Singapore Airlines 2011 Annual Report Download - page 157
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ANNUAL REPORT 2010/2011 155
NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
24 Associated Companies (in $ million)
The Group The Company
31 March 31 March
2011 2010 2011 2010
Share of net assets of associated companies
at acquisition date 418.3 427.2 - -
Goodwill on acquisition of associated companies 1,677.2 1,677.2 - -
Unquoted investments at cost 2,095.5 2,104.4 1,725.1 1,725.1
Accumulated impairment loss (15.2) (15.2) (9.4) (9.4)
2,080.3 2,089.2 1,715.7 1,715.7
Goodwill written-off to reserves (1,612.3) (1,612.3) - -
Foreign currency translation reserve (179.6) (136.3) - -
Share of post-acquisition reserves
- general reserve 164.9 156.2 - -
- fair value reserve (38.2) (36.5) - -
- capital reserve 89.7 72.3 - -
504.8 532.6 1,715.7 1,715.7
Loans to associated companies 4.5 4.5 - -
Write-down of loans (4.5) (4.5) - -
- - - -
504.8 532.6 1,715.7 1,715.7
Amounts owing to associated companies - (2.0) - -
During the financial year:
1. RCMS Properties Private Limited recorded a revaluation gain of $86.3 million (2009-10: revaluation
loss of $88.6 million) from its annual revaluation exercise of its land and building. The Group’s share
of the revaluation gain of $17.3 million at 31 March 2011 (2010: revaluation loss of $17.7 million) is
included under the share of post-acquisition capital reserve.
2. SIAEC and Southern Airports Corporation incorporated a company, Southern Airports Aircraft
Maintenance Services Company Limited (“SAAM”) in Vietnam. SIAEC injected $1.1 million for its
49.0% equity in SAAM.
3. During the year, the Company divested its 50% interest in associated company, Service Quality (SQ)
Centre Pte Ltd (“SQC”) to TUV SUD PSB Pte Ltd, which currently holds the remaining 50% interest of
SQC. Following the divestment, SQC has ceased to be an associated company of the Company.
4. The Group has not recognised net liabilities relating to an associated company where its share of net
liabilities exceeds the Group’s interest in this associated company. The Group’s cumulative share of net
liabilities at the end of the reporting period was $0.6 million (2010: $73.8 million). The Group has no
obligation in respect of these unrecognised liabilities.