Financial Statements Financial Statements Press Metal Aluminium Holdings Berhad 296 297 Integrated Annual Report 2023 Notes to the Financial Statements Notes to the Financial Statements 28. FINANCIAL INSTRUMENTS (CONT’D) 28.7 Hedging activities (cont’d) 28.7.3 Cash flow hedge (cont’d) The amounts relating to items designated as hedging instruments are as follows: Group Nominal amount RM’000 Carrying amount Line item in the statement of financial position where the hedging instrument is included Assets RM’000 Liabilities RM’000 2023 Foreign currency risk Loans and borrowings 977,343 - (101,910) Loans and borrowings Forward exchange contracts 16,453,697 47,529 (249,574) Derivative financial assets/(liabilities) Cross currency swaps 2,385,000 2,245 (97,852) Derivative financial assets/(liabilities) Commodity price risk Commodity swaps and options 4,067,889 176,332 (90,950) Derivative financial assets/(liabilities) 2022 Foreign currency risk Loans and borrowings 1,115,995 - (89,687) Loans and borrowings Forward exchange contracts 14,711,172 354,153 (41,567) Derivative financial assets/(liabilities) Cross currency swaps 2,550,000 32,426 (13,651) Derivative financial assets/(liabilities) Commodity price risk Commodity swaps and options 6,055,784 125,745 (159,396) Derivative financial assets/(liabilities) Company Foreign currency risk 2023 Cross currency swaps 1,500,000 2,036 (71,245) Derivative financial assets/(liabilities) 2022 Cross currency swaps 1,500,000 17,226 (2,120) Derivative financial assets/(liabilities) 28. FINANCIAL INSTRUMENTS (CONT’D) 28.7 Hedging activities (cont’d) 28.7.3 Cash flow hedge (cont’d) Group Changes in the value of hedging instrument recognised in other comprehensive income RM’000 Amount reclassified from hedge reserve to profit or loss RM’000 Line item in profit or loss affected by the reclassification 2023 Foreign currency risk Loans and borrowings (11,659) 7,357 Revenue Forward exchange contracts (677,489) 162,855 Revenue Cross currency swaps (137,236) 22,855 Other expenses Commodity price risk Commodity swaps and options 331,367 (212,332) Revenue 2022 Foreign currency risk Loans and borrowings (78,100) 25,483 Revenue Forward exchange contracts 134,760 87,463 Revenue Cross currency swaps 9,911 - Other expenses Commodity price risk Commodity swaps and options 574,847 309,581 Revenue Company 2023 Foreign currency risk Cross currency swaps (84,314) - 2022 Foreign currency risk Cross currency risk 220 - The hedge ineffectiveness arising from the above items is immaterial to be recognised in profit or loss for both the current and previous financial years.
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