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140
SapuraCrest Petroleum Berhad
Annual Report 2010
noteS to the FinAnCiAl StAtementS
31 January 2010
35. FinAnCiAl inStRumentS (Cont’D)
(e) interest rate risk (cont’d)
As at 31 January 2010, the Company has outstanding Cross Currency Interest Rate Swap (“CCIRS”) with staggered maturities at
varying semi-annual amounts up to the year 2015. The notional amount and net fair value loss of CCIRS not recognised in the
balance sheet of the Company as at the end of the financial year are as follows:
notional Fair value
amount loss
Rm’000 Rm’000
CCIRS 245,000 4,523
In order to hedge its exposure to interest risks arising from its term loans, the Company enters into an interest rate swap contract
with its lender.
(f) Fair values
The aggregate net fair values of financial assets and financial liabilities which are not carried at fair value on the balance sheets
of the Group and of the Company as at the end of the financial year are presented as follows:
Financial liabilities:
As at 31 January 2010:
group Company
Carrying Fair Carrying Fair
amount value amount value
Rm’000 Rm’000 Rm’000 Rm’000
Istisna’ Bonds and MCPs/MMTNs 345,046 349,773 — —
Hire purchase and lease payables 1,958 1,869 149 149
As at 31 January 2009:
Istisna’ Bonds and MCPs/MMTNs 344,516 348,535 — —
Hire purchase and lease payables 3,689 3,671 314 306
It is not practicable to estimate the fair values of corporate guarantees (disclosed in Note 33) reliably due to the uncertainties
of timing, costs and eventual outcome.