| |
|
2009
R’million |
|
Restated
2008
R’million |
| 23. |
DERIVATIVE FINANCIAL INSTRUMENTS |
|
|
|
| |
Liabilities |
|
|
|
| |
At the beginning of the year |
1,2 |
|
2,2 |
| |
Acquisition of subsidiary |
4,5 |
|
— |
| |
Disposal of joint venture |
(0,3) |
|
— |
| |
Movement on forward exchange contracts recognised in the income statement |
52,3 |
|
(1,4) |
| |
Fair value gains |
(5,8) |
|
(5,3) |
| |
Fair value losses |
58,1 |
|
3,9 |
| |
Fair value losses on interest rate swaps recognised in equity |
120,0 |
|
— |
| |
Effects of exchange rate changes |
0,7 |
|
0,4 |
| |
At the end of the year |
178,4 |
|
1,2 |
| |
The amount above can be analysed as follows |
|
|
|
| |
Forward exchange contracts |
58,4 |
|
1,2 |
| |
Interest rate swaps |
120,0 |
|
— |
| |
|
178,4 |
|
1,2 |
| |
Both the forward exchange contracts and interest rate swaps are classified as ‘Level 2’ liabilities in the fair value measurement hierarchy. |
|
