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transportation services. The Group’s operations are conducted predominantly in Malaysia.
35 SIGNIFICANT RELATED PARTY TRANSACTIONS
In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other
significant related party transactions which were carried out on terms and conditions attainable in transactions with
unrelated parties, disclosed in accordance with FRS 1242004 “Related Party Disclosures”.
Name of company Relationship
Thai AirAsia Co. Ltd (”Thai AirAsia”) A jointly controlled entity of the Company
PT Indonesia AirAsia (“IAA”) An associate of the Company
Group
2007 2006
RM’000 RM’000
As restated
Thai AirAsia
– Sublease rental income on aircrafts 33,099 20,414
– Lease rental income on aircrafts 18,009 19,578
– Maintenance and overhaul charges 84,539 72,313
IAA
– Sublease rental income on aircrafts 15,722 11,538
– Lease rental income on aircrafts 13,336 10,521
– Maintenance and overhaul charges 54,768 36,237
The individual significant outstanding balances arising from the above related party transactions (other than normal
trade transactions) during the financial year are as follows:
Group
2007 2006
Related party Type of transaction RM’000 RM’000
Thai AirAsia Lease and sublease rental and maintenance charges 92,182 26,750
IAA Lease and sublease rental and maintenance charges 70,931 45,215
136 > AIRASIA BERHAD > annual report 2007
36 FINANCIAL RISK MANAGEMENT POLICIES
The Group’s financial risk management policy seeks to ensure that adequate financial resources are available for the
development of the Group’s businesses whilst managing its fuel price, interest rate, foreign currency, credit, market,
liquidity and cash flow risks. The Group operates within defined guidelines that are approved and reviewed
periodically by the Board to minimise the effects of such volatility on its financial performance. The policies in respect
of the major areas of treasury activity are as follows:
(a) Fuel price risk
The Group is exposed to jet fuel price risk arising from the fluctuations in the prices of jet fuel. It seeks to hedge
its fuel requirements and implements various fuel management strategies in order to manage the risk of rising
fuel prices. This includes entering into jet fuel derivative contracts with a maturity period of 6 months each to
partially protect against significant increase in fuel price.
As at the balance sheet date, the Company has entered into fuel written options contacts for 18,420,000 barrels
(2006: 15,840,000 barrels) of jet fuel for the period from 1 July 2007 to 30 June 2010 (2006: 1 July 2007 to 30 June
2009). These arrangements are to be settled in US Dollars. The unrealised gain/(loss) on these contracts is monthly
settled.
(b) Interest rate risk
The Group’s income and operating cash flows are substantially independent of changes in market interest rates.
Interest rate exposure arises from the Group’s borrowings and deposits and is managed by maintaining a prudent
mix of fixed and floating rate debt and derivative financial instruments. Derivative financial instruments are used,
where appropriate, to generate the desired interest rate profile. Surplus funds are placed with reputable financial
institutions at the most favourable interest rates.
The Company has entered into interest rate swap contracts that will effectively convert almost all of its floating
rate debt under each of its long term debt facilities into fixed rate debt. Loans for approximately 8% of total long
term debt are not covered by such swaps and have therefore remained at floating rates linked to London Inter
Bank Offer Rate.
The remaining terms and notional principal amounts of the outstanding interest rate swap contracts of the
Company at the balance sheet date, which are denominated in US Dollars, were as follows:
2007 2006
RM’000 RM’000
equivalent equivalent
Later than 5 years 3,435,091 6,519,114
3,435,091 6,519,114
NOT E S TO T H E F I N A N C I A L S TAT EME N T S 30 June 2007 (cont’d)
AIRASIA BERHAD > annual report 2007 > 137
NOT E S TO T H E F I N A N C I A L S TAT EME N T S 30 June 2007 (cont’d)
36 FINANCIAL RISK MANAGEMENT POLICIES SCONT’DT
(b) Interest rate risk (cont’d)
The net exposure of financial assets and liabilities of the Group and Company to interest rate cash flow risk (after
taking into account the effects of interest rate swaps described above) and the periods in which the borrowings
mature or reprice (whichever is earlier) are as follows:
　
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