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SIA Annual Report 04/05 93
Notes to the Financial Statements
31 March 2005
CC
฀MOD: CN1323
M Y
C K
While every effort has been taken to carry out instruction to customers satisfaction
NO RESPONSIBILITY liablilty will be accepted for errors
CUSTOMERS ARE THEREFOREURGED TO CHECK THOROUGHLY BEFORE
AUTHORISING PRINTRUNS
DALIM
1 2 3 4 5 6 7 8 9 10 OK TS
CC196777 DLMAC13 10.06.2005 150#
1
3col
20 Associated Companies (in $ million)
The Group The Company
31 March 31 March
2005 2004 2005 2004
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Share of net tangible assets of associated companies
at acquisition date 409.7 375.7 – –
Goodwill on acquisition of associated companies 1,768.0 1,626.2 – –
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Unquoted investments at cost 2,177.7 2,001.9 1,729.9 1,725.0
Impairment loss (18.5) (25.6) (20.3) (9.4)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
2,159.2 1,976.3 1,709.6 1,715.6
Goodwill written-off to reserves (1,613.0) (1,613.0) – –
Accumulated amortisation of goodwill on acquisition (14.5) (7.6) – –
Currency realignment (6.3) 0.9 – –
Share of post acquisition reserves
– general reserve 226.0 130.8 – –
– capital reserve 32.1 22.9 – –
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
783.5 510.3 1,709.6 1,715.6
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Loans to associated companies 12.0 17.8 6.5 7.1
Write-down of loans (5.5) (10.6) – –
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
6.5 7.2 6.5 7.1
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
790.0 517.5 1,716.1 1,722.7
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Amounts owing by associated companies 15.8 0.4 12.5 –
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
During the financial year:
1. The Company’s associated company, RCMS Properties Private Limited, recorded a revaluation surplus of $46.1 million
from its annual revaluation exercise of its land and building. The Company’s share of the revaluation surplus of $9.2
million at 31 March 2005 is included under the Group’s share of post-acquisition capital reserve (refer to Statement
of Changes in Equity – The Group for the financial year ended 31 March 2005).
2. The Company injected an additional $4.9 million in Tiger Airways Pte Ltd (“Tiger Airways”). There was no change in
the Company’s 49.0% equity stake in Tiger Airways.
3. The Company provided $10.9 million impairment on its investment in Asia Leasing Limited. The impairment was
reversed out from the Group as the share of post acquisition reserve is equity accounted in the Group’s accounts.
4. SATS acquired an additional 24.5% equity interest in Asia Airfreight Terminal Company Limited from Changi
International Airport Services Pte Ltd for a consideration of $76.5 million. This brings the total equity interest held by
SATS to 49.0%. Goodwill arising from the additional equity interest, amounting to $41.5 million was capitalised and
amortised over a period of 20 years.
5. TAJ SATS Air Catering refunded $3.3 million as return on shareholders’ funds to SATS on 8 September 2004.
6. SATS purchased approximately 49.8% of the ground and cargo handling business of PT Jasa Angkasa Semesta TBK
from Devro Group Limited for US$61.3 million (S$104.0 million). Goodwill arising from the acquisition of $100.3
million was capitalised and amortised over a period of 20 years.
7. SIAEC, Jamco Corporation and Jamco America, Inc. incorporated a company, Jamco Aero Design & Engineering
Private Limited (“JADE”). SIAEC injected $0.8 million for its 45.0% equity interest in JADE.
8. SIAP has sold its entire 20% shareholding in the Indonesian company PT Pantai Indah Tateli (“PTPIT”) to Pacific Link
Asset Management Co Ltd for a consideration of US$1.20. PTPIT was incorporated to build and operate a hotel in
Manado, North Sulawesi. As the hotel has not been in operation, SIAP has written down the book value of its stake
in PTPIT to zero prior to the disposal.