Singapore Airlines 2010 Annual Report Download - page 188
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SINGAPORE AIRLINES
186
notes to the financial statements
31 march 2010
38 Financial Risk Management Objectives and Policies (in $ million) (continued)
(d) Market price risk
The Group and the Company owned $140.6 million (2009: $655.6 million) and $80.0 million (2009:
$587.6 million) in available-for-sale investments respectively at 31 March 2010.
The market risk associated with these investments is the potential loss resulting from a decrease in
market prices.
Market price sensitivity analysis
If prices for available-for-sale investments increase or decrease by 1% with all other variables being held
constant, the before tax effects on equity are as follows:
The Group The Company
31 March 31 March
2010 2009 2010 2009
Effect on equity Effect on equity
Increase in 1% of quoted prices 1.4 6.6 0.8 5.9
Decrease in 1% of quoted prices (1.4) (6.6) (0.8) (5.9)
(e) Liquidity risk
At 31 March 2010, the Group had at its disposal, cash and short-term deposits amounting to $4,471.9 million
(2009: $3,848.0 million). In addition, the Group had available short-term credit facilities of about $535.1 million
(2009: $486.1 million). The Group also has Medium Term Note Programmes under which it may issue notes up
to $1,000.0 million (2009: $1,300.0 million). Under these Programmes, notes issued by the Company may have
varying maturities as agreed with the relevant financial institutions.
The Group’s holdings of cash and short-term deposits, together with committed funding facilities and net cash
flow from operations, are expected to be sufficient to cover the cost of all firm aircraft deliveries due in the next
financial year. It is expected that any shortfall would be met by bank borrowings or public market funding. Due
to the necessity to plan aircraft orders well in advance of delivery, it is not economical for the Group to have
committed funding in place at present for all outstanding orders, many of which relate to aircraft which will not
be delivered for several years. The Group’s policies in this regard are in line with the funding policies of other
major airlines.