DESTINI Annual Report 2020

Denominated in USD EUR SGD GBP CAD THB KYAT NOK RM RM RM RM RM RM RM RM Group 2020 Trade receivables 54,654 - - - - - - - Cash and bank balances 67,915 - - - - - - - Trade payables (7,352,657) (8,689,520) - (4,688,276) - - - 526,661 2019 Trade receivables 201,675 - - - - - - - Cash and bank balances 10,303 - - - - - - - Trade payables (8,945,012) (2,859) (58,466) - (37,026) (48,142) (18,218) - Other payables (342,986) - (129,052) - - (7,812) - - 38. Financial Instruments (Cont’d) (c) Financial risk management objectives and policies (Cont’d) (iii) Market risks (a) Foreign currency risk The Group is exposed to foreign currency risk on transactions that are denominated in currencies other than the respective functional currencies of Group entities. The currencies giving rise to this risk are primarily United States Dollar (“USD”), Euro (“EUR”), Singapore Dollar (“SGD”), Pound Sterling (“GBP”), Chinese Renminbi (“RMB”), United Arab Emirates Dirham (“AED”), Thai Baht (“THB”), Canadian Dollar (“CAD”), Myanmar Kyat (“KYAT”) and Norwegian Krone (“NOK”). The Group has not entered into any derivative instruments for hedging or trading purposes as the net exposure to foreign currency risk is not significant. Where possible, the Group will apply natural hedging by selling and purchasing in the same currency. However, the exposure to foreign currency risk is monitored from time to time by management. Exposure to foreign currency risk The carrying amounts of the Group’s foreign currency denominated financial assets and financial liabilities which have RM functional currency at the end of the reporting period are as follows: ANNUAL REPORT 2020 DESTINI BERHAD Notes to Financial Statements 186