Singapore Airlines 2009 Annual Report Download - page 183
Download and view the complete annual report
Please find page 183 of the 2009 Singapore Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173 -
174 -
175 -
176 -
177 -
178 -
179 -
180 -
181 -
182 -
183 -
184 -
185 -
186 -
187 -
188 -
189 -
190 -
191 -
192 -
193 -
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
 |
 |
181
34 Capital and Other Commitments (in $ million) (continued)
(c) Other commitments
In 2002-03, SATS Group entered into a lease agreement with a United States (“US”) lessor, whereby
two subsidiary companies sold and leaseback certain fi xed ground support equipment with net book
value of $49.5 million (2008: $62.9 million). The gain arising from this sale and leaseback is deferred
and amortised over the lease period of 18 years commencing on October 2002.
Under the terms of the agreement, the subsidiary companies have prepaid an amount to cover the
future lease obligations to two fi nancial institutions. SATS has guaranteed the repayment of these
future lease obligations and is the primary obligor under the lease agreement. Subsequent to the
balance sheet date, one of the lessors requested for substitution of a payment guarantor. SATS is in
the process of meeting this request. However, it is currently not expected that this event would have a
material effect on the fi nancial statements.
The Group and the Company have outstanding commitments to subscribe for shares in associated and
joint venture companies. Such commitments aggregated $60.2 million (2008: $67.4 million) for the
Group and $27.3 million (2008: $27.3 million) for the Company.
35 Contingent Liabilities (in $ million)
(a) Flight SQ006
There were 83 fatalities among 179 passengers and crew members aboard the Boeing 747 aircraft,
Flight SQ006, that crashed on the runway at the Chiang Kai Shek International Airport, Taipei en route
to Los Angeles on 31 October 2000. With the exception of one outstanding passenger claim, all the
other lawsuits relating to the crash that were commenced against the Company by both the crew
members and the other passengers or their next-of-kin have been settled. These claims are covered
by the insurance coverage maintained by the Company and therefore have no material impact on its
fi nancial position.
(b) Cargo: Investigations by competition authorities
SIA Cargo is one of several airlines to have received notice of criminal and/or regulatory investigations
by competition authorities in the US, European Union (“EU”), Switzerland, Australia, New Zealand and
South Africa regarding whether surcharges, rates or other competitive aspects of air cargo service were
lawfully determined. These investigations remain ongoing. SIA Cargo is cooperating in relation to these
inquiries concerning air cargo services.