Telstra 2013 Annual Report Download - page 121
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NOTES TO THE
FINANCIAL STATEMENTS
(CONTINUED)
FINANCIAL STATEMENTS
Telstra Corporation Limited and controlled entities Telstra Annual Report 2013 119
(a) Capital management (continued)
Gearing and net debt (continued)
Net debt included in Table A is based on the carrying values of our
financial instruments which are provided in Table C in the following
section (b). For interest bearing financial instruments we adopt a
‘clean price’ whereby the reported balance of our derivative
instruments and borrowings excludes accrued interest. Accrued
interest is recorded in current “trade and other receivables” and
current “trade and other payables” in the statement of financial
position.
Our borrowings are unsecured, except for finance leases which are
secured, as the rights to the leased asset transfer to the lessor in the
event of a default by us. We have no assets pledged as security for
our borrowings. All our borrowings are interest bearing, except for
some loans from wholly owned controlled entities. Details of
interest rates and maturity profiles are included in note 18.
We are not subject to any externally imposed capital requirements.
(i) Offshore loans
Offshore loans comprise debt raised overseas. The carrying
amounts of offshore loans are denominated in the currencies in
Table B. Our policy is to swap foreign currency borrowings into
Australian dollars, except where they are held to hedge translation
foreign exchange risk associated with our offshore investments.
Refer to Table D for the net contractual face values of our
borrowings on a post hedge basis.
Refer to Table E for details on debt issuance and maturities.
(ii) Telstra bonds and domestic loans
Telstra bonds currently on issue total $238 million, mature up until
the year 2020, and relate to wholesale investors. Domestic
borrowings as at 30 June 2013 total $2,530 million, with various
maturity dates up until the year 2020. Refer to Table E for details
on debt issuance and maturities.
17. CAPITAL MANAGEMENT AND FINANCIAL INSTRUMENTS (CONTINUED)
Table B Telstra Group
As at 30 June
2013 2012
$m $m
Australian dollar . . . . . . . . . . . . . 190 190
Euro . . . . . . . . . . . . . . . . . . . 9,054 7,193
United States dollar . . . . . . . . . . . 1,225 1,701
British pounds sterling . . . . . . . . . . 329 306
Japanese yen . . . . . . . . . . . . . . 566 595
New Zealand dollar. . . . . . . . . . . . 214 198
Swiss francs . . . . . . . . . . . . . . . 262 804
Hong Kong dollar. . . . . . . . . . . . . 47 45
Indian rupee . . . . . . . . . . . . . . . 42
11,891 11,034