NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 41 FINANCIAL INSTRUMENTS (CONT’D) (iv) Hedge accounting (cont’d) Net investment hedges (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 2023 Net investments in certain foreign subsidiaries whose functional currencies are denominated in United States Dollar, Euro, Renminbi and Japanese Yen 16,553 20,560 – 2022 Net investments in certain foreign subsidiaries whose functional currencies are denominated in United States Dollar, Euro and Renminbi 10,694 4,007 – Cash flow hedges At 31 December 2023 and 31 December 2022, the Group held certain interest rate swaps to hedge exposures to changes in interest rates. 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 hedging reserve to profit or loss Fixed interest rate Year of maturity $’000 $’000 $’000 $’000 Group Cash flow hedges 2023 Interest rate risk - Interest rate swaps $872,240,000 equivalent 14,387 Derivative financial assets 8,662 – Not applicable (12,360) 2.48% to 3.80% 2025 to 2026 - Interest rate swaps $843,147,000 equivalent (6,480) Derivative financial liabilities (4,789) – Not applicable (1,875) 0.32% to 4.38% 2025 to 2027 2022 Interest rate risk - Interest rate swaps $703,300,000 equivalent 18,917 Derivative financial assets 18,166 – Not applicable 751 2.48% to 3.06% 2025 to 2026 - Interest rate swaps $137,652,000 equivalent (645) Derivative financial liabilities (508) – Not applicable (137) 3.46% 2025 FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 239 238
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