Singapore Airlines 2011 Annual Report Download - page 146
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SINGAPORE AIRLINES
144
NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
19 Long-Term Liabilities (in $ million)
The Group The Company
31 March 31 March
2011 2010 2011 2010
Notes payable 1,700.0 900.0 1,700.0 900.0
Current (900.0) - (900.0) -
Non-current 800.0 900.0 800.0 900.0
Loans 1.7 - - -
Current (1.7) - - -
Non-current - - - -
Finance lease commitments 337.2 438.9 - -
Current (61.4) (64.5) - -
Non-current 275.8 374.4 - -
Maintenance reserve 3.4 - 3.4 -
Current - - - -
Non-current 3.4 - 3.4 -
Total long-term liabilities 1,079.2 1,274.4 803.4 900.0
Notes payable
Notes payable at 31 March 2011 comprise unsecured notes and bonds issued by the Company.
$900 million fixed rate notes due 2011 bear fixed interest at 4.15% (2009-10: 4.15%) per annum are
repayable on 19 December 2011. The fair value of notes payable amounted to $920.9 million (2010:
$936.4 million) for the Company.
$500 million fixed rate notes due 2020 (“Series 001 Notes”) was issued during the financial year, under
the $1,000 million multi-currency Medium Term Note programme. The notes bear fixed interest at 3.22%
per annum and are repayable on 9 July 2020. The fair value of notes payable amounted to $494.3 million
for the Company.
$300 million bonds maturing on 30 September 2015 bearing fixed interest at 2.15% per annum was also
issued during the financial year. The fair value of notes payable amounted to $297.6 million for the Company.
Loans
Loans at 31 March 2011 pertain to revolving credit facility denominated in USD taken by a subsidiary
company. The loan is unsecured and bears a fixed interest of 2.5% per annum.
Finance lease commitments
SIA Cargo holds 4 B747-400 freighters under finance leases, which will mature between 2014 and 2018,
without any options for renewal. 3 leases have options for SIA Cargo to purchase the aircraft at the end of
the lease period of 12 years. The fourth lease has an option for SIA Cargo to purchase the aircraft at the
end of the 12th or 15th year of the lease period. Sub-leasing is allowed under the lease agreements.
The financing obligations for the first 5 years of three leases are secured by the aircraft pledged as collateral,
until 2011. Replacement of the aircraft pledged as collateral by another aircraft is permitted under the
mortgage agreement.