Notes to the Financial Statements
(Cont’d)
For the year ended 30 April 2015
(In Singapore Dollars)
ANNUAL REPORT 2015
78
BUILDING ON OUR EXTENSIVE NETWORK
18. Derivatives (cont’d)
(a)
Foreign exchange forward contracts (cont’d)
Group
contractual/notional
amounts
2015
2014
$’000
$’000
To buy Singapore Dollars for:
- South African Rand
8,410
4,721
- United States Dollars
5,322
6,974
- Australian Dollars
2,937
1,844
- Euro
506
–
17,175
13,539
To buy Thai Baht for United States Dollars
4,750
3,542
Company
contractual/notional
amounts
2015
2014
$’000
$’000
To buy Singapore Dollars for Australian Dollars
2,419
4,382
(b)
Interest rate swap
A subsidiary company entered into an interest rate swap of $12 million in 2012 to manage
its exposure to interest rate fluctuation. The interest rate swap pays floating rate interest equal to
3-month Swaps Offer Rate (“SOR”) and receives a fixed rate of interest of 0.90%. The interest rate
swap matures on 15 May 2015. The subsidiary company also entered into another interest rate swap
of $10 million in 2014 to manage its exposure to interest rate fluctuation. The interest rate swap pays
floating rate interest equal to 1-month Swap Offer Rate (“SOR”) and receives a fixed rate of interest of
0.99%.The interest rate swap matures on 6 June 2017.
