MISC Annual Report 2018

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS HIGHLIGHTS OF THE YEAR OUR BUSINESS OUR LEADERSHIP OUR PERFORMANCE OUR COMMITMENT TO SUSTAINABILITY OUR GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION 50 TH ANNUAL GENERAL MEETING 291 MISC BERHAD ANNUAL REPORT 2018 290 19. OTHER FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONT'D.) (b) Derivative assets/liabilities Group 2018 RM'000 2017 RM'000 Derivative assets Current: Interest rate swaps ("IRS") - effective hedges - 4,406 Non-current: IRS - effective hedges 8,185 3,328 Derivative liabilities Non-current: IRS - effective hedges 5,836 - The Group entered into IRS arrangements to hedge certain USD term loan facilities. Under these arrangements, the Group pays fixed interest rate ranging from 1.90% to 3.19% per annum and receives cash flows at floating rates. The IRS arrangements entered by the Group mature between year 2021 and year 2029. 19. OTHER FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONT'D.) (c) Interest-bearing loans and borrowings Group Corporation 2018 RM'000 2017 RM'000 2018 RM'000 2017 RM'000 Short term borrowings Secured: Term loans Fixed rate 137,224 87,457 - - Floating rate 252,591 219,603 - - 389,815 307,060 - - Unsecured: Term loans Fixed rate 158,395 1,211,691 - - Floating rate 4,466,867 5,261,112 - - Revolving credits 763,416 937,745 763,416 121,785 Loans from subsidiaries Fixed rate - - 158,395 704,816 Floating rate - - 1,126,819 1,448,761 5,388,678 7,410,548 2,048,630 2,275,362 5,778,493 7,717,608 2,048,630 2,275,362 Long term borrowings Secured: Term loans Fixed rate 1,286,279 840,125 - - Floating rate 3,039,718 1,946,049 - - Revolving credit 2,186,775 - - - 6,512,772 2,786,174 - - Unsecured: Term loans Fixed rate 283,473 - - - Floating rate 475,168 1,160,111 - - Loans from subsidiaries Fixed rate - - 237,592 - Floating rate - - 4,011,148 4,949,205 758,641 1,160,111 4,248,740 4,949,205 7,271,413 3,946,285 4,248,740 4,949,205