Annual report and accounts 2023 - Flipbook - Page 170
A.G. BARR p.l.c. Annual Report and Accounts 2023
Notes to the Accounts continued
14. Financial instruments continued
The following table details the foreign currency forward contracts outstanding at the end of the reporting period, as well as information regarding their related hedged items.
Foreign currency forward contract assets and liabilities are presented in the line “Derivative financial instruments” (either as assets or as liabilities) within the statement of
financial position. All of the currency forward contracts are designated as cash flow hedges.
Notional value:
Foreign currency
Average exchange rate
Buy EUR
Less than 3 months
3 to 6 months
6 to 12 months
over 12 months
Buy USD
Less than 3 months
3 to 6 months
Notional value:
Local currency
Carrying amount of the hedging
instruments liabilities
2023
2022
2023
€m
2022
€m
2023
£m
2022
£m
2023
£m
1.15
1.14
1.13
1.12
1.17
1.16
1.16
1.15
4.3
3.5
2.5
0.4
3.6
3.1
1.8
0.4
3.8
3.1
2.2
0.4
3.1
2.5
1.6
0.3
0.1
–
–
–
2023
2022
2023
$m
2022
$m
2023
£m
2022
£m
2023
£m
1.22
1.22
–
1.35
1.7
1.3
–
1.4
1.4
1.1
–
1.0
2022
£m
(0.1)
(0.1)
–
–
2022
£m
(0.1)
–
–
–
–
(0.2)
Group and Company
Fair value hierarchies 1 to 3 are based on the degree to which fair value is observable:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These
valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. The fair value of the forward
foreign exchange contracts is determined using forward exchange rates at the date of the statement of financial position, with the resulting value discounted accordingly
as relevant.
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