2004-05 Annual Report - Australia Post
2004-05 Annual Report - Australia Post
2004-05 Annual Report - Australia Post
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<strong>Australia</strong> <strong>Post</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2004</strong>/<strong>05</strong> Financial and Statutory <strong>Report</strong>s<br />
Notes to and forming part of the financial statements<br />
| 92 |<br />
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 20<strong>05</strong><br />
33. FINANCIAL INSTRUMENTS (CONT.)<br />
At balance date, the details of outstanding forward exchange, option and swap contracts are:<br />
Currency<br />
Buy USD<br />
Average<br />
exchange rate<br />
20<strong>05</strong> <strong>2004</strong><br />
AUD<br />
$m<br />
Average<br />
exchange rate<br />
0–6 months 0.7309 1.7 0.6984 10.2<br />
7–24 months – – 0.7104 6.7<br />
Buy EUR<br />
0–6 months 0.5868 0.1 0.5727 29.2<br />
7–24 months – – 0.5375 0.7<br />
Buy CHF<br />
0–6 months – – 0.8441 1.2<br />
Sell USD<br />
0–6 months – – 0.7009 10.4<br />
Sell NZD<br />
0–6 months 1.0841 5.5 1.1233 4.6<br />
Commodity<br />
Buy Oil<br />
Swap contracts<br />
Average<br />
exchange<br />
price (A$)<br />
AUD<br />
$m<br />
Average<br />
exchange<br />
price (A$)<br />
0–6 months 81.17 7.2 – –<br />
7–24 months 84.33 8.6 – –<br />
Option contracts<br />
0–6 months – – 52.14 0.5<br />
Swap and option contracts relating to Gas Oil (80%) and Kerosene (20%) are dealt in AUD.<br />
All forward exchange, swap and option contracts are entered into on the basis of known or projected obligations.<br />
As some of these contracts are to hedge anticipated future purchases of capital equipment, any gains and losses<br />
on the contracts, together with the cost of the contracts, are deferred and will be recognised in the measurement<br />
of the underlying transaction. The unrealised gains or losses on the remaining contracts are accounted for in<br />
accordance with note 1(u).<br />
The following gains, losses and costs arising from currency and commodity contracts have been deferred:<br />
AUD equivalents<br />
20<strong>05</strong><br />
1 year or less<br />
$m<br />
Maturing in<br />
Over 1–5 years<br />
$m<br />
AUD<br />
$m<br />
AUD<br />
$m<br />
More than 5 years<br />
$m<br />
Unrealised gains 1.3 0.0 0.0<br />
Unrealised losses (0.1) 0.0 0.0<br />
Net gain/(loss) 1.2 0.0 0.0<br />
<strong>2004</strong><br />
Unrealised gains 0.5 0.0 0.0<br />
Unrealised losses (0.5) 0.0 0.0<br />
Net gain/(loss) 0.0 0.0 0.0<br />
Gains and losses relating to plant and equipment are included in the capitalised cost. Gains and losses relating to<br />
future fuel purchases are treated as deferred income in the Statement of Financial Position.
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