Singapore Airlines 2011 Annual Report Download - page 165

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ANNUAL REPORT 2010/2011 163
NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
35 Capital and Other Commitments (in $ million) ) (continued)
(b) Operating lease commitments
As lessee
Aircraft
The Company has 1 B747-400, 4 B777-200, 3 B777-200ER, 7 B777-300, 19 A330-300 and 6
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 one of the aircraft lease agreements, the Company holds an
option to extend the lease for a further maximum period of 5 years. In 5 others, the Company holds
options to extend the leases for a further maximum period of 3 years and in 24 others, the Company
holds the options to extend the leases for a further maximum period of 2 years. 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 one 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 5 A320-200s and 2 A319-100s aircraft under
operating leases with fixed rental rates. The original lease terms for the 2 A319-100s range from
11.2 to 11.5 years, which SilkAir holds options to extend the leases up to a maximum of 3 years.
The original lease terms for the 5 A320-200s range from 4 to 11 years and SilkAir holds options to
extend the leases for 2 to 5 years. None of the operating lease agreements confer on SilkAir an 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
2011 2010 2011 2010
Not later than one year 587.2 575.0 525.1 516.9
Later than one year but not later than five years 1,717.7 1,735.9 1,508.0 1,540.8
Later than five years 455.0 530.7 360.7 475.5
2,759.9 2,841.6 2,393.8 2,533.2
Property and equipment
The Group has entered into operating lease agreements for office and computer equipment, leasehold
land and buildings. These non-cancellable leases have lease terms of between 1 to 30 years.
Future lease payments under non-cancellable operating leases are as follows:
The Group The Company
31 March 31 March
2011 2010 2011 2010
Not later than one year 64.4 48.4 48.0 45.8
Later than one year but not later than five years 93.3 73.1 71.1 69.0
Later than five years 81.6 17.9 12.5 6.9
239.3 139.4 131.6 121.7