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8E

Consol

Consol

2020

2019

$'000

$'000

Restated

8E. Other financial liabilities

Derivative financial liabilities

2,293

1,342

Total other financial liabilities

2,293

1,342

Accounting Policy

Derivative financial liabilities are measured at fair value through profit or loss and reflect the negative change in fair value of interest rate swaps.

On 22 June 2016, the Group executed two Interest Rate Swaps with notional values of $60m and $30m with ANZ. On 20 July 2018, the swap with a notional value of $30m was cancelled and on 3 June 2019, a new Interest Rate Swap with a notional value of $50m was executed, commencing 20 January 2021 and effective until 22 January 2024.

The fair value determined through a Mark-to-Market (MTM) calculations as at balance date, being the difference between the transaction price and fair value, has been recognised as a derivative financial liability. This liability represents a fair value movement of the asset that was previously attributable to the MTM calculation for held interest rate swaps as at 30 June 2019. The change in the fair value determined for the financial instrument (derivative) is classified as a fair value through profit or loss (FVTPL) derivative financial asset. The change in the fair value was recorded in the Consolidated Statement of Comprehensive Income (refer note 3B).

8D
9A