FGV Annual Report 2012

90 Felda Global Ventures Holdings Berhad 30 DERIVATIVE FINANCIAL ASSETS/(LIABILITIES) Group 2012 2011 RM’000 RM’000 At 1 January 2,842 46,419 Settlement of derivatives during the year (net) (4,706) (79,298) Fair value gains/(losses) credited/(charged) to profit or loss (Note 9) – sugar/oil palm futures contracts 2,685 38,288 – foreign currency forward contracts 2,700 (2,365) Currency translation differences – (202) At 31 December 3,521 2,842 Group 2012 2011 Contract/ Contract/ Notional Notional Amount Assets Liabilities Amount Assets Liabilities RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Foreign currency forward contracts 327,747 969 127 23,503 791 – Sugar futures contracts 13,359 561 – 69,173 2,051 – Oil palm futures contracts 101,634 3,659 1,541 – – – 442,740 5,189 1,668 92,676 2,842 – The Group classifies derivative financial instruments as financial assets/liabilities at fair value through profit or loss. None of the derivatives are designated as hedges as the Group did not apply hedge accounting during the financial year. The notional amount of foreign currency forward contracts outstanding as at 31 December 2012 is USD180,839,000 (2011: Japanese Yen 22,400,000). The notional amount of sugar futures contracts outstanding as at 31 December 2012 is 10,160MT (2011: 42,723MT). The notional amount of palm oil futures contracts outstanding as at 31 December 2012 is 43,075MT (2011: nil). Notes to the Financial Statements for the financial year ended 31 December 2012