Singapore Airlines 2009 Annual Report Download - page 164
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162
NOTES TO THE FINANCIAL STATEMENTS
31 March 2009
22 Subsidiary Companies (in $ million) (continued)
Acquisition of subsidiary companies (continued)
SATS Hong Kong Limited (“SATS HK”) (continued)
Goodwill arising on acquisition
The excess of carrying values of the net identifi able assets over purchase consideration of $2.5 million arose
from the acquisition of 100.0% equity interest in SATS HK as a result of recognition of deferred tax assets.
The amount is recognised in the profi t and loss account.
Singapore Food Industries Limited (“SFI”)
On 2 December 2008, SATS announced that it has entered into a conditional sale and purchase agreement
with Ambrosia Investment Pte Ltd relating to the sale and purchase of 359,731,154 ordinary shares in the
capital of SFI, representing approximately 69.6% of all the issued shares in the capital of SFI, for a cash
consideration of $0.93 per share. Upon obtaining the shareholders’ approval in an extraordinary general
meeting held on 20 January 2009, SATS completed the 69.6% acquisition on the same day and made a
mandatory unconditional cash offer for all the remaining SFI shares. On 6 March 2009, SATS has acquired
approximately 97.2% of all the shares in SFI and exercised its right to compulsorily acquire all the remaining
shares in SFI. On 17 April 2009, SATS has completed the compulsory acquisition and SFI became a wholly-
owned subsidiary company of SATS Group. SFI is delisted from SGX-ST with effect from 22 April 2009.
The fair values of the identifi able assets and liabilities of SFI as at the date of acquisition were:
Recognised on Carrying amount
date of acquisition before combination
Property, plant and equipment 75.9 75.9
Identifi able intangible assets 231.4 58.6
Other non-current assets 4.6 4.6
Trade and other debtors 89.5 88.6
Inventories 52.0 48.6
Cash and cash equivalents 26.8 26.8
480.2 303.1
Trade and other creditors 147.9 147.9
Deferred taxation 59.3 2.0
Current tax payable 9.9 9.9
Minority interest 15.2 10.5
232.3 170.3
Net identifi able assets 247.9 132.8