33 Derivatives
| 2008 $000 |
2007 $000 |
|
|---|---|---|
| Foreign exchange forward contracts | (5) | 1,294 |
The PTA has an exposure to changes in foreign exchange rates resulting from the bus replacement program. This program requires payment for bus chassis to be made in Euros. The PTA uses forward exchange contracts in Euros to hedge the risk.
The PTA has also used forward exchange contracts in Swiss Francs (CHF) in order to hedge the risk of changes in foreign exchange rates for the purchase of ticket vending machines.
At the balance sheet date the net fair value of these contracts was an asset of $5k (2007: NIL) and a liability of $Nil (2007 - $1,294k) comprising assets of $14,343k (2007 - $28,057k) and liabilities of $14,338k (2007 - $29,351k).
At balance sheet date, the details of outstanding foreign exchange contracts are:
| 2008 $000 |
2007 $000 |
2008 | 2007 | |
|---|---|---|---|---|
| Sell Australian Dollars | Average Exchange Rate | |||
Buy Euro |
||||
| Maturity | ||||
| 0-6 months | 0 | 588 | 0.5418 | |
| 0 | 1,288 | 0.5431 | ||
| 0 | 22,636 | 0.6185 | ||
| Over one year | 14,338 | 0 | 0.5873 | |
Buy CHF |
||||
| Maturity | ||||
| 0-6 months | 0 | 4,839 | 0.8904 | |