NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C16 Derivative financial instruments (continued) Cash flow hedges (continued) The amounts at the reporting date relating to items designated as hedged items are as follows: Group Change in value used for calculating hedge ineffectiveness $’000 Cash flow hedge reserve $’000 2022 Foreign currency risk Sales (18,343) (4,526) Receivables – (323) Purchases (6,181) (3,668) Payables (155) (314) Embedded derivatives (12,974) (18,287) Interest rate risk Variable rate borrowings 147,522 127,413 2021 Foreign currency risk Sales (23,398) (4,155) Receivables – (323) Purchases 1,252 (1,327) Payables (237) 228 Embedded derivatives (3,677) (5,313) Interest rate risk Variable rate borrowings 6,860 (14,675) There are no balances remaining in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied. CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 209
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