Integrated Annual Report 2024 SECTION 6 • FINANCIAL STATEMENTS 325 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 following table provides reconciliation by risk category of components of equity and analysis of OCI items, resulting from cash flow hedge accounting. Hedging reserve 2024 RM’000 2023 RM’000 Group Balance at 1 January (286,721) 167,161 Cash flow hedge Net hedging (loss)/gain: Foreign currency risk 444,801 (826,384) Commodity price risk 507,826 331,367 Amount reclassified to profit or loss: Foreign currency risk 181,946 193,067 Commodity price risk (392,925) (212,332) Share of losses of hedging reserve of an equity-accounted associate 1,336 (3,607) Tax on movements on reserve during the year (Note 11) (79,191) 64,007 Balance at 31 December 377,072 (286,721) Hedging reserve attributable to: Owners of the Company 294,038 (259,261) Non-controlling interests 83,034 (27,460) Balance at 31 December 377,072 (286,721) Company Balance at 1 January (52,598) 11,481 Cash flow hedge Net hedging (loss)/gain: Foreign currency risk 51,577 (84,314) Amount reclassified to profit or loss: Foreign currency risk 24,869 - Tax on movements on reserve during the year (Note 11) (18,347) 20,235 Balance at 31 December 5,501 (52,598) 28.7.4 Material accounting policy information For cash flow hedge, the Group has elected to account for the entire forward contract/swap as a hedging instrument in its entirety. The forward element of these forward contracts/swaps is not separately accounted for from its spot element. Accordingly, the change in fair value of the entire forward contract/ swap is recognised in the hedging reserve in equity.
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