NOTES TO THE FINANCIAL STATEMENTS – NOTE 19

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.