MISC Integrated Annual Report 2020

37. FAIR VALUE DISCLOSURES Fair value information The carrying amounts of cash, deposits and bank balances, short term receivables and payables and short term borrowings reasonably approximate their fair values due to the relatively short term nature of these financial instruments. The carrying amounts of floating rate loans and borrowings reasonably approximate their fair values as they are repriced to market interest rates on or near the reporting date. The following table analyses assets and liabilities carried at fair value and those not carried at fair value, together with their fair values and carrying amounts shown in the statements of financial position. Fair value of assets and liabilities carried at fair value Note Level 1 Level 2 Level 3 Total RM’000 RM’000 RM’000 RM’000 Group At 31 December 2020 Financial assets: Quoted equity investment 20(a) 40,671 – – 40,671 Unquoted equity investments 20(a) – – 63,498 63,498 40,671 – 63,498 104,169 Non-financial assets: Non-current assets classified as held for sale 25 – – 4,834 4,834 Financial liabilities: Forward currency contracts 20(b) – (19,243) – (19,243) Interest rate swaps designated as hedging instruments 20(b) – (519,454) – (519,454) – (538,697) – (538,697) At 31 December 2019 Financial assets: Quoted equity investment 20(a) 47,255 – – 47,255 Unquoted equity investments 20(a) – – 65,137 65,137 47,255 – 65,137 112,392 Non-financial assets: Non-current assets classified as held for sale 25 – – 125,278 125,278 Financial liabilities: Forward currency contracts 20(b) – (1,560) – (1,560) Interest rate swaps designated as hedging instruments 20(b) – (158,360) – (158,360) – (159,920) – (159,920) 37. FAIR VALUE DISCLOSURES (CONT’D.) Fair value information (cont’d.) Fair value of financial instruments not carried at fair value Carrying Note Level 1 Level 2 Level 3 Total amount RM’000 RM’000 RM’000 RM’000 RM’000 Group At 31 December 2020 Financial assets: Long term receivables 20(a) – – 93,775 93,775 103,546 Finance lease receivables 20(d) – – 14,331,388 14,331,388 13,754,515 – – 14,425,163 14,425,163 13,858,061 Financial liabilities: Term loans - fixed rate 20(c) – (9,492,882) – (9,492,882) (9,293,628) At 31 December 2019 Financial assets: Long term receivables 20(a) – – 96,453 96,453 113,511 Finance lease receivables 20(d) – – 15,364,445 15,364,445 15,007,971 – – 15,460,898 15,460,898 15,121,482 Financial liabilities: Term loans - fixed rate 20(c) – (6,460,927) – (6,460,927) (7,009,714) 31 December 2020 NOTES TO THE FINANCIAL STATEMENTS 31 December 2020 NOTES TO THE FINANCIAL STATEMENTS 10 432 10 433 /// Leadership / Governance / Financial Statements / Additional Information / Annual General Meeting ////// /// Leadership / Governance / Financial Statements / Additional Information / Annual General Meeting ////// Section Section MISC Berhad / Integrated Annual Report 2020 MISC Berhad / Integrated Annual Report 2020