曝光台 注意防骗
网曝天猫店富美金盛家居专营店坑蒙拐骗欺诈消费者
on observable market data
CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009 Notes to the Financial Statements 131
(Prepared in accordance with International Financial Reporting Standards)
(Expressed in Renminbi)
51 Financial risk management and fair values (cont’d)
(f) Fair value (cont’d)
(i) Financial instruments carried at fair value (cont’d)
2009 The Group The Company
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
RMB RMB RMB RMB RMB RMB RMB RMB
million million million million million million million million
Assets
Available-for-sale equity securities: – Listed 93 – – 93 23 – – 23
Liabilities
Derivative financial instruments: – Forward option contracts – 44 – 44 – 44 – 44
During the year there were no significant transfers between instruments in Level 1 and Level 2.
Fair value of available-for-sale securities is based on quoted market prices at the balance sheet date without any deduction for transaction costs.
The fair value of forward option contracts is estimated by using Black Scholes Pricing Model, taking into account the terms and conditions of the forward option contracts. The major inputs used in estimation process include implied volatility, benchmark interest rates and foreign exchange spot and forward rates, which can be obtained from observable
markets.
(ii) The economic characteristics of the Group’s finance leases vary from lease to lease. It is impractical to compare
such leases with those prevailing in the market within the constraints of timeliness and cost for the purpose of estimating the fair value of such leases.
(iii) Other non-current investments represent unlisted equity securities of companies established in the PRC. There is
no quoted market price for such equity securities and accordingly a reasonable estimate of the fair value could not be measured reliably.
(iv) Amounts due from/to related companies are unsecured, interest-free and have no fixed terms of repayment. Given these terms, it is not meaningful to disclose fair values of these balances.
(v) Loans, trade and other payables, bills payable and short-term financing bills are carried at amounts not materially
different from their fair values as at 31 December 2009 and 31 December 2008.
CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009
132 Notes to the Financial Statements
(Prepared in accordance with International Financial Reporting Standards)
(Expressed in Renminbi)
52 Commitments
(a) Capital commitments
Capital commitments outstanding at 31 December 2009 not provided for in the financial statements were as follows:
The Group The Company
2009 2008 2009 2008
RMB million RMB million RMB million RMB million
Commitments in respect of aircraft and flight equipment – authorised and contracted for 57,890 75,639 40,993 57,239
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China Southern Airlines Company Limited Annual Report 2009(102)
