Notes to the Financial Statements
Note 21: Derivative Financial Instruments
|This Year||Last Year||This Year||Last Year|
|Current liability portion|
|Forward foreign exchange contracts||-||22||-||22|
|Total derivative financial instrument liabilities||-||22||-||22|
The fair values of forward foreign exchange contracts have been determined using a discounted cash flows valuation technique based on quoted market prices. The inputs into the valuation model are from independently sourced market parameters such as currency rates. Most market parameters are implied from instrument prices.
The notional principal amounts of outstanding forward foreign exchange contracts in NZD were NIL (2009 $986,516). The foreign currency principal amounts at 31 December 2009 were GBP37,000, USD500,000 and EUR95,000.
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