Positioning for the Future | 193
Appendix
Notes to the Financial Statements
Year ended 31 December 2014
33 FINANCIAL RISK MANAGEMENT
(cont’d)
(b) Market risk
(cont’d)
(ii) Foreign currency risk
(cont’d)
US
Dollars
$’000
Australian
Dollars
$’000
Chinese
Renminbi
$’000
Hong
Kong
Dollars
$’000
Japanese
Yen
$’000
Euro
$’000
Malaysian
Ringgit
$’000
Others
#
$’000
Total
Foreign
Currencies
$’000
The Group
2013 (Restated)
Other mnancial assets
–
–
–
3,809
209,817
–
–
–
213,626
Trade and other
receivables
119,367 121,688
306,264
7,523
277,638 197,363
58,730 285,430 1,374,003
Cash and cash
equivalents
223,902 116,615 1,054,132
3,070
143,399
29,684 104,677
85,404 1,760,883
Borrowings
(946,715)(1,014,406) (517,497) (221,585) (1,219,507) (423,507) (435,741) (455,769) (5,234,727)
Trade and other
payables
(302,629) (16,782) (1,155,908) (15,099)
(60,228) (54,192) (71,757) (78,874) (1,755,469)
Gross currency
exposure
(906,075) (792,885) (313,009) (222,282) (648,881) (250,652) (344,091) (163,809) (3,641,684)
Add/Less
Net mnancial
liabilities
denominated in the
respective entities’
functional currencies
138,798 913,875
442,809 177,239
531,090 414,556 391,442 221,620 3,231,429
Cross currency swaps/
forward foreign
exchange contracts
502,308
–
–
–
122,700
(906)
1,165
–
625,267
Less
Available-for-sale
mnancial assets
–
–
–
(3,810)
–
–
–
–
(3,810)
Net currency exposure
(264,969) 120,990
129,800 (48,853)
4,909 162,998
48,516
57,811
211,202
#
Others include mainly United Arab Emirates Dirham, Sterling Pound, Thai Baht, Indian Rupee and Vietnamese Dong.
US
Dollars
$’000
Total
Foreign
Currency
$’000
The Company
2014
Cash and cash equivalents
174
174
Trade and other receivables
6
6
Currency exposure
180
180
2013
Cash and cash equivalents
91
91
Trade and other receivables
7
7
Currency exposure
98
98
Sensitivity analysis
It is estimated that a mve percentage point strengthening in foreign currencies against the Singapore
Dollar would increase the Group’s promt before tax by approximately $5.7 million (2013 $10.6 million)
and increase the Group’s other components of equity by approximately $0.1 million (2013 $0.2 million).
A mve percentage point weakening in foreign currencies against the Singapore Dollar would have an
equal but opposite effect. The Group’s outstanding forward foreign exchange contracts and cross
currency swaps have been included in this calculation. The analysis assumed that all other variables,
in particular interest rates, remain constant and does not take into account the translation related risk,
associated tax effects and share of non-controlling interests.
There was no signimcant exposure to foreign currencies for the Company as at 31 December 2014 and
31 December 2013.
