FGV Annual Report 2018

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 192 FGV HOLDINGS BERHAD EXAMINED OUR NUMBERS 4 FINANCIAL RISK MANAGEMENT (CONTINUED) (c) Fair value estimation (continued) Group 1.1.2017 Level 1 RM’000 Level 2 RM’000 Level 3 RM’000 Total RM’000 Liabilities Financial liabilities at fair value through profit or loss: (i) LLA liability - - 4,407,564 4,407,564 (ii) Derivatives - Foreign currency forward contracts - 19,237 - 19,237 - Commodities futures contract 197 - - 197 Total liabilities 197 19,237 4,407,564 4,426,998 Fair values for property, plant and equipment and investment properties are disclosed at Note 19 and Note 20 respectively. The Company has no financial assets and liabilities that are measured at fair value at 31 December 2018, 31 December 2017 and 1 January 2017. There were no transfers between Levels 1 and 2 during the financial year. (i) Financial instruments in Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the statement of financial position date. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily equity investments listed in Bursa Malaysia Securities Berhad or foreign stock exchanges classified as trading securities or financial assets at fair value through other comprehensive income (2017: available-for-sale) and commodity derivatives quoted on Malaysia Derivatives Exchange ( “ MDEX ” ) for palm oil and other foreign commodity exchanges.