Worldwide Annual Report

4 FINANCIAL INSTRUMENTS

Analysis of cash and investments at cost, by location, type and rating.

30 June 1999 30 June 1998

Field International
headquarters
$'000 $'000

National
organisations
$'000

Total
$'000

Total
$'000

Cash and short term investments
Bank deposits rated A or better
Other bank deposits and cash
Total cash and short term investments
Longer term investments
Rated A or better
Debt securities
Bank deposits
Other
Debt securities
Equities
Bank deposits
Total longer term investments
Total cash and investments 1999

- 12,762 6,092 18,854 58,888
106 184 12,704 12,994 6,248
106 12,946 18,796 31,848 65,136

14,569
34,000

14,374 28,943
199 34,199

28,567
1,958
3,401
239

2,335
3,052
3,046

2,335
3,052
3,046

- 48,569 23,006

71,575 34,165

106 61,515 41,802 103,423

Total cash and investments 1998

168 63,404 35,729

99,301

The fair value of cash and investments at 30 June 1999 was $103.7 million (1998 $100.2 million). 63% (1998 65%) of cash and investments were
denominated in US dollars. Excluding the small field balances the remainder were held in the currencies of the 14 national organisations.
Credit risk Cash and investments are analysed above into those held with institutions with bond ratings of A or better (classified by Standard & Poors)
and those held with others. Partly for the purpose of credit risk management, cash balances in field bank accounts are maintained at a low level.
Interest rate risk Of bank deposits and interest-bearing investments, 95% (1998 95%) had a maturity date or interest reset date of less than
3 years and the intention and practice is to hold those investments to maturity. In view of this policy and the fact that interest income is small in
relation to total income, changes in interest rates do not present a material risk to PLAN.
Investment Income
Year ended 30 June
1999 1998
$'000 $'000

9

Interest and dividend income
Gain on sale of investments

5,206 4,572
88 723

5,294

5,295

Forward foreign exchange contracts. At 30 June 1999 and 1998 the settlement dates on open forward
contracts ranged from 2 days to 6 months. The amounts due to be received under these contracts were:

30 June 1999 30 June 1998

Netherlands guilders
Deutschmarks
Yen
Canadian dollars
Norwegian krone
Australian dollars

$million
36.1
14.6
11.0
9.2
5.0
2.2

$million
44.7
7.7
13.7
7.6
3.2
2.0

78. I 78.9
Valuing these contracts at rates of exchange at the balance sheet date showed a net unrealised gain of $2.1 million (1998 $0.6 million).