Singapore Airlines 2015 Annual Report Download - page 166

Notes to the Financial Statements
31 March 2015
23 Subsidiary Companies (in $ million) (continued)
(a) Composition of the Group (continued)
Country of
incorporation
and place of
business
Percentage of
equity held
by the Group
Principal activities 2015 2014
Tiger Airways Holdings Limited Investment holding Singapore 55.8 –
Tiger Airways Singapore Pte Ltd(6) Air transportation Singapore 55.8 –
Roar Aviation Pte Ltd(6) Investment holding Singapore 55.8 –
Roar Aviation II Pte Ltd(6) Investment holding Singapore 55.8 –
Roar Aviation III Pte Ltd(6) Investment holding Singapore 55.8 –
SIA (Mauritius) Ltd@Pilot recruitment Mauritius 100.0 100.0
All the Singapore-incorporated subsidiary companies are audited by Ernst & Young LLP, Singapore
(1) Held by SIA Engineering Company
(2) The company is considered a subsidiary of the Group by virtue of the management control over financial and operating policies of the company
(3) Held by Singapore Airlines Cargo
(4) Held by SilkAir (Singapore) Private Limited
(5) Held by the Company (56%) and SilkAir (Singapore) Private Limited (5%)
(6) Held by Tiger Airways Holdings Limited
* Audited by member firms of Ernst & Young Global in the respective countries
** Audited by Shanghai Hui Hong Certified Public Accountants Co., Ltd, China
@ Not required to be audited under the law in country of incorporation
+ Financial year end 31 December
Special purpose entities
Details of the operating special purpose entities (“SPE”) controlled and consolidated by the Group at end of financial
year are as follows:
Name of entity Purpose of special purpose entity Country of incorporation
Winnie Aircraft Limited Financing of aircraft Mauritius
Falcon Aircraft Limited Financing of aircraft Mauritius
The SPEs are held by Tiger Airways Holdings Limited and are audited by Ernst & Young LLP, Mauritius
Although the Group does not hold shares in these companies, they are considered subsidiary companies as the activities
of the SPEs are being conducted on behalf of the Group according to its specific business needs and the Group retains the
majority of the residual or ownership risks related to the assets held by these SPEs. These SPEs were incorporated for the
sole purpose of financing of the Group’s aircra (Note 19).
(b) Interest in subsidiary companies with material non-controlling interest (“NCI”)
The Group has the following subsidiary companies that have NCI that are material to the Group:
SIA Engineering Company
Group of Companies
Tiger Airways
Group of
Companies
2015 2014 2015
Proportion of ownership interest held by NCI 22.4% 22.0% 44.2%
Profit/(Loss) allocated to NCI during the reporting period 43.3 63.1 (6.1)
Accumulated NCI at the end of reporting period 321.9 328.9 96.8
Dividends paid to NCI 71.1 56.4 –
164 FINANCIAL