CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 FINANCIALS 240 241 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 YEAR ENDED 31 DECEMBER 2021 41 FINANCIAL INSTRUMENTS (CONT’D) (iv) Hedge accounting (cont’d) Change in value used for calculating hedge ineffectiveness Foreign currency translation reserve Balances remaining in the foreign currency translation reserve from hedging relationships for which hedge accounting is no longer applied $’000 $’000 $’000 2021 Net investments in certain foreign subsidiaries whose functional currencies are denominated in United States Dollar, Euro, Renminbi, Japanese Yen and Sterling Pound 4,939 17,015 – 2020 Net investments in certain foreign subsidiaries whose functional currencies are denominated in United States Dollar, Euro, Renminbi, Japanese Yen and Sterling Pound (8,665) 12,076 – Cash flow hedges At 31 December 2021, the Group did not designate any financial derivatives as hedging instruments for cash flow hedges. At 31 December 2020, the Group has designated certain forward exchange contracts as hedging instruments for cash flow hedges to hedge foreign exchange risks on foreign currency borrowings. Notional amount Carrying amount - Assets/ (Liabilities) Line item in the statement of financial position where the hedging instrument is included Changes in the value of the hedging instrument recognised in OCI Hedge ineffectiveness recognised in profit or loss Line item in profit or loss that includes hedge ineffectiveness Amount reclassified from reserve to profit or loss Hedged foreign exchange rate Year of maturity $’000 $’000 $’000 $’000 Group Cash flow hedges 2020 Foreign exchange risk - Forward exchange contract to hedge foreign currency borrowings $12,288,000 (365) Trade and other payables (78) – Not applicable – KRW/SGD 845.78 2021
RkJQdWJsaXNoZXIy ODIwNTc=