Singapore Airlines 2015 Annual Report Download - page 184

Notes to the Financial Statements
31 March 2015
35 Capital and Other Commitments (in $ million) (continued)
(b) Operating lease commitments (continued)
As lessee (continued)
Aircra (continued)
SilkAir has three A319-100s, nine A320-200s, and five B737-800s under operating leases with fixed rental rates. The original
lease terms for the three A319-100s range from 6.9 to 11.5 years, which SilkAir holds options to extend the leases up to a
maximum of three years. The original lease terms for the nine A320-200s range from 6.6 to 11.8 years and SilkAir holds options
to extend the leases for two to five years. The original lease terms for the five B737-800s range from 10 to 10.5 years, which
the Company holds options to extend the leases up to a maximum of two years. None of the operating lease agreements
confer on SilkAir an option to purchase the related aircra. Sub-leasing is allowed under all the lease arrangements.
Future minimum lease payments under non-cancellable operating leases are as follows:
The Group The Company
31 March 31 March
2015 2014 2015 2014
Not later than one year 928.5 717.0 721.0 632.8
Later than one year but not later than five years 2,670.2 2,084.9 1,879.3 1,842.4
Later than five years 1,670.2 888.2 956.3 791.0
5,268.9 3,690.1 3,556.6 3,266.2
Engines
The Company has operating lease agreements for four GE90-115B engines and 12 Trent 800 engines with fixed rental rates.
The basic lease term for each engine varies from four to six years with extension options. During the financial year, one
lease ceased in accordance with the contractual terms and conditions upon engine damage beyond economical repair.
Future minimum lease payments under non-cancellable operating leases are as follows:
The Group The Company
31 March 31 March
2015 2014 2015 2014
Not later than one year 22.7 20.1 20.9 20.1
Later than one year but not later than five years 37.6 53.1 32.1 53.1
Later than five years 1.2 –––
61.5 73.2 53.0 73.2
182 FINANCIAL