Abacus Property Group – Annual Financial Report 2018
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ABACUS PROPERTY GROUP<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
30 JUNE <strong>2018</strong><br />
12. FINANCIAL INSTRUMENTS (continued)<br />
(c) Market Risk (continued)<br />
Interest rate risk / Fair value interest rate risk (continued)<br />
The <strong>Group</strong>’s exposure to interest rate risk and the effective weighted average interest rates for each class of<br />
financial asset and financial liability are:<br />
<strong>Abacus</strong>^<br />
Floating<br />
interest rate<br />
Fixed interest<br />
less than<br />
1 year<br />
Fixed interest<br />
1 to 5 years<br />
Fixed interest<br />
over 5 years<br />
Non interest<br />
bearing<br />
30 June <strong>2018</strong> $'000 $'000 $'000 $'000 $'000 $'000<br />
<strong>Financial</strong> Assets<br />
Cash and cash equivalents 73,262 - - - - 73,262<br />
Receivables - - - - 20,133 20,133<br />
Secured loans - 262,976 67,537 - - 330,513<br />
Total financial assets 73,262 262,976 67,537 - 20,133 423,908<br />
Weighted average interest rate* 1.60% 10.91% 9.96%<br />
<strong>Financial</strong> liabilities<br />
Interest bearing liabilities - bank 694,970 - - - - 694,970<br />
Interest bearing liabilities - other - 12,078 - - - 12,078<br />
Derivatives - - - - 12,908 12,908<br />
Payables - - - - 82,099 82,099<br />
Total financial liabilities 694,970 12,078 - - 95,007 802,055<br />
Notional principal swap balance<br />
maturities* - 110,000 180,000 - - 290,000<br />
Weighted average interest rate on<br />
drawn bank debt* 4.27%<br />
Total<br />
Floating<br />
interest rate<br />
Fixed interest<br />
less than<br />
1 year<br />
Fixed interest<br />
1 to 5 years<br />
Fixed interest<br />
over 5 years<br />
Non interest<br />
bearing<br />
30 June 2017 $'000 $'000 $'000 $'000 $'000 $'000<br />
<strong>Financial</strong> Assets<br />
Cash and cash equivalents 27,638 - - - - 27,638<br />
Receivables - - - - 17,531 17,531<br />
Secured loans - 93,148 253,518 - - 346,666<br />
Derivatives - - - - 1,667 1,667<br />
Total financial assets 27,638 93,148 253,518 - 19,198 393,502<br />
Weighted average interest rate* 1.60% 8.41% 11.27%<br />
<strong>Financial</strong> liabilities<br />
Interest bearing liabilities - bank 513,691 - - - - 513,691<br />
Interest bearing liabilities - other - - 11,525 - - 11,525<br />
Derivatives - - - - 22,283 22,283<br />
Payables - - - - 21,653 21,653<br />
Total financial liabilities 513,691 - 11,525 - 43,936 569,152<br />
Notional principal swap balance<br />
maturities* - 130,000 119,500 - - 249,500<br />
Weighted average interest rate on<br />
drawn bank debt* 5.23%<br />
Total<br />
* calculated at 30 June<br />
^ excludes <strong>Abacus</strong> Hospitality Fund and <strong>Abacus</strong> Wodonga Land Fund<br />
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