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CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009
130 Notes to the Financial Statements
(Prepared in accordance with International Financial Reporting Standards)
(Expressed in Renminbi)
51 Financial risk management and fair values (cont’d)
(d) Credit risk
The Group’s credit risk is primarily attributable to cash and cash equivalents and trade receivables.
Substantially all of the Group’s cash and cash equivalents are deposited with PRC financial institutions, which management believes are of high credit quality.
A significant portion of the Group’s air tickets are sold by agents participating in the Billing and Settlement Plan (“BSP”),
a clearing scheme between airlines and sales agents organised by International Air Transportation Association which has insignificant credit risk to the Group. As at 31 December 2009, the balance due from BSP agents amounted to RMB631 million (2008: RMB641 million). The credit risk exposure to BSP and the remaining trade receivables balance
are monitored by the Group on an ongoing basis and the allowance for impairment of doubtful debts is within
management’s expectations. Further quantitative disclosures in respect of the Group’s exposure to credit risk arising from trade receivables is set out in Note 32.
(e) Jet fuel price risk
The Group’s results of operations may be significantly affected by fluctuations in fuel prices which is a significant expense for the Group. A reasonable possible increase or decrease of 10% (2008: 40%) in jet fuel price, with volume of fuel consumed and all other variables held constant, would have increased/decreased the fuel costs by approximately
RMB1,639 million (2008: RMB9,232 million). The sensitivity analysis indicates the instantaneous change in the Group’s fuel cost that would arise assuming that the change in fuel price had occurred at the balance sheet date.
(f) Fair value
(i) Financial instruments carried at fair value
The following table presents the carrying value of financial instruments measured at fair value at the balance sheet date across the three levels of the fair value hierarchy defined in IFRS 7, Financial Instruments: Disclosures, with the
fair value of each financial instrument categorised in its entirety based on the lowest level of input that is significant to that fair value measurement. The levels are defined as follows:
– Level 1 (highest level): fair values measured using quoted prices (unadjusted) in active markets for identical
financial instruments
– Level 2: fair values measured using quoted prices in active markets for similar financial instruments, or using
valuation techniques in which all significant inputs are directly or indirectly based on observable market data
– Level 3 (Lowest level): fair values measured using valuation techniques in which any significant input is not based
　
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