Singapore Airlines 2011 Annual Report Download - page 166
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SINGAPORE AIRLINES
164
NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
35 Capital and Other Commitments (in $ million) (continued)
(b) Operating lease commitments (continued)
As lessee (continued)
Property and equipment (continued)
The minimum lease payments recognised in the profit and loss account amounted to $62.3 million
(2009-10: $54.5 million) and $54.8 million (2009-10: $51.2 million) for the Group and the
Company respectively.
As lessor
Aircraft
During the year, the Company entered into a commercial aircraft lease for 6 B777-200ER aircraft.
This non-cancellable lease is for a basic lease term of 30 months for the first 3 aircraft and 24 months
for the other 3 aircraft. 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 4 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
2011 2010 2011 2010
Not later than one year 122.0 13.6 109.7 -
Later than one year but not later than five years 101.9 54.5 60.1 -
Later than five years - 5.7 - -
223.9 73.8 169.8 -
36 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
financial position.
(b) Cargo: Investigations by Competition Authorities and Civil Class Actions
In 2006 and thereafter, SIA Cargo and the Company were among several airlines that received notice of
investigations by competition authorities in the US, European Union, Australia, Canada, New Zealand,
South Africa, South Korea and Switzerland as to whether surcharges, rates or other competitive aspects
of air cargo service were lawfully determined (the “air cargo issues”).