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place either through the People’s Bank of China (“PBOC”)
or other institutions authorised to buy and sell foreign exchange or at a swap centre.
The Group has significant exposure to foreign currency
risk as substantially all of the Group’s obligations under
finance lease and bank and other loans are denominated
in foreign currencies, principally in USD. Depreciation or appreciation of the RMB against foreign currencies
affects the Group’s results significantly because the
Group’s foreign currency payments generally exceed
its foreign currency receipts. The Group is not able to hedge its foreign currency exposure effectively other
than by retaining its foreign currency denominated
earnings and receipts to the extent permitted by the State
Administration of Foreign Exchange, or subject to certain
restrictive conditions, entering into foreign exchange
forward option contract with authorised banks.
As at 31 December 2009, the Group had two outstanding
foreign exchange forward option contracts of notional
amount ranging from USD34 million to USD68 million.
The contracts are to buy USD by selling Japanese Yen at
certain specified rates on monthly settlement dates until
the maturity of the contracts in 2011. At 31 December
2009, the fair value of these foreign exchange forward
option contracts was liabilities of approximately RMB44
million.
Jet fuel price risk
The Group is required to procure a majority of its jet
fuel domestically at PRC spot market prices. There are
currently no effective means available to manage the
Group’s exposure to the fluctuations in domestic jet fuel
prices.
Information on financial risk management, objectives and policies in other aspects of the Group’s business are
set out in note 51 to the financial statements prepared under IFRSs.
CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009
22 Management Discussion and Analysis
MAJOR CHARGE ON ASSETS
As at 31 December 2009, certain aircraft and advance
payments for aircraft of the Group with an aggregate
carrying value of approximately RMB41,985 million (2008:
RMB35,706 million) were mortgaged under certain loan
and lease agreements.
COMMITMENTS AND CONTINGENCIES
Commitments
As at 31 December 2009, the Group had capital commitments of approximately RMB67,704 million (2008:
RMB78,481 million). Of such amounts, RMB65,843 million
related to the acquisition of aircraft and related flight
equipment and RMB1,861 million for other projects.
As at 31 December 2009, capital commitments of a
jointly controlled entity shared by the Group amounted
to RMB42 million (2008: RMB27 million).
Contingent Liabilities
Details of contingent liabilities of the Group are set out
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China Southern Airlines Company Limited Annual Report 2009(16)
