| 26 | Interest in joint ventures |
|
2017 RMB million |
2016 RMB million |
|||||||
|
Share of net assets |
1,015 | 1,522 | ||||||
|
|
|
|
|
|||||
All the Group’s joint ventures are unlisted without quoted market price. The particulars of the Group’s principal joint ventures as at December 31, 2017 are as follows:
| Proportion of ownership interest held by |
||||||||||||||||||||||
|
Place of establishment/ operation |
Group’s effective interest |
The Company |
Subsidiaries |
Proportion of voting rights held by the Group |
Principal activity | |||||||||||||||||
|
Guangzhou Aircraft Maintenance Engineering Co., Ltd. (”GAMECO”) |
PRC | 50 | % | 50 | % | — | 50 | % | Aircraft repair and maintenance services |
|||||||||||||
|
Guangzhou China Southern Zhongmian Dutyfree Store Co., Limited |
PRC | 50 | % | 50 | % | — | 50 | % | Sales of duty free goods in flight |
|||||||||||||
|
China Southern West Australian Flying College Pty Ltd. (“Flying College”) |
Australia | 48.12 | % | 48.12 | % | — | 50 | % | Pilot
training services |
|||||||||||||
There is no joint venture that is individually material to the Group.
The Group has interest in a number of individually immaterial joint ventures that are accounted for using the equity method. The aggregate financial information of these joint ventures is summarized as following:
|
2017 RMB million |
2016 RMB million |
2015 RMB million |
||||||||||
|
Aggregate carrying amount of individually immaterial joint ventures |
1,015 | 1,522 | 1,440 | |||||||||
|
Aggregate amounts of the Group’s share of: |
||||||||||||
|
Profit from continuing operations and total comprehensive income |
99 | 102 | 108 | |||||||||