Singapore Airlines 2015 Annual Report Download - page 150
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Notes to the Financial Statements
31 March 2015
16 Other Reserves (in $ million) (continued)
(d) Fair value reserve
Fair value reserve records the cumulative fair value changes of available-for-sale financial assets and the portion of the
fair value changes (net of tax) on derivative financial instruments designated as hedging instruments in cash flow hedges
that is determined to be an eective hedge.
Fair value changes of available-for-sale financial assets:
The Group The Company
31 March 31 March
2015 2014 2015 2014
Balance at 1 April (66.9) 5.0 (68.9) 1.9
Net gain/(loss) on fair value changes 82.2 (71.9) 82.3 (70.8)
Balance at 31 March 15.3 (66.9) 13.4 (68.9)
Gain/(Loss) on fair value changes 71.1 (71.2) 67.3 (70.8)
Adjustment on acquisition of an associated company 15.0 – 15.0 –
Recognised in the profit and loss account on
disposal of available-for-sale investments (3.9) (0.7) – –
82.2 (71.9) 82.3 (70.8)
On 4 July 2014, Virgin Australia became an associated company. It was previously classified as an available-for-sale
investment. The adjustment on acquisition of an associated company of $15.0 million related to the changes in fair value
previously recognised in fair value reserve which was reversed to bring the investment back to its original cost.
Fair value changes of derivative financial instruments designated as hedging instruments in cash flow hedges:
The Group The Company
31 March 31 March
2015 2014 2015 2014
Balance at 1 April 26.5 (32.1) 17.4 1.0
Net (loss)/gain on fair value changes (748.0) 58.6 (612.6) 16.4
Balance at 31 March (721.5) 26.5 (595.2) 17.4
(Loss)/Gain on fair value changes (1,184.5) 119.2 (962.2) 104.9
Share of associated companies’ net loss on fair value reserve (13.2) (1.2) – –
Realisation of reserves on disposal of an associated company 4.0 39.0 – –
Recognised in the carrying value of non-financial assets on
occurrence of capital expenditure commitments (14.1) (11.4) (14.1) (11.4)
Recognised in the profit and loss account on occurrence of:
Fuel hedging contracts recognised in “Fuel costs” 466.9 (62.1) 370.5 (50.3)
Foreign currency contracts recognised in
“Other operating expenses” (9.2) (28.3) (6.8) (26.8)
Interest rate swap contracts recognised in “Finance charges” 2.1 3.4 – –
(748.0) 58.6 (612.6) 16.4
Total fair value reserve (706.2) (40.4) (581.8) (51.5)
148 FINANCIAL