Telstra 2012 Annual Report Download - page 176
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Telstra Corporation Limited and controlled entities
146
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 D.
(i) Amount hedged represents portion of carrying value of net
assets.
(ii) At 30 June 2012 the face value in Australian dollars of offshore
loans was $200 million (2011: $274 million) and the face value in
Australian dollars of promissory notes was $277 million (2011: $196
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)
2012 2011 2012 2011 2012 2011
$m $m $m $m $m $m
Net foreign investments
TelstraClear Ltd (New Zealand dollars). . 609 609 (609) (609) (477) (470)