Singapore Airlines 2015 Annual Report Download - page 185
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35 Capital and Other Commitments (in $ million) (continued)
(b) Operating lease commitments (continued)
As lessee (continued)
Property and equipment
The Group has entered into operating lease agreements for oice 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
2015 2014 2015 2014
Not later than one year 69.9 65.4 50.7 45.6
Later than one year but not later than five years 101.8 98.9 79.3 69.4
Later than five years 67.7 70.0 13.4 9.3
239.4 234.3 143.4 124.3
The minimum lease payments recognised in the profit and loss account amounted to $63.7 million (FY2013/14:
$64.0 million) and $50.7 million (FY2013/14: $53.8 million) for the Group and the Company respectively.
As lessor
Aircra
The Company’s existing commercial aircra leases for two B777-200ER aircra ceased during the year on expiry of the
lease contracts. During the financial year, the Company entered into non-cancellable lease contracts for two B777-200
aircra for a lease term of five years each. The lease rental is fixed throughout the lease term.
Tiger Group sub-leased one A320-200 aircra to an external party during the financial year. The original lease term for
the aircra is nine years. Tiger also sub-leased three A320-200s to Tigerair Australia during the year. The original lease
terms for the aircra range from eight to 12 years. The original lease term of the engine was less than a year. Following
the divestment of Tigerair Australia, Virgin Australia provided guarantees to the Group to cover obligations for the assets
leased by Tigerair Australia.
SIA Cargo had previously entered into a commercial aircra lease. This non-cancellable lease has a remaining lease term
of five months. The lease rental is fixed throughout the lease term.
Singapore Airlines | Annual Report FY2014/15 |183