Singapore Airlines 2002 Annual Report Download - page 89

Download and view the complete annual report

Please find page 89 of the 2002 Singapore Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

SIA Annual Report 01/02 89
Notes to the Financial Statements
31 March 2002
19 Associated Companies (in $ million) (continued)
The associated companies at 31 March 2002 were:-
Percentage
Country of Cost equity held by
incorporation & (in $ million) the Group
Principal activities place of business 2002 2001 2002 2001
Evergreen Air Cargo
Services Corporation @ Cargo handling services Taiwan 13.06 8.54 17 20
Evergreen Airline Services
Corporation Ground handling – do – 4.89 – 17 –
Asian Compressor Technology
Services Company Ltd Repair of aircraft engines
and compressors – do – 4.10 4.10 21 21
MacroAsia-Eurest Catering Services Catering services Philippines 2.03 2.03 17 17
PWA International Limited Re-manufacture of aircraft
turbine engine cases,
component thereof and
related parts Ireland 6.22 6.22 43 43
Virgin Atlantic Limited Air transportation UK 1,648.39 1,648.39 49 49
Air New Zealand Limited * Air transportation New Zealand – 403.42 – 25
#The value is $1.
*Air New Zealand (Air NZ) was reclassified as a long-term investment following the dilution of the equity interest from 25% to 6.47% arising from Air NZ’s
recapitalization package in January 2002.
@The Company’s equity interest in Evergreen Air Cargo Services Corporation was sold to Singapore Airport Terminal Services Limited in May 2001.
20 Joint Venture Companies (in $ million)
The Group The Company
31 March 31 March
2002 2001 2002 2001
Investment in joint venture companies (unquoted, at cost) 158.4 144.8 107.9 107.9
Share of post acquisition reserves
– general reserve 76.7 59.6 – –
– foreign currency translation reserve 35.1 27.7 – –
– capital reserve 6.9 6.9 – –
277.1 239.0 107.9 107.9
The Group’s share of the consolidated results of joint venture companies is as follows:-
The Group
31 March
2002 2001
Profit before taxation 20.5 27.0
Taxation (3.0) (2.9)
17.5 24.1
The Group’s share of the consolidated assets and liabilities of the joint venture companies comprises:-
The Group
31 March
2002 2001
Fixed and other non-current assets 1,185.8 893.6
Current assets 85.0 57.9
Current liabilities (257.7) (77.0)
Long-term liabilities (736.0) (635.5)
277.1 239.0
of