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98 SIA Annual Report 03/04
Notes to the Financial Statements
31 March 2004
22 Long-Term Investments (in $ million)
The Group The Company
31 March 31 March
2004 2003 2004 2003
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Quoted investments at cost
Equity investments 51.4 51.4 432.0 432.0
Provision for diminution – – (380.6) (380.6)
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
51.4 51.4 51.4 51.4
Non-equity investments 291.3 372.7 291.3 372.7
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
342.7 424.1 342.7 424.1
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Unquoted investments at cost
Trade investments 74.3 76.1 47.2 48.8
Non-equity investments 40.2 42.4 40.2 42.4
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
114.5 118.5 87.4 91.2
Provision for diminution (27.7) (25.9) (27.7) (25.9)
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
86.8 92.6 59.7 65.3
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Long-term loans 45.7 52.9 – –
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
475.2 569.6 402.4 489.4
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Market value of quoted investments
Equity investments 131.5 118.1 131.5 118.1
Non-equity investments 297.0 374.2 297.0 374.2
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
428.5 492.3 428.5 492.3
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The Group The Company
31 March 31 March
2004 2003 2004 2003
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Analysis of provision for diminution in value
of quoted and unquoted investments
Balance at 1 April 25.9 16.5 406.5 397.1
Provided during the year 1.8 9.4 1.8 9.4
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Balance at 31 March 27.7 25.9 408.3 406.5
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Non-equity investments of $331.5 million (2003: $415.1 million) for the Group and the Company relate to interest-
bearing investments with an effective annual interest rate of 1.75% (2002-03: 1.93%).
The Group’s long-term loans comprise:
(a) Loan to August Skyfreighter 1994 Trust of $43.5 million (2003: $46.0 million) is unsecured and bears interest
between 1.47% and 1.74% (2002-03: 1.74% to 2.30%) per annum. The loan is repayable on 28 March 2007; and
(b) Shareholders’ loan to Hong Kong Aero Engine Services Limited of US$1.3 million (2003: US$3.6 million interest
bearing) is unsecured and bears interest between 0.63% and 1.88% (2002-03: 1.88% and 2.75%) per annum.
The loan has no fixed repayment term.
Loan to Taikoo (Xiamen) Aircraft Engineering Company Limited of US$0.5 million (2003: US$0.5 million) was repaid
during the financial year.