Singapore Airlines 2013 Annual Report Download - page 171
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169
ANNUAL REPORT 2012/13
35 Capital and Other Commitments (in $ million) (continued)
(b) Operating lease commitments (continued)
As lessee (continued)
Engines (continued)
Future minimum lease payments under non-cancellable operating leases are as follows:
The Group The Company
31 March 31 March
2013 2012 2013 2012
Not later than one year 21.4 8.5 21.4 8.5
Later than one year but not later than five years 66.7 34.1 66.7 34.1
Later than five years 5.4 - 5.4 -
93.5 42.6 93.5 42.6
Property and equipment
The Group has entered into operating lease agreements for office and computer equipment, leasehold land and
buildings. These non-cancellable leases have lease terms of between 1 to 50 years.
Future minimum lease payments under non-cancellable operating leases are as follows:
The Group The Company
31 March 31 March
2013 2012 2013 2012
Not later than one year 65.9 59.5 48.1 42.7
Later than one year but not later than five years 93.1 87.2 63.8 62.3
Later than five years 69.9 86.4 5.7 20.0
228.9 233.1 117.6 125.0
The minimum lease payments recognised in the profit and loss account amounted to $64.2 million (2011-12:
$63.8 million) and $53.2 million (2011-12: $52.8 million) for the Group and the Company respectively.
As lessor
Aircraft
The Company’s existing commercial aircraft leases for 6 B777-200ER aircraft continued during the year in accordance
with the lease contracts. The non-cancellable lease contracts were originally for a basic lease term of 2 years and
6 months for the first 3 aircraft and 2 years for the other 3 aircraft. The lease term for 4 of the aircraft had been
extended for periods ranging from 12 months to 20 months. During the financial year, 2 of the aircraft leases ceased
on expiry of the lease term. The lease rental is fixed throughout the lease term for all 6 aircraft.
SIA Cargo had previously entered into a commercial aircraft lease. This non-cancellable lease has a remaining lease
term of 2 years and 5 months. The lease rental is fixed throughout the lease term.
Future minimum lease receivables under non-cancellable operating leases are as follows:
The Group The Company
31 March 31 March
2013 2012 2013 2012
Not later than one year 70.8 96.1 58.7 83.8
Later than one year but not later than five years 20.4 79.4 3.3 49.9
91.2 175.5 62.0 133.7