Trinidad Cement Limited
Annual Report 2012
78
Notes to the Consolidated Financial Statements (continued)
For the year ended 31 December, 2012
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
24. Financial risk management
(continued)
Foreign currency risk
(continued)
The following table demonstrates the sensitivity to a reasonably possible change in the exchange rates, with all other
variables held constant, of profit before tax (due to changes in the fair value of monetary assets and liabilities) and the
Group’s equity:
Increase/decrease
Effect on
Effect on
in US/Euro rate
profit before tax
equity
$
$
2012
US dollar
+1%
(7,690)
(5,768)
–1%
7,690
5,768
Euro
+1%
(60)
(45)
–1%
60
45
2011
US dollar
+1%
(6,013)
(4,510)
–1%
6,013
4,510
Euro
+1%
(87)
(65)
–1%
87
65
The effect on profit is shown net of US dollar financial assets (2012: $67.5 million, 2011: $70.2 million), and liabilities
(2012: $834 million, 2011: $671.5 million) and EURO net financial liabilities (2012: $6 million, 2011: $8.7 million).
The aggregate value of financial assets and liabilities by reporting currency are as follows:
2012
TTD
USD
JMD
BDS
Other
Total
$
$
$
$
$
$
ASSETS
Cash at bank
11,906
18,385
6,953
555
5,262
43,061
Trade receivables
47,785
49,145
11,869
5,652
6,865
121,316
59,691
67,530
18,822
6,207
12,127
164,377
LIABILITIES
Bank overdraft and short-term
advances
–
31,296
–
606
–
31,902
Borrowings
1,072,226
746,188
52,263
175,449
–
2,046,126
Interest and finance charges
837
367
471
104
–
1,779
Trade payables
18,572
58,716
58,017
35,638
9,203
180,146
1,091,635
836,567
110,751
211,797
9,203
2,259,953
NET LIABILITIES
(1,031,944)
(769,037)
(91,929)
(205,590)
2,924
(2,095,576)
