Singapore Airlines 2009 Annual Report Download - page 197
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195
37 Financial Instruments (in $ million) (continued)
(b) Fair values (continued)
Financial instruments carried at other than fair value
Long-term investments amounting to $43.2 million (2008: $43.3 million) for the Group and $18.8
million (2008: $18.9 million) for the Company are stated at cost because the fair values cannot be
obtained directly from quoted market price or indirectly using valuation techniques supported by
observable market data.
The Group and the Company have no intention to dispose of their interests in the above investments
in the foreseeable future.
Net carrying amounts of long-term liabilities approximate the fair value as the interest rates implicit in
the long-term liabilities approximate the market interest rates.
(c) Derivative fi nancial instruments and hedging activities
Derivative fi nancial instruments included in the balance sheets are as follows:
The Group The Company
31 March 31 March
2009 2008 2009 2008
Assets*
Currency hedging contracts 173.7 7.5 143.6 5.6
Fuel hedging contracts 8.8 442.4 7.4 358.3
Cross currency swap contracts 26.4 - - -
Interest rate cap contracts 12.1 - 12.1 -
221.0 449.9 163.1 363.9
Liabilities#
Currency hedging contracts 14.5 91.2 11.8 67.1
Fuel hedging contracts 899.2 0.4 739.8 0.4
Cross currency swap contracts 29.8 59.7 - -
Interest rate swap contracts 21.8 19.9 - -
965.3 171.2 751.6 67.5
* Included under trade debtors
# Included under trade creditors