Singapore Airlines 2008 Annual Report Download - page 146
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Singapore Airlines Annual Report 2007-08
144
35 Capital and Other Commitments (in $ million) (continued)
(b) Operating lease commitments (continued)
As lessee (continued)
Property and equipment
The Group has entered into operating lease agreements for office and computer equipment and leasehold land and
buildings. These non-cancellable leases have lease terms of between 1 to 18 years.
Future lease payments under non-cancellable operating leases are as follows:
The Group The Company
31 March 31 March
2008 2007 2008 2007
Not later than one year 77.3 71.2 70.2 64.0
Later than one year but not later than five years 85.3 82.3 69.8 67.8
Later than five years 25.2 24.5 0.9 0.9
187.8 178.0 140.9 132.7
The minimum lease payments recognised in the profit and loss account amounted to $66.0 million (2006-07: $59.3 million).
As lessor
Aircraft
The Group has previously entered into three commercial aircraft leases. During the financial year, two aircraft were
sold and the leases were transferred to the buyers. The remaining one commercial lease is non-cancellable and has a
remaining lease term of five months. The lease rental is fixed throughout the lease term.
Future minimum lease receivables under non-cancellable operating leases are as follows:
The Group
31 March
2008 2007
Not later than one year 4.8 39.6
Later than one year but not later than five years - 112.5
Later than five years - 2.2
4.8 154.3
(c) Other commitments
In 2002-03, SATS and two of its wholly-owned subsidiary companies entered into a lease agreement with a United
States (“US”) lessor, whereby the subsidiary companies sold and leased back certain fixed ground support equipment
with net book value of $62.9 million (2007: $76.2 million). The gain arising from this sale and leaseback transaction
is deferred and amortised over the lease period of 18 years commencing October 2002. Under the terms of the
agreement, the subsidiary companies prepaid to the lessor an amount, which is equivalent to the present value of their
future lease obligations. SATS has guaranteed the repayment of these future lease obligations, and accordingly has
become the primary obligor under the lease agreement.
The Group and the Company have outstanding commitments to subscribe for shares in associated and joint venture
companies. Such commitments aggregated $67.4 million (2007: $34.6 million) for the Group and $27.3 million (2007:
$27.3 million) for the Company.
NOTES TO THE FINANCIAL STATEMENTS
31 March 2008