FINANCIAL STATEMENTS - Mewah Group
FINANCIAL STATEMENTS - Mewah Group
FINANCIAL STATEMENTS - Mewah Group
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MEWAH INTERNATIONAL INC.NOTES TOTHE <strong>FINANCIAL</strong> <strong>STATEMENTS</strong>For the financial year ended 31 December 201216. DERIVATIVE <strong>FINANCIAL</strong> INSTRUMENTS (CONTINUED)(a) Current portion (continued)2012CompanyFair valuesContract notionalamount Asset LiabilityUS$’000 US$’000 US$’000Currency forward contracts (Note 32(e)) 51 2 -2011Currency forward contracts (Note 32(e)) 1,959 - 30(b) Non-current portion2012<strong>Group</strong>Fair valuesContract notionalamount Asset LiabilityUS$’000 US$’000 US$’000Commodities forward contracts (Note 32(e)) 13,176 796 -Total 796 -2011Commodities forward contracts (Note 32(e)) 7,744 172 -Futures contracts on commodity exchange (Note 32(e)) 5,183 13 -Total 185 -(i)Currency forward contracts are entered into by the <strong>Group</strong> in currencies other than their respective functional currencies to manageexposure to fluctuations in foreign currency exchange rates on their transactions.(ii) The <strong>Group</strong> enters into commodities forward contracts and futures contracts to protect the <strong>Group</strong> from movements in market prices ofcrude palm oil and palm oil products by establishing the price at which the products will be sold or purchased.74
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