299 INTEGRATED ANNUAL REPORT 2024 Key Messages Financial Statements Other Information NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 Overview of Wasco Berhad Value Creation Commitment to Governance Sustainability Journey 44 FAIR VALUES OF FINANCIAL INSTRUMENTS The carrying amounts of financial assets and liabilities classified within current assets and current liabilities respectively approximate their fair values due to the relatively short term nature of these financial instruments. The fair values of forward exchange contracts are estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a riskfree interest rate. Fair values of non-derivative financial liabilities are calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the end of the reporting period. The carrying amount of financial liabilities measured at amortised cost approximates their respective fair values. Fair value hierarchy The table below summarises all financial instruments carried at fair value as at 31 December 2024 and 31 December 2023, based on a hierarchy that reflects the significance of the inputs used in measuring its respective fair values. The levels are defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical financial assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the financial asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the financial asset or liability that are not based on observable market data (unobservable inputs). Group Level 1 RM’000 Level 2 RM’000 Level 3 RM’000 Total RM’000 2024 Financial assets/(liabilities) Derivative financial assets - - - - Derivative financial liabilities - (14,038) - (14,038) - (14,038) - (14,038) 2023 Financial assets/(liabilities) Derivative financial assets - 154 - 154 Derivative financial liabilities - (4,100) - (4,100) - (3,946) - (3,946)
RkJQdWJsaXNoZXIy NDgzMzc=