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CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009 Notes to the Financial Statements 119
(Prepared in accordance with International Financial Reporting Standards)
(Expressed in Renminbi)
47 Material related party transactions (cont’d)
(d) Loans from and deposits placed with SA Finance (cont’d)
(ii) Deposits placed with SA Finance
At 31 December 2009, the Group’s deposits with SA Finance amounted to RMB862 million (2008: RMB1,139 million). The applicable interest rates are determined in accordance with the rates published by the PBOC.
Interest income received on such deposits amounted to RMB11 million (2008: RMB22 million) during the year ended 31 December 2009.
(e) Guarantees from CSAHC and SA Finance
Certain bank loans of the Group were guaranteed by the following related parties:
2009 2008
RMB million RMB million
CSAHC 512 783
SA Finance – 1
512 784
(f) Transactions with other state-controlled entities
The Company is a state-controlled entity and operates in an economic regime currently dominated by entities directly or
indirectly controlled by the PRC government (“state-controlled entities”) through its government authorities, agencies,
affiliations and other organisations.
Other than those transactions with the CSAHC Group, and the associates and jointly controlled entities of the Group as disclosed in Notes 47(c), (d), and (e) above, the Group conducts transactions with other state-controlled entities which include but are not limited to the following:
– Transportation services;
– Leasing arrangements;
– Purchase of equipment;
– Purchase of ancillary materials and spare parts;
– Ancillary and social services; and
– Financial services arrangement.
CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009
120 Notes to the Financial Statements
(Prepared in accordance with International Financial Reporting Standards)
(Expressed in Renminbi)
47 Material related party transactions (cont’d)
(f) Transactions with other state-controlled entities (cont’d)
These transactions are conducted in the ordinary course of the Group’s business on terms comparable to those with
other entities that are not state-controlled. The Group has established its buying, pricing strategy and approval process
for purchases and sales of products and services. Such buying, pricing strategy and approval processes do not depend
on whether the counterparties are state-controlled entities or not.
Having considered the potential for transactions to be impacted by related party relationships, the Group’s pricing
strategy, buying and approval processes, and what information would be necessary for an understanding of the potential
effect of the relationship on the financial statements, the directors are of the opinion that the following transactions with other state-controlled entities require disclosure:
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China Southern Airlines Company Limited Annual Report 2009(92)
