NATS-Annual-Report-2015

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