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Tiger Brands Limited Integrated Annual Report
2014
Annual financial statements
37 Financial instruments
continued
37.2
Foreign currency risk
continued
The following spot rates were used to translate financial instruments denominated in foreign currency:
Assets Liabilities
Average
GROUP
2014
US dollar
11,32
11,32
11,32
Pound sterling
18,35
18,36
18,35
Euro
14,27
14,28
14,28
2013 (restated)*
US dollar
10,05 10,05 10,05
Pound sterling
16,22 16,23 16,23
Euro
13,59 13,61 13,60
*
The amounts have been restated due to the adoption of IAS 19R.
Forward exchange contracts outstanding at the reporting date all fall due within 12 months. A summary
of forward exchange contract positions bought to settle group foreign liabilities and sold to settle group
foreign assets is shown below:
Foreign
currency
(in million)
Average
rate
Rand
(in million)
GROUP
2014
Foreign currency sold
US dollar
10,9
11,3670 123,9
Pound sterling
1,0
18,6000
18,6
Euro
0,4
13,5000
5,4
Other currencies
–
–
9,0
Foreign currency purchased
US dollar
28,5
11,3368 323,1
Pound sterling
5,7
18,4561 105,2
Euro
5,6
14,3750
80,5
Other currencies
–
–
2,6