Singapore Airlines 2010 Annual Report Download - page 172
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SINGAPORE AIRLINES
170
notes to the financial statements
31 march 2010
35 Capital and Other Commitments (in $ million) (continued)
(b) Operating lease commitments
As lessee
Aircraft
The Company has 2 B747-400, 4 B777-200, 3 B777-200ER, 7 B777-300, 11 A330-300 and 5 A380-800
aircraft under operating leases with fixed rental rates. Under 5 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 5 to 10.5 years.
In 5 of the aircraft lease agreements, the Company holds options to extend the leases for a further maximum
period of 3 years and in 22 others, the Company holds the options to extend the leases for a further maximum
period of 2 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.
SIA Cargo has 3 B747-400F aircraft under operating leases with fixed rental rates. The lease terms range from
10 to 11 years. In 1 of the aircraft lease agreements, SIA Cargo holds the option to extend the lease for a further
maximum period of 2 years. For the other 2 agreements, there is no option for renewal. Sub-leasing is allowed
under all the lease arrangements.
SilkAir (Singapore) Private Limited (“SilkAir”) has 4 A320-232 and 2 A319-132 aircraft under operating leases
with fixed rental rates. The lease terms for the 2 A319-132 aircraft are 5.5 years, which SilkAir holds an option
to extend the leases for 1 year. The lease terms for 2 of the A320-232 aircraft are 4 and 4.5 years, which SilkAir
holds an option to extend the leases for 4 years. The lease terms for the other 2 of the A320-232 aircraft are 7.5
and 8.5 years, which SilkAir holds an option to extend the leases for 2 to 5 years. 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
2010 2009 2010 2009
Not later than one year 575.0 591.8 516.9 488.0
Later than one year but not later than five years 1,735.9 1,758.7 1,540.8 1,522.7
Later than five years 530.7 867.1 475.5 792.1
2,841.6 3,217.6 2,533.2 2,802.8