NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C16 Derivative financial instruments Cash flow hedges At 31 December 2022, the Group held the following instruments to hedge exposures to changes in foreign currency and interest rates: Group Within 1 year Between 1 to 5 years More than 5 years 2022 Foreign currency risk Nominal amount of forward exchange contracts (in thousands of SGD) 889,047 486,684 – - Average EUR :USD forward contract rate 1.1444 1.0954 – - Average USD:SGD forward contract rate 1.3820 1.3476 – - Average EUR :SGD forward contract rate 1.4870 1.5779 – Nominal amount of embedded derivatives (in thousands of SGD) 55,740 78,044 – - Average EUR :SGD 1.6426 1.6638 – - Average USD:SGD 1.3910 1.3932 – - Average GBP:SGD 1.8240 1.8311 – Interest rate risk Nominal amount of interest rate swaps – 356,785 112,065 - Average fixed interest rate – 2.9038 2.6455 Nominal amount of treasury lock – – – - Average fixed interest rate – – – 2021 Foreign currency risk Nominal amount of forward exchange contracts (in thousands of SGD) 664,271 307,274 – - Average EUR :USD forward contract rate 1.1663 1.1932 – - Average USD:SGD forward contract rate 1.3626 1.3672 – - Average EUR :SGD forward contract rate 1.5702 1.5851 – Nominal amount of embedded derivatives (in thousands of SGD) 167,455 101,890 – - Average EUR :SGD 1.5987 1.6080 – - Average USD:SGD 1.3490 1.3923 – - Average GBP:SGD 1.8394 1.8268 – Interest rate risk Nominal amount of interest rate swaps – 179,087 – - Average fixed interest rate – 2.6722 – Nominal amount of treasury lock 1,351,600 – – - Average fixed interest rate 1.6050 – – 208 ST ENGINEERING ANNUAL REPORT 2022
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