Singapore Airlines 2010 Annual Report Download - page 157
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ANNUAL REPORT 2009/10
155
22 Subsidiary Companies (in $ million) (continued)
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 1.00% (2008-09: 0.03% to
1.75%) per annum for SGD funds, from 0.09% to 1.85% (2008-09: 0.03% to 6.30%) per annum for USD funds and
from 2.80% to 4.03% (2008-09: 3.05% to 7.45%) per annum for AUD funds.
As at 31 March 2010, the composition of funds from subsidiary companies held in foreign currencies by the Company
is as follows: USD – 21.0% (2009: 9.4%) and AUD – 0.7% (2009: 0.4%).
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.
Disposal of a subsidiary company
Pursuant to the dividend in specie distribution on 1 September 2009, the Company had disposed of its entire
shareholdings in SATS.
The Group’s share of net assets of SATS as at 1 September 2009 were:
Property, plant and equipment 597.4
Investment properties 6.8
Intangible assets 489.5
Associated companies 331.5
Joint venture companies 0.1
Other non-current assets 19.9
Trade and other debtors 297.3
Cash and cash equivalents 301.9
2,044.4
Minority interests 290.2
Other non-current liabilities 131.3
Trade and other creditors 476.6
898.1
Net identifiable assets 1,146.3