Singapore Airlines 2010 Annual Report Download - page 154
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SINGAPORE AIRLINES
152
notes to the financial statements
31 march 2010
20 Intangible Assets (in $ million) (continued)
The Group (continued)
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 financial years 2003-04 ($0.1 million) and 2004-05
($0.1 million).
During the previous financial year, SATS acquired 100.0% equity interest in Singapore Food Industries Limited (“SFI”).
Goodwill of $239.3 million arose from the acquisition and was attributable to the fair value of improved resilience to
sector specific volatilities and significant synergies expected to arise after the acquisition.
Brands, customer relationships and licences
In 2007-08, SIAEC acquired 100.0% equity interest in Aircraft Maintenance Service Australia Pty Ltd. Upon acquisition,
licences to operate in Australia were capitalised.
Upon acquisition of SFI, intangible assets relating to brands, customer relationships and licences were capitalised.
Brands relate to the “New Covent Garden”, “Johnsons” and “Farmhouse Fare” brand names for SATS Group’s food
preparation, manufacturing and processing operations. The useful life of the first two brands was estimated to be
indefinite while “Farmhouse Fare” brand name had estimated useful life of 17 years.
The customer relationships relate to the economic benefits that were expected to derive from trading with the existing
customers in the Singapore and United Kingdom (“UK”) operations. The relationships included catering and supply
contracts with customers as well as other non-contractual customer relationships which past transactions provided
evidences that SATS Group was able to benefit from the future economic inflows from such relationships.
Licences refer to the abattoir and hog auction licence granted by the Agri-Food and Veterinary Authority of Singapore
and transferable fishing licence in Australia.