Singapore Airlines 2009 Annual Report Download - page 201
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199
37 Financial Instruments (in $ million) (continued)
(d) Market risk sensitivity analysis (continued)
Foreign currency risk
The foreign currency risk sensitivity analysis is based on the assumption that all cash fl ow hedges are
highly effective; hence there will be no impact on profi t before taxation from the cash fl ow hedges.
Under this assumption, with a 1% strengthening or weakening of SGD against all other currencies, the
before tax effects on profi t before taxation and equity are as follows:
The Group The Company
31 March 31 March
2009 2008 2009 2008
Effect of strengthening of SGD
Decrease in profi t before taxation (11.6) (21.8) (13.9) (23.4)
Decrease in equity (16.1) (18.1) (12.1) (13.8)
Effect of weakening of SGD
Increase in profi t before taxation 11.6 21.8 13.9 23.4
Increase in equity 16.1 18.1 12.1 13.8
Interest rate risk
The interest rate sensitivity analysis is based on the following assumptions:
• Changes in market interest rates affect the interest income or fi nance charges of variable interest
fi nancial instruments.
• Changes in market interest rates affect the fair value of derivative fi nancial instruments designated
as hedging instruments and all interest rate hedges are expected to be highly effective.
• Changes in the fair values of derivative fi nancial instruments and other fi nancial assets and
liabilities are estimated by discounting the future cash fl ows to net present values using appropriate
market rates prevailing at the balance sheet date.