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97
SIA Annual Report 03/04
Notes to the Financial Statements
31 March 2004
21 Joint Venture Companies (in $ million) (continued)
Amounts owing by joint venture companies are unsecured, trade-related, interest free and have no fixed terms of
repayments.
The Group’s share of the consolidated results of joint venture companies is as follows:
The Group
2003-04 2002-03
––––––––––––––––––––––––––––––––
Profit before taxation 6.4 14.5
Taxation (0.3) (3.0)
––––––––––––––––––––––––––––––––
6.1 11.5
––––––––––––––––––––––––––––––––
The Group’s share of the consolidated assets and liabilities of the joint venture companies comprises:
The Group
31 March
2004 2003
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Fixed and other non-current assets 1,456.5 1,342.8
Current assets 148.1 126.4
Current liabilities (223.6) (224.1)
Long-term liabilities (1,071.8) (948.7)
––––––––––––––––––––––––––––––––
309.2 296.4
––––––––––––––––––––––––––––––––
The joint venture companies at 31 March are:
Country of Percentage of
incorporation Cost equity held by
and place (in $ million) the Group
Principal activities of business 2004 2003 2004 2003
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Singapore Aircraft Leasing Aircraft leasing Singapore 140.28 118.86 35.5 35.5
Enterprise Pte Ltd*
International Engine Repair of aircraft components – do – 10.07 11.01 43.3 44.0
Component
Overhaul Pte Ltd
Singapore Aero Engine Repair and maintain Trent – do – 46.53 46.53 43.3 44.0
Services Private Limited aero engines
* Audited by Ernst & Young, Singapore.
During the financial year, the Company contributed an additional capital of $21.5 million in Singapore Aircraft Leasing
Enterprise Pte Ltd in accordance with the joint venture agreement.
During the financial year, International Engine Component Overhaul Pte Ltd returned $0.9 million to SIA Engineering
Company Limited pursuant to a capital reduction exercise.