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184 <strong>Telkom</strong> Annual Report 2009 Notes to the consolidated annual financial statements (continued) for the three years ended March 31, 2009 13. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) 13.4 Liquidity risk management (continued) Carrying Contractual 0 – 12 1 – 2 2 – 5 > 5 amount cash flows months years years years Note Rm Rm Rm Rm Rm Rm 2008 Non-derivative financial liabilities Finance lease liabilities Interest-bearing debt (excluding finance 38 1,167 2,198 257 202 589 1,150 leases) 28 14,566 16,672 6,350 4,835 2,733 2,754 Trade and other payables 31 8,771 8,771 8,771 – – – Credit facilities utilised Derivative financial liabilities 21 1,342 1,342 1,342 – – – Other financial liabilities 20 1,290 1,290 371 919 – – Put option (Multi-Links) 919 919 – 919 – – Put option (Vodacom DRC) 198 198 198 – – – Forward exchange contracts 173 173 173 – – – 27,136 30,273 17,091 5,956 3,322 3,904 2007 Non-derivative financial liabilities Finance lease liabilities Interest-bearing debt (excluding 38 1,220 2,424 231 276 585 1,332 finance leases) 28 9,144 11,329 6,133 1 2,551 2,644 Trade and other payables 31 7,237 7,237 7,237 – – – Credit facilities utilised Derivative financial liabilities 21 441 441 441 – – – Other financial liabilities 20 229 229 229 – – – Put option (Vodacom DRC) 125 125 125 – – – Interest rate swaps 26 26 26 – – – Forward exchange contracts 42 42 42 – – – Other financial liability 36 36 36 – – – 18,271 21,660 14,271 277 3,136 3,976
13. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) 13.5 Foreign currency exchange rate risk management <strong>Telkom</strong> Annual Report 2009 185 Notes to the consolidated annual financial statements (continued) for the three years ended March 31, 2009 The Group manages its foreign currency exchange rate risk by economically hedging all identifiable exposures via various financial instruments suitable to the Group’s risk exposure. Forward exchange contracts have been entered into to reduce the foreign currency exposure on the Group’s operations and liabilities. The Group also enters into foreign forward exchange contracts to economically hedge interest expense and purchase and sale commitments denominated in foreign currencies (primarily United States dollars and euros). The purpose of the Group’s foreign currency hedging activities is to protect the Group from the risk that the eventual net cash flows will be adversely affected by changes in exchange rates. There were no changes in the exposure to foreign currency exchange rate risk and its objectives, policies and processes for managing and measuring the risk from the previous period. The following table details the foreign forward exchange contracts outstanding at year end: Foreign contract Forward amount amount Fair value To buy m Rm Rm 2009 Currency US$ 155 1,477 14 Euro 92 1,205 (24) Other 36 69 (3) 2008 Currency US$ 139 1,042 109 Euro 252 2,826 444 Pound Sterling 19 281 30 Other 31 32 6 2007 Currency US$ 181 1,329 (1) Euro 196 1,899 23 Pound Sterling 19 261 6 Other 66 49 (1) 2,751 4,181 3,538
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We are... one of Africa’s largest
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Telkom shareholding as at March 31,
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Grow profitable revenue through wir
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600 500 400 300 200 100 0 07 08 09
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The telecommunications industry Con
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egulation that stipulated standard
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a - Euros a - Euros a - Euros 0.25
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ated management team with experienc
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The regulatory environment The regu
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On target for 2010 Telkom Annual Re
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Online impairments, the fixed-line
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• Remodelling - reaching for new
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in this annual report has been upda
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Capital expenditure for the Group i
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More than100 years of combined tele
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Management team Telkom Annual Repor
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Telkom Annual Report 2009 33 Age at
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uild a partnership with communities
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Customers: Through our Customer Cen
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• Interfacing with the media Whil
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Partnering with Human Resources Gro
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The members’ resignations and app
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Share dealings In line with JSE Lis
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NYSE rules Telkom practice Telkom A
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the codes of conduct and ethics tha
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Telkom Annual Report 2009 51 Enterp
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provider, we practice a risk manage
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egulate the business of dealers in
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addressing a number of significant
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There was a major Over the past dec
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payment policy that facilitates the
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Headcount movement Compensation and
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• Accelerated development of wome
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14,500 union members participated i
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were admitted to the university in
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ole in exposing students to the rea
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Sick leave indices • We saved R2
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These will be augmented by another
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Some of the key deliverables are:
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Fittingly, the initiative was launc
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Sponsorships Sponsorships continue
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Item Comment and reference Governan
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espond to competitive challenges Pe
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Operational review History and deve
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service. All costs including instal
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Traffic was adversely affected in b
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Telkom’s focus on bringing new in
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esponse of the CDMA operators to ou
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MWEB Africa On April 21, 2009, we a
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VPN model that allows other service
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services and also to support Telkom
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Telkom’s fixed-line voice busines
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Results of operations The Telkom Gr
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EBITDA can be reconciled to operati
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Telkom Annual Report 2009 109 Finan
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Fixed-line operating revenue increa
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The following table sets forth info
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Interconnection revenue Year ended
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Telkom Annual Report 2009 117 Fixed
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Fixed-line payments to other networ
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Service fees increased in the year
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Vodacom’s operating revenue from
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our fixed-line business, which were
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Vodacom’s selling, general and ad
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The increase in other operating rev
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commercial paper bills, as well as
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346 VOTING AND PROXIES Ordinary sha
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Notes Telkom Annual Report 2009 1.
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