Notes to the Financial Statements
(Cont’d)
For the year ended 30 April 2015
(In Singapore Dollars)
77
STAMFORD TYRES CORPORATION LIMITED
BUILDING ON OUR EXTENSIVE NETWORK
18. Derivatives
Group
Note
2015
Fair value
2014
Fair value
Assets
Liabilities
Assets
Liabilities
$’000
$’000
$’000
$’000
Non-hedging instrument
- Forward currency contracts
(a)
188
(51)
–
(207)
- Interest rate swap
(b)
41
(3)
–
(58)
229
(54)
–
(265)
Company
Note
2015
Fair value
2014
Fair value
Assets
Liabilities
Assets
Liabilities
$’000
$’000
$’000
$’000
Non-hedging instrument
- Forward currency contracts
(a)
–
(3)
–
(79)
(a)
Foreign exchange forward contracts
The Group and the Company use foreign currency contracts to manage the risk against currency
fluctuations in connection with payments to overseas suppliers and receipts from overseas
customers and inter-company receivables and payables. The contractual amounts to be paid or
received and contractual exchange rates of the outstanding contracts at the end of each reporting
period are as follows:
Group
contractual/notional
amounts
2015
2014
$’000
$’000
To sell Singapore Dollars for:
- United States Dollars
3,322
1,979
- Euro
129
–
3,451
1,979
To sell South African Rand for
- Singapore Dollars
–
3,325
- United States Dollars
757
70
757
3,395
To sell Thai Baht for United States Dollars
256
514
