Air New Zealand 2014 Annual Report Download - page 25

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AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2014 23
14. INVESTMENTS IN OTHER ENTITIES
GROUP
2014
$M
GROUP
2013
$M
COMPANY
2014
$M
COMPANY
2013
$M
Investments in subsidiaries
Investments in associates
Investments in joint ventures
Investments in other entities
-
46
1
1
-
45
1
1
515
-
-
1
367
-
-
1
48 47 516 368
During the year ended 30 June 2014, the Company reversed $150 million of impairment losses in subsidiaries (30 June 2013: Nil)
and recognised an additional $1 million of impairment provisions. Refer to Note 29 for further details.
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
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.
ASSOCIATES AND JOINT VENTURES
Significant associates and joint ventures comprise:
NAME RELATIONSHIP % OWNED PRINCIPAL COUNTRY OF BALANCE DATE
ACTIVITY INCORPORATION
Christchurch Engine Centre (CEC) Associate 49 Engineering services New Zealand 31 December
ANZGT Field Services LLC Joint Venture 51 Engineering services United States 30 June
Pacific Leisure Group Limited Joint Venture 50 Wholesale travel distributor New Zealand 30 June
SUMMARY FINANCIAL INFORMATION OF ASSOCIATES
GROUP
2014
$M
GROUP
2013
$M
Assets and liabilities of associates are as follows:
Current assets
Non-current assets
Current liabilities
Non-current liabilities
139
37
(62)
(20)
117
22
(40)
(7)
Net identifiable tangible assets – 100%
Group share of net identifiable tangible assets
94
46
92
45
Carrying value of investment in associates 46 45
Results of associates – 100%
Revenue
Expenses
360
(337)
270
(260)
Profit after taxation 23 10
Total comprehensive income 23 10
Group share of profit after taxation 11 5
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2014