Singapore Airlines 2009 Annual Report Download - page 159

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157
20 Intangible Assets (in $ million)
The Group
Goodwill
arising on Computer Customer
consolidation software Brands relationships Licences Total
Cost
At 1 April 2007 1.5 355.4 - - - 356.9
Additions:
- Internal development - 47.6 - - - 47.6
- Acquisition of subsidiary companies - - - - 1.3 1.3
At 31 March 2008 1.5 403.0 - - 1.3 405.8
Additions:
- Internal development - 21.6 - - - 21.6
- Acquisition of subsidiary companies 239.3 - 126.6 77.5 27.3 470.7
- Acquisition of minority interests 1.7 - - - - 1.7
Disposals - (2.3) - - - (2.3)
Exchange differences - - (1.6) (0.4) - (2.0)
At 31 March 2009 242.5 422.3 125.0 77.1 28.6 895.5
Accumulated amortisation
At 1 April 2007 0.2 256.5 - - - 256.7
Amortisation - 42.5 - - - 42.5
At 31 March 2008 0.2 299.0 - - - 299.2
Amortisation - 42.3 * 2.9 0.3 45.5
Disposals - (2.2) - - - (2.2)
At 31 March 2009 0.2 339.1 - 2.9 0.3 342.5
Net book value
At 31 March 2008 1.3 104.0 - - 1.3 106.6
At 31 March 2009 242.3 83.2 125.0 74.2 28.3 553.0
* Amount less than $0.1 million.
Goodwill arising on consolidation
In 2002-03, SATS acquired 66.7% equity interest in Country Foods Pte Ltd at a cost of $6.0 million. Goodwill
on acquisition of $1.5 million was capitalised and amortised in fi nancial years 2003-04 ($0.1 million) and
2004-05 ($0.1 million).
During the fi nancial year, SATS acquired 100.0% equity interest in Singapore Food Industries Limited (“SFI”).
Goodwill of $239.3 million arose from the acquisition and is attributable to the fair value of improved
resilience to sector specifi c volatilities and signifi cant synergies expected to arise after the acquisition.