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settled.
(b) Interest rate risk
The Group’s income and operating cash flows are substantially independent of changes in market interest rates.
Interest rate exposure arises from the Group’s borrowings and deposits and is managed by maintaining a prudent
mix of fixed and floating rate debt and derivative financial instruments. Derivative financial instruments are used,
where appropriate, to generate the desired interest rate profile. Surplus funds are placed with reputable financial
institutions at the most favourable interest rates.
The Company has entered into interest rate swap contracts that will effectively convert almost all of its floating
rate debt under each of its long term debt facilities into fixed rate debt. Loans for approximately 8% of total long
term debt are not covered by such swaps and have therefore remained at floating rates linked to London Inter
Bank Offer Rate.
The remaining terms and notional principal amounts of the outstanding interest rate swap contracts of the
Company at the balance sheet date, which are denominated in US Dollars, were as follows:
2007 2006
RM’000 RM’000
equivalent equivalent
Later than 5 years 3,435,091 6,519,114
3,435,091 6,519,114
NOT E S TO T H E F I N A N C I A L S TAT EME N T S 30 June 2007 (cont’d)
AIRASIA BERHAD > annual report 2007 > 137
NOT E S TO T H E F I N A N C I A L S TAT EME N T S 30 June 2007 (cont’d)
36 FINANCIAL RISK MANAGEMENT POLICIES SCONT’DT
(b) Interest rate risk (cont’d)
The net exposure of financial assets and liabilities of the Group and Company to interest rate cash flow risk (after
taking into account the effects of interest rate swaps described above) and the periods in which the borrowings
mature or reprice (whichever is earlier) are as follows:
Functional Effective
currency/ interest Total Floating
Financial currency at balance carrying interest Fixed interest rate
Instruments exposure sheet date amount rate < 1 year 1–5 years > 5 years
% per annum RM’000 RM’000 RM’000 RM’000 RM’000
Group
30 June 2007
Deposits with
licensed bank RM/RM 3.47 259,125 – 259,125 – –
Short-term
deposits with
fund
management
companies RM/RM 3.05 303,497 – 303,497 – –
Term loans RM/USD 5.55 (2,383,424) (55,704) (135,628) (604,362) (1,587,730)
Finance lease RM/USD 5.84 (69,343) – (3,743) (17,567) (48,033)
Revolving credit RM/USD 5.15 (101,818) (101,818) – – –
Hire-purchase RM/RM 3.75 (265) – (64) (201) –
(1,992,228) (157,522) 423,187 (622,130) (1,635,763)
30 June 2006
Deposits with
licensed bank RM/RM 3.79 198,309 – 198,309 – –
Short-term
deposits with
fund
management
companies RM/RM 2.40 177,477 – 177,477 – –
Term loans RM/USD 5.01 (1,052,636) (262,817) (48,876) (222,111) (518,832)
Hire-purchase RM/RM 3.75 (441) – (153) (288) –
(677,291) (262,817) 326,757 (222,399) (518,832)
138 > AIRASIA BERHAD > annual report 2007
36 FINANCIAL RISK MANAGEMENT POLICIES SCONT’DT
(b) Interest rate risk (cont’d)
Functional Effective
currency/ interest Total Floating
Financial currency at balance carrying interest Fixed interest rate
Instruments exposure sheet date amount rate < 1 year 1–5 years > 5 years
% per annum RM’000 RM’000 RM’000 RM’000 RM’000
Company
30 June 2007
Deposits with
licensed bank RM/RM 3.47 259,125 – 259,125 – –
Short-term
deposits with
fund
management
companies RM/RM 3.05 303,497 – 303,497 – –
Term loans RM/USD 5.55 (2,383,424) (55,704) (135,628) (604,362) (1,587,730)
Finance lease RM/USD 5.84 (69,343) – (3,743) (17,567) (48,033)
Revolving credit RM/USD 5.15 (101,818) (101,818) – – –
Hire-purchase RM/RM 3.75 (265) – (64) (201) –
(1,992,228) (157,522) 423,187 (622,130) (1,635,763)
30 June 2006
Deposits with
licensed bank RM/RM 3.79 198,309 – 198,309 – –
Short-term
deposits with
fund
management
companies RM/RM 2.40 177,477 – 177,477 – –
Term loans RM/USD 5.01 (1,052,636) (262,817) (48,876) (222,111) (518,832)
Hire-purchase RM/RM 3.75 (398) – (133) (265) –
(677,248) (262,817) 326,777 (222,376) (518,832)
NOT E S TO T H E F I N A N C I A L S TAT EME N T S 30 June 2007 (cont’d)
AIRASIA BERHAD > annual report 2007 > 139
NOT E S TO T H E F I N A N C I A L S TAT EME N T S 30 June 2007 (cont’d)
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AirAsia Berhad annual report 2007 FINANCIAL STATEMENTS(26)
