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19. Derivative instruments
Derivative instruments comprise interest rate swaps.
GROUP
June 2015
R000
GROUP
June 2014
R000
COMPANY
June 2015
R000
COMPANY
June 2014
R000
Opening balance as at 1 July
(8 851)
(13 127)
(6 833)
(13 127)
Foreign exchange movement on opening
balance
(325)
Fair value adjustment
19 556
4 276
35 645
6 294
Balance at end of year
10 380
(8 851)
28 812
(6 833)
The Standard Bank of South Africa Limited
Assets
Non-current
Interest rate swap
8 795
8 080
8 795
8 080
Liabilities
Non-current
Interest rate swap
(9 270)
(22 041)
(9 270)
(22 041)
Rand Merchant Bank
Assets
Non-current
Interest rate swap
15 776
23 561
15 776
23 561
Liabilities
Non-current
Interest rate swap
(21 605)
(5 492)
(3 173)
(3 474)
Nedbank Limited
Assets
Non-current
Interest rate swap
28 561
1 337
28 561
1 337
Liabilities
Non-current
Interest rate swap
(9 248)
(14 296)
(9 248)
(14 296)
Current
Interest rate swap
(2 629)
(2 629)
Balance at end of year
10 380
(8 851)
28 812
(6 833)
Reconciliation to the statements of financial position
Non-current assets
53 132
32 978
53 132
32 978
Non-current liabilities
(40 123)
(41 829)
(21 691)
(39 811)
Current liabilities
(2 629)
(2 629)
Balance at end of year
10 380
(8 851)
28 812
(6 833)
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 Expiry date
Rate
RMB
R200 million
8,14% 1/2/2016 JIBAR-linked
RMB
R450 million
5,87% 18/4/2018 JIBAR-linked
RMB
R300 million
5,83% 13/9/2017 JIBAR-linked
RMB
R200 million
7,73% 18/9/2019 JIBAR-linked
RMB
USD7 682 773
4,26% 6/5/2018 LIBOR-linked
RMB
USD1 783 500
1,67% 17/5/2018 LIBOR-linked
RMB
USD1 647 000
1,27% 17/5/2018 LIBOR-linked
RMB
USD4 987 500
2,10% 18/5/2020 LIBOR-linked
RMB
USD4 500 000
4,47% 17/5/2018 LIBOR-linked
Standard Bank
R450 million
7,85% 31/10/2020 JIBAR-linked
Standard Bank
R300 million
7,82% 31/10/2023 JIBAR-linked
Standard Bank
R100 million
8,04% 9/11/2019 JIBAR-linked
Standard Bank
R100 million
7,85% 25/5/2024 JIBAR-linked
Standard Bank
R100 million
8,02% 13/8/2018 JIBAR-linked
Standard Bank
R100 million
8,50% 3/2/2020 JIBAR-linked
Nedbank
R500 million
7,43% 4/1/2021
JIBAR-linked
Nedbank
R500 million
7,55% 1/10/2021
JIBAR-linked
Nedbank
R500 million
8,59% 4/1/2016 JIBAR-linked
Nedbank
R500 million
7,61% 1/9/2021
JIBAR-linked
Nedbank
R250 million
7,21% 1/2/2021
JIBAR-linked
Nedbank
R250 million
8,54% 2/1/2020 JIBAR-linked
Nedbank
R250 million
8,29% 2/1/2020 JIBAR-linked
Further disclosure on the designation of the interest rate swaps is provided in note 38.
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Hyprop Investments Limited
Integrated Report 2015