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) Hedge accounting relationships (continued) THT Cross-currency interest rate swaps that are hedging foreign denominated borrowings and the average exchange rate at the reporting date are shown below: 2025 2024 2025 2024 USD USD CHF CHF $M $M $M $M Borrowings 1 (2,143) (2,143) (685) (565) Cross-currency interest rate swaps Receive notional value 1 2,143 2,143 685 565 Pay notional value AUD (2,856) (2,856) (999) (774) Average exchange rate 0.75 0.75 0.69 0.73
1. Balances are presented in respective currency.
THT
2025
2024
$M
$M
Hedges of fair value interest rate risk
Hedges of cash flow interest rate risk
Hedges of fair value interest rate risk
Hedges of cash flow interest rate risk
Interest rate swaps hedging Australian dollar borrowings
Fair value hedge AUD-IRS
Cash flow hedge AUD-IRS
Fair value hedge 1
Cash flow hedge AUD-IRS
Hedge accounting relationship
N/A
Hedging instrument Notional amount AUD
255
2,855
—
2,013
1:1
1:1
N/A
Hedge ratio
1:1
December 2025 to October 2035
December 2025 to January 2035
September 2032
Maturity dates
N/A
At 30 June Carrying amount of hedging instruments
4
120
—
207
During the year Change in fair value of hedging instrument used for calculating hedge effectiveness Change in fair value of hedged item used for calculating hedge effectiveness
4
(89)
— —
139
(4)
89 89 —
(142) (139)
N/A
Effective portion of hedging instrument recognised in OCI Hedge ineffectiveness recognised in profit and loss Weighted average hedged interest rate as at 30 June 2
N/A
—
—
—
3.7 %
2.5 %
N/A
1.9 %
1. No interest rate swaps were in fair value hedges in the financial year ended 30 June 2024. 2. Based on average fixed rate of interest rate of swap contracts, which does not include any margins that may be applicable on the hedged debt instruments.
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