Financial statements
Section B: Notes to the Group financial statements for the year ended 30 June 2024
Section B: Notes to the Group financial statements for the year ended 30 June 2024
B14
Financial risk management and derivatives (continued)
Market risk (continued) Foreign exchange risk (continued) Hedging instruments (continued)
2024
2023 $M $M
Cross-currency interest rate swaps hedging borrowings denominated in foreign currencies Carrying amount of cross-currency interest rate swaps
682
827
13,678
Notional amount (AUD) at hedged rates
12,007
September 2024 to March 2036
September 2024 to July 2034
Maturity dates
1:1
Hedge ratio
1:1
(157)
Change in fair value of outstanding hedging instruments since 1 July Change in value of hedged item used to determine hedge effectiveness
273
148
(285)
The Group’s borrowing exposures to foreign currency risk and cross-currency interest rate swaps that are hedging foreign denominated borrowings at the reporting date are shown below: 2024 2023 $M $M USD EUR CHF NOK USD EUR CHF NOK Borrowings 1 (4,143) (4,950) (565) (750) (4,143) (3,950) (565) (750) Cross-currency interest rate swaps Receive notional value 1 3,643 4,950 565 750 3,643 3,950 565 750 Pay notional value AUD (4,897) (7,889) (774) (117) (4,897) (6,218) (774) (117) Average exchange rate 0.75 0.63 0.73 6.42 0.75 0.64 0.73 6.42
1. Balances are presented in respective currency.
An analysis by maturities of the Group’s borrowings is provided in the liquidity risk section below.
154
153
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