Annual Report 2011 - Hongkong Land

24 Notes to Consolidated Cash Flow Statement
a) Change in interests in subsidiaries
The increase in 2010 represented the Group’s increased attributable interests in MCL Land from 77.4% to 100%.
b) Cash and cash equivalents
2011 2010
US$m
US$m
Bank balances 967.9 1,366.7
Bank overdrafts (see Note 21) (1.2) (1.0)
966.7 1,365.7
25 Derivative Financial Instruments
The fair values of derivative financial instruments at 31st December are as follows:
2011 2010
Positive Negative Positive Negative
fair value fair value fair value fair value
US$m US$m US$m US$m
Designated as cash flow hedges
– interest rate swaps – 9.5 1.1 11.7
– cross currency swaps 0.2 12.5 0.2 15.4
Designated as fair value hedges
– interest rate swaps 9.8 – 0.6 1.8
– cross currency swaps 60.0 – 53.3 42.0
The remaining contractual maturities of derivative financial instruments, based on their undiscounted cash outflows, are analysed
as follows:
Within Between Between Beyond
one one and two and five
year two years five years years
US$m US$m US$m US$m
2011
Net settled
– interest rate swaps 5.7 3.5 1.5 –
Gross settled
– cross currency swaps 29.3 29.3 575.0 936.2
35.0 32.8 576.5 936.2
2010
Net settled
– interest rate swaps 8.4 6.2 5.3 –
Gross settled
– cross currency swaps 635.5 26.2 571.4 935.2
643.9 32.4 576.7 935.2
Annual Report 2011 55