Singapore Airlines 2013 Annual Report Download - page 161
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159
ANNUAL REPORT 2012/13
24 Associated Companies (in $ million) (continued)
4. The Group has not recognised net liabilities relating to an associated company where its share of net liabilities
exceeds the Group’s interest in this associated company. The Group’s cumulative share of net liabilities at the end
of the reporting period was $98.6 million (2012: $96.4 million). The Group has no obligation in respect of these
unrecognised liabilities.
Loans to associated companies are unsecured and have no foreseeable terms of repayments. Accordingly, the fair values
of the loans are not determinable as the timing of future cash flows arising from the loans cannot be estimated reliably.
Cost of investment included cumulative redeemable preference shares of $66.5 million issued by VAL. The cumulative
redeemable preference shares carry no entitlement to vote at meetings. On a winding up of VAL, the preference shareholders
have a right to receive, in preference to payments to ordinary shareholders, the amount paid up on any share including any
amount paid up by way of share premium plus any arrears or accruals of dividend declared but not paid on the due date.
The summarised financial information of the associated companies, not adjusted for the proportion of ownership interest
held by the Group, are as follows:
The Group
31 March
2013 2012
Assets and liabilities
Current assets 1,014.8 1,101.2
Non-current assets 2,033.4 2,019.8
3,048.2 3,121.0
Current liabilities (578.1) (690.8)
Non-current liabilities (677.7) (673.8)
(1,255.8) (1,364.6)
2012-13 2011-12
Results
Revenue 2,409.5 2,708.9
Profit for the period 126.5 74.1