Singapore Airlines 2014 Annual Report Download - page 184
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182
NOTES TO THE FINANCIAL STATEMENTS
31 March 2014
SINGAPORE AIRLINES
35 Capital and Other Commitments (in $ million) (continued)
(b) Operating lease commitments (continued)
As lessee (continued)
Engines
The Company has operating lease agreements for four GE90-115B engines and 14 Trent 800 engines with fixed rental
rates. The basic lease term for each engine varies from one to six years with extension options. During the financial
year, two leases ceased on expiry of the leased term.
Future minimum lease payments under non-cancellable operating leases are as follows:
The Group The Company
31 March 31 March
2014 2013 2014 2013
Not later than one year 20.1 21.4 20.1 21.4
Later than one year but not later than five years 53.1 66.7 53.1 66.7
Later than five years - 5.4 - 5.4
73.2 93.5 73.2 93.5
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 one to 50 years.
Future minimum lease payments under non-cancellable operating leases are as follows:
The Group The Company
31 March 31 March
2014 2013 2014 2013
Not later than one year 65.4 65.9 45.6 48.1
Later than one year but not later than five years 98.9 93.1 69.4 63.8
Later than five years 70.0 69.9 9.3 5.7
234.3 228.9 124.3 117.6
The minimum lease payments recognised in the profit and loss account amounted to $64.0 million (FY2012/13: $64.2
million) and $53.8 million (FY2012/13: $53.2 million) for the Group and the Company respectively.
As lessor
Aircraft
The Company’s existing commercial aircraft leases for four B777-200ER aircraft continued during the year in accordance
with the lease contracts. The non-cancellable lease contracts were originally for a basic lease term of two years and
six months for one aircraft and two years for the other aircraft. The lease term for four aircraft had been extended for
periods ranging from six months to one year. During the financial year, two of the aircraft leases ceased on expiry of
the lease term. The lease rental is fixed throughout the lease term for all four aircraft.
SIA Cargo had previously entered into a commercial aircraft lease. This non-cancellable lease has a remaining lease
term of one year and five months. The lease rental is fixed throughout the lease term.