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Notes to the Financial Statements
31 March 2016
23 Subsidiary Companies (in $ million) (continued)
(d) Summarised statement of comprehensive income
SIA Engineering Company
Group of Companies
Tiger Airways
Group of Companies
FY2015/16 FY2014/15 FY2015/16 FY2014/15
Revenue 1,113.5 1,119.7 # 677.4
Profit/(Loss) before income tax 200.3 207.2 # (272.5)
Taxation (20.8) (20.0) # 8.3
Profit/(Loss) after tax 179.5 187.2 # (264.2)
Other comprehensive income 148.5 34.4 # (25.0)
Total comprehensive income 328.0 221.6 # (289.2)
# Tiger Airways ceased to be a subsidiary company with NCI material to the Group.
(e) Other summarised information
SIA Engineering Company
Group of Companies
Tiger Airways
Group of Companies
FY2015/16 FY2014/15 FY2015/16 FY2014/15
Net cash flow from operations 77.1 96.1 # 28.7
Acquisition of significant property, plant and equipment (40.9) (49.5) # (40.7)
# Tiger Airways ceased to be a subsidiary company with NCI material to the Group.
(f) Acquisition of a subsidiary company
FY2014/15
On 17 October 2014 (the “acquisition date”), the Company announced an irrevocable undertaking to Tiger Airways’ rights issue, to
subscribe for up to such number of excess Tiger Airways rights shares which are not validly subscribed for by the other Tiger Airways
shareholders, not exceeding a maximum aggregate amount of $140 million. The Company also announced to convert all its 189,390,367
non-voting perpetual convertible capital securities into new Tiger Airways’ shares. Following the announcements, Tiger Airways became
a subsidiary of the Group.
The acquisition is in line with the Company’s support of Tiger Airways. The Company’s portfolio approach ensures that all segments of
the airline business are well covered, through both full-service and low-cost operations. As a regional low-cost airline, Tiger Airways is
an important part of the Company’s portfolio given that it complements the operations of Scoot, which operates widebody aircra on
medium-haul routes. The Company is therefore committed to the long-term growth of Tiger Airways.
A goodwill amount of $163.8 million was recognised on the acquisition based on the dierence between the consideration and the fair
value of the identifiable assets and liabilities at the date of the acquisition. The goodwill arising from the acquisition comprised the value
of strengthening the Group’s portfolio approach and synergies within the Group expected to arise from the acquisition.
The Group elected to measure the non-controlling interest at the non-controlling interest’s proportionate share of Tiger Airways’ net
identifiable assets.
Singapore Airlines172
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