notes to the financial statements - Singapore Technologies ...

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170 SIMPLY SMARTERNOTES TO THE FINANCIAL STATEMENTS31 December 2011(Currency - Singapore dollars unless otherwise stated)14. Associates and jointly controlled entitiesGroupCompany2011 2010 2011 2010$’000 $’000 $’000 $’000Unquoted shares, at cost 228,516 197,907 17,657 17,657Goodwill on acquisition written off, net (110) (110)Share of net assets acquired 228,406 197,797Share of post-acquisition reserves 92,488 83,374320,894 281,171The summarised financial information of the associates is as follows:Group2011 2010$’000 $’000ResultsRevenue 888,490 819,524Net profit for the year 69,319 93,034Assets and liabilitiesNon-current assets 430,884 415,543Current assets 624,868 540,925Current liabilities (332,464) (301,891)Non-current liabilities (40,805) (48,723)682,483 605,854The Group’s share of the jointly controlled entities’ results, assets and liabilities are as follows:Income and expensesIncome 45,102 45,742Expenses (44,185) (43,155)Assets and liabilitiesNon-current assets 62,323 50,783Current assets 101,978 37,685Current liabilities (91,691) (27,996)Non-current liabilities (56,308) (48,541)16,302 11,931
SINGAPORE TECHNOLOGIES ENGINEERING LTD Annual Report 2011171NOTES TO THE FINANCIAL STATEMENTS31 December 2011(Currency - Singapore dollars unless otherwise stated)14. Associates and jointly controlled entities (continued)(a)Details of associates are as follows:Name of associatePrincipal activitiesCountry ofincorporation/place of businessEffective equity interestheld by the Group2011 2010% %Aerospace Engineering Services Pty Ltd Maintenance and servicing of aircraft Australia 50 50Aerospace Engineering Services Pty LtdUnit TrustTrustee of unit trust fund Australia 50 501988 JV Pte. Ltd. ++ Dormant Singapore – 50Composite Technology International Pte LtdRepairing and rebuilding helicopter rotorbladesSingapore 33.33 33.33Eurocopter South East Asia Private LimitedSelling, maintaining and overhauling ofhelicoptersSingapore 25 25Madrid Aerospace Services S.L.Repair and overhaul of aircraft landing gearsand its related componentsSpain 50 50Shanghai Technologies Aerospace CompanyLimitedAircraft and component maintenance, repair,overhaul and other related maintenancebusinessPeople’s Republicof China49 49ST Aerospace (Guangzhou) Aviation ServicesCompany LimitedAircraft and component maintenance, repair,overhaul and other related maintenancebusinessPeople’s Republicof China49 –Singapore Precision Repair and OverhaulPte LtdRepair and overhaul of aircraft and helicopterlanding gears and its related componentsSingapore 50 50Turbine Coating Services Pte LtdRepair, refurbishment and upgrading of aircraftjet engine turbine blades and vanesSingapore 24.5 24.5Turbine Overhaul Services Pte LtdRepair and service of gas and steam turbinecomponentsSingapore 49 49Total Engine Asset Management Pte. Ltd. Leasing of engines Singapore 50 –iWOW Technology Pte Ltd @To carry out research and development,consultancy services in telecommunication,electrical and related fieldsSingapore 17.18 17.18PM-B Project Management Business(Thailand) LtdRelate to mechanical, electrical andengineering works to design, build and providefacility management services for missioncritical environments such as data centres,disaster recovery and business continuity sitesThailand 49 34.3
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