Singapore Airlines 2014 Annual Report Download - page 158
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156
NOTES TO THE FINANCIAL STATEMENTS
31 March 2014
SINGAPORE AIRLINES
19 Long-TermLiabilities(in$million)
The Group The Company
31 March 31 March
2014 2013 2014 2013
Notes payable
Non-current 800.0 800.0 800.0 800.0
Loans
Current 8.2 5.7 - -
Non-current 13.6 - - -
21.8 5.7 - -
Finance lease commitments
Current 52.5 67.8 - -
Non-current 90.7 140.6 - -
143.2 208.4 - -
Maintenance reserve
Current 10.6 4.3 10.6 4.3
Non-current - 3.9 - 3.9
10.6 8.2 10.6 8.2
Total long-term liabilities 904.3 944.5 800.0 803.9
Notes payable
Notes payable at 31 March 2014 comprise unsecured notes and bonds issued by the Company.
$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 $507.9 million as at 31 March 2014 (2013: $513.4 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 $305.9 million as at 31 March 2014 (2013: $306.8 million) for the Company.
Loans
The short-term loan is a revolving credit facility denominated in USD taken by a subsidiary company. The loan is unsecured
and bears a fixed interest at 2.50% (FY2012/13: 2.30%) per annum. The current revolving credit facility shall be repayable
within 12-months after the reporting date.
The long-term loan denominated in USD taken by a subsidiary company is unsecured and bears an average floating rate
of 1.47% per annum (FY2012/13: nil), re-priced quarterly. This loan is repayable by 29 April 2022.
The fair value of the loans amounted to $22.8 million as at 31 March 2014 (2013: $5.7 million).
Finance lease commitments
SIA Cargo holds four B747-400 freighters under finance leases, which mature between 2015 and 2018, without any
options for renewal. Three 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 15th year of the lease period.
Sub-leasing is allowed under the lease agreements.
Interest on three of SIA Cargo’s finance lease commitments are charged at a margin above the London Interbank Offered
Rate (“LIBOR”). These ranged from 0.27% to 1.12% (FY2012/13: 0.34% to 1.41%) per annum. The interest rate on the
fourth finance lease commitment is fixed at 5.81% (FY2012/13: 5.81%) per annum.