NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C16 Derivative financial instruments Cash flow hedges At 31 December 2024, 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 2024 Foreign currency risk Nominal amount of forward exchange contracts (in thousands of SGD) 820,831 545,248 – – Average EUR:USD forward contract rate 1.0841 1.1233 – – Average USD:SGD forward contract rate 1.3008 1.3343 – – Average EUR:SGD forward contract rate 1.4406 – – – Average CAD:SGD forward contract rate 0.9907 0.9657 – Nominal amount of embedded derivatives (in thousands of SGD) 63,079 473,630 138,261 – Average SGD:USD 0.7476 0.7760 0.8184 – Average SGD:EUR 0.6788 0.6956 0.6997 – Average SGD:GBP 0.6277 0.6438 0.6606 Interest rate risk Nominal amount of interest rate swaps 43,588 300,000 – – Average fixed interest rate 2.7883 2.1921 – 2023 Foreign currency risk Nominal amount of forward exchange contracts (in thousands of SGD) 615,356 520,045 – – Average EUR:USD forward contract rate 1.1110 1.0987 – – Average USD:SGD forward contract rate 1.3346 1.3379 – – Average EUR:SGD forward contract rate 1.5216 1.4510 – – Average CAD:SGD forward contract rate 1.0372 0.9705 – Nominal amount of embedded derivatives (in thousands of SGD) 119,668 364,205 193,863 – Average EUR:SGD 1.6629 1.6772 – – Average USD:SGD 1.3932 – – – Average SGD:USD 0.7426 0.7660 0.8141 – Average SGD:EUR 0.6846 0.6887 0.6997 – Average SGD:GBP 0.6216 0.6404 0.6581 Interest rate risk Nominal amount of interest rate swaps – 108,273 53,840 – Average fixed interest rate – 2.7234 2.7010 204 ST ENGINEERING | ANNUAL REPORT 2024
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