Experian 2011 Annual Report Download - page 134

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132 Experian Annual Report 2011
Notes to the Group nancial statements continued
31. Other nancial assets and liabilities (continued)
The accounting policies for nancial instruments have been applied as appropriate to the above items. Amounts recognised in the Group
income statement in connection with the Group’s hedging instruments are disclosed in note 14.
There is no material difference between the fair values of these assets and liabilities and the book values stated above.
There are put and call options associated with the shares held by non-controlling shareholders in Serasa and these are exercisable for a period
of ve years from June 2012.
(b) Fair value and notional principal amounts of the Group’s derivative nancial instruments:
2011 2010
Assets Liabilities Assets Liabilities
Fair value
US$m
Notional
US$m
Fair value
US$m
Notional
US$m
Fair value
US$m
Notional
US$m
Fair value
US$m
Notional
US$m
Interest rate swaps 39 646 28 864 43 507 65 1,275
Cross currency swaps - - 31 1,347 - - 35 707
Equity swaps 5 14 - 10 17 47 - -
Foreign exchange contracts 1 272 5 407 2 188 5 176
45 932 64 2,628 62 742 105 2,158
(c) Maturity of derivative nancial liabilities - contractual undiscounted cash ows:
At 31 March 2011 Less than
1 year
US$m
1 to 2
years
US$m
2 to 3
years
US$m
3 to 4
years
US$m
4 to 5
years
US$m
Over 5
years
US$m
Total
US$m
Settled on a net basis - interest rate swaps 6 (4) (9) 6 3 - 2
Settled on a gross basis:
Outows for cross currency swaps 25 24 24 24 24 1,428 1,549
Inows for cross currency swaps (58) (64) (64) (64) (64) (1,578) (1,892)
Outows for foreign exchange contracts 682 - - - - - 682
Inows for foreign exchange contracts (679) - - - - - (679)
Settled on a gross basis (30) (40) (40) (40) (40) (150) (340)
Cash outows/(inows) (24) (44) (49) (34) (37) (150) (338)
At 31 March 2010 Less than
1 year
US$m
1 to 2
years
US$m
2 to 3
years
US$m
3 to 4
years
US$m
4 to 5
years
US$m
Over 5
years
US$m
Total
US$m
Settled on a net basis - interest rate swaps 30 10 (7) (14) 2 - 21
Settled on a gross basis:
Outows for cross currency swaps 13 14 14 14 14 776 845
Inows for cross currency swaps (31) (31) (31) (31) (31) (817) (972)
Outows for foreign exchange contracts 363 - - - - - 363
Inows for foreign exchange contracts (364) - - - - - (364)
Settled on a gross basis (19) (17) (17) (17) (17) (41) (128)
Cash outows/(inows) 11 (7) (24) (31) (15) (41) (107)
The table above analyses the Group’s derivative nancial liabilities into maturity groupings based on the period from the balance sheet date to
the contractual maturity date. As the amounts disclosed are the contractual undiscounted cash ows, they differ from the carrying values and
fair values.