NATS-Annual-Report-2015

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Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 148 Notes forming part of the consolidated accounts (continued) 30. Subsidiaries, joint ventures and associates The group’s principal subsidiaries at 31 March 2015, all of which have been consolidated in these accounts were: Name of company Principal activity Proportion of ordinary shares held Proportion of voting rights held Country of registration Country of operation NATS Limited* Corporate services 100% 100% England and Wales United Kingdom NATS (En Route) plc En route air traffic services 100% 100% England and Wales United Kingdom NATS (Services) Limited Airport air traffic services 100% 100% England and Wales United Kingdom NATS Solutions Limited Airport air traffic services 100% 100% England and Wales United Kingdom NATSNav Limited Satellite based navigation 100% 100% England and Wales United Kingdom NATS Employee Sharetrust Limited Corporate trustee of employee share plan 100% 100% England and Wales United Kingdom NATS Services DMCC ATM consultancy 100% 100% UAE UAE NATS Services (Asia Pac) Pte. Limited Airport air traffic services 100% 100% Singapore Singapore NATS (USA) Inc Engineering and ATM consultancy 100% 100% USA USA NATS Sverige AB Airport air traffic services 100% 100% Sweden Sweden * NATS Limited is held directly by NATS Holdings Limited. Other investments are held by subsidiaries. The group had one associate and two joint ventures as at 31 March 2015, details are as follows: Name of company Principal activity Date of acquisition Proportion of ordinary shares held Country of incorporation European Satellite Services Provider SAS Satellite based navigation 1 September 2008 16.67% France FerroNATS Air Traffic Services SA Airport air traffic services 28 January 2011 50.0% Spain Aquila Air Traffic Management Services Limited Air traffic management services 9 October 2014 50.0% United Kingdom Financial Statements
Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 149 Notes forming part of the consolidated accounts (continued) 30. Subsidiaries, joint ventures and associates (continued) Summarised financial information relating to the associate and joint ventures European Satellite Services Provider SAS (ESSP) On 1 September 2008, the group acquired 16.67% of the issued share capital of ESSP for cash consideration of €0.2m (£0.1m). The associate is accounted for using the equity method. Pursuant to the shareholder agreement, the group has the right to cast 16.67% of the votes at shareholder meetings. The financial year end is 31 December 2014. For the purposes of applying the equity method of accounting, the financial statements of ESSP for the year ended 31 December 2014 have been used (no adjustments are required to be made for the effects of significant transactions between that date and 31 March 2015). Although the group holds less than 20% of the equity shares of ESSP, the group exercises significant influence by virtue of representation on the Board of directors, participation in policy making decisions of ESSP and the provision of essential technical information to ESSP. Summarised financial information in respect of ESSP is set out below. These amounts have been prepared in accordance with French Generally Accepted Accounting Principles (GAAP) and converted from euro, ESSP’s functional currency. FerroNATS Air Traffic Services SA In January 2011, the group acquired 50% of the issued share capital of FerroNATS Air Traffic Services SA for a cash consideration of €0.1m (£0.1m). In June 2011 the group purchased an additional €0.4m (£0.3m) of share capital, maintaining a 50% holding of the issued share capital. FerroNATS is a joint venture with Ferrovial Servicios SA. FerroNATS draws up its accounts as at 31 December. FerroNATS prepares its accounts in accordance with Spanish GAAP and its functional currency is the euro. For the purpose of these financial statements management accounts have been used to derive its performance as at 31 March 2015. During the year FerroNATS repaid loan finance of €0.2m (£0.1m) to the group. In 2014, the group provided loan finance of €1.3m (£1.1m) to FerroNATS. Of these loans €0.5m (£0.4m) was converted to equity. Aquila Air Traffic Management Services Limited In October 2014, the group acquired 50% of the issued share capital of Aquila Air Traffic Management Services Limited (Aquila) for a cash consideration of £0.1m. Aquila provides air traffic management services at military airfields in the delivery of Project Marshall for the Ministry of Defence. Aquila draws up its accounts to 31 March and therefore these accounts have been used to determine its performance for the financial year. It prepares its accounts under IFRS and its functional currency is pound sterling. Financial Statements
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NATS-Annual-Report-2015

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