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06-01-2015, 04:59 PM
I refer to the same AR. The derivatives are for risk management, rather on any speculation.
Page 139:
"The Group buys and sells derivatives in order to manage market risk. All such transactions are carried out within the
guidelines set by the Risk Management Committee."
Page 140:
"The Group’s policy is to manage its costs of purchase and sales of jet fuel using commodity paper derivative instruments.
The Group enters into commodity paper derivative instruments, in which it agrees to exchange the difference between
the fixed and floating oil prices, calculated by reference to an agreed-upon principal quantity, with its counterparties. The
commodity paper derivative instruments commit the Group to buy or sell commodities at a pre-determined price with
settlement dates that range from one month to three months."
Page 139:
"The Group buys and sells derivatives in order to manage market risk. All such transactions are carried out within the
guidelines set by the Risk Management Committee."
Page 140:
"The Group’s policy is to manage its costs of purchase and sales of jet fuel using commodity paper derivative instruments.
The Group enters into commodity paper derivative instruments, in which it agrees to exchange the difference between
the fixed and floating oil prices, calculated by reference to an agreed-upon principal quantity, with its counterparties. The
commodity paper derivative instruments commit the Group to buy or sell commodities at a pre-determined price with
settlement dates that range from one month to three months."
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