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96 SIA Annual Report 04/05
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#
13col
21 Joint Venture Companies (in $ million)
The Group The Company
31 March 31 March
2005 2004 2005 2004
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Investment in joint venture companies (unquoted, at cost) 207.6 196.9 151.0 140.3
Share of post acquisition reserves
– general reserve 102.4 94.3 – –
– foreign currency translation reserve 3.8 8.9 – –
– capital reserve 9.8 9.1 – –
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
323.6 309.2 151.0 140.3
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The Group’s share of the consolidated results of joint venture companies is as follows:
The Group
2004-05 2003-04
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Profit before taxation 12.5 6.4
Taxation (0.4) (0.3)
––––––––––––––––––––––––––––––––––
12.1 6.1
––––––––––––––––––––––––––––––––––
The Group’s share of the consolidated assets and liabilities of the joint venture companies comprises:
The Group
31 March
2005 2004
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Fixed and other non-current assets 1,475.0 1,456.5
Current assets 180.5 148.1
Current liabilities (189.9) (223.6)
Long-term liabilities (1,142.0) (1,071.8)
––––––––––––––––––––––––––––––––––
323.6 309.2
––––––––––––––––––––––––––––––––––
The joint venture companies at 31 March are:
Country of Percentage of
incorporation Cost equity held by
and place (in $ million) the Group
Principal activities of business 2005 2004 2005 2004
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Singapore Aircraft Leasing Aircraft leasing Singapore 150.98 140.28 35.5 35.5
Enterprise Pte Ltd*
International Engine Repair of aircraft - do - 10.07 10.07 42.8 43.3
Component components
Overhaul Pte Ltd
Singapore Aero Engine Repair and maintain Trent - do - 46.53 46.53 42.8 43.3
Services Private Limited aero engines
* Audited by Ernst & Young, Singapore.
During the financial year, the Company contributed an additional capital of $10.7 million in Singapore Aircraft Leasing
Enterprise Pte Ltd in accordance with the joint venture agreement.