Singapore Airlines 2012 Annual Report Download - page 158

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156 SINGAPORE AIRLINES
Notes to the Financial Statements
31 March 2012
24 Associated Companies (in $ million)
The Group
31 March
2012 2011
Share of net assets of associated companies at acquisition date 471.8 418.3
Goodwill on acquisition of associated companies 1,677.2 1,677.2
2,149.0 2,095.5
Accumulated impairment loss (20.8) (15.2)
2,128.2 2,080.3
Goodwill written-off to reserves (1,612.3) (1,612.3)
Foreign currency translation reserve (179.1) (179.6)
Share of post-acquisition reserves
- general reserve 136.3 164.9
- fair value reserve (37.6) (38.2)
- capital reserve 107.7 89.7
543.2 504.8
Loans to associated companies 4.5 4.5
Write-down of loans (4.5) (4.5)
- -
543.2 504.8
The Company
31 March
2012 2011
Investment in associated companies (at cost)
Unquoted equity investments 1,646.7 1,713.2
Quoted equity investments 63.8 11.9
1,710.5 1,725.1
Accumulated impairment loss (9.4) (9.4)
1,701.1 1,715.7
Market value of quoted equity investments 206.8 259.6
During the financial year:
1. RCMS Properties Private Limited recorded a revaluation gain of $89.7 million (2010-11: $86.3 million) from its
annual revaluation exercise of its land and building. The Group’s share of the revaluation gain of $17.9 million at
31 March 2012 (2010-11: $17.3 million) is included under the share of post-acquisition capital reserve.
2. SIAEC and Panasonic Avionics Corporation incorporated a company, Panasonic Avionics Services Singapore (“PACSS”),
in Singapore. SIAEC injected $2.7 million for its 42.5% equity in PACSS.
3. Pursuant to the renounceable Rights Issue of Tiger Airways Holdings Limited (“Tiger Airways”), the Company had been
allocated 89,504,625 Rights Shares. Based on an issue price of $0.58 per Rights Share, the total consideration paid
by the Company in relation to the subscription of the Rights Shares was $51.9 million.