4 FINANCIAL RISK MANAGEMENT (continued) (c) Fair value estimation Financial instruments that are measured in the statement of financial position at fair value are disclosed by the following fair value measurement hierarchy: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). • Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). • Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the Group’s financial assets and liabilities that are measured at fair value at 31 December 2021 and 31 December 2020: Carrying amount Level 1 Level 2 Level 3 RM’000 RM’000 RM’000 RM’000 Group - Liabilities As at 31 December 2021 Financial liabilities at fair value through profit or loss: Derivatives - Foreign exchange forward contract (653) - (653) - - Sugar commodity futures contracts (963) (963) - - - Brent crude oil option contracts (2,133) (2,133) - - Derivatives used for hedging: - Islamic profit rate swap (3,571) - (3,571) - As at 31 December 2020 Financial liabilities at fair value through profit or loss: Derivatives - Foreign exchange forward contract (929) - (929) - Derivatives used for hedging: - Islamic profit rate swap (10,163) - (10,163) - Company - Liabilities As at 31 December 2021 Derivatives used for hedging: - Islamic profit rate swap (3,571) - (3,571) - As at 31 December 2020 Derivatives used for hedging: - Islamic profit rate swap (10,163) - (10,163) - NOTESTOTHE FINANCIAL STATEMENTS FORTHE FINANCIALYEAR ENDED 31 DECEMBER 2021 WHO WE ARE STATEMENT & DISCUSSION BY OUR LEADERS HOWWE OPERATE MSM Malaysia Holdings Berhad ANNUAL INTEGRATED REPORT 2021 316
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