Singapore Airlines 2015 Annual Report Download - page 175
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 |
 |
25 Joint Venture Companies (in $ million)
The Group
31 March
2015 2014
Investment in joint venture companies (unquoted, at cost) 96.2 56.6
Share of post-acquisition reserves
– general reserve 83.4 94.5
– foreign currency translation reserve (11.7) (24.6)
167.9 126.5
During the financial year, Scoot invested THB975.1 million ($39.6 million) into NokScoot Airlines Co., Ltd, a joint venture set up
by Scoot and Nok Airlines Public Co Ltd (“NokAir”).
Scoot has 49.0% interest in the ownership and voting rights in this strategic venture and jointly controls the venture with
the other partner, NokAir, under a contractual agreement which requires unanimous consent for all major decisions for the
relevant activities.
The joint venture companies at 31 March are:
Country of
incorporation
and place of
business
Percentage
of equity held
by the Group
Principal activities 2015 2014
International Engine Component Overhaul
Pte Ltd (1)
Repair and overhaul of aero engine
components and parts
Singapore 38.8 39.0
Singapore Aero Engine Services Pte Ltd (1) Repair and overhaul of aircraft engines Singapore 38.8 39.0
NokScoot Airlines Co., Ltd (2) Air transportation Thailand 49.0 –
(1) Held by SIA Engineering Company, are audited by Ernst and Young LLP, Singapore and have financial year end of 31 December.
(2) Held by Scoot, is audited by Deloitte & Touche, Thailand, and has a financial year end of 31 December.
The carrying amounts of the investments are as follows:
The Group
31 March
2015 2014
Singapore Aero Engine Services Pte Ltd (“SAESL”) 126.1 115.1
Other joint venture companies 41.8 11.4
167.9 126.5
The activities of SAESL are strategic to the Group’s activities. The Group jointly controls the venture with other partners under
the contractual agreement and requires unanimous consent for all major decisions over the relevant activities.
Dividends of approximately $49.8 million (FY2013/14: $80.9 million) were received from SAESL during the financial year.
Singapore Airlines | Annual Report FY2014/15 |173