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Credit risks, or the risk of counterparties defaulting, are controlled by the application of credit approvals, limits and
monitoring procedures. Credit risks are minimised by monitoring receivables regularly. In addition, credit risks is
also controlled as the majority of the Group’s deposits and bank balances and derivative financial instruments are
placed or transacted with major financial institutions and reputable parties. The Directors are of the view that the
possibility of non-performance by these financial institutions is remote on the basis of their financial strength
The Group generally has no concentration of credit risk except for debt owing by 2 customers which constitutes
approximately 26.3% (2006: 23.6%) of the outstanding trade receivables at the end of 30 June 2007. The Directors
are however of the opinion that adequate provision has been made for any uncollectible amounts.
(e) Market risk
The Group has investments which are subject to market risk as the market values of these investments are
affected by changes in market prices. The Group seeks to manage its exposure to market risk by maintaining a
portfolio with different risk profiles.
(f) Liquidity and cash flow risks
The Group’s policy on liquidity risk management is to maintain sufficient cash and have available funding through
adequate amounts of committed credit facilities and credit lines for working capital requirements.
140 > AIRASIA BERHAD > annual report 2007
37 FAIR VALUES OF FINANCIAL INSTRUMENTS FOR DISCLOSURE PURPOSES
On balance sheet financial instruments
The fair value of a financial instrument is assumed to be the amount at which the instrument could be exchanged or
settled between knowledgeable and willing parties in an arm’s length transaction.
Quoted market prices, when available, are used as a measure of fair values. However, for a significant portion of the
Group’s and Company’s financial instruments, quoted market prices do not exist. For such financial instruments, fair
values presented are estimates derived using the net present value or other valuation techniques. These techniques
involve uncertainties and are significantly affected by the assumptions used and judgements made regarding risk
characteristics of various financial instruments, discount rates, estimates of future cash flows and other factors. Changes
in assumptions could significantly affect these estimates and the resulting fair values.
The carrying values of financial assets and financial liabilities of the Group and Company at the balance sheet date
approximated their fair values, except as set out below:
2007 2006
Carrying Carrying
amount Fair value amount Fair value
RM’000 RM’000 RM’000 RM’000
Group
Borrowings (non-current portion) 2,303,488 2,280,002 787,276 774,164
Hire-purchase payables (non-current portion) 188 177 288 266
Company
Borrowings (non-current portion) 2,303,488 2,280,002 787,276 774,164
Hire-purchase payables (non-current portion) 188 177 265 244
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 > 141
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)
37 FAIR VALUES OF FINANCIAL INSTRUMENTS FOR DISCLOSURE PURPOSES SCONT’DT
Derivative financial instruments
The fair value of derivative financial instruments is the present value of their future cash flow and is derived at based
on valuation carried out by the Company’s bankers.
Fair value of derivative financial instruments as at balance sheet date is as follows:
(a) Fuel options contracts
Contract or
notional Favourable Unfavourable
principal net fair net fair
Maturity period amount value value
Barrels RM’000 RM’000
Group and Company
2007
Fuel purchase options contracts 1.7.2007 – 30.6.2010 18,420,000 – 24,651
2006
Fuel purchase options contracts 1.7.2007 – 30.6.2009 15,840,000 28,182 –
(b) Other derivatives
2007 2006
Notional Notional
amount Fair value amount Fair value
RM’000 RM’000 RM’000 RM’000
equivalent equivalent
Interest rate swaps 3,435,091 97,669 6,519,114 195,728
Foreign currency forward contracts 2,963,341 2,821,567 147,440 145,483
38 SUBSEQUENT EVENTS
(a) Acquisition shares in Fly Asian Xpress Sdn Bhd (‘FAX’)
On 20 July 2007, the Company entered into a Brand Licence Agreement (‘Agreement’) with FAX, for FAX to license
from the Company the right to operate scheduled air services under the trade name and livery of AirAsia in
respect of its budget long haul air services
　
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