Press Metal Annual Report 2022

NOTES TO THE FINANCIAL STATEMENTS Cont’d 10. Derivative financial assets/(liabilities) cont’d Nominal value Assets Liabilities RM’000 RM’000 RM’000 Company 2022 Non-current Cross currency swaps 1,500,000 17,226 (2,120) Current Commodity swaps and options 397,734 1,438 (6,602) Derivatives held for trading at fair value through profit or loss 397,734 1,438 (6,602) Derivatives used for hedging 1,500,000 17,226 (2,120) 1,897,734 18,664 (8,722) 2021 Non-current Commodity swaps and options 641,406 - (67,705) Cross currency swaps 1,880,000 14,887 - 2,521,406 14,887 (67,705) Current Commodity swaps and options 205,201 72 (36,868) Derivatives held for trading at fair value through profit or loss 846,607 72 (104,573) Derivatives used for hedging 1,880,000 14,887 - 2,726,607 14,959 (104,573) Commodity swaps and options are used to lock in aluminium prices while forward exchange contracts are used to manage the foreign currency exposures arising from the monetary assets and liabilities denominated in currencies other than the functional currencies of Group entities. Some of the derivative contracts have maturities of more than five years after the end of the reporting period. Where necessary, the derivatives are rolled over at maturity. The Group and the Company also entered into cross currency swaps to swap their RM denominated loan to USD. The swap was performed to manage the Group’s exposure to USD and RM within the Group’s policy. PRESS METAL ALUMINIUM HOLDINGS BERHAD 253

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