"Interested in where you got information re:debt in $US. Looking through the annual report it is all denominated in $A, as was the recent $40M debt raising through FIIG."
Lost,
No I'm afraid that's not accurate.
All of the debt ($76.972m) - like all the financials - is reportedin A$ terms, but some of it [$31.817m, to be precise @ 30 June 2014 (30 June 2013: $32.823m)] is denominatedin US dollars [and $8.915m is denominatedin Canadian dollars (30 June 2013: 9.324m).
For specific reference, these amounts are classified in:
- Note 17 on page 91 of the FY14 Annual Report (relating to the $76.972m of Total Borrowings), and
- Note 21 on page 95, which provides the details of the US and Canadian denominations
So, for reporting purposes - and given COF's functional currency is the A$ - these non-A$ borrowings are reflected in the accounts in A$ terms, converted at prevailing exchange rates at the time of the balance date, but the loans are held in US dollars and Canadian dollar terms.
In terms of the $40m debt issued last year, I think you will find that was applied almost exclusively to refinancing the A$ debt.
COF Price at posting:
28.5¢ Sentiment: Hold Disclosure: Held
