Singapore Airlines 2015 Annual Report Download - page 160
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Notes to the Financial Statements
31 March 2015
21 Property, Plant and Equipment (in $ million) (continued)
Assets held under finance leases
The Group
31 March
2015 2014
Net book value of property, plant and equipment acquired under finance leases:
– aircraft 825.7 499.3
– plant and equipment 0.1 0.1
825.8 499.4
Advance and progress payments comprise mainly purchases of aircra and related equipment.
Asset held as security
SilkAir (Singapore) Private Limited’s (“SilkAir”) spare engine with a carrying amount of $18.1 million (2014: $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 aircra
During the financial year, an impairment loss of $22.0 million was recognised on two Boeing 777-200ER aircra that were removed
from the operating fleet. The recoverable amount was based on the estimated disposal value. This amount has been recognised
as an exceptional item (Note 10) during the financial year.
In the previous financial year, four Boeing 747-400 freighters were removed from the operating fleet and an impairment loss of
$293.4 million (Note 10) was recognised. During the financial year, two of the freighters were disposed and a further impairment
loss of $7.0 million has been recognised as an exceptional item (Note 10).
Impairment of other property, plant and equipment
In the previous financial year, SFC ceased operations in one of its training locations. An impairment loss of $29.4 million, comprising
$24.7 million impairment on aircra, simulators and leasehold building, and $4.7 million of provision, was recognised in the
profit or loss for the previous financial year. The impairment loss was computed based on the estimated disposal value. During
the financial year, SFC recognised a writeback of $2.1 million (Note 10), comprising a further impairment loss of $1.2 million on
these previously impaired assets and a writeback of $3.3 million of provision, with updates to the estimated disposal value and
finalisation of the closure of the training location.
Assets held for sale
As at 31 March 2015, two finance-leased passenger aircra were classified as held for sale. The sale is expected to be completed
within one year.
The Group
31 March
2015 2014
Transfer from property, plant and equipment 63.5 –
Transfer from prepayments 7.5 –
71.0 –
158 FINANCIAL