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Notes to the financial statements
Where the interest rate swaps are designated as the hedging instruments in qualifying cash flow hedges, the
changes in fair value of the interest rate swaps relating to the effective portion are recorded in Unitholders’
funds. For the financial year ended 31 March 2010, net losses of $3,478,000 (2009: $15,885,000) relating to the
effective portion of cash flow hedges were recognised in Unitholders’ funds. Fair value changes relating to the
ineffective portion is recognised in the Statement of Total Return.
During the financial year, following the repayment of the floating rate term loans, hedge accounting was
discontinued in respect of interest rate swaps with a total notional amount of $443.9 million. The changes in the
fair value of these interest rate swaps, amounting to $24,030,000 (2009: Nil) were reclassified from Unitholders’
funds to the Statement of Total Return.
14. Loans and borrowings
2010 2009
$’000 $’000
Current
Short term borrowings 251,800 245,500
Less: Unamortised transaction costs (46) -
251,754 245,500
Term loans - 600,000
Less: Unamortised transaction costs - (173)
- 599,827
Total current loans and borrowings 251,754 845,327
Non-current
Term loans 695,000 744,965
Less: Unamortised transaction costs (5,848) (1,598)
689,152 743,367
Medium term notes 275,000 -
Less: Unamortised transaction costs (650) -
274,350 -
Total non-current loans and borrowings 963,502 743,367
Total loans and borrowings 1,215,256 1,588,694
Maturity of gross loans and borrowings:
2010 2009
$’000 $’000
Within 1 year 251,800 845,500
After 1 year but within 5 years 670,000 349,965
After 5 years 300,000 395,000
1,221,800 1,590,465
8th Annual Report FY09/10
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