Singapore Airlines 2009 Annual Report Download - page 191
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189
36 Financial Risk Management Objectives and Policies (in $ million) (continued)
(g) Credit risk (continued)
The maximum exposure to credit risk for the Group and the Company are as follows:
The Group The Company
31 March 31 March
2009 2008 2009 2008
Long-term investments 43.2 43.3 18.8 18.9
Other non-current assets 403.6 361.8 391.6 353.6
Trade debtors 1,485.5 2,043.8 994.9 1,433.4
Deposits and other debtors 241.9 73.1 207.6 37.7
Prepayments 101.9 104.9 77.8 90.2
Amounts owing by subsidiary companies - - 284.6 227.4
Amounts owing by associated companies 0.4 0.5 - -
Loan to a subsidiary company - - 25.0 25.0
Loans to associated companies 138.5 141.3 137.1 139.5
Investments 655.6 464.3 587.6 360.9
Cash and bank balances 3,848.0 5,119.0 3,458.0 4,216.7
6,918.6 8,352.0 6,183.0 6,903.3
There are no signifi cant concentrations of credit risk other than on derivative counterparties where
transactions are limited to fi nancial institutions possessing high credit quality and hence the risk of
default is low.
The sale of passenger and cargo transportation is largely achieved through IATA accredited sales
agents. The credit risk of such sales agents is relatively small owing to a broad diversifi cation. In
specifi c instances, the contract may require special collateral.
Unless expressly stated otherwise in the contract, receivables and payables among airlines are settled
either bilaterally or via the IATA Clearing House. Receivables and payables are generally netted and
settled at weekly intervals, which lead to a clear reduction in the risk of default.
For all other service relationships, depending on the nature and scope of the services rendered, collateral
is required, credit reports or references are obtained and use is made of historical data from previous
business relations, especially with regard to payment behaviour, in order to avoid non-performance.
Collaterals requested from debtors include bank guarantees, cash-in-lieu of deposit and
security deposits.
Allowance is made for doubtful accounts whenever risks are identifi ed.