7 209 208 Notes to the Financial Statements Notes to the Financial Statements 30. FINANCIAL INSTRUMENTS (CONTINUED) 30.8 Fair value information The carrying amounts of cash and cash equivalents, short-term receivables and payables and short-term borrowings approximate fair values due to the relatively short-term nature of these financial instruments. The carrying amounts of the floating rate borrowings and long term advances to subsidiaries approximate fair values as they are subject to variable interest rates which in turn approximate the current market interest rates for similar loans at the end of the reporting period. The table below analyses financial instruments carried at fair value and those not carried at fair value for which fair value is disclosed, together with their fair values and carrying amounts shown in the statements of financial position. Fair value of financial instruments carried at fair value Fair value of financial instruments not carried at fair value Total fair value RM’000 Carrying amount RM’000 Level 1 RM’000 Level 2 RM’000 Level 3 RM’000 Total RM’000 Level 1 RM’000 Level 2 RM’000 Level 3 RM’000 Total RM’000 Group 2023 Financial assets Forward exchange contracts - 2,040 - 2,040 - - - - 2,040 2,040 Liquid investments 7,849 - - 7,849 - - - - 7,849 7,849 Cross currency swap - 22,024 - 22,024 - - - - 22,024 22,024 Interest rate swap - 1,527 - 1,527 - - - - 1,527 1,527 7,849 25,591 - 33,440 - - - - 33,440 33,440 30. FINANCIAL INSTRUMENTS (CONTINUED) 30.8 Fair value information (continued) Fair value of financial instruments carried at fair value Fair value of financial instruments not carried at fair value Total fair value RM’000 Carrying amount RM’000 Level 1 RM’000 Level 2 RM’000 Level 3 RM’000 Total RM’000 Level 1 RM’000 Level 2 RM’000 Level 3 RM’000 Total RM’000 Group 2022 Financial assets Forward exchange contracts - 175 - 175 - - - - 175 175 Liquid investments 25,182 - - 25,182 - - - - 25,182 25,182 Cross currency swap - 3,873 - 3,873 - - - - 3,873 3,873 Interest rate swap - 233 - 233 - - - - 233 233 25,182 4,281 - 29,463 - - - - 29,463 29,463 Financial liabilities Term loans - - - - - - (12,108) (12,108) (12,108) (11,056) Forward exchange contracts - (49) - (49) - - - - (49) (49) Commodity future contracts - (441) - (441) - - - - (441) (441) - (490) - (490) - - (12,108) (12,108) (12,598) (11,546)
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