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Hire-purchase payables (non-current portion) 188 177 265 244
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 > 141
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)
37 FAIR VALUES OF FINANCIAL INSTRUMENTS FOR DISCLOSURE PURPOSES SCONT’DT
Derivative financial instruments
The fair value of derivative financial instruments is the present value of their future cash flow and is derived at based
on valuation carried out by the Company’s bankers.
Fair value of derivative financial instruments as at balance sheet date is as follows:
(a) Fuel options contracts
Contract or
notional Favourable Unfavourable
principal net fair net fair
Maturity period amount value value
Barrels RM’000 RM’000
Group and Company
2007
Fuel purchase options contracts 1.7.2007 – 30.6.2010 18,420,000 – 24,651
2006
Fuel purchase options contracts 1.7.2007 – 30.6.2009 15,840,000 28,182 –
(b) Other derivatives
2007 2006
Notional Notional
amount Fair value amount Fair value
RM’000 RM’000 RM’000 RM’000
equivalent equivalent
Interest rate swaps 3,435,091 97,669 6,519,114 195,728
Foreign currency forward contracts 2,963,341 2,821,567 147,440 145,483
38 SUBSEQUENT EVENTS
(a) Acquisition shares in Fly Asian Xpress Sdn Bhd (‘FAX’)
On 20 July 2007, the Company entered into a Brand Licence Agreement (‘Agreement’) with FAX, for FAX to license
from the Company the right to operate scheduled air services under the trade name and livery of AirAsia in
respect of its budget long haul air services
The Agreement will provide a positive impact on the Company from the third year of FAX’s operations and the
ensuing years by guaranteeing a minimum of RM680,000.00 fees per annum with the opportunity for greater
revenue if certain revenue threshold is met.
142 > AIRASIA BERHAD > annual report 2007
38 SUBSEQUENT EVENTS SCONT’DT
(a) Acquisition shares in Fly Asian Xpress Sdn Bhd (‘FAX’) (cont’d)
On September 2007, the Company entered into a definitive agreement for the subscription of shares with FAX for
the Company to subscribe a total of 26,666,667 redeemable convertible preference shares Series 1 (‘RCPS’) of
RM1.00 each at par in the capital of FAX, which will constitute 20.0% of the enlarged share capital of FAX
following FAX’s proposed capitalisation exercise. The subscription of the RCPS will be paid wholly in cash and is
entirely funded from internal sources.
FAX is currently 80% owned by Aero Ventures Sdn Bhd (formerly known as Mangkin Masyhur Sdn Bhd), a
company which both Dato’ Anthony Francis Fernandes and Dato’ Kamarudin Bin Meranun are substantial
shareholders.
The Company also maintains an option to exercise a right to acquire additional shares in FAX to bring the
Company’s shareholding in FAX to thirty percent (30%). However, the additional 10% shares will be priced at the
market valuation and not at par value.
(b) Acquisition of additional shares in AA International Limited
On 8 August 2007, the Company acquired the remaining balance of 10,000 shares representing 0.2% of the issued
and paid up share capital in AA International Ltd for USD1.00. As a result AA International Ltd is now a wholly
subsidiary of the Company.
39 CHANGES IN ACCOUNTING POLICIES
The following describes the impact of changes in accounting policies and of the new accounting standards,
amendments to the published standards and IC interpretations adopted by the Group for financial year beginning on
1 July 2006 as listed in note 2(a) of the summary of significant accounting policies on basis of preparation of the
financial statements.
(a) Irrelevant or immaterial effect on financial statements
The adoption of FRS 1, 2, 5, 102, 108, 110, 121, 127, 128, 131, 132, 133, 140 and the ‘assets ceiling’ amendments to
FRS 119 did not result in significant changes to the Group’s accounting policies. In summary:
FRS 1 and 5 are not relevant to the Group's operation.
FRS 2 requires recognition of share-based payment transactions including the value of share options in the
financial statements. There was no financial impact following the propective application of FRS 2 with effect
from 1 July 2006.
FRS 102, 108, 110, amendment to FRS 119, 121, 127, 128, 131, 132, 133 and 140 and IC interpretations had
no material impact on the Group’s accounting policies.
(b) Reclassification of prior year comparatives
Set out below are changes in accounting policies that resulted in the reclassification of prior year comparatives
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AirAsia Berhad annual report 2007 FINANCIAL STATEMENTS(28)
