Singapore Airlines 2010 Annual Report Download - page 192
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SINGAPORE AIRLINES
190
notes to the financial statements
31 march 2010
38 Financial Risk Management Objectives and Policies (in $ million) (continued)
(g) Counterparty risk
Surplus funds are invested in interest-bearing bank deposits and other high quality short-term liquid investments.
Counterparty risks are managed by limiting aggregated exposure on all outstanding financial instruments to
any individual counterparty, taking into account its credit rating. Such counterparty exposures are regularly
reviewed, and adjusted as necessary. This mitigates the risk of material loss arising from the event of non-
performance by counterparties.
The Group determines concentrations of credit risk by monitoring the industry, country and credit rating of its
counterparties. The table below shows an analysis of credit risk exposures of balances that exceed 5% of the
financial assets of the Group and the Company as at 31 March:
The Group The Company
Percentage of Percentage of
Outstanding total financial Outstanding total financial
balance assets balance assets
2010 2009 2010 2009 2010 2009 2010 2009
Counterparty profiles
By industry:
Travel agencies 369.0 348.1 6.0% 5.2% 349.3 334.6 6.2% 5.6%
Airlines 178.4 231.0 2.9% 3.5% 108.2 135.3 1.9% 2.3%
Financial institutions 4,690.8 4,357.5 75.9% 65.2% 4,462.4 3,878.0 79.5% 65.3%
Others 581.5 1,456.1 9.4% 21.8% 298.8 1,084.2 5.3% 18.2%
5,819.7 6,392.7 94.2% 95.7% 5,218.7 5,432.1 92.9% 91.4%
By region:
East Asia 2,507.6 2,918.1 40.6% 43.7% 2,144.9 2,259.1 38.2% 38.0%
Europe 2,196.2 2,531.1 35.5% 37.9% 2,114.9 2,409.1 37.7% 40.6%
South West Pacific 164.1 388.8 2.7% 5.8% 132.7 357.7 2.3% 6.0%
Americas 388.9 442.7 6.3% 6.6% 315.8 364.6 5.6% 6.1%
West Asia and Africa 562.9 112.0 9.1% 1.7% 510.4 41.6 9.1% 0.7%
5,819.7 6,392.7 94.2% 95.7% 5,218.7 5,432.1 92.9% 91.4%
By Moody’s credit ratings:
Investment grade (A to Aaa) 4,689.2 4,884.2 75.9% 73.1% 4,462.2 4,376.8 79.5% 73.7%
Investment grade (Baa) 0.5 3.1 0.0% 0.0% 0.5 1.1 0.0% 0.0%
Non-rated 1,130.0 1,505.4 18.3% 22.6% 756.5 1,054.2 13.4% 17.7%
5,819.7 6,392.7 94.2% 95.7% 5,219.2 5,432.1 92.9% 91.4%