Singapore Airlines 2010 Annual Report Download - page 185
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ANNUAL REPORT 2009/10
183
38 Financial Risk Management Objectives and Policies (in $ million) (continued)
(b) Foreign currency risk (continued)
Fair value through profit and loss
In addition, there are cross currency swap contracts in place where the Group pays SGD and receives USD with
exchange rates ranging from 1.3085 to 1.6990 (2009: 1.3085 to 1.6990). These contracts are used to protect
the foreign exchange risk exposure of the Group’s USD-denominated finance lease commitments. The maturity
period of these contracts ranges from 21 August 2015 to 14 February 2018.
Foreign currency sensitivity analysis
The foreign currency risk sensitivity analysis is based on the assumption that all cash flow hedges are highly
effective; hence there will be no impact on profit before taxation from the cash flow hedges.
The following table details the sensitivity of a 1% strengthening of SGD against the respective foreign currencies.
The sensitivity analysis includes only significant outstanding foreign currency denominated monetary items and
adjusts their translation at the period end for a 1% change in foreign currency rates.
The Group
31 March
2010 2009
Effect on Effect on
Effect on profit before Effect on profit before
equity taxation equity taxation
AUD (0.9) (1.4) (4.4) (1.5)
EUR (3.3) (1.4) (2.6) (1.3)
GBP (1.3) (0.5) (2.6) (0.2)
JPY (0.9) (0.4) (2.4) (0.5)
USD - (6.6) - (2.7)
The Company
31 March
2010 2009
Effect on Effect on
Effect on profit before Effect on profit before
equity taxation equity taxation
AUD (0.9) (1.2) (4.1) (1.4)
EUR (2.4) (0.9) (1.8) (0.9)
GBP (1.1) (0.4) (2.3) (0.2)
JPY (0.6) (0.3) (1.5) (0.4)
USD - (6.6) - (2.8)
If the relevant foreign currency weakens by 1% against SGD, equity and profit before taxation would increase
by the same amounts.