Singapore Airlines 2016 Annual Report Download - page 148

Notes to the Financial Statements
31 March 2016
9 Other Non-Operating Items (in $ million)
The Group
FY2015/16 FY2014/15
Impairment of aircraft (11.7) (22.0)
Surplus on disposal of other property, plant and equipment 6.6 2.2
Surplus on disposal of a subsidiary company 3.3 5.8
Surplus on partial disposal of an associated company 2.8 –
Loss on liquidation of an associated company (4.3) (0.2)
Impairment on investment in an associated company (2.5) –
Impairment on long-term investments (9.0) (0.3)
Writeback of shutdown costs of an associated company – 2.8
Loss on disposal of an associated company – (2.6)
Refund of competition-related fines 116.5 –
Surplus on dilution of interest in an associated company 1.9 –
Loss on planned disposal of aircraft (38.0) –
Writeback of provision for onerous aircraft leases, net 25.5 –
91.1 (14.3)
10 Exceptional Items (in $ million)
The Group
FY2015/16 FY2014/15
Remeasurement gain arising from consolidation of Tiger Airways – 119.8
Impairment on long-term investment – (63.6)
Gain on divestment of an associated company – 7.3
Impairment of freighters – (7.0)
Writeback of impairment of property, plant and equipment of Singapore Flying College – 2.1
Refund on appeal for anti-trust fine – 1.0
Provision for competition-related fine and settlements – (25.1)
– 34.5
During the previous financial year:
1. Tiger Airways became a subsidiary, resulting in the Group recording a gain of $119.8 million which arose from the remeasurement of SIA’s
retained interest in Tiger Airways at fair value.
2. Singapore Airlines Cargo (“SIA Cargo”) recognised an impairment loss of $63.6 million on its long-term investment of an equity stake of
16% in China Cargo Airlines to fully write down its carrying value, due to negative shareholders’ equity, and continued operating losses
incurred.
3. The Company recorded an additional gain of $7.3 million on the sale of Virgin Atlantic Limited arising from certain post-closing adjustments.
4. SIA Cargo recorded an additional impairment loss of $7.0 million on two surplus freighters that have been removed from the operating
fleet, based on the sale price of the freighters.
5. Singapore Flying College (“SFC”) recognised a writeback of $2.1 million on its previously impaired assets, in relation to the closure of the
college’s operations in Maroochydore, Australia.
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