Financial Statements Financial Statements Press Metal Aluminium Holdings Berhad 286 287 Integrated Annual Report 2023 Notes to the Financial Statements Notes to the Financial Statements 28. FINANCIAL INSTRUMENTS (CONT’D) 28.6 Market risk (cont’d) 28.6.1 Currency risk (cont’d) Exposure to foreign currency risk (cont’d) Group Functional currency Foreign currency RM AUD RM’000 RM RMB RM’000 RM SGD RM’000 RM USD RM’000 RM EUR RM’000 RMB USD RM’000 RMB EUR RM’000 RMB GBP RM’000 RMB SGD RM’000 AUD USD RM’000 HKD USD RM’000 HKD RMB RM’000 2022 Balances recognised in the statement of financial position Trade and other receivables 41,634 12,184 - 765,685 17,529 - - - - - - - Cash and cash equivalents 140,525 11,809 3,223 175,189 271 8,847 1,225 16,512 1,602 - 2,147 468 Loans and borrowings - (299,053) - (1,646,887) (46,846) (55,107) - (37,859) - - - - Trade and other payables (78,099) - - (259,669) (18) - - (9,101) - - - - 104,060 (275,060) 3,223 (965,682) (29,064) (46,260) 1,225 (30,448) 1,602 - 2,147 468 Forecast transaction Net derivative assets - Cross currency swaps - - - 2,550,000 - - - - - - - - Forecast loan repayment - - - (2,550,000) - - - - - - - - Net derivative liabilities - Commodity swaps and options - - - 6,057,918 - - - - - - - - Net derivative assets - Forward exchange contracts on forecast sales 5,741 - - 14,085,772 - 453,011 - - - 310,593 - - Forecast sales (5,741) - - (19,997,611) - (453,011) - - - (310,593) - - - - - 146,079 - - - - - - - - Net exposure 104,060 (275,060) 3,223 (819,603) (29,064) (46,260) 1,225 (30,448) 1,602 - 2,147 468 28. FINANCIAL INSTRUMENTS (CONT’D) 28.6 Market risk (cont’d) 28.6.1 Currency risk (cont’d) Exposure to foreign currency risk (cont’d) Company Functional currency Foreign currency RM USD RM’000 RM RMB RM’000 2023 Balances recognised in the statement of financial position Cash and cash equivalents 106,554 62,180 Loans and borrowings 839,567 - 946,121 62,180 Forecast transaction Net derivative assets - Cross currency swaps 1,500,000 - Forecast loan repayment (1,500,000) - - - Net exposure 946,121 62,180 2022 Balances recognised in the statement of financial position Cash and cash equivalents 79,783 - Loans and borrowings (979,412) - Net derivative liabilities - Commodity swaps and options (6,602) - (906,231) - Forecast transaction Net derivative assets - Cross currency swaps 1,500,000 - Forecast loan repayment (1,500,000) - - - Net exposure (906,231) - Currency risk sensitivity analysis Foreign currency risk mainly arises from USD and RMB against RM. The exposure to other currencies is not material and hence, sensitivity analysis is not presented. A 10% (2022: 10%) strengthening of RM against the following currencies at the end of the reporting period would have increased/(decreased) equity and post-tax profit or loss by the amounts shown below. This analysis is based on foreign currency exchange rate variances that the Group considered to be reasonably possible at the end of the reporting period. This analysis assumes that all other variables, in particular interest rates, remained constant and ignores any impact of forecasted transactions.
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