Singapore Airlines 2009 Annual Report Download - page 198
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196
NOTES TO THE FINANCIAL STATEMENTS
31 March 2009
37 Financial Instruments (in $ million) (continued)
(c) Derivative fi nancial instruments and hedging activities (continued)
Cash fl ow hedges
The Group enters into fuel hedging contracts in order to hedge the fi nancial risk related to the price of
jet fuel. The Group has applied cash fl ow hedge accounting to these derivatives as they are considered
to be highly effective hedging instruments. A net fair value loss before tax of $1,249.6 million (2008:
net fair value gain before tax of $741.1 million), with a related deferred tax charge of $251.3 million
(2008: $165.4 million), is included in the fair value reserve in respect of these contracts.
The Group has outstanding fi nancial instruments to hedge expected future purchases in USD:
Currency hedging contracts maturing in April 2009 – March 2010
The Group The Company
Foreign currency Foreign currency
Currency amount sold USD purchased amount sold USD purchased
AUD 338.1 270.2 310.2 248.3
CHF 56.7 51.5 43.1 39.3
CNY 653.0 97.1 304.8 45.5
EUR 116.9 165.8 77.8 110.9
GBP 89.0 153.2 78.8 136.0
INR 3,956.0 83.0 2,534.2 53.2
JPY 13,147.0 136.6 7,665.1 79.4
KRW 37,800.0 33.2 26,377.8 23.4
NZD 103.2 66.7 78.1 50.8
TWD 865.0 26.9 336.1 10.5
Currency hedging contracts maturing in April 2008 – March 2009
The Group The Company
Foreign currency Foreign currency
Currency amount sold USD purchased amount sold USD purchased
AUD 388.7 327.3 353.7 297.8
CHF 35.1 32.1 27.5 25.2
CNY 1,352.0 190.9 587.7 83.0
EUR 118.5 167.4 88.6 125.1
GBP 101.5 199.7 91.1 179.2
INR 3,914.0 95.0 2,213.9 51.5
JPY 8,881.0 83.4 5,333.9 50.0
KRW 38,116.0 40.7 29,546.3 31.6
NZD 91.8 66.8 69.9 50.9
TWD 951.0 30.6 472.4 15.2