Singapore Airlines 2016 Annual Report Download - page 166
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Notes to the Financial Statements
31 March 2016
21 Property, Plant and Equipment (in $ million) (continued)
Assets held under finance leases
The Group
31 March
2016 2015
Net book value of property, plant and equipment acquired under finance leases:
- aircraft 556.9 825.7
- plant and equipment 0.1 0.1
557.0 825.8
Advance and progress payments comprise mainly purchases of aircra and related equipment.
Asset held as security
SilkAir (Singapore) Private Limited’s (“SilkAir”) spare engines with carrying amounts of $27.6 million (2015: $18.1 million) are pledged as security
for the amounts owed to the original equipment manufacturer and service credits issued to SilkAir.
Impairment of aircra
In the financial year ended 31 March 2016, an impairment loss of $11.7 million (FY2014/15: $22.0 million) was recognised on four Boeing
777-200ER (FY2014/15: two Boeing 777-200ER) aircra that were previously removed from the operating fleet. The recoverable amount was
based on the estimated disposal value. This amount has been recognised as a non-operating item (Note 9). The estimated disposal value is
classified as Level 3 under the fair value hierarchy.
Impairment of engines
An impairment loss of $8.2 million (FY2014/15: nil) was recognised on two engines damaged beyond economic repair.
Reclassification to assets held for sale
As of 31 March 2016, seven aircra were classified as held for sale as a subsidiary company had decided to sell these aircra (2015: two aircra).
The sale is expected to be completed within one year. During the financial year, the Group recognised a loss on planned disposal of aircra of
$38.0 million as a non-operating item (Note 9). The estimated disposal value of the aircra is classified as Level 3 under the fair value hierarchy.
The Group
31 March
2016 2015
Balance as at 1 April 71.0 –
Transfer from property, plant and equipment 205.6 63.5
Transfer from prepayments – 7.5
Loss on planned disposal of aircraft (38.0) –
Others 2.9 –
241.5 71.0
Singapore Airlines164
FINANCIAL