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106
Singapore Airlines Annual Report 05/06
14 Other Reserves (in $ million)
(a) Employee share option reserve
Employee share option reserve represents the equity-settled share options granted to employees. The reserve is made up of
the cumulative value of services received from employees recorded on grant of equity-settled share options.
The Group The Company
31 March 31 March
2006 2005 2006 2005
Balance at 1 April as previously reported – – – –
Effect of adopting FRS 102 48.4 11.5 37.1 9.4
Opening balance at 1 April as restated 48.4 11.5 37.1 9.4
Grant of equity-settled share options 45.9 36.9 34.1 27.7
Exercise of share options (12.5) – (8.1) –
Balance at 31 March 81.8 48.4 63.1 37.1
(b) Fair value reserve
Fair value reserve records the cumulative fair value changes of available-for-sale fi nancial assets and the portion of the fair
value changes on derivative fi nancial instruments designated as hedging instruments in cash fl ow hedges that is determined
to be an effective hedge.
Fair value changes of available-for-sale fi nancial assets:
The Group The Company
31 March 31 March
2006 2006
Balance at 1 April as previously reported – –
Effect of adopting FRS 39 3.2 0.5
Opening balance at 1 April as restated 3.2 0.5
Net gain on fair value changes 5.9 4.5
Balance at 31 March 9.1 5.0
Net gain on fair value changes 5.9 4.5
Fair value changes of derivative fi nancial instruments designated as hedging instruments in cash fl ow hedges:
The Group The Company
31 March 31 March
2006 2006
Balance at 1 April as previously reported – –
Effect of adopting FRS 39 173.2 151.2
Effect of adopting FRS 28 (44.6) –
Opening balance at 1 April as restated 128.6 151.2
Net gain/(loss) on fair value changes 25.9 (120.6)
Balance at 31 March 154.5 30.6
Net gain on fair value changes 85.2 60.7
Share of joint venture and associated companies’ net gain on fair value reserve 163.0 –
Recognised in the profi t and loss account on occurrence of:
Fuel hedging contracts (211.7) (166.5)
Foreign currency contracts (6.3) (2.8)
Interest rate swap contracts (1.5) (12.0)
Cross currency swap contracts (2.8) –
25.9 (120.6)
NOTES TO THE FINANCIAL STATEMENTS
31 March 2006