Annual Report 2010–2011, Part 2: Financial (1.8 ... - Tourism Victoria

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED 30 JUNE 2011 Note 14. Financial instruments (continued) The following table details Tourism Victoria’s exposure to interest rate risk as at 30 June 2011. Maturity dates Weighted average effective interest rate Variable interest rate Less than 1 year 1–5 years More than 5 years Non-Interest Bearing Total 2011 Note % $ $ $ $ $ $ Financial assets Cash and deposits 15 4.73% 12,027,636 15,500,000 – – – 27,527,636 Trade and other receivables 4 – – – – 614,758 614,758 Forward Foreign Currency 14 – – – – 1,313,299 1,313,299 Exchange Contract Investments 5 – – – – 1 1 12,027,636 15,500,000 – – 1,928,058 29,455,694 Financial liabilities Payables 7 – – – – 7,073,517 7,073,517 Finance lease liabilities 8,11 7.22% – 70,132 45,160 – – 115,292 Forward Foreign Currency – – – – 1,313,299 1,313,299 Exchange Contract – 70,132 45,160 – 8,386,816 8,502,109 Net financial assets (liabilities) 12,027,636 15,429,868 (45,160) – (6,458,758) 20,953,586 The following table details Tourism Victoria’s exposure to interest rate risk as at 30 June 2010. Maturity dates Weighted average effective interest rate Variable interest rate Less than 1 year 1–5 years More than 5 years Non-Interest Bearing Total 2010 Note % $ $ $ $ $ $ Financial assets Cash and deposits 15 3.88% 9,440,872 4,350,000 – – – 13,790,872 Trade and other receivables 4 – – – – 9,896,557 9,896,557 Forward Foreign Currency 14 – – – – 3,725,724 3,725,724 Exchange Contract Investments 5 – – – – 1 1 9,440,872 4,350,000 – – 13,622,282 27,413,154 Financial liabilities Payables 7 – – – – 6,773,958 6,773,958 Finance lease liabilities 8,11 7.41% – 99,904 89,814 – – 189,717 Forward Foreign Currency – – – – 3,725,724 3,725,724 Exchange Contract – 99,904 89,814 – 10,499,682 10,689,399 Net financial assets (liabilities) 9,440,872 4,250,096 (89,814) – 3,122,600 16,723,755 50 TOURISM VICTORIA ANNUAL REPORT 2010–11
Note 14. Financial instruments (continued) Sensitivity disclosure analysis Taking into account past performance, future expectations, economic forecasts, and management’s knowledge and experience of the financial markets, Tourism Victoria believes the following movements are ‘reasonably possible’ over the next 12 months (Base rates are sourced from Reserve Bank of Australia): • A parallel shift of +0.5% and -0.5% in market interest rate (AUD) from year end rates of 4.82%. (2010: 4.05%); • Proportional exchange rate movement of -10% (depreciation of AUD) and +10% (appreciation of AUD) against foreign currencies, from the year end rates. At year end there were foreign currency balances (AUD 1,938,884) which would expose Tourism Victoria to exchange rate risk (2010: AUD 2,810,436); and • A parallel shift of +1% and -1% in inflation rate from year end rates of 3.6% (2010: 3.1%) – Tourism Victoria has no financial instruments exposed to inflation risk (2010: no exposure). The following table discloses the impact on net operating result and equity for each category of financial instrument held by Tourism Victoria at year end as presented to key management personnel, if the above movements were to occur. 2011 Foreign exchange risk 2011 Interest rate risk -10% +10% -0.5% +0.5% (50 basis points) (50 basis points) Carrying amount Profit Equity Profit Equity Profit Equity Profit Equity $ $ $ $ $ $ $ $ Financial assets Cash and deposits (1) 27,527,636 193,888 193,888 (193,888) (193,888) (137,638) (137,638) 137,638 137,638 Forward Foreign Currency 1,313,299 131,330 131,330 (131,330) (131,330) – – – – Exchange Contract (2) Receivables (3) 614,758 – – – – – – – – Investments in other entities (4) 1 – – – – – – – – Financial liabilities Forward Foreign Currency Exchange Contract (2) 1,313,299 (131,330) (131,330) 131,330 131,330 – – – – Payables (3) 7,073,517 – – – – – – – – Finance lease liabilities (5) 115,292 – – – – – – – – Total increase/(decrease) 193,888 193,888 (193,888) (193,888) (137,638) (137,638) 137,638 137,638 2010 Foreign exchange risk 2010 Interest rate risk -10% +10% -0.5% +0.5% (50 basis points) (50 basis points) Carrying amount Profit Equity Profit Equity Profit Equity Profit Equity $ $ $ $ $ $ $ $ Financial assets Cash and deposits (1) 13,790,872 281,044 281,044 (281,044) (281,044) (68,954) (68,954) 68,954 68,954 Forward Foreign Currency 3,725,724 372,572 372,572 (372,572) (372,572) – – – – Exchange Contract (2) Receivables (3) 9,896,557 – – – – – – – – Investments in other entities (4) 1 – – – – – – – – Financial liabilities Forward Foreign Currency Exchange Contract (2) 3,725,724 (372,572) (372,572) 372,572 372,572 – – – – Payables (3) 6,773,958 – – – – – – – – Finance lease liabilities (5) 189,717 – – – – – – – – Total increase/(decrease) 281,044 281,044 (281,044) (281,044) (68,954) (68,954) 68,954 68,954 51
Page 1 and 2: Annual Report 2010-11
Page 3 and 4: COMPREHENSIVE OPERATING STATEMENT F
Page 5 and 6: STATEMENT OF CHANGES IN EQUITY FOR
Page 7 and 8: Note 1. Summary of significant acco
Page 15 and 16: Note 3. Expenses from transactions
Page 17 and 18: Note 6. Property, plant and equipme
Page 19 and 20: Note 7. Payables Current Contractua
Page 21 and 22: Note 10. Superannuation Employees o
Page 23 and 24: Note 12. Commitments for expenditur
Page 25 and 26: Note 14. Financial instruments (con
Page 27: Note 14. Financial instruments (con
Page 31 and 32: Note 15. Cash flow information 2011
Page 33 and 34: Note 17. Responsible persons In acc
Page 35 and 36: Note 18. Remuneration of executives
Page 37 and 38: Note 21. Glossary (continued) Forwa
Page 39 and 40: 1 / 2 61
Page 41 and 42: DISCLOSURE INDEX The Annual Report

Annual Report 2010–2011, Part 2: Financial (1.8 ... - Tourism Victoria

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