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92 SIA Annual Report 02/03
Notes to the Financial Statements
31 March 2003
18 Fixed assets (in $ million) (continued)
The Group The Company
31 March 31 March
2003 2002 2003 2002
Net book value of fixed assets acquired under
finance leases:
– aircraft 456.4 485.9 – –
– plant and equipment 159.7 – – –
616.1 485.9 – –
Advance and progress payments comprise mainly purchases of aircraft, related equipment and building projects.
The provision for impairment represents the write-down of certain spares to recoverable amount due to the related
fleet types being phased out. The estimated recoverable amount was determined based on references to average
tender prices for the year and various bids submitted.
19 Goodwill on Consolidation (in $ million)
The Company
31 March
2003 2002
Cost
Balance at 1 April – –
Acquisitions through business combinations 1.5 –
Balance at 31 March 1.5 –
Accumulated amortization
Balance at 1 April – –
Amortization charge for the year * –
Balance at 31 March * –
Net carrying amount 1.5 –
* Amount less than $0.1 million.
On 28 October 2002, SATS acquired 57.1% equity interest in CF at a cost of $4.0 million. Goodwill on acquisition
of $1.3 million was capitalized and amortized over a period of 20 years. On 21 March 2003, SATS increased its
shareholding in CF to 66.7% by subscribing an additional 1,142,858 new ordinary shares for $2.0 million in cash.
Goodwill arising from the additional 9.6% equity interest was $0.2 million.