Singapore Airlines 2002 Annual Report Download - page 90

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90
Notes to the Financial Statements
31 March 2002
SIA Annual Report 01/02
20 Joint Venture Companies (in $ million) (continued)
The joint venture companies at 31 March 2002 were:-
Percentage of
Country of Cost equity held by
incorporation & (in $ million) the Group
Principal activities place of business 2002 2001 2002 2001
Singapore Aircraft Leasing Aircraft leasing Singapore 107.92 107.92 35.5 35.5
Enterprise Pte Ltd
International Engine Component Repair of aircraft
Overhaul Pte Ltd components – do – 11.97 11.97 44 44
Singapore Aero Engine
Services Pte Ltd Repair and maintain
Trent aero engines – do – 38.52 24.88 44 44
During the financial year, SIA Engineering Company Limited (SIAEC) made additional capital contribution of $13.6 million in Singapore
Aero Engine Services Private Limited in accordance with the joint venture agreement.
21 Long-Term Investments (in $ million)
The Group The Company
31 March 31 March
2002 2001 2002 2001
Quoted investments at cost
Equity investments 432.0 28.7 432.0 28.7
Amount written-down (380.6) – (380.6) –
51.4 28.7 51.4 28.7
Non-equity investments 375.6 340.9 375.6 340.9
427.0 369.6 427.0 369.6
Unquoted investments at cost
Trade investments 76.0 77.7 48.2 42.8
Non-equity investments 44.2 70.3 44.2 70.3
120.2 148.0 92.4 113.1
Amounts written-down (16.5) (20.3) (16.5) (15.4)
103.7 127.7 75.9 97.7
Long-term loan 59.7 58.7 – –
590.4 556.0 502.9 467.3
Market value of quoted investments
Equity investments 95.0 38.7 95.0 38.7
Non-equity investments 372.7 337.7 372.7 337.7
467.7 376.4 467.7 376.4
During the financial year, Air New Zealand (Air NZ) was reclassified as a long-term investment following the dilution of the Group’s
equity interest from 25% to 6.47% arising from Air NZ’s recapitalization package (refer note 19 to the financial statements).
Non-equity investments of $419.8 million (2001 : $411.2 million) relates to interest-bearing investments with an effective annual
interest rate of 4.21% (2000-01 : 6.68%).