Singapore Airlines 2009 Annual Report Download - page 180
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178
33 Bank Overdrafts (in $ million)
Included in the Group’s bank overdrafts is a secured banking facility of $1.8 million (2008: nil) offered
to certain subsidiary companies. It is secured on the property, plant and equipment and other assets of
these subsidiary companies with a total carrying value of $141.2 million as at 31 March 2009 (2008: nil).
The effective interest rate ranges from 2.00% to 3.00% (2007-08: nil) per annum.
The Company’s bank overdrafts of $7.5 million (2008: nil) as at 31 March 2009 are unsecured.
$1.3 million of the bank overdrafts bear interest at a rate of 5.00% (2007-08: nil) per annum.
As at 31 March 2009, the composition of bank overdrafts held in foreign currencies by the Group is as
follows: GBP – 14.1% (2008: nil) and AUD – 5.3% (2008: nil).
34 Capital and Other Commitments (in $ million)
(a) Capital expenditure commitments
The Group and the Company have commitments for capital expenditure. Such commitments aggregated
$9,277.1 million (2008: $8,996.2 million) for the Group and $8,154.5 million (2008: $8,138.1
million) for the Company. The commitments relate principally to the acquisition of aircraft fl eet and
related equipment.
In addition, the Group’s share of joint venture companies’ commitments for capital expenditure totalled
$21.8 million (2008: $1.5 million).
(b) Operating lease commitments
As lessee
Aircraft
The Company has fi ve B747-400, four B777-200, three B777-200ER, seven B777-300, four A330-
300 and fi ve A380-800 aircraft under operating leases with fi xed rental rates. Under one of the
aircraft lease agreements, the rentals will be adjusted if one-month LIBOR exceeds 6.50% per annum.
The original lease terms range from 4.7 to 10.5 years. In fi ve of the aircraft lease agreements, the
Company holds options to extend the leases for a further maximum period of three years and in nine
others, the Company holds the options to extend the leases for a further maximum period of two years.
None of the operating lease agreements confer on the Company an option to purchase the related
aircraft. Sub-leasing is allowed under all the lease arrangements.
NOTES TO THE FINANCIAL STATEMENTS
31 March 2009