155 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2021 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021 CONT’D 26. TRADE AND OTHER PAYABLES (Cont’d) (i) The following table demonstrates the sensitivity analysis of the Group and of the Company to a reasonably possible change in the PHP, THB, AUD, IDR, USD and SGD exchange rates against the respective functional currencies of the Group entities, with all other variables held constant: Group Company 2021 2020 2021 2020 RM RM RM RM Profit after tax PHP/RM - strengthen by 10% (2020: 10%) (703,329) (769,761) - - PHP/RM - weaken by 10% (2020: 10%) 703,329 769,761 - - THB/RM - strengthen by 10% (2020: 10%) (260,159) (632,162) - - THB/RM - weaken by 10% (2020: 10%) 260,159 632,162 - - AUD/RM - strengthen by 10% (2020: 10%) - (8,242) - - AUD/RM - weaken by 10% (2020: 10%) - 8,242 - - IDR/RM - strengthen by 10% (2020: 10%) (20,003) (43,977) - - IDR/RM - weaken by 10% (2020: 10%) 20,003 43,977 - - USD/RM - strengthen by 10% (2020: 10%) (863,912) (251,696) (237) (2,427) USD/RM - weaken by 10% (2020: 10%) 863,912 251,696 237 2,427 SGD/RM - strengthen by 10% (2020: 10%) (431) (14,590) - - SGD/RM - weaken by 10% (2020: 10%) 431 14,590 - - 27. DERIVATIVE Group Contract/ Notional amount Liabilities Contract/ Notional amount Liabilities 2021 2021 2020 2020 RM RM RM RM Forward currency contracts 5,410,301 - - - (a) Derivatives are initially recognised at fair value through profit or loss, and subsequently remeasured to fair value with changes in fair value being recognised in profit or loss. (b) Forward currency contracts have been entered into operationally hedge forecast purchases denominated in foreign currencies that are expected to occur at various dates within twenty-seven (27) days to ninetyseven (97) days from the end of the reporting period. The forward currency contracts have maturity dates that coincide with the expected occurrence of these transactions. The fair value of these components have been determined based on the difference between the contracted rate and the forward exchange rate as applicable to a contract of similar amount and maturity profile at the end of the reporting period.
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