Business & Finance
Business and Finance
Business and Finance
Wed, February 2, 2011Tue, February 1, 2011Mon, January 31, 2011Sun, January 30, 2011Sat, January 29, 2011Fri, January 28, 2011Thu, January 27, 2011Wed, January 26, 2011Tue, January 25, 2011Mon, January 24, 2011ANA Announces Recording of Extra Gains
Published in Business and Finance on Monday, January 31st 2011 at 1:40 GMT by Market Wire
TOKYO--(Marketwire - January 31, 2011) - All Nippon Airways Co., Ltd. ("ANA") today announced the recording of extraordinary gains for the first nine months of the fiscal year 2010 ending March 31, 2011. Details are as follows;
1. Details of Extraordinary Gains
(1) Regarding Notice of Alleged Violation from the European Commission
In response to the Statement of Objections issued by the European Commission's antitrust authorities on alleged anti-competitive behavior in air cargo, ANA recorded an antitrust-related allowance of 16,198 million yen as an extraordinary loss for the fiscal year 2007 ending March 31, 2008.
As announced on November 19, 2010, the European Commission informed us that proceedings against ANA were completed and no fine would be imposed. Accordingly, the allowance for extraordinary loss from antitrust proceedings was reversed and recorded as an extraordinary gain.
(2) Regarding Notice of Alleged Violation from the Republic of Korea Fair Trade Commission
In response to the Examiner's Report issued by the Republic of Korea Fair Trade Commission on alleged violation of the country's Monopoly Regulation and Fair Trade Act in air cargo, ANA recorded an antitrust-related allowance of 648 million yen as an extraordinary loss for the fiscal year 2010 ending March 31, 2011.
As announced on December 1, 2010, ANA received a corrective order from the Republic of Korea Fair Trade Commission to pay a fine of 1.633 billion won (approximately 117 million yen). Accordingly, reversal of the allowance for extraordinary loss from antitrust proceedings was recorded as an extraordinary gain in the amount of 531 million yen.
2. Outlook for Performance Forecast for Full Financial Year of 2010
In accordance with the extraordinary gains noted above, reversal of the allowance for extraordinary loss from antitrust proceedings was recorded in the amount of 16,729 million yen. The outlook of consolidated financial results for the fiscal year ending March 31, 2011, however, remains the same as that announced on October 29, 2010, due to the uncertain economic conditions ANA Group is facing.
