198 | CapitaLand Limited Annual Report 2014
Appendix
Notes to the Financial Statements
Year ended 31 December 2014
33 FINANCIAL RISK MANAGEMENT
(cont’d)
(d) Liquidity risk
(cont’d)
&RQWUDFWXDO FDVK ÁRZV
Carrying
amount
$’000
Total
$’000
Not later
than 1 year
$’000
Between
1 and 5 years
$’000
After
5 years
$’000
The Group
2013 (Restated)
Interest rate swaps
- assets
929
1,024
(1,072)
1,772
324
- liabilities
(30,295)
(49,836)
(24,106)
(25,730)
–
Forward foreign
exchange contracts
- assets
55
55
55
–
–
- liabilities
(938)
(938)
(938)
–
–
Cross currency swaps
- assets
7,960
17,522
1,482
8,020
8,020
- liabilities
(25,171)
(15,554)
(2,615)
(10,459)
(2,480)
(47,460)
(47,727)
(27,194)
(26,397)
5,864
H 2IIVHWWLQJ ÀQDQFLDO DVVHWV DQG ÀQDQFLDO OLDELOLWLHV
The disclosures set out in the tables below include mnancial assets and mnancial liabilities that
t
are offset in the Group’s and the Company’s balance sheets; or
t are subject to an enforceable master netting arrangement, irrespective of whether they are offset in the
balance sheets.
Financial instruments such as trade receivables and trade payables are not disclosed in the tables below
unless they are offset in the balance sheets.
The Group’s derivative transactions that are not transacted through an exchange, are governed by the
International Swaps and Derivatives Association (ISDA) Master Netting Agreements. In general, under such
agreements, the amounts due on a single day in respect of all transactions outstanding in the same currency
are aggregated into a single net amount and settled between the counterparties. In certain circumstances,
for example when a credit event such as a default occurs, all outstanding transactions under the agreement
are terminated, the termination value is assessed and set off into a single net amount to be settled.
The above ISDA agreements do not meet the criteria for offsetting in the balance sheets as a right of set-off
of recognised amounts is enforceable only following an event of default, insolvency or bankruptcy of the
Group or the counterparties. In addition, the Group and its counterparties do not intend to settle on a net
basis or to realise the assets and settle the liabilities simultaneously.
