Singapore Airlines 2015 Annual Report Download - page 200

Notes to the Financial Statements
31 March 2015
38 Financial Risk Management Objectives and Policies (in $ million) (continued)
(e) Liquidity risk
At 31 March 2015, the Group has at its disposal, cash and short-term deposits amounting to $5,254.1 million (2014: $4,883.9
million). In addition, the Group has available short-term credit facilities of about $400.0 million (2014: $300.0 million). The
Group also has a Medium Term Note Programmes under which it may issue notes up to $2,000.0 million (2014: $2,000.0
million) and as of 31 March 2015, $1,000.0 million (2014: $1,500.0 million) remains unutilised. Under these Programmes,
notes issued by the Company may have varying maturities as agreed with the relevant financial institutions.
The Group’s holdings of cash and short-term deposits, together with committed funding facilities and net cash flow from
operations, are expected to be suicient to cover the cost of all firm aircra deliveries due in the next financial year. It is
expected that any shortfall would be met by bank borrowings or public market funding. Due to the necessity to plan aircra
orders well in advance of delivery, it is not economical for the Group to have committed funding in place at present for all
outstanding orders, many of which relate to aircra which will not be delivered for several years. The Group’s policies in
this regard are in line with the funding policies of other major airlines.
The maturity profile of the financial liabilities of the Group and the Company is as follows. The amounts disclosed in the
table are the contractual undiscounted cash flows. Balances due within 12 months approximate their carrying amounts
as the impact of discounting is insignificant.
2015
Within
1 year
1 – 2
years
2 – 3
years
3 – 4
years
4 – 5
years
More than
5 years Total
The Group
Notes payable 337.0 33.6 33.6 33.6 33.6 1,056.2 1,527.6
Finance lease commitments 57.8 24.3 24.0 – – – 106.1
Loans 101.0 38.0 38.9 38.9 40.5 109.5 366.8
Trade and other creditors 2,906.5 – – – – – 2,906.5
Derivative financial instruments:
Currency hedging contracts 37.8 – – – – – 37.8
Fuel hedging contracts 974.4 – – – – – 974.4
Cross currency swap contracts 6.9 – – – – – 6.9
Interest rate swap contracts 0.5 – – – – – 0.5
4,421.9 95.9 96.5 72.5 74.1 1,165.7 5,926.6
The Company
Notes payable 337.0 33.6 33.6 33.6 33.6 1,056.2 1,527.6
Trade and other creditors 2,088.6 – – – – – 2,088.6
Amounts owing
to subsidiary companies 1,048.7 – – – – – 1,048.7
Derivative financial instruments:
Currency hedging contracts 37.8 – – – – – 37.8
Fuel hedging contracts 944.0 – – – – – 944.0
4,456.1 33.6 33.6 33.6 33.6 1,056.2 5,646.7
198 FINANCIAL