Air New Zealand 2011 Annual Report Download - page 27

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12. INVESTMENT IN QUOTED EQUITY INSTRUMENTS
GROUP
2011
$M
GROUP
2010
$M
COMPANY
2011
$M
COMPANY
2010
$M
Investment in Virgin Blue Holdings Limited
Balance at the beginning of the year - - - -
Acquisitions 200 - - -
Fair value changes recognised in other comprehensive income (81) - - -
Transaction costs 1---
120 - - -
During the year, the Group acquired a 14.99% interest in Virgin Blue Holdings Limited (Virgin Australia). The investment is denominated
in Australian Dollars. The investment is part of the Group’s strategy to widen its exposure to the Australasian market.
The cost of entry into Virgin Australia was A$145 million or 44 cents per share after allowing for the financial gain from the equity
swaps referred to in Note 18, which was recognised in the Statement of Financial Performance.
13. INVESTMENTS IN OTHER ENTITIES
GROUP
2011
$M
GROUP
2010
$M
COMPANY
2011
$M
COMPANY
2010
$M
Investments in subsidiaries - - 285 286
Investments in associates 54 61 - -
54 61 285 286
Investments in associates
Carrying value at the beginning of the year (including goodwill of Nil (30 June 2010: Nil))
61 62 - -
Capital repayment - (2) - -
Share of surplus 3 6 - -
Foreign currency translation loss (9) (3) - -
Impairment (recognised within "Other expenses") (1) (2) - -
Carrying value at the end of the year (including goodwill of Nil) 54 61 - -
SUBSIDIARIES
Significant subsidiaries comprise:
NAME PRINCIPAL ACTIVITY COUNTRY OF INCORPORATION
Air Nelson Limited Aviation New Zealand
Air New Zealand Aircraft Holdings Limited Aircraft leasing and financing New Zealand
Air New Zealand Associated Companies Limited Investment New Zealand
Air New Zealand Holidays Limited Hotel reservations and events marketing New Zealand
Air New Zealand Tasman Pacific Limited
(formerly Zeal 320 Limited)
Aviation crew resourcing New Zealand
Altitude Aerospace Interiors Limited Aviation design engineering New Zealand
Eagle Airways Limited Aviation New Zealand
Mount Cook Airline Limited Aviation New Zealand
Safe Air Limited Engineering services New Zealand
TAE Gas Turbines Pty Limited Engineering services Australia
TAE Aviation Pty Limited Aviation engineering Australia
All subsidiary entities above have a balance date of 30 June and are 100 percent owned. Subsidiaries are accounted for using the
cost method.
AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011