Financial Report 2009 - Leighton Holdings

More documents

Recommendations

Info

Notes continued for the year ended 30 June 2009 34. FINANCIAL INSTRUMENTS CONTINUED b) Liquidity Risk Liquidity risk is the risk of having insufficient funds to settle financial liabilities as and when they fall due. This includes having insufficient levels of committed credit facilities. The Group’s objective is to maintain efficient use of cash and debt facilities in order to balance the cost of borrowing and while ensuring sufficient availability of credit facilities, to meet forecast. The Group adopts a prudent approach to cash management which ensures sufficient levels of cash are maintained to meet working capital requirements. Liquidity is reviewed continually by the Group’s treasury departments through daily cash monitoring, review of available credit facilities and forecasting and matching of cash flows. Contractual maturities of financial liabilities as at 30 June 2009: Group $’000 2009 Carrying amount Contractual cash flows Less than 1 Year 1-5 years More than 5 years Non-derivative financial liabilities Interest bearing loans - unsecured 621,114 (804,889) (112,272) (441,593) (251,024) Limited recourse loans 521,909 (648,140) (112,281) (535,859) - Leighton Finance International Notes 135,802 (155,844) (10,694) (145,150) - Trade and other payables 3,425,516 (3,425,516) (3,188,242) (237,274) - Derivative financial liabilities Forward exchange contracts used for foreign currency hedging: - Outflow 11,279 (53,579) (52,640) (939) - - Inflow (378) 9,371 8,311 1,060 - Other cash flow hedges: - Outflow 178,488 (184,730) (73,683) (111,047) - 4,893,730 (5,263,327) (3,541,501) (1,470,802) (251,024) Leighton Holdings Limited FINANCIAL REPORT 2009 47
Notes continued for the year ended 30 June 2009 34. FINANCIAL INSTRUMENTS CONTINUED Contractual maturities of financial liabilities as at 30 June 2008: Group $’000 2008 Carrying amount Contractual cash flows Less than 1 Year 1-5 years More than 5 years Non-derivative financial liabilities Loans - secured (non-recourse) 4,591 (4,761) (4,761) - - Interest bearing loans - unsecured 768,411 (836,533) (314,664) (521,869) - Limited recourse loans 449,288 (590,392) (132,451) (457,941) - Leighton Finance International Notes 115,789 (141,871) (8,994) (132,877) - Leighton Notes 200,000 (1,816,900) (17,020) (68,080) (1,731,800) Trade and other payables 2,824,927 (2,824,927) (2,610,973) (213,954) - Derivative financial liabilities Forward exchange contracts used for foreign currency hedging: - Outflow 6,395 (51,510) (45,553) (5,957) - - Inflow (1,374) 47,002 46,131 871 - Other cash flow hedges: - Outflow 53,915 (53,915) - (53,915) - 4,421,942 (6,273,807) (3,088,285) (1,453,722) (1,731,800) Contractual maturities of financial liabilities - Company: Trade and other payables - carrying amount and contracted cash flows less than 1 year: $380 (2008: $1,569). c) Equity Price Risk Equity price risk is the risk that the fair value of either a listed or unlisted equity investment, derivative equity instrument, or a portfolio of such financial instruments decreases in the future. The Group invests in equity investments though its participation in major public private partnership infrastructure projects. Investments may also be made as part of its strategic plans to form alliances or to invest in specialised but complementary businesses to access specialised skills, markets, or additional capacity. Equity investments are not made for trading or speculative purposes. The Group also enters cash flow hedges relating to capital commitments for equity investments. The fair values of listed investments are determined on an active market valuation basis using observable market data such as current bid prices. The fair values of unlisted investments are determined by the use of internal valuation techniques using discounted cash flows. Where practical the valuations incorporate observable market data. Assumptions are generally required with regard to future expected revenues and discount rates. Leighton Holdings Limited FINANCIAL REPORT 2009 48
Page 1 and 2: LEIGHTON 2009Financial Report Leigh
Page 3 and 4: Income Statements for the year ende
Page 5 and 6: Balance Sheets as at 30 June 2009 G
Page 7 and 8: Notes to the Financial Statements f
Page 9 and 10: Notes continued for the year ended
Page 47: Notes continued for the year ended
Page 77: Statutory Statements continued INDE

Financial Report 2009 - Leighton Holdings

Create successful ePaper yourself

Delete template?

Save as template?