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98 SIA Annual Report 02/03
Notes to the Financial Statements
31 March 2003
22 Joint Venture Companies (in $ million)
The Group The Company
31 March 31 March
2003 2002 2003 2002
Investment in joint venture companies
(unquoted, at cost) 176.4 158.4 118.8 107.9
Share of post acquisition reserves
– general reserve 88.2 76.7 – –
– foreign currency translation reserve 24.1 35.1 – –
– capital reserve 7.7 6.9 – –
296.4 277.1 118.8 107.9
Amounts owing by joint venture companies 1.0 – – –
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
2002-03 2001-02
Profit before taxation 14.5 20.5
Taxation (3.0) (3.0)
11.5 17.5
The Group’s share of the consolidated assets and liabilities of the joint venture companies comprises:
The Group
31 March
2003 2002
Fixed and other non-current assets 1,342.8 1,185.8
Current assets 126.4 85.0
Current liabilities (224.1) (257.7)
Long-term liabilities (948.7) (736.0)
296.4 277.1
The joint venture companies at 31 March 2003 were:
Country of Percentage of
incorporation Cost equity held by
and place of (in $ million) the Group
Principal activities business 2003 2002 2003 2002
Singapore Aircraft Leasing Aircraft leasing Singapore 118.86 107.92 35.5 35.5
Enterprise Pte Ltd
International Engine Repair of aircraft components – do – 11.01 11.97 44.0 44.0
Component Overhaul Pte Ltd
Singapore Aero Engine Repair and maintain Trent – do – 46.53 38.52 44.0 44.0
Services Private Limited aero engines
During the financial year, additional capital contributed in accordance with the joint venture agreements by the
Company in Singapore Aircraft Leasing Enterprise Pte Ltd and by SIAEC in Singapore Aero Engine Services Private
Limited was $10.9 million and $8.0 million respectively.
During the financial year, International Engine Component Overhaul Pte Ltd returned $0.9 million to SIAEC pursuant
to a capital reduction exercise.