Singapore Airlines 2014 Annual Report Download - page 164
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162
NOTES TO THE FINANCIAL STATEMENTS
31 March 2014
SINGAPORE AIRLINES
21 Property,PlantandEquipment(in$million)(continued)
Assets held under finance leases
The Group
31 March
2014 2013
Net book value of property, plant and equipment acquired under finance leases:
- aircraft 499.3 557.6
- plant and equipment 0.1 0.1
499.4 557.7
Advance and progress payments comprise mainly purchases of aircraft and related equipment.
Asset held as security
SilkAir (Singapore) Private Limited’s (“SilkAir”) spare engine with a carrying amount of $15.8 million is pledged as security
for the amounts owed to the original equipment manufacturer and service credits issued to the SilkAir.
Impairment of aircraft
During the year, four Boeing 747-400 freighters were removed from the operating fleet. As a result, a review of the recoverable
amount was carried out and an impairment loss of $293.4 million was recognised in profit or loss. The recoverable amount was
based on the estimated disposal value. This amount has been recognised as an exceptional item (Note 10) during the year.
Impairment of other property, plant and equipment
During the financial year, SFC ceased operations in one of its training locations. The aircraft, simulators and leasehold
building values were tested for impairment and the estimated recoverable amount of these assets was lower than the
carrying value. The recoverable amount was based on the estimated disposal value. Given this, an exceptional item $29.4
million (Note 10), comprising $24.7 million impairment of assets and $4.7 million of provision, was recognised in the profit
or loss during the year.
22 Intangible Assets (in $ million)
The Group
Deferred Advance
Computer engine and
software and development progress
others cost payments Total
Cost
At 1 April 2012 376.0 34.4 74.9 485.3
Additions 44.8 12.4 26.4 83.6
Disposals (8.7) - - (8.7)
Transfers 60.1 (0.3) (59.8) -
Exchange differences - (0.6) - (0.6)
At 31 March 2013 472.2 45.9 41.5 559.6
Additions 11.7 3.5 14.8 30.0
Disposals (23.4) - - (23.4)
Transfers 48.2 - (48.2) -
Exchange differences - 0.6 - 0.6
At 31 March 2014 508.7 50.0 8.1 566.8