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AirAsia X Berhad • Annual Report 2014
NOTES TO THE FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2014
17 INVESTMENT IN AN ASSOCIATE (CONTINUED)
The details of the associate are as follows:
Name
Principal place of business
/country of incorporation
Group’s effective equity interest Principal activities
2014
2013
%
%
Thai AirAsia X Co. Ltd (“TAAX”)
Thailand
49
49
Commercial air transport services
TAAX is a private company for which there is no quoted market price available for its shares.
There are no contingent liabilities relating to the Group’s investment in TAAX.
TAAX is operator of commercial air transport services which are based in Thailand. This associate company is strategic investment of the Company and form an essential part
of the Company’s growth strategy. They provide access to a wider geographical market and network coverage in the provision of air transport services across the ASEAN region.
Summarised financial information for associate
Set out below is the summarised financial information for the associate which is accounted for using the equity method:
Summarised balance sheet
TAAX
2014
RM’000
2013
RM’000
Current
Cash and cash equivalents
26,438
31,831
Other current assets
52,603
7,741
Total current assets
79,041
39,572
TAAX
2014
RM’000
2013
RM’000
Non-current
Assets
19,495
1,542
Financial liabilities
(24,731)
(15)
Other liabilities
(110,142)
(1,270)
Total current liabilities
(134,873)
(1,285)
Net (liabilities)/assets
(36,337)
39,829
