149 Annual Report 2024 10 FINANCIAL DERIVATIVES Group Trust 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Non-current assets Cross currency swaps – 112 – – Interest rate swaps 3,567 12,504 2,956 6,131 3,567 12,616 2,956 6,131 Current assets Cross currency swaps 5,194 – – – Interest rate swaps 582 3,353 528 2,747 5,776 3,353 528 2,747 Current liabilities Cross currency swaps 2,045 – – – Interest rate swaps 69 – 69 – 2,114 – 69 – Non-current liabilities Cross currency swaps 81,098 116,221 – – Interest rate swaps 24,245 20,874 23,979 20,407 105,343 137,095 23,979 20,407 Total financial derivative assets 9,343 15,969 3,484 8,878 Total financial derivative liabilities 107,457 137,095 24,048 20,407 At the reporting date, the notional principal amounts of the financial derivatives were as follows: Group Trust 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Cross currency swaps 1,518,781 1,518,781 – – Interest rate swaps 2,625,097 2,246,144 2,179,674 1,582,840 Forward exchange contracts 709 – – – 4,144,587 3,764,925 2,179,674 1,582,840 Offsetting financial assets and financial liabilities The disclosures set out in the tables below include financial assets and financial liabilities that are subject to an enforceable master netting arrangement, irrespective of whether they are offset in the Statement of Financial Position. The Group entered into International Swaps and Derivatives Association (“ISDA”) Master Agreements with various bank counterparties (“ISDA Master Agreement”). In certain circumstances following the occurrence of a termination event as set out in an ISDA Master Agreement, all outstanding transactions under such ISDA Master Agreement may be terminated and the early termination amount payable to one party under such agreements may be offset against amounts payable to the other party such that only a single net amount is due or payable in settlement of all transactions. In accordance with accounting standards, the swaps presented below are not offset in the Statement of Financial Position as the right of set-off of recognised amounts is enforceable only following the occurrence of a termination event as set out in such ISDA Master Agreement. In addition, the Group and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously.
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