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the availability of the above-mentioned loan finance which may impact the operations of the Group during the next twelve-month period. The Board is of the opinion that the assumptions and sensitivities which are included in the cash
flow forecast are reasonable. However, as with all assumptions in regard to future events, these are subject to inherent
limitations and uncertainties and some or all of these assumptions may not be realised.
CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009 Management Discussion and Analysis 19
The analyses of the Group’s borrowings are as follows:
Analysis of borrowings
2009 2008 Change
RMB million RMB million %
Total borrowings 58,645 54,545 7.5
Including: Fixed rate borrowings 7,807 11,417 (31.6)
Floating rate borrowings 50,838 43,128 17.9
Composition of borrowings
Floating rate borrowings
(RMB million)
Fixed rate borrowings
(RMB million)
2009
7,807 (13.3%)
11,417 (20.9%)
50,838 (86.7%) 43,128 (79.1%)
2008
Analysis of borrowings by currency
2009 2008
RMB million RMB million
USD 52,489 38,810
RMB 6,156 15,244
Others – 491
Total 58,645 54,545
CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009
20 Management Discussion and Analysis
Maturity analysis of borrowings
2009 2008
RMB million RMB million
Within 1 year 18,883 25,959
After 1 year but within 2 years 9,718 7,319
After 2 years but within 3 years 10,859 9,818
After 3 years but within 4 years 3,046 1,895
After 4 years 16,139 9,554
Total borrowings 58,645 54,545
The Group’s capital structure at the end of the year is as follows:
2009 2008 Change
Net debts (RMB million) 73,113 64,927 12.6%
Total equity (RMB million) 13,262 9,479 39.9%
Ratio of net debt to total equity 551% 685% (19.6%)
Net debts (aggregate of bank and other loans, obligations under finance leases, trade and bills payables, sales in advance
of carriage, amounts due to related companies, accrued expenses and other liabilities less cash and cash equivalents) increased by 12.6% to RMB73,113 million at 31 December 2009.
As at 31 December 2009, total equity attributable to equity shareholders of the Company amounted to RMB10,351
million, representing an increase of RMB3,330 million from RMB7,021 million at 31 December 2008. Total equity at 31 December 2009 amounted to RMB13,262 million (2008: RMB9,479 million).
Ratio of net debt to total equity of the Group at 31 December 2009 was 551%, as compared to 685% at 31 December 2008.
CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009 Management Discussion and Analysis 21
FINANCIAL RISK MANAGEMENT POLICY
Foreign currency risk
RMB is not freely convertible into foreign currencies. All
foreign exchange transactions involving RMB must take
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China Southern Airlines Company Limited Annual Report 2009(15)
