Singapore Airlines 2011 Annual Report Download - page 158
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SINGAPORE AIRLINES
156
NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
24 Associated Companies (in $ million) (continued)
Loans to associated companies are unsecured and have no foreseeable terms of repayments. Accordingly,
the fair values of the loans are not determinable as the timing of future cash flows arising from the loans
cannot be estimated reliably.
Cost of investment includes cumulative redeemable preference shares of $133.0 million issued by Virgin
Atlantic Limited (“VAL”). The cumulative redeemable preference shares carry no entitlement to vote at
meetings. On a winding up of VAL, the preference shareholders have a right to receive, in preference to
payments to ordinary shareholders, the amount paid up on any share including any amount paid up by
way of share premium plus any arrears or accruals of dividend declared but not paid on the due date.
Amounts owing to/by associated companies are unsecured, trade-related, non-interest bearing and are
repayable on demand.
The summarised financial information of the associated companies, not adjusted for the proportion of
ownership interest held by the Group, are as follows:
The Group
31 March
2011 2010
Assets and liabilities
Current assets 467.5 766.5
Non-current assets 1,946.6 1,163.8
2,414.1 1,930.3
Current liabilities (578.1) (491.5)
Non-current liabilities (637.0) (343.2)
(1,215.1) (834.7)
2010-11 2009-10
Results
Revenue 1,723.4 1,380.8
Profit for the period 140.4 86.7
The associated companies at 31 March are:
Percentage of
Country of equity held by
incorporation and the Group
Principal activities place of business 2011 2010
Service Quality (SQ) Centre Pte Ltd@ Quality service training Singapore - 50.0
Virgin Atlantic Limited*+ Air transportation United Kingdom 49.0 49.0
Tiger Airways Holdings Limited@ Investment holding Singapore 32.9 33.7
RCMS Properties Private Limited^++ Hotel ownership and management - do - 20.0 20.0
Southern Airports Aircraft Provide defect rectification, AOG Vietnam 39.1 -
Maintenance Services support, non-destructive testing, cabin
Company Limited#++ cleaning and aircraft polishing
Combustor Airmotive Services Repair and overhaul of aircraft engine Singapore 39.1 39.5
Pte Ltd^+++ combustion chambers, guides,
fuel nozzles and related parts