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equity would not be affected (2008: Nil) by the changes in interest rates.
The sensitivity analysis above indicates the instantaneous change in the Group’s profit after tax (and accumulated losses) and other components of consolidated equity that would arise assuming that the change in interest rates had occurred at the balance sheet date and had been applied to re-measure those financial instruments held by the Group
which expose the Group to fair value interest rate risk at the balance sheet date. In respect of the exposure to cash flow interest rate risk arising from floating rate non-derivative instruments held by the Group at the balance sheet date, the impact on the Group’s profit after tax (and accumulated losses) and other components of consolidated equity
is estimated as an annualised impact on interest expense or income of such a change in interest rates. The analysis is performed on the same basis for 2008.
(c) Foreign currency risk
The Renminbi is not freely convertible into foreign currencies. All foreign exchange transactions involving Renminbi
must take place either through the 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
leases (Note 37) and bank and other loans (Note 35) are denominated in foreign currencies, principally US dollars. Depreciation or appreciation of the Renminbi 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 forward foreign exchange contracts with authorised banks.
The Group also has exposure to foreign currency risk in respect of net cash inflow denominated in Japanese Yen
from ticket sales in overseas branch office after payment of expenses. 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 (2008: USD64 million to USD128 million). The contracts are to buy USD1 million and USD1.5 million respectively (or USD2 million and USD3 million respectively if the spot exchange rate at settlement date is below certain specified strike rates) by selling Japanese Yen at certain specified rates on monthly settlement dates until the maturity of the
contracts in 2011. Both contracts have a knock-out clause where the contracts early terminate upon the exchange rate
of Japanese Yen to US dollar reaching a certain knock-out level. For the year ended 31 December 2009, a net gain of approximately RMB72 million (2008: a loss of RMB111 million) arising from changes in the fair value of these foreign exchange forward option contracts has been recognised in profit or loss. At 31 December 2009, the fair value of these
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China Southern Airlines Company Limited Annual Report 2009(99)
