Telstra 2010 Annual Report Download - page 160
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Telstra Corporation Limited and controlled entities
145
Notes to the Financial Statements (continued)
(c) Hedge Relationships (continued)
Table K describes our hedge relationships where offshore loans and
promissory notes are used as the hedging instruments. These
hedging instruments are used to hedge our net foreign investment
in TelstraClear Limited. Outlined in the following table is the pre
hedge underlying exposure, the face value of the hedging
instruments (New Zealand denominated borrowings and
promissory notes) and the end post hedge position and is
represented in our residual economic position as described in note
17 Table H.
(i) Amount hedged represents portion of carrying value of net
assets.
(ii) At 30 June 2010 the Australian dollar face value of offshore
loans was $288 million (2009: $205 million) and the Australian
dollar value of promissory notes was $206 million (2009: $287
million).
18. Financial risk management (continued)
Table K Non-derivative hedging instruments
Face value
Hedged amount (i) Offshore loans and promissory notes (ii)
New Zealand dollars
New Zealand dollars
(payable)
Australian dollars
(payable)
2010 2009 2010 2009 2010 2009
$m $m $m $m $m $m
Net foreign investments
TelstraClear Ltd (New Zealand dollars). 609 612 (609) (612) (494) (492)