Singapore Airlines 2012 Annual Report Download - page 180
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178 SINGAPORE AIRLINES
Notes to the Financial Statements
31 March 2012
38 Financial Risk Management Objectives and Policies (in $ million) (continued)
(b) Foreign currency risk (continued)
Fair value through profit and loss
In addition, the Group has cross currency swap contracts in place with notional amounts ranging from $23.9 million
to $89.7 million (2011: $30.1 million to $109.6 million) where it pays SGD and receives USD at USD/SGD exchange
rates ranging from 1.3085 to 1.6990 (2011: 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 outstanding foreign currency hedging contracts and significant outstanding
foreign currency denominated monetary items and adjusts their translation at the period end for a 1% change in
foreign currency rates.
Sensitivity analysis:
The Group
31 March
2012 2011
Effect on Effect on
Effect on profit before Effect on profit before
equity R1 taxation R2 equity R1 taxation R2
AUD 2.0 (1.6) 2.7 (1.6)
EUR 2.5 (1.4) 2.5 (1.3)
GBP 1.1 (0.5) 0.9 (0.5)
JPY 1.5 (0.4) 0.6 (0.6)
USD (4.3) (5.1) (12.9) (6.5)
The Company
31 March
2012 2011
Effect on Effect on
Effect on profit before Effect on profit before
equity R1 taxation R2 equity R1 taxation R2
AUD 1.8 (1.4) 2.5 (1.4)
EUR 1.8 (0.5) 2.0 (0.8)
GBP 0.9 (0.4) 0.8 (0.4)
JPY 1.0 (0.2) 0.4 (0.4)
USD (4.3) (5.2) (12.3) (6.7)
R1 Sensitivity analysis on outstanding foreign currency hedging contracts.
R2 Sensitivity analysis on significant outstanding foreign currency denominated monetary items.
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.