notes to the financial statements - Investor Relations

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2011
27 DERIVATIVE FINANCIAL INSTRUMENTS
Annual Report 2011
Group
Asset Liability Asset Liability
2011 2011 2010 2010
$’000 $’000 $’000 $’000
Held for hedging
Interest rate swaps – 2,418 – –
Commodities futures 83,563 17,071 – –
83,563 19,489 – –
Analysed as:
- current 83,563 17,071 – –
- non-current – 2,418 – –
83,563 19,489 – –
Net gains (realised and unrealised) from fair value adjustments of derivative financial instruments relating to commodities
futures in the amount $107,843,000 are included in ‘Cost of sales’.
The interest rate derivatives are used to hedge the interest rate risk related to the floating interest rate loans. The table below
analyses the derivative financial instruments of the Group for which contractual maturities are essential for an understanding
of the timing of the cash flows into relevant maturity groupings based on the remaining period from the balance sheet date to
the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
Within 1
Maturity
Within 1 to 5 More than 5
year years years
Group $’000 $’000 $’000
2011
Interest swaps 2,418 − −
Commodities futures 17,071 − −
19,489 − −
28 EMPLOYEE BENEFITS
Group
2011 2010
Note $’000 $’000
Non-current
Subordinated employee benefit liabilities 10,418 –
Retirement benefit obligations 29 1,384 –
Current
11,802 –
Subordinated employee benefit liabilities 2,319 –
14,121 –
105