35. FINANCIAL INSTRUMENTS (continued) (vii) Material hedging activities (continued) Hedge of net investments in foreign operations (continued) The amounts related to items designated as hedged items were as follows: Change in value used for calculating hedge ineffectiveness Foreign currency translation reserve Balances remaining in the foreign currency translation reserve from hedging relationships for which hedge accounting is no longer applied RM’000 RM’000 RM’000 2023 Net investment in SPEs with JPY functional currency (199,631) (738,967) – 2022 Net investment in SPEs with JPY functional currency (339,837) (506,950) – (viii) Fair value information The carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy are as follows. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. Fair value Carrying amount Group Level 1 Level 2 Level 3 Total 2023 Note RM’000 RM’000 RM’000 RM’000 RM’000 Financial assets Unquoted shares at FVOCI 10 – – 206,391 206,391 206,391 Money market funds 10 – 120,409 – 120,409 120,409 Foreign exchange forward contracts 24 – 70,184 – 70,184 70,184 Cross currency swaps 24 – 193,140 – 193,140 193,140 Cross currency interest rate swaps 24 – 83,227 – 83,227 83,227 Interest rate caps 24 – 4,365 – 4,365 4,365 Financial liabilities Foreign exchange forward contracts 24 – (9,998) – (9,998) (9,998) Interest rate swaps 24 – (9,120) – (9,120) (9,120) Cross currency swaps 24 – (977) – (977) (977) Fixed rate medium term notes 20 – (579,622) – (579,622) (579,622) Annual Report 2023 219
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