Singapore Airlines 2012 Annual Report Download - page 148
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146 SINGAPORE AIRLINES
Notes to the Financial Statements
31 March 2012
19 Long-TermLiabilities(in$million)
The Group The Company
31 March 31 March
2012 2011 2012 2011
Notes payable 800.0 1,700.0 800.0 1,700.0
Current - (900.0) - (900.0)
Non-current 800.0 800.0 800.0 800.0
Loans 2.4 1.7 - -
Current (2.4) (1.7) - -
Non-current - - - -
Finance lease commitments 275.4 337.2 - -
Current (64.8) (61.4) - -
Non-current 210.6 275.8 - -
Maintenance reserve 7.9 3.4 7.9 3.4
Current - - - -
Non-current 7.9 3.4 7.9 3.4
Total long-term liabilities 1,018.5 1,079.2 807.9 803.4
Notes payable
Notes payable at 31 March 2012 comprise unsecured notes and bonds issued by the Company.
$900 million fixed rate notes due 2011 bear fixed interest at 4.15% (2010-11: 4.15%) per annum and was repaid on
19 December 2011.
$500 million fixed rate notes due 2020 (“Series 001 Notes”) bear fixed interest at 3.22% per annum and are repayable
on 9 July 2020. The fair value of notes payable amounted to $504.2 million as at 31 March 2012 (2010-11: $494.3
million) for the Company.
$300 million bonds bear fixed interest at 2.15% per annum and are repayable on 30 September 2015. The fair value of
notes payable amounted to $301.3 million as at 31 March 2012 (2010-11: $297.6 million) for the Company.
Loans
The revolving credit facility denominated in United States dollars taken by a subsidiary company is unsecured and bears
a fixed interest at 2.5% (2010-11: 2.5%) per annum.
Finance lease commitments
SIA Cargo holds 4 B747-400 freighters under finance leases, which 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.
Interest rates on 3 of SIA Cargo’s finance lease commitments are charged at a margin above the London Interbank Offered
Rate (“LIBOR”). These ranged from 0.28% to 1.14% (2010-11: 0.28% to 1.16%) per annum. The interest rate on the
fourth finance lease commitment is fixed at 5.81% (2010-11: 5.81%) per annum.