37. FAIR VALUE DISCLOSURES Fair value information The carrying amounts of cash, deposits and bank balances, short term receivables and payables and short term borrowings reasonably approximate their fair values due to the relatively short term nature of these financial instruments. The carrying amounts of floating rate loans and borrowings reasonably approximate their fair values as they are repriced to market interest rates on or near the reporting date. The following table analyses assets and liabilities carried at fair value and those not carried at fair value, together with their fair values and carrying amounts shown in the statements of financial position. Fair value of assets and liabilities carried at fair value Note Level 1 Level 2 Level 3 Total RM’000 RM’000 RM’000 RM’000 Group At 31 December 2021 Financial assets: Quoted equity investment 20(a) 50,971 – – 50,971 Unquoted equity investments 20(a) – – 72,564 72,564 Interest rate swaps designated as hedging instruments 20(b) – 103,039 – 103,039 50,971 103,039 72,564 226,574 Non-financial assets: Non-current assets classified as held for sale 25 – – 14,312 14,312 Financial liabilities: Forward currency contracts 20(b) – (4,701) – (4,701) Interest rate swaps designated as hedging instruments 20(b) – (213,417) – (213,417) – (218,118) – (218,118) At 31 December 2020 Financial assets: Quoted equity investment 20(a) 40,671 – – 40,671 Unquoted equity investments 20(a) – – 63,498 63,498 40,671 – 63,498 104,169 Non-financial assets: Non-current assets classified as held for sale 25 – – 4,834 4,834 Financial liabilities: Forward currency contracts 20(b) – (19,243) – (19,243) Interest rate swaps designated as hedging instruments 20(b) – (519,454) – (519,454) – (538,697) – (538,697) 37. FAIR VALUE DISCLOSURES (CONT'D.) Fair value information (cont'd.) Fair value of financial instruments not carried at fair value Carrying Note Level 1 Level 2 Level 3 Total amount RM'000 RM'000 RM'000 RM'000 RM'000 Group At 31 December 2021 Financial assets: Long term receivables 20(a) – – 349,956 349,956 501,747 Finance lease receivables 20(d) – – 15,944,679 15,944,679 15,439,517 – – 16,294,635 16,294,635 15,941,264 Financial liabilities: Term loans - fixed rate 20(c) – (7,359,685) – (7,359,685) (7,211,913) At 31 December 2020 Financial assets: Long term receivables 20(a) – – 93,775 93,775 103,546 Finance lease receivables 20(d) – – 14,331,388 14,331,388 13,754,515 – – 14,425,163 14,425,163 13,858,061 Financial liabilities: Term loans - fixed rate 20(c) – (9,492,882) – (9,492,882) (9,293,628) NOTES TO THE FINANCIAL STATEMENTS 31 December 2021 NOTES TO THE FINANCIAL STATEMENTS 31 December 2021 MISC Berhad 412 Integrated Annual Report 2021 MISC Berhad Integrated Annual Report 2021 413 FINANCIAL STATEMENTS FINANCIAL STATEMENTS
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