Singapore Airlines 2015 Annual Report Download - page 197
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38 Financial Risk Management Objectives and Policies (in $ million) (continued)
(b) Foreign currency risk (continued)
Fair value through profit or loss
In addition, the Group has cross currency swap contracts in place with notional amounts ranging from $3.7 million to
$34.5 million (2014: $10.8 million to $47.0 million) where it pays SGD and receives USD at USD/SGD exchange rates
ranging from 1.3085 to 1.6990 (FY2013/14: 1.3085 to 1.6990). These contracts are used to protect the foreign exchange risk
exposure of the Group’s USD-denominated finance lease commitments. The maturity period of these contracts ranges from
21 August 2015 to 14 February 2018.
Foreign currency sensitivity analysis
The foreign currency risk sensitivity analysis is based on the assumption that all cash flow hedges are highly eective;
hence there will be no impact on profit before taxation from the cash flow hedges.
The following table details the sensitivity of a 1% strengthening of SGD against the respective foreign currencies. The
sensitivity analysis includes only outstanding foreign currency hedging contracts and significant outstanding foreign currency
denominated monetary items and adjusts their translation at the period end for a 1% change in foreign currency rates.
Sensitivity analysis:
The Group
31 March
2015 2014
Effect on
equity R1
Effect on
profit before
taxation R2
Effect on
equity R1
Effect on
profit before
taxation R2
AUD 2.4 (2.0) 3.6 (1.5)
EUR 1.4 (1.8) 0.9 (1.5)
GBP 1.5 (1.1) 0.9 (0.8)
JPY 1.2 (0.9) 1.1 (0.4)
USD (21.8) (28.1) (8.7) (11.7)
The Company
31 March
2015 2014
Effect on
equity R1
Effect on
profit before
taxation R2
Effect on
equity R1
Effect on
profit before
taxation R2
AUD 2.1 (1.5) 3.3 (1.7)
EUR 0.7 (1.2) 0.5 (1.7)
GBP 1.3 (0.9) 0.8 (1.1)
JPY 1.0 (0.8) 0.8 (0.8)
USD (18.2) (21.8) (8.5) (13.0)
R1 Sensitivity analysis on outstanding foreign currency hedging contracts.
R2 Sensitivity analysis on significant outstanding foreign currency denominated monetary items.
If the relevant foreign currency strengthens by 1% against SGD, equity and profit before taxation would change by the
same amounts in the opposite direction.
Singapore Airlines | Annual Report FY2014/15 |195