Singapore Airlines 2003 Annual Report Download - page 95

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93
SIA Annual Report 02/03
Notes to the Financial Statements
31 March 2003
20 Subsidiary Companies (in $ million)
The Company
31 March
2003 2002
Investment in subsidiary companies (at cost)
Quoted equity investments ## ##
Unquoted equity investments 1,773.2 1,710.3
1,773.2 1,710.3
Impairment loss (9.8) (9.8)
1,763.4 1,700.5
Loans to subsidiary companies 527.6 693.2
2,291.0 2,393.7
Funds from subsidiary companies (784.4) (712.1)
Amounts owing by subsidiary companies 222.5 196.5
Amounts owing to subsidiary companies (282.4) (243.6)
Amounts owing to subsidiary companies, net (844.3) (759.2)
Market value of quoted equity investments 2,827.4 3,506.1
## The value is $2.
During the financial year, Singapore Flying College Pte Ltd issued 62,949 preference shares of $1.00 at a premium
of $999 each to the Company for cash and to acquire fixed assets.
Star Kingdom Investment Limited was liquidated on 31 October 2002.
Loans to subsidiary companies are unsecured and have repayment terms of up to 10 years. Interest on loans to
subsidiary companies is computed using LIBOR, Singapore Interbank Bid Offer Rate ("SIBOR") and SGD Swap-Offer
Rates, and applying agreed margins. The interest rates range from 1.04% to 2.55% (2001-02: 1.21% to 5.77%).
Funds from subsidiary companies are unsecured and have varying repayment terms. Interest on funds from
subsidiary companies is computed using prevailing market rates which range from 0.13% to 1.51% (2001-02:
0.22% to 3.73%) per annum for SGD funds, and from 1.18% to 1.94% (2001-02: 1.70% to 5.25%) per annum
for USD funds.
Amounts owing to/by subsidiary companies are unsecured, trade-related, interest-free and have no fixed terms of
repayments.