RELATED PARTY RELATIONSHIPS

The following tables include principal investments which, in aggregate, significantly impact the results or assets of the Company:

Investments in subsidiaries consolidated in the Company’s financial statements:



		% equity			% equity
			interest		interest
Name	Country of incorporation		2020		2019
AACE Vietnam Limited Liability Company	Vietnam		100.0	%	100.0	%
CAE Academia de Aviacion (Espana) S.L.	Spain		100.0	%	100.0	%
CAE (UK) plc	United Kingdom		100.0	%	100.0	%
CAE (US) Inc.	United States		100.0	%	100.0	%
CAE Aircrew Training Services plc	United Kingdom		76.5	%	76.5	%
CAE Australia Pty Ltd.	Australia		100.0	%	100.0	%
CAE Aviation Services Pte Ltd.	Singapore		100.0	%	100.0	%
CAE Aviation Training B.V.	Netherlands		100.0	%	100.0	%
CAE Aviation Training Peru S.A.	Peru		100.0	%	100.0	%
CAE Brunei Multi Purpose Training Centre Sdn Bhd	Brunei		60.0	%	60.0	%
CAE Center Amsterdam B.V.	Netherlands		100.0	%	100.0	%
CAE Center Brussels N.V.	Belgium		100.0	%	100.0	%
CAE Centre Copenhagen A/S	Denmark		100.0	%	100.0	%
CAE Centre Hong Kong Limited	Hong Kong		100.0	%	100.0	%
CAE Centre Oslo AS	Norway		100.0	%	100.0	%
CAE Centre Stockholm AB	Sweden		100.0	%	100.0	%
CAE CFT B.V.	Netherlands		100.0	%	100.0	%
CAE Civil Aviation Training Solutions Inc.	United States		100.0	%	100.0	%
CAE Colombia Flight Training S.A.S.	Colombia		100.0	%	100.0	%
CAE Crewing Services Limited	Ireland		100.0	%	100.0	%
CAE El Salvador Flight Training S.A. de C.V.	El Salvador		99.5	%	99.5	%
CAE Electronik GmbH	Germany		100.0	%	100.0	%
CAE Engineering Korlatolt Felelossegu Tarsasag	Hungary		100.0	%	100.0	%
CAE Entrenamiento de Vuelo Chile Limitada	Chile		100.0	%	100.0	%
CAE Flight & Simulator Services Sdn. Bhd.	Malaysia		100.0	%	100.0	%
CAE Flight Training (India) Private Limited	India		100.0	%	100.0	%
CAE Flight Training Center Mexico, S.A. de C.V.	Mexico		100.0	%	100.0	%
CAE GAH Aviation Technology Services Co Ltd	China		80.0	%	—	%
CAE Global Academy Évora, SA	Portugal		100.0	%	100.0	%
CAE Healthcare Canada Inc.	Canada		100.0	%	100.0	%
CAE Healthcare Inc.	United States		100.0	%	100.0	%
CAE India Private Limited	India		100.0	%	100.0	%
CAE Integrated Enterprise Solutions Australia Pty Ltd.	Australia		100.0	%	100.0	%
CAE International Holdings Limited	Canada		100.0	%	100.0	%
CAE Kuala Lumpur Sdn Bhd	Malaysia		100.0	%	100.0	%
CAE Luxembourg Acquisition S.à r.l.	Luxembourg		100.0	%	100.0	%
CAE Maritime Middle East L.L.C.	United Arab Emirates		49.0	%	49.0	%
CAE Middle East L.L.C.	United Arab Emirates		49.0	%	49.0	%
CAE Military Aviation Training Inc.	Canada		100.0	%	100.0	%
CAE New Zealand Pty Ltd.	New Zealand		100.0	%	100.0	%
CAE North East Training Inc.	United States		100.0	%	100.0	%
CAE Oslo - Aviation Academy AS	Norway		100.0	%	—	%
CAE Oxford Aviation Academy Phoenix Inc.	United States		100.0	%	100.0	%
CAE Services Italia S.r.l.	Italy		100.0	%	100.0	%
CAE Servicios Globales de Instrucción de Vuelo (España), S.L.	Spain		100.0	%	100.0	%
CAE Shanghai Company, Limited	China		100.0	%	100.0	%
CAE SimuFlite Inc.	United States		100.0	%	100.0	%
CAE Simulation Technologies Private Limited	India		100.0	%	100.0	%
CAE Simulator Services Inc.	Canada		100.0	%	100.0	%

Investments in subsidiaries consolidated in the Company’s financial statements (continued):



