Singapore Airlines 2009 Annual Report Download - page 181
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179
34 Capital and Other Commitments (in $ million) (continued)
(b) Operating lease commitments (continued)
As lessee (continued)
Aircraft (continued)
SIA Cargo has fi ve B747-400F aircraft under operating leases with fi xed rental rates. The lease terms
range from 5 to 11 years. In two of the aircraft lease agreements, the operating leases are for a period
of fi ve years, with early termination rights at the end of Year 3 and Year 4. In one of the aircraft lease
agreements, SIA Cargo holds the option to extend the lease for a further maximum period of two
years. For the other two agreements, there is no option for renewal. Sub-leasing is allowed under all
the lease arrangements.
SilkAir (Singapore) Private Limited (“SilkAir”) has four A320-232 and two A319-132 aircraft under
operating leases with fi xed rental rates. The lease terms for the two A319-132 aircraft are 5.5 years,
which SilkAir holds an option to extend the leases for one year. The lease terms for two of the A320-
232 aircraft are 4 and 4.5 years, which SilkAir holds an option to extend the leases for four years. The
lease terms for the other two of the A320-232 aircraft are 7.5 and 8.5 years, which SilkAir holds an
option to extend the leases for one year. None of the operating lease arrangements confer on SilkAir
the option to purchase the related aircraft. Sub-leasing is allowed under all the lease arrangements.
Future lease payments under non-cancellable operating leases are as follows:
The Group The Company
31 March 31 March
2009 2008 2009 2008
Not later than one year 591.8 447.0 488.0 349.7
Later than one year but not later
than fi ve years 1,758.7 1,126.2 1,522.7 882.7
Later than fi ve years 867.1 632.8 792.1 515.9
3,217.6 2,206.0 2,802.8 1,748.3