Press Metal Annual Report 2022

NOTES TO THE FINANCIAL STATEMENTS Cont’d 29. Financial instruments cont’d 29.7 Hedging activities cont’d 29.7.3 Cash flow hedge cont’d The following table provides reconciliation by risk category of components of equity and analysis of OCI items, resulting from cash flow hedge accounting. Group Hedging reserve 2022 2021 RM’000 RM’000 Balance at 1 January (842,064) 141,256 Cash flow hedge Net hedging gain/(loss): Foreign currency risk 66,571 (427,074) Commodity price risk 574,847 (1,223,187) Amount reclassified to profit or loss: Foreign currency risk 112,946 (720) Commodity price risk 309,581 608,758 Share of gain of hedging reserve of an equity-accounted associate - - Tax on movements on reserve during the year (Note 11) (54,720) 58,903 Balance at 31 December 167,161 (842,064) Hedging reserve attributable to: Owners of the Company 121,052 (776,219) Non-controlling interests 46,109 (65,845) Balance at 31 December 167,161 (842,064) Company Balance at 1 January 11,314 53,181 Cash flow hedge Net hedging gain/(loss): Foreign currency risk 220 (55,088) Tax on movements on reserve during the year (Note 11) (53) 13,221 Balance at 31 December 11,481 11,314 ANNUAL REPORT 2022 304

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