Financial statements | Contents
Section D: Notes to the THT and TIL financial statements for the year ended 30 June 2025
D11
Financial risk management and derivatives (continued)
Market risk (continued) Foreign exchange risk (continued) Sensitivity
Sensitivity analysis from the following shifts in exchange rates on foreign currency risk exposures at the reporting date after hedging is presented in the table below. The following shifts in exchange rates have been selected as a reasonably possible change. This is not a forecast or prediction of future market conditions.
Increase/(decrease) in post-tax profit
Increase/(decrease) in equity
THT
2025 2024 $M $M $M $M 2024 2025
AUD/USD + 10 cents – 10 cents
(5)
(5)
(9)
(3)
7
7
12
4
AUD/CHF + 10 centimes – 10 centimes
— —
— —
(6)
(2)
9
3
Increase/(decrease) in post-tax profit
Increase/(decrease) in equity
TIL
2025 2024 $M $M $M $M 2024 2025
USD/AUD + 10 cents – 10 cents
8
7
— —
— —
(9)
(8)
Interest rate risk Exposure Exposures to interest rate risk after hedging at the end of the reporting period are as follows: THT
2025
2024 $M $M
Floating interest rate borrowings
2,494
2,779
Floating interest rate exposures converted to fixed interest rates using interest rate swaps (notional principal amount) Fixed interest rate exposures converted to floating interest rates using cross currency interest rate swaps and interest rate swaps
(2,469)
(2,013)
354 379
—
Floating interest rate exposure 1
766
Fixed interest rate borrowings after hedging Less than 1 year
888
200
1-5 years
3,403 3,855
4,189 2,745
Over 5 years
Net capitalised borrowing costs and remeasurement adjustments
(13)
(26)
Total borrowings
8,512
7,874
1 Exposure to floating rate borrowings is partially offset by cash and cash equivalent balances held at variable rates. An analysis by maturities of THT’s borrowings is provided in the liquidity risk section below.
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