NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C16 Derivative financial instruments (continued) Cash flow hedges (continued) 2021 Group Nominal amount $’000 Assets $’000 Liabilities $’000 Line item in the statement of financial position where the hedging instrument is included Foreign currency risk Forward exchange contracts 971,545 4,951 (17,839) Derivative financial instruments, advances and other receivables and trade payables and accruals Embedded derivatives 269,334 – (5,186) Interest rate risk Interest rate swaps (a) 179,087 – (5,385) Derivative financial instruments Treasury lock 1,351,600 4,774 (4,558) (a) The contractual notional amount of interest rate swaps held for hedging which is based on LIBOR is $161,268,000 (2021: $179,087,000). 212 ST ENGINEERING ANNUAL REPORT 2022
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