Singapore Airlines 2016 Annual Report Download - page 192

Notes to the Financial Statements
31 March 2016
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
31 March
The Company
31 March
2016 2015 2016 2015
Not later than one year 52.5 46.4 32.0 29.6
Later than one year but not later than five years 164.8 155.9 91.1 115.8
Later than five years 25.7 11.0 – –
243.0 213.3 123.1 145.4
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 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
was reflected as exceptional items in the Group’s accounts in FY2010/11. SIA Cargo and the Company filed an appeal to the European
General Court seeking annulment of the decision. In December 2015, the European General Court annulled the decision of the European
Commission in its entirety vis-à-vis SIA Cargo and the Company. In February 2016, EUR76.4 million ($119.1 million) comprising of the fine
amount and returns thereon was refunded to SIA Cargo. This refund is reflected as a non-operating item in the Group’s accounts.
In January 2014, the Swiss Competition Commission announced a fine against SIA Cargo and the Company of CHF1.7 million ($2.3 million)
in respect of the air cargo issues. This amount was reflected as an exceptional item in the Group’s accounts in FY2013/14. SIA Cargo and
the Company have filed an appeal to the Swiss Federal Administrative Tribunal seeking annulment of the decision.
The proceedings by competition authorities in the United States, South Korea, South Africa, Australia and New Zealand were resolved in
previous financial periods.
Aer the investigations commenced, civil damage lawsuits were filed in the United States, Canada, Australia, South Korea, England, the
Netherlands, Norway and Germany by private parties against several airlines, including SIA Cargo and the Company. Other lawsuits have
been threatened by customers of SIA Cargo or shippers that purportedly contracted with SIA Cargo’s customers.
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