| NOTES TO THE FINANCIAL STATEMENTS l NOTE 19 |
|
19. |
Derivative instruments |
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Derivative instruments comprise interest rate swaps.
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|
GROUP
June 2014
R000 |
|
GROUP
June 2013
R000 |
|
COMPANY
June 2014
R000 |
|
COMPANY
June 2013
R000 |
|
| Opening balance as at 1 July/1 January |
|
|
(13 127) |
|
(237 464) |
|
(13 127) |
|
(237 464) |
|
| Fair value adjustment |
|
|
4 276 |
|
224 337 |
|
6 294 |
|
224 337 |
|
| Closing balance 30 June |
|
|
(8 851) |
|
(13 127) |
|
(6 833) |
|
(13 127) |
|
| The Standard Bank of South Africa Limited |
|
|
|
|
|
|
|
|
|
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| Assets |
|
|
|
|
|
|
|
|
|
|
| Long term |
Interest rate swap |
|
8 080 |
|
15 988 |
|
8 080 |
|
15 988 |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
| Long term |
Interest rate swap |
|
(22 041) |
|
(16 973) |
|
(22 041) |
|
(16 973) |
|
| Rand Merchant Bank |
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
| Long term |
Interest rate swap |
|
23 561 |
|
23 869 |
|
23 561 |
|
23 869 |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
| Long term |
Interest rate swap |
|
(5 492) |
|
(1 771) |
|
(3 474) |
|
(1 771) |
|
| Nedbank Limited |
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
| Long term |
Interest rate swap |
|
1 337 |
|
|
|
1 337 |
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
| Long term |
Interest rate swap |
|
(14 296) |
|
(34 240) |
|
(14 296) |
|
(34 240) |
|
| |
|
|
(8 851) |
|
(13 127) |
|
(6 833) |
|
(13 127) |
|
| Reconciliation to the statements of financial-position |
|
|
|
|
|
|
|
|
|
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| Non-current assets |
|
|
32 978 |
|
39 857 |
|
32 978 |
|
39 857 |
|
| Non-current liabilities |
|
|
(41 829) |
|
(52 984) |
|
(39 811) |
|
(52 984) |
|
| |
|
|
(8 851) |
|
(13 127) |
|
(6 833) |
|
(13 127) |
|
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 |
Expiry date |
Rate |
|
| RMB |
R200 million |
8,14% |
1/02/2016 |
JIBAR-linked |
|
| RMB |
R450 million |
5,87% |
18/04/2018 |
JIBAR-linked |
|
| RMB |
R300 million |
5,83% |
13/09/2017 |
JIBAR-linked |
|
| RMB |
R200 million |
7,73% |
18/09/2019 |
JIBAR-linked |
|
| RMB |
USD7 682 773 |
4,26% |
6/05/2018 |
LIBOR-linked |
|
| RMB |
USD1 783 500 |
1,67% |
17/05/2018 |
LIBOR-linked |
|
| RMB |
USD1 647 000 |
1,27% |
17/05/2018 |
LIBOR-linked |
|
| RMB |
USD4 987 500 |
2,10% |
18/05/2020 |
LIBOR-linked |
|
| Standard Bank |
R450 million |
7,80% |
31/10/2018 |
JIBAR-linked |
|
| Standard Bank |
R300 million |
8,33% |
31/10/2016 |
JIBAR-linked |
|
| Standard Bank |
R100 million |
8,04% |
9/11/2019 |
JIBAR-linked |
|
| Standard Bank |
R100 million |
7,98% |
25/05/2017 |
JIBAR-linked |
|
| Standard Bank |
R100 million |
8,02% |
13/08/2018 |
JIBAR-linked |
|
| Standard Bank |
R100 million |
8,50% |
3/02/2020 |
JIBAR-linked |
|
| Nedbank |
R500 million |
8,93% |
3/09/2018 |
JIBAR-linked |
|
| Nedbank |
R500 million |
8,80% |
3/01/2017 |
JIBAR-linked |
|
| Nedbank |
R500 million |
8,59% |
4/01/2016 |
JIBAR-linked |
|
| Nedbank |
R500 million |
8,82% |
2/10/2017 |
JIBAR-linked |
|
| Nedbank |
R250 million |
8,29% |
1/02/2016 |
JIBAR-linked |
|
| Nedbank |
R250 million |
8,54% |
2/01/2020 |
JIBAR-linked |
|
| Nedbank |
R250 million |
8,29% |
2/01/2020 |
JIBAR-linked |
|
|
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The designation of the interest rate swaps is further disclosed in note 37. |
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| NOTES TO THE FINANCIAL STATEMENTS l NOTE 19 |
|
|