Singapore Airlines 2008 Annual Report Download - page 136

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Singapore Airlines Annual Report 2007-08
134
22 Subsidiary Companies (in $ million) (continued)
Country of Percentage of
incorporation equity held
and place Cost (in $ million) by the Group
Principal activities of business 2008 2007 2008 2007
Singapore Flying College Pte Ltd Training of pilots Singapore 70.95 70.95 100.0 100.0
Sing-Bi Funds Private Limited Inactive - do - 0.01 0.01 100.0 100.0
Singapore Airport Duty-Free Inactive - do - 11.73 11.73 95.4 95.7
Emporium (Private) Limited
Abacus Travel Systems Pte Ltd Marketing of Abacus Computer - do - 2.44 2.44 61.0 61.0
reservations systems
SIA (Mauritius) Ltd***** Pilot recruitment Mauritius # # 100.0 100.0
All the Singapore-incorporated subsidiary companies are audited by Ernst & Young, Singapore.
* Not required to be audited as the company was incorporated on 18 December 2007.
** Audited by Ernst & Young, Australia.
*** Audited by SGV & Co, formerly known as Ernst & Young, Philippines.
**** Audited by Baker Tilly.
***** Not required to be audited in country of incorporation.
# The value is $1.
## The value is $2.
23 Associated Companies (in $ million)
The Group The Company
31 March 31 March
2008 2007 2008 2007
Share of net assets of associated companies
at acquisition date 324.0 316.4 - -
Goodwill on acquisition of associated companies 1,759.6 1,759.6 - -
Unquoted investments at cost 2,083.6 2,076.0 1,592.1 1,592.1
Accumulated impairment loss (18.5) (18.5) (9.4) (9.4)
2,065.1 2,057.5 1,582.7 1,582.7
Goodwill written-off to reserves (1,613.0) (1,613.0) - -
Accumulated amortisation of intangible assets (36.7) (29.8) - -
Foreign currency translation reserve (118.9) (53.6) - -
Share of post-acquisition reserves
- general reserve 343.9 329.9 - -
- fair value reserve 243.7 19.5 - -
- capital reserve 95.6 44.9 - -
979.7 755.4 1,582.7 1,582.7
Loans to associated companies 145.9 147.1 139.5 139.5
Write-down of loans (4.6) (5.0) - -
141.3 142.1 139.5 139.5
1,121.0 897.5 1,722.2 1,722.2
Amounts owing by associated companies 0.5 1.9 - -
Amount owing to associated companies (1.2) - - -
Amount owing by/(to) associated companies, net (0.7) 1.9 - -
NOTES TO THE FINANCIAL STATEMENTS
31 March 2008