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Derivative instruments comprise interest rate swaps and zero cost collars. The interest rate swaps are used to fix the interest rates on long-term debt facilities and corporate bonds, while the zero cost collars are used to fix the exchange rate in advance of the receipt of dividends from Hyprop Mauritius and Hystead.
| |
|
|
2017
R000 |
|
| Opening balance at 1 July |
|
|
(47 153) |
|
(51 889) |
|
| Foreign exchange movement |
|
|
(330) |
|
10 748 |
|
| Additions |
|
|
5 850 |
|
(938) |
|
| Disposals |
|
|
(8 883) |
|
|
|
| Fair value adjustment |
|
|
32 118 |
|
(5 074) |
|
| Balance at end of the year |
|
|
(18 398) |
|
(47 153) |
|
| Standard Bank of South Africa Limited |
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
| Non-current |
Interest rate swap |
|
6 017 |
|
|
|
| Current |
Interest rate swap |
|
815 |
|
|
|
| Liabilities |
|
|
|
|
|
|
| Non-current |
Interest rate swap |
|
(8 900) |
|
|
|
| Current |
Interest rate swap |
|
(277) |
|
(18 086) |
|
| Current |
Zero cost collars |
|
(1 722) |
|
(80) |
|
| Rand Merchant Bank (RMB) |
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
| Non-current |
Interest rate swap |
|
829 |
|
|
|
| Current |
Interest rate swap |
|
|
|
9 530 |
|
| Liabilities |
|
|
|
|
|
|
| Non-current |
Interest rate swap |
|
(1 380) |
|
(13 194) |
|
| Current |
Interest rate swap |
|
|
|
(858) |
|
| Nedbank Limited |
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
| Non-current |
Interest rate swap |
|
|
|
785 |
|
| Liabilities |
|
|
|
|
|
|
| Non-current |
Interest rate swap |
|
(13 780) |
|
(25 250) |
|
| |
|
|
(18 398) |
|
(47 153) |
|
| Reconciliation to the statement of financial position |
|
|
|
|
|
|
| Non-current assets |
|
|
6 846 |
|
785 |
|
| Current assets |
|
|
815 |
|
9 530 |
|
| Non-current liabilities |
|
|
(24 060) |
|
(56 530) |
|
| Current liabilities |
|
|
(1 999) |
|
(938) |
|
| |
|
|
(18 398) |
|
(47 153) |
|
The valuation of the derivative instruments was determined by discounting the future cash flows using the JIBAR or LIBOR swap curve.
| Financial institution |
Nominal
amount |
|
Fixed rate
payable
% |
|
Expiry
date |
|
Variable rate
receivable |
|
| Standard Bank |
R100 million |
|
8,02 |
|
13/8/2018 |
|
Three-month JIBAR |
|
| Standard Bank |
R100 million |
|
8,04 |
|
11/11/2019 |
|
Three-month JIBAR |
|
| Standard Bank |
R100 million |
|
8,50 |
|
3/2/2020 |
|
Three-month JIBAR |
|
| Standard Bank |
R450 million |
|
7,85 |
|
30/10/2020 |
|
Three-month JIBAR |
|
| Standard Bank |
R300 million |
|
7,82 |
|
31/10/2023 |
|
Three-month JIBAR |
|
| Standard Bank |
R100 million |
|
7,85 |
|
27/5/2024 |
|
Three-month JIBAR |
|
| RMB |
R200 million |
|
7,73 |
|
18/9/2019 |
|
Three-month JIBAR |
|
| Nedbank |
R250 million |
|
8,54 |
|
2/1/2020 |
|
Three-month JIBAR |
|
| Nedbank |
R250 million |
|
8,29 |
|
2/1/2020 |
|
Three-month JIBAR |
|
| Nedbank |
R500 million |
|
7,43 |
|
4/1/2021 |
|
Three-month JIBAR |
|
| Nedbank |
R250 million |
|
7,21 |
|
1/2/2021 |
|
Three-month JIBAR |
|
| Nedbank |
R500 million |
|
7,61 |
|
1/9/2021 |
|
Three-month JIBAR |
|
| Nedbank |
R500 million |
|
7,55 |
|
1/10/2021 |
|
Three-month JIBAR |
|
| tandard Bank |
USD17,8 million |
|
4,26 |
|
13/11/2018 |
|
Quarterly Three-month LIBOR |
|
| tandard Bank |
USD27,1 million |
|
2,11 |
|
30/10/2020 |
|
Quarterly Three-month LIBOR |
|
| RMB |
USD4,98 million |
|
2,10 |
|
18/5/2020 |
|
Three-month LIBOR |
|
Further disclosure on the designation of the interest rate swaps and their risk mitigation role is provided in note 34 – Financial instruments – Fair values and risk management.
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