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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
Annual Report 2015 141
Notes to the consolidated financial statements
30 June 2015
25 Derivative financial instruments (continued)
The following table details the forward foreign currency contracts outstanding at the reporting date:
Notional amounts (USD)
Weighted average
AUD:USD exchange rate
Fair value
2015
$'000
2014
$'000
2015
2014
2015
$'000
2014
$'000
Sell USD forward
0 - 3 months
3,444
-
0.7825
-
(89)
-
3 - 6 months
-
3,948
-
0.8783
-
195
6 - 12 months
-
6,938
-
0.8591
-
543
Total
3,444
10,886
0.7825
0.8720
(89)
738
Gold
Gold collar structures (i.e. purchased put and sold call) have been designated as hedges of future gold sales and have
been designated as cash flow hedges. These comprise:
Ounces of metal
Weighted average price
(AUD/ounce)
Fair value
2015
2014
2015
2014
2015
$'000
2014
$'000
0 - 6 months
Gold put options purchased
23,500
33,000
1,350
1,300
137
237
Gold call options sold
23,500
33,000
1,744
1,803
(101)
(14)
6 - 12 months
Gold put options purchased
15,000
29,000
1,330
1,316
314
803
Gold call options sold
15,000
29,000
1,560
1,719
(1,112)
(316)
12 - 18 months
Gold put options purchased
12,500
23,500
1,330
1,350
460
1,175
Gold call options sold
12,500
23,500
1,593
1,744
(1,177)
(517)
Total/weighted average
strike price
Gold put options purchased
51,000
85,500
1,339
1,319
911
2,215
Gold call options sold
51,000
85,500
1,653
1,758
(2,390)
(847)
The fair value of the gold collars outstanding at the reporting date is comprised exclusively of the extrinsic value (time
value) of the options.
Independence Group NL
77