Singapore Airlines 2009 Annual Report Download - page 162
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160
NOTES TO THE FINANCIAL STATEMENTS
31 March 2009
22 Subsidiary Companies (in $ million)
The Company
31 March
2009 2008
Investment in subsidiary companies (at cost)
Quoted equity investments ## ##
Unquoted equity investments 1,772.4 1,772.4
1,772.4 1,772.4
Accumulated impairment loss (16.6) (16.6)
1,755.8 1,755.8
Loan to a subsidiary company 25.0 25.0
1,780.8 1,780.8
Funds from subsidiary companies (1,426.6) (1,540.7)
Amounts owing to subsidiary companies (171.2) (188.4)
(1,597.8) (1,729.1)
Amounts owing by subsidiary companies 284.6 227.4
Market value of quoted equity investments 2,679.6 5,437.5
## The value is $2.
During the fi nancial year, SIAEC signed an agreement with Cebu Pacifi c Air to set up an aircraft heavy
maintenance facility at Clark International Airport in the Philippines. SIAEC will own 65.0% of this subsidiary
company, with Cebu Pacifi c Air holding the remaining 35.0%. SIAEC injected an initial investment of $15.4
million in SIA Engineering Philippines after its incorporation in July 2008.
The loan to a subsidiary company is unsecured and has repayment terms of remaining two years. Interest on
the loan is computed using SGD Swap-Offer Rates, and applying agreed margins. The loan is denominated
in SGD and interest rates range from 2.75% to 2.95% (2007-08: 2.69% to 4.34%) per annum. Net carrying
amount of the loan approximates the fair value as interest rate implicit in the loan approximates market
interest rate.
Funds from subsidiary companies are unsecured and have varying repayment terms. Interest on funds from
subsidiary companies are computed using prevailing market rates which range from 0.03% to 1.75% (2007-
08: 0.27% to 3.34%) per annum for SGD funds, from 0.03% to 6.30% (2007-08: 2.37% to 5.39%) per annum
for USD funds and from 3.05% to 7.45% (2007-08: 6.18% to 7.15%) per annum for AUD funds.
Amounts owing to/by subsidiary companies are unsecured, trade-related, non-interest bearing and are repayable
on demand. The amounts owing by subsidiary companies are neither overdue nor impaired.
As at 31 March 2009, the composition of funds from subsidiary companies held in foreign currencies by the
Company is as follows: USD – 9.4% (2008: 6.2%) and AUD – 0.4% (2008: 0.4%).