Singapore Airlines 2007 Annual Report Download - page 113

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NOTES TO THE FINANCIAL STATEMENTS
31 March 2007
Singapore Airlines 111 Annual Report 2006-07
14 Other Reserves (in $ million)
(a) Capital reserve
Capital reserve mainly relates to associated and joint venture companies of which $44.9 million pertain to
revaluation of land and buildings owned by RCMS Properties Private Limited.
(b) Share-based compensation reserve
Share-based compensation reserve represents the equity-settled share options and awards 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 and awards.
(c) 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
2007 2006 2007 2006
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Balance at 1 April 9.1 3.2 5.0 0.5
Net gain on fair value changes 18.7 5.9 16.9 4.5
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Balance at 31 March 27.8 9.1 21.9 5.0
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Net gain on fair value changes 18.7 5.9 16.9 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
2007 2006 2007 2006
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Balance at 1 April 154.5 128.6 30.6 151.2
Net (loss)/gain on fair value changes (227.8) 25.9 (70.6) (120.6)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Balance at 31 March (73.3) 154.5 (40.0) 30.6
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Net (loss)/gain on fair value changes (232.4) 85.2 (180.6) 60.7
Share of joint venture and associated companies’
net (loss)/gain on fair value reserve (137.3) 163.0 – –
Recognised in the profi t and loss account on occurrence of:
Fuel hedging contracts 118.9 (211.7) 94.0 (166.5)
Foreign currency contracts 15.7 (6.3) 13.4 (2.8)
Interest rate swap contracts 4.9 (1.5) 2.6 (12.0)
Cross currency swap contracts 2.4 (2.8) – –
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
(227.8) 25.9 (70.6) (120.6)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Total fair value reserve (45.5) 163.6 (18.1) 35.6
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––