for the six months ended September 30, 2009
Restated 30 September 2010 |
30 September 2010 |
|
---|---|---|
Rm | Rm | |
Finance charges and fair value movements | 794 | 659 |
Finance charges on interest-bearing debt | 749 | 514 |
Local debt | 835 | 573 |
Foreign debt | 66 | 3 |
Less: Finance charges capitalised | (152) | (62) |
Foreign exchange gains and losses and fair value movement | 45 | 145 |
Foreign exchange (gains)/losses | (200) | 55 |
Fair value adjustments on derivative instruments | 245 | 90 |
The decrease in the finance charges is due to lower debt levels and lower interest rates over the period under review. | ||
Higher fair value and exchange rate losses were incurred due to the mark to market valuation of forward exchange contracts and interest rate swap agreements as a result of the strengthening of the Rand, particularly against the US dollar. |