1,134.8 million (2006: $1,112.1 million) for the Group, and $935.6 million
(2006: $909.9 million) for the Company.
Loans
Of the Group’s $116.3 million (2006: $140.7 million) loans, $112.7 million (2006: $134.9 million) are secured by a fi rst
priority mortgage over one B747-400 freighter and $0.2 million (2006: $0.4 million) are secured by machineries. Interest
on the loan for the B747-400 freighter is charged at a margin above the fl oating rate linked to the London Interbank
Offer Rate (“LIBOR”) ranging from 5.45% to 6.05% (2005-06: 3.54% to 5.05%) per annum. Interest on the loan secured
by machineries is charged at a fl at rate of 2.20% (2005-06: 2.20%) per annum and the effective interest rate is
4.44% (2005-06: 4.44%) per annum.
Of the remaining loans, $2.6 million (2006: $3.1 million) was secured by a fi rst legal mortgage on a building at
22 Senoko Way, Singapore 758044 and was discharged during the fi nancial year. The interest on the loan for the
building ranged from 5.00% to 5.50% (2005-06: 4.00% to 5.00%) per annum in the current year and is repayable over
20 years commencing 10 April 2003. The remaining unsecured loans of $0.8 million (2006: $2.3 million) bear interest
rates ranging from 4.20% to 4.40% (2005-06: 2.30% to 4.42%) per annum.
The Group
31 March
2007 2006
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Not later than one year 12.8 16.6
Later than one year but not later than fi ve years 53.9 56.0
Later than fi ve years 49.6 68.1
––––––––––––––––––––––––––––––––––––
116.3 140.7
––––––––––––––––––––––––––––––––––––