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 325 MISC BERHAD ANNUAL REPORT 2018 324 37. FAIR VALUE DISCLOSURES Fair value information The carrying amounts of cash and cash equivalents, short term receivables and payables and short term borrowings reasonably approximate their fair values due to the relatively short term nature of these financial instruments. The carrying amounts of floating rate loans and borrowings reasonably approximate their fair values as they are repriced to market interest rates on or near the reporting date. The following table analyses financial instruments carried at fair value and those not carried at fair value, together with their fair values and carrying amounts shown in the statements of financial position. Fair value of assets and liabilities carried at fair value Note  Level 1   Level 2   Level 3   Total  RM'000 RM'000 RM'000 RM'000 Group At 31 December 2018 Financial assets: Quoted equity investment 19(a) 47,786  - - 47,786 Unquoted equity investments 19(a) - - 73,864 73,864 Interest rate swaps designated as hedging instruments 19(b) -  8,185 - 8,185 47,786 8,185 73,864 129,835 At 31 December 2017 Financial assets: Quoted equity investment 19(a) 63,714  -  -   63,714  Interest rate swaps designated as hedging instruments 19(b) -  7,734  -  7,734  63,714  7,734  -  71,448  Non-financial asset: Non-current assets classified as held for sale 25 -  -  123,003  123,003  37. FAIR VALUE DISCLOSURES (CONT'D.) Fair value information (cont'd.) Fair value of financial instruments not carried at fair value Note  Level 1   Level 2   Level 3   Total  Carrying amount RM'000 RM'000 RM'000 RM'000 RM'000 Group At 31 December 2018 Financial assets: Long term receivables 19(a) - - 98,789 98,789 122,964 Finance lease receivables 19(d) - -  15,871,938  15,871,938 16,377,390 - - 15,970,727 15,970,727 16,500,354 Financial liabilities: Term loans  19(c) -  (749,738) -  (749,738) (1,569,752) At 31 December 2017 Financial assets: Unquoted equity investments 19(a) -  -  *  *  45,552  Long term receivables 19(a) -  -  104,182  104,182  128,481  Finance lease receivables 19(d) -  -  13,470,279 13,470,279 13,862,350  -  -  13,574,461 13,574,461 14,036,383  Financial liabilities: Term loans  19(c) -  (475,795) -  (475,795) (840,125) * In the previous financial year, the unquoted equity investments are measured at cost under MFRS 139.