		% equity			% equity
			interest		interest
Name	Country of incorporation		2020		2019
CAE Singapore (S.E.A.) Pte Ltd.	Singapore		100.0	%	100.0	%
CAE South America Flight Training do Brasil Ltda.	Brazil		100.0	%	100.0	%
CAE STS Limited	United Kingdom		100.0	%	100.0	%
CAE Training & Services Brussels NV	Belgium		100.0	%	100.0	%
CAE Training & Services UK Ltd.	United Kingdom		100.0	%	100.0	%
CAE Training Norway AS	Norway		100.0	%	100.0	%
CAE USA Inc.	United States		100.0	%	100.0	%
CAE USA Mission Solutions Inc.	United States		100.0	%	100.0	%
CAE Verwaltungsgesellschaft mbH	Germany		100.0	%	100.0	%
Flight Training Device (Mauritius) Ltd.	Mauritius		100.0	%	100.0	%
Logitude Oy	Finland		100.0	%	100.0	%
Oxford Aviation Academy (Oxford) Limited	United Kingdom		100.0	%	100.0	%
Parc Aviation Engineering Services Ltd.	Ireland		100.0	%	100.0	%
Parc Aviation Limited	Ireland		100.0	%	100.0	%
Parc Aviation UK Ltd	United Kingdom		100.0	%	100.0	%
Parc Interim Limited	Ireland		100.0	%	100.0	%
Pelesys Aviation Maintenance Training Inc.	Canada		100.0	%	29.3	%
Pelesys Learning Systems Inc.	Canada		100.0	%	45.0	%
Presagis Canada Inc.	Canada		100.0	%	100.0	%
Presagis Europe (S.A.)	France		100.0	%	100.0	%
Presagis USA Inc.	United States		100.0	%	100.0	%
Servicios de Instrucción de Vuelo, S.L.	Spain		80.0	%	80.0	%
SIM-Industries Brasil Administracao de Centros de Treinamento Ltda.	Brazil		100.0	%	100.0	%
SIV Ops Training, S.L.	Spain		80.0	%	80.0	%

Investments in joint ventures accounted for under the equity method:



		% equity			% equity
			interest		interest
Name	Country of incorporation		2020		2019
Aviation Training Northeast Asia B.V.	Netherlands		50.0	%	50.0	%
CAE Flight and Simulator Services Korea, Ltd.	Korea		50.0	%	50.0	%
CAE-LIDER Training do Brasil Ltda.	Brazil		50.0	%	50.0	%
CAE Melbourne Flight Training Pty Ltd.	Australia		50.0	%	50.0	%
CAE Middle East Pilot Services LLC	United Arab Emirates		49.0	%	49.0	%
CAE Simulation Training Private Limited	India		50.0	%	50.0	%
Embraer CAE Training Services LLC	United States		49.0	%	49.0	%
Emirates-CAE Flight Training LLC	United Arab Emirates		49.0	%	49.0	%
Flight Training Alliance GmbH	Germany		50.0	%	50.0	%
HATSOFF Helicopter Training Private Limited	India		50.0	%	50.0	%
Helicopter Training Media International GmbH	Germany		50.0	%	50.0	%
HFTS Helicopter Flight Training Services GmbH	Germany		25.0	%	25.0	%
JAL CAE Flight Training Co. Ltd.	Japan		50.0	%	50.0	%
National Flying Training Institute Private Limited	India		51.0	%	51.0	%
Pegasus Ucus Egitim Merkezi A.S.	Turkey		49.9	%	49.9	%
Philippine Academy for Aviation Training Inc.	Philippines		40.0	%	40.0	%
Rotorsim s.r.l.	Italy		50.0	%	50.0	%
Rotorsim USA LLC	United States		50.0	%	50.0	%
SIMCOM Holdings, Inc	United States		50.0	%	—	%
Singapore CAE Flight Training Pte Ltd.	Singapore		50.0	%	50.0	%

During the year ended March 31, 2020, the unrecognized share of losses of joint ventures for which the Company ceased to recognize when applying the equity method was $3.3 million (2019 – $5.7 million). As at March 31, 2020, the cumulative unrecognized share of losses for these entities was $16.0 million (2019 – $12.7 million) and the cumulative unrecognized share of comprehensive loss of joint ventures was $16.1 million (2019 – $13.4 million).

Partnership with Directional Aviation Capital

On November 4, 2019, the Company concluded a strategic partnership with Directional Aviation Capital (DAC) including a 15-year exclusive business aviation training services agreement with DAC affiliates and the acquisition of a 50% equity interest in SIMCOM Holdings, Inc. for cash consideration of $113.5 million [US $86.3 million]. The Company obtained joint control over SIMCOM, therefore the joint venture is accounted for using the equity method. SIMCOM operates simulators and training devices representative of a wide range of jet, turboprop and piston powered aircraft and is headquartered in Orlando, Florida.

Over the course of the 15-year business aviation training services agreement, DAC's affiliated business aircraft operators, which include Flexjet, Flight Options, Flairjet, Sirio, Nextant Aerospace and Corporate Wings, will train exclusively with SIMCOM and CAE.