142 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2022 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 CONT’D 26. TRADE AND OTHER PAYABLES (Cont’d) (g) 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 2022 2021 2022 2021 RM RM RM RM Profit after taxation PHP/RM - strengthen by 10% (2021: 10%) (350,280) (703,329) - - PHP/RM - weaken by 10% (2021: 10%) 350,280 703,329 - - THB/RM - strengthen by 10% (2021: 10%) (537,539) (260,159) - - THB/RM - weaken by 10% (2021: 10%) 537,539 260,159 - - AUD/RM - strengthen by 10% (2021: 10%) (5,033) - - - AUD/RM - weaken by 10% (2021: 10%) 5,033 - - - IDR/RM - strengthen by 10% (2021: 10%) (44,398) (20,003) - - IDR/RM - weaken by 10% (2021: 10%) 44,398 20,003 - - USD/RM - strengthen by 10% (2021: 10%) (614,768) (863,912) (1,368) (237) USD/RM - weaken by 10% (2021: 10%) 614,768 863,912 1,368 237 SGD/RM - strengthen by 10% (2021: 10%) (600) (431) - - SGD/RM - weaken by 10% (2021: 10%) 600 431 - - 27. DERIVATIVES Group Contract/ Notional amount 2022 Liabilities 2022 Contract/ Notional amount 2021 Liabilities 2021 RM RM RM RM Forward currency contracts - - 5,410,301 - (a) Derivatives were 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 had been entered into operationally hedge forecast purchases denominated in foreign currencies that were 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 maturity dates that coincide with the expected occurrence of these transactions. The fair value of these components 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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