notes to the financial statements - Food Empire Holdings Limited

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NOTES TO THE FINANCIAL STATEMENTS (cont’d) For the year ended 31 December 2012 37. Financial risk management objectives and policies (cont’d) (c) Interest rate risk (cont’d) The following tables set out the carrying amount, by maturity, of the Group’s and the Company’s financial instruments that are exposed to interest rate risk: Within 1 year 1 – 2 years 2 – 3 years 3 – 4 years 4 – 5 years More than 5 years Total Group US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 2012 Fixed rate Other receivables 378 – – – – – 378 Derivatives 178 – – – – – 178 Floating rate Cash and bank balances 46,596 – – – – – 46,596 Amount due from an associate – 2,600 – – – – 2,600 Finance lease obligation 10 37 – – – – 47 Interest-bearing loans and borrowings 1,122 1,122 1,122 1,122 1,122 7,280 12,890 Company 2012 Floating rate Cash and bank balances 418 – – – – – 418 Group 2011 Fixed rate Debentures – – – – – – – Floating rate Cash and bank balances 35,148 – – – – – 35,148 Amount due from an associate – – 2,600 – – – 2,600 Finance lease obligation 9 8 – – – – 17 Interest-bearing loans and borrowings 1,076 1,076 1,076 1,076 1,076 8,006 13,386 Company 2011 Floating rate Cash and bank balances 116 – – – – – 116 140
Food Empire Holdings Limited Annual Report 2012 NOTES TO THE FINANCIAL STATEMENTS (cont’d) For the year ended 31 December 2012 37. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d) (d) Foreign currency risk The Group has transactional currency exposures arising from sales, purchases or operating costs by operating units in currencies other than the unit’s functional currency. Approximately 1.7% (2011: 1.6%) of the Group’s sales are denominated in currencies other than the functional currency of the operating unit making the sale, whilst 86.2% (2011: 88.1%) of purchases and operating costs are denominated in the unit’s functional currency. The management ensures that the net exposure is maintained at an acceptable level by buying and selling foreign currencies at spot rates where necessary to address short-term fluctuations. Sensitivity analysis for foreign currency risk The following table demonstrates the sensitivity to a reasonably possible change in the USD, SGD, EURO, Malaysia Ringgit (RM), Sterling Pound (GBP), Ukrainian Hryvnia (UAH) and Renminbi (RMB) against the respective functional currencies of the Group entities, with all variables held constant, of the Group’s profit before tax. Group Profit before tax 2012 2011 US$’000 US$’000 SGD/USD - strengthened 5% (2011: 5%) 82 42 - weakened 5% (2011: 5%) (82) (42) EURO/USD - strengthened 5% (2011: 5%) 33 32 - weakened 5% (2011: 5%) (33) (32) RM/USD - strengthened 5% (2011: 5%) 238 200 - weakened 5% (2011: 5%) (238) (200) GBP/USD - strengthened 5% (2011: 5%) – 9 - weakened 5% (2011: 5%) – (9) UAH/USD - strengthened 5% (2011: 5%) 559 – - weakened 5% (2011: 5%) (559) – RMB/USD - strengthened 5% (2011: 5%) 5 – - weakened 5% (2011: 5%) (5) – 38. Capital management The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 31 December 2012 and 31 December 2011. 141
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