Corporate Report for the year ended 30 June 2022
Introduction and overview
Business performance
Governance and risk
Directors’ report
Remuneration report
Financial statements
Sustainability supplement
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Section B: Notes to the Group financial statements for the year ended 30 June 2022
Section B: Notes to the Group financial statements for the year ended 30 June 2022
B15 Derivatives and financial risk management (continued) Market risk (continued) Foreign exchange risk (continued) Maturity profile—notional value of cross-currency interest rate swaps are as follows:
Total notional amount
2022
Less than 12 months
$M Cross-currency interest rate swaps (AUD:USD) 3
1–5 years Over 5 years
— — — — — —
952 0.74 5.4% 1,100 0.71 5.3% 375 0.74 4.5%
2,758 0.74 4.5% 2,200 0.61 4.3% 190 0.71 3.3% 750 6.42 4.5% 3,505 0.74 4.7% 2,200 0.61 4.3% 365 0.73 3.9% 750 6.42 4.5%
3,710
NA¹ NA¹
Average AUD-USD exchange rate
Average fixed interest rate 2
Cross-currency interest rate swaps (AUD:EUR) 4
3,300
NA¹ NA¹ 765 NA¹ NA¹ 750 NA¹ NA¹
Average AUD-EUR exchange rate
Average fixed interest rate 2
Cross-currency interest rate swaps (AUD:CHF) 5
200 0.72 4.6%
Average AUD-CHF exchange rate Average fixed interest rate 2
Cross-currency interest rate swaps (AUD:NOK) 6
— — —
— — —
Average AUD-NOK exchange rate
Average fixed interest rate 2
2021 $M Cross-currency interest rate swaps (AUD:USD) 3
— — — — — — — — — — — —
205 0.75 5.5% 1,100 0.71 5.3% 400 0.73 4.5%
3,710
Average AUD-USD exchange rate
NA¹ NA¹
Average fixed interest rate 2
Cross-currency interest rate swaps (AUD:EUR) 4
3,300
Average AUD-EUR exchange rate
NA¹ NA¹ 765 NA¹ NA¹ 750 NA¹ NA¹
Average fixed interest rate 2
Cross-currency interest rate swaps (AUD:CHF) 5
Average AUD-CHF exchange rate Average fixed interest rate 2
Cross-currency interest rate swaps (AUD:NOK) 6
— — —
Average AUD-NOK exchange rate
Average fixed interest rate 2
1. NA―Not applicable. 2. Based on average fixed rate of cross-currency swap contracts, which does not include any margins that may be applicable on the hedged debt instrument.
3. Balances are presented in USD currency. 4. Balances are presented in EUR currency. 5. Balances are presented in CHF currency. 6. Balances are presented in NOK currency. Effectiveness of hedging relationships designated are as follows:
Amount reclassified from other comprehensive income to profit and loss
Hedge (gains)/losses recognised in other comprehensive income
Hedge ineffectiveness (gains)/losses recognised in profit and loss
Line item in profit and loss that includes hedge ineffectiveness
2022
Line item in profit and loss for reclassification
$M Foreign currency risk Cross-currency interest rate swaps Net investment in foreign operation 2021 $M Foreign currency risk Cross-currency interest rate swaps
(861)
(86)
Net finance costs Net finance costs
— —
Net finance costs Net finance costs
81
3
521
97
Net finance costs
5
Net finance costs
Profit for the year from discontinued operations
Net investment in foreign operation
31
—
Net finance costs
(44)
159 159
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