Singapore Airlines 2015 Annual Report Download - page 186

Notes to the Financial Statements
31 March 2015
35 Capital and Other Commitments (in $ million) (continued)
(b) Operating lease commitments (continued)
As lessor (continued)
Aircra (continued)
Future minimum lease receivables under non-cancellable operating leases are as follows:
The Group The Company
31 March 31 March
2015 2014 2015 2014
Not later than one year 46.4 21.6 29.6 9.4
Later than one year but not later than five years 155.9 6.1 115.8 1.0
Later than five years 11.0 – – –
213.3 27.7 145.4 10.4
36 Contingent Liabilities (in $ million)
(a) Cargo: Investigations by Competition Authorities and Civil Class Actions
In 2006 and thereaer, SIA Cargo and the Company were among several airlines that received notice of investigations
by competition authorities in the United States, 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”).
On 8 February 2011, SIA Cargo confirmed its acceptance of a plea bargain oered by the United States Department of
Justice (USD48.0 million or $62.5 million). This amount has been reflected as exceptional items in the Group’s accounts
in FY2010/11. The plea agreement has brought the Department of Justice’s air cargo investigations in the United States
to a close for SIA Cargo.
On 30 November 2010, the Korea Fair Trade Commission (“KFTC”) released an adverse decision against 21 air cargo airlines,
including SIA Cargo, in respect of fuel surcharges. A fine of KRW3.117 billion ($3.6 million) was imposed on SIA Cargo. The
fine was paid in January 2011 in accordance with Korean laws. This amount has been reflected as exceptional items in
the Group’s accounts in FY2010/11. SIA Cargo appealed against the KFTC decision and subsequently the Seoul High Court
judgment. SIA Cargo’s appeal to the South Korean Supreme Court was partially successful. As a result, in September 2014,
the KFTC refunded KRW793.2 million ($1.0 million) to SIA Cargo, being part of the fine amount paid previously. This refund
is reflected as an exceptional item in the Group’s accounts.
On 9 November 2010, the European Commission issued an adverse decision against 13 air cargo airlines, including SIA Cargo
and the Company, in respect of fuel surcharges, security surcharges and commissions on surcharges. A fine of EUR74.8
million ($135.7 million) was imposed on SIA Cargo and the Company. SIA Cargo paid the fine in February 2011 in accordance
with European Union laws. This amount has been reflected as exceptional items in the Group’s accounts in FY2010/11. SIA
Cargo and the Company have filed an appeal to the European General Court seeking annulment of the decision.
In July 2010, SIA Cargo was among eight airlines to receive notification that the Competition Commission of South Africa
had referred a complaint to the South Africa Competition Tribunal in respect of fuel surcharges. In August 2012, the
Competition Commission of South Africa sent a notice withdrawing the complaint referral as concerns SIA Cargo and the
Company. This step ended the proceedings in South Africa as concerns SIA Cargo and the Company.
184 FINANCIAL