Singapore Airlines 2008 Annual Report Download - page 127

Download and view the complete annual report

Please find page 127 of the 2008 Singapore Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 178

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178

Singapore Airlines Annual Report 2007-08
125
19 Long-Term Liabilities (in $ million)
The Group The Company
31 March 31 March
2008 2007 2008 2007
Notes payable repayable after one year 1,100.0 1,100.0 900.0 900.0
Loans 4.0 116.3 - -
Repayable within one year (0.6) (12.8) - -
Repayable after one year 3.4 103.5 - -
Finance lease commitments 552.7 663.1 - -
Repayable within one year (56.9) (60.8) - -
Repayable after one year 495.8 602.3 - -
Total repayable after one year 1,599.2 1,805.8 900.0 900.0
Notes payable
Notes payable at 31 March 2008 comprise unsecured long-term notes issued by the Company, which bear fixed interest at
4.15% (2006-07: 4.15%) per annum and are repayable on 19 December 2011, and unsecured medium-term notes issued
by SATS, which bear fixed interest at 3.0% (2006-07: 3.0%) per annum and are repayable on 2 September 2009. The fair
value of notes payable amounted to $1,149.2 million (2007: $1,134.8 million) for the Group, and $947.0 million (2007:
$935.6 million) for the Company.
Loans
Of the Group’s $4.0 million (2007: $116.3 million) loans, $0.1 million (2007: $0.2 million) is secured over machineries.
Interest on this loan is charged at a flat rate of 2.20% (2006-07: 2.20%) per annum and the effective interest rate is
4.44% (2006-07: 4.44%) per annum.
There are two unsecured term loans held by the Group as at 31 March 2008. One of the loans is repayable in 240
monthly instalments commencing 10 April 2003. This term loan was originally secured by a first legal mortgage over the
property at 22 Senoko Way, Singapore 758044 in 2006, and was discharged during the previous financial year. The other
unsecured term loan is repayable in 60 monthly instalments commencing on 20 February 2008. Interest on the unsecured
term loans are charged at rates ranging from 4.2% to 4.5% (2006-07: 5.0% to 5.5%) per annum.
In the previous financial year, $112.7 million of loans was secured by a first priority mortgage over one B747-400 freighter.
Interest on the loan was charged at a margin above the floating rate linked to the London Interbank Offer Rate (“LIBOR”)
ranging from 5.45% to 6.05% per annum. The loan was fully repaid during the financial year.
The Group
31 March
2008 2007
Not later than one year 0.6 12.8
Later than one year but not later than five years 1.6 53.9
Later than five years 1.8 49.6
4.0 116.3
NOTES TO THE FINANCIAL STATEMENTS
31 March 2008