Air New Zealand 2009 Annual Report Download - page 24

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13. INVESTMENTS
GROUP
2009
$M
GROUP
2008
$M
COMPANY
2009
$M
COMPANY
2008
$M
Investments in subsidiaries - - 284 284
Investments in associates 62 49 - -
62 49 284 284
Investments in associates
Carrying value at the beginning of the year (including goodwill
of Nil (30 June 2008: Nil)) 49 47 - -
Contributions made during the year 4 - - -
Loans provided during the year 4 - - -
Share of surplus 3 - - -
Foreign currency translation 6 - - -
Reversal in provision for impairment, recognised within operating expenses - 2 - -
Distributions received (4) - - -
Carrying value at the end of the year (including goodwill of Nil) 62 49 - -
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 Holidays Limited Hotel reservations and events marketing New Zealand
Eagle Airways Limited Aviation New Zealand
Zeal 320 Limited Aviation New Zealand
Mount Cook Airline Limited Aviation New Zealand
Safe Air Limited Engineering services New Zealand
Tasman Aviation Enterprises (Queensland) Pty Limited Engineering services Australia
Tasman Aviation Enterprises (Richmond) 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. Subsidiaries are accounted for using the cost method.
ASSOCIATES
Significant associates comprise:
NAME % OWNED PRINCIPAL ACTIVITY COUNTRY OF INCORPORATION
Christchurch Engine Centre (CEC) 49 Engineering services New Zealand
Travel Software Solutions Pty Limited 25 Airline reservation systems Australia
VCubed Pty Limited 26 Online booking exchange Australia
All associates have a balance date of 30 June, with the exception of the CEC which has a balance date of 31 December.
GROUP
2009
$M
GROUP
2008
$M
Carrying amount
Christchurch Engine Centre 53 48
Travel Software Solutions Pty Limited 2 1
VCubed Pty Limited 7 -
62 49
AIR NEW ZEALAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2009
22