Singapore Airlines 2004 Annual Report Download - page 96

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Notes to the Financial Statements
31 March 2004
94 SIA Annual Report 03/04
20 Associated Companies (in $ million)
The Group The Company
31 March 31 March
2004 2003 2004 2003
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Share of net tangible assets of associated
companies at acquisition date 375.7 371.2 – –
Goodwill on acquisition of associated companies 1,626.2 1,626.2 – –
–––––––––––––––––––––––––––––––––––
Unquoted investments at cost 2,001.9 1,997.4 1,725.0 1,724.1
Impairment loss (25.6) (25.6) (9.4) (9.4)
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
1,976.3 1,971.8 1,715.6 1,714.7
Goodwill written-off to reserves (1,613.0) (1,613.0) – –
Accumulated amortization of goodwill on acquisition (7.6) (6.3) – –
Currency realignment 0.9 9.7 – –
Share of post acquisition reserves
– general reserve 130.8 125.5 – –
– capital reserve 22.9 – – –
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
510.3 487.7 1,715.6 1,714.7
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Loans to associated companies 17.8 23.1 7.1 7.1
Write-down of loans (10.6) (10.1) – –
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
7.2 13.0 7.1 7.1
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
517.5 500.7 1,722.7 1,721.8
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Amounts owing by associated companies 0.4 0.5 – –
Amounts owing to associated companies – (20.0) – (20.0)
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Amounts owing by/(to) associated companies, net 0.4 (19.5) – (20.0)
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
During the financial year, the Company’s associated company, RCMS Properties Private Limited (“RCMS”), revalued its
land and building and recorded a revaluation surplus of $114.7 million. The Company’s share of the revaluation surplus
of $22.9 million at 31 March 2004 is included under the Group’s share of post-acquisition capital reserve (refer to
Statement of Changes in Equity – The Group for the financial year ended 31 March 2004).
On 19 December 2003, the Company together with Temasek Holdings (Private) Limited, Indigo Partners and Irelandia
Investments Ltd established an airline, Tiger Airways Pte Ltd (“Tiger Airways”), based in Singapore. The Company’s
equity interest is 49%. So far, $0.9 million has been injected into Tiger Airways.
During the financial year, SIA Engineering Company (“SIAEC”) and PT Jasa Angkasa Semesta incorporated a company,
PT JAS Aero-Engineering Services. SIAEC injected $3.7 million for its 49.0% equity interest in PT JAS Aero-Engineering
Services.
Loans to associated companies are unsecured and have no fixed terms of repayments. The loans are interest-free, except
for $0.3 million which bear interest between 9.50% to 11.46% (2003: 8.69% to 19.45%) per annum.
Amounts owing by associated companies are unsecured, trade-related, interest-free and have no fixed terms of
repayments.