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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.
| |
|
|
June 2017
R000 |
|
June 2016
R000 |
|
| Opening balance as at 1 July |
|
|
(51 889) |
|
10 380 |
|
| Foreign exchange movement |
|
|
10 748 |
|
(6 722) |
|
| Additions |
|
|
(938) |
|
|
|
| Acquisition of business combination |
|
|
|
|
(2 365) |
|
| Fair value adjustment |
|
|
(5 074) |
|
(53 182) |
|
| Balance at end of year |
|
|
(47 153) |
|
(51 889) |
|
| Standard Bank of South Africa Limited |
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
| Non-current |
Interest rate swap |
|
|
|
7 260 |
|
| Liabilities |
|
|
|
|
|
|
| Non-current |
Interest rate swap |
|
(18 086) |
|
(5 236) |
|
| Current |
Zero cost collar |
|
(80) |
|
|
|
| Rand Merchant Bank (RMB) |
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
| Non-current |
Interest rate swap |
|
|
|
13 797 |
|
| Current |
Interest rate swap |
|
9 530 |
|
|
|
| Liabilities |
|
|
|
|
|
|
| Non-current |
Interest rate swap |
|
(13 194) |
|
(84 371) |
|
| Current |
Interest rate swap |
|
(858) |
|
|
|
| Nedbank Limited |
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
| Non-current |
Interest rate swap |
|
785 |
|
28 252 |
|
| Liabilities |
|
|
|
|
|
|
| Non-current |
Interest rate swap |
|
(25 250) |
|
(11 592) |
|
| Current |
Interest rate swap |
|
|
|
|
|
| |
|
|
(47 153) |
|
(51 889) |
|
| Reconciliation to the statements of financial position |
|
|
|
|
|
|
| Non-current assets |
|
|
785 |
|
49 309 |
|
| Current assets |
|
|
9 530 |
|
|
|
| Non-current liabilities |
|
|
(56 530) |
|
(101 198) |
|
| Current liabilities |
|
|
(938) |
|
|
|
| |
|
|
(47 153) |
|
(51 889) |
|
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 |
3-month JIBAR |
|
| Standard Bank |
R100 million |
8,04% |
11/11/2019 |
3-month JIBAR |
|
| Standard Bank |
R100 million |
8,50% |
3/2/2020 |
3-month JIBAR |
|
| Standard Bank |
R450 million |
7,85% |
30/10/2020 |
3-month JIBAR |
|
| Standard Bank |
R300 million |
7,82% |
31/10/2023 |
3-month JIBAR |
|
| Standard Bank |
R100 million |
7,85% |
27/5/2024 |
3-month JIBAR |
|
| RMB |
R300 million |
5,83% |
13/9/2017 |
3-month JIBAR |
|
| RMB |
R450 million |
5,87% |
18/4/2018 |
3-month JIBAR |
|
| RMB |
R200 million |
7,73% |
18/9/2019 |
3-month JIBAR |
|
| Nedbank |
R250 million |
8,54% |
2/1/2020 |
3-month JIBAR |
|
| Nedbank |
R250 million |
8,29% |
2/1/2020 |
3-month JIBAR |
|
| Nedbank |
R500 million |
7,43% |
4/1/2021 |
3-month JIBAR |
|
| Nedbank |
R250 million |
7,21% |
1/2/2021 |
3-month JIBAR |
|
| Nedbank |
R500 million |
7,61% |
1/9/2021 |
3-month JIBAR |
|
| Nedbank |
R500 million |
7,55% |
1/10/2021 |
3-month JIBAR |
|
| RMB |
USD7,68 million |
4,26% |
6/5/2018 |
3-month LIBOR + 3,2% |
|
| RMB |
USD1,64 million |
1,27% |
17/5/2018 |
3-month LIBOR |
|
| RMB |
USD1,78 million |
1,67% |
17/5/2018 |
3-month LIBOR |
|
| RMB |
USD4,50 million |
4,47% |
17/5/2018 |
3-month LIBOR + 3,2% |
|
| RMB |
USD4,98 million |
2,10% |
18/5/2020 |
3-month LIBOR |
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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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