Singapore Airlines 2011 Annual Report Download - page 179
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ANNUAL REPORT 2010/2011 177
NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
38 Financial Risk Management Objectives and Policies (in $ million) (continued)
(b) Foreign currency risk (continued)
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
2011 2010
Effect on Effect on
Effect on profit before Effect on profit before
($ million) equity taxation equity taxation
AUD 2.7 (1.6) 1.0 (1.4)
EUR 2.5 (1.3) 3.2 (1.4)
GBP 0.9 (0.5) 1.2 (0.5)
JPY 0.6 (0.6) 0.9 (0.4)
USD (12.9) (6.5) (10.3) (4.4)
The Company
31 March
2011 2010
Effect on Effect on
Effect on profit before Effect on profit before
($ million) equity taxation equity taxation
AUD 2.5 (1.4) 1.0 (1.2)
EUR 2.0 (0.8) 2.3 (0.9)
GBP 0.8 (0.4) 1.1 (0.4)
JPY 0.4 (0.4) 0.6 (0.3)
USD (12.3) (6.7) (8.4) (4.4)
If the relevant foreign currency strengthens by 1% against SGD, equity and profit before taxation
would change by the same amounts in the opposite direction.