Notes to the financial statements

for the year ended 30 June 2009

32 Derivatives

 

2009
$000

2008
$000

Foreign exchange forward contracts

0

(5)

The PTA has settled all its foreign exchange forward contracts during the year. In 2008, the PTA had 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 used forward exchange contracts in Euros to hedge the risk.

At the balance sheet date the net fair value of these contracts was an asset of $0k (2008: $5k) and a liability of $0k (2008: nil) comprising assets of $0k (2008 - $14,343k) and liabilities of $0k (2008 - $14,338k).

At balance sheet date, the details of outstanding foreign exchange contracts are:

 

2009
$000

2008
$000

2009

2008
 

Sell Australian Dollars

Average Exchange Rate

Buy Euro

        

Maturity

        

Over one year

0

14,338

0

0.5873