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Notes to the Financial Statements
31 December 2015
33 FINANCIAL RISK MANAGEMENT (CONTINUED)
(c) Liquidity risk
The objectives of the Group’s and of the Company’s liquidity risk management policies are to monitor rolling forecasts of the Group’s and of
the Company’s liquidity requirements to ensure they have sufficient cash to meet operational and financing needs as and when they fall due,
availability of funding by keeping committed credit lines and to meet external covenant compliance. Surplus cash held is invested in interest
bearing money market deposits and time deposits. The Group and the Company are exposed to liquidity risk where there could be difficulty
in raising funds to meet commitments associated with financial instruments.
As at 31 December 2015, the Group and the Company have unissued Sukuk of RM4.16 billion under the Unrated Sukuk Murabahah Programme,
as disclosed in Note 30(d)(ii) to the financial statements. The Group and the Company are able to issue new Sukuk to refinance other debt/
finance obligations of the Group and/or to finance capital expenditure, working capital, general funding and/or general corporate requirements
of the Group. There is no restriction under the terms of the Unrated Sukuk Murabahah Programme for such intended purposes.
The undiscounted contractual cash flow payables under the financial instruments as at the reporting date are as follows:
Group
Total
(1)
RM’000
< 1 year
RM’000
1-2 years
RM’000
2-5 years
RM’000
> 5 years
RM’000
At 31 December 2015
Payables and accruals
(2)
- principal
2,653,377
2,227,757
125,215
292,876
7,529
- interest
(3)
41,081
15,816
11,781
13,484
-
Amounts due to fellow subsidiaries
2,212
2,212
-
-
-
Amounts due to related parties
9,283
9,283
-
-
-
Loan from a related party
- principal
28,875
28,875
-
-
-
- interest
(3)
137
137
-
-
-
Finance lease liabilities
22,259
13,875
6,463
1,921
-
Bank borrowings
(2)
- principal
4,020,727
1,063,013
563,719
429,500
1,964,495
- interest
(3)
517,231
97,805
81,010
233,609
104,807
Islamic Medium Term Notes
- nominal value
3,290,000
-
-
-
3,290,000
- profit
(3)
1,228,407
168,320
167,860
504,040
388,187
Commodity Murabahah Term Financing
- nominal value
2,500,000
-
-
-
2,500,000
- profit
(3)
1,030,833
121,997
121,510
364,863
422,463
Net settled derivative financial
instruments (CCIRS, IRS and forward
foreign exchange contracts)
(2)(3)
(614,221)
(181,975)
(98,068)
(67,588)
(266,590)
14,730,201
3,567,115
979,490
1,772,705
8,410,891
Notes:
(1)
As the amounts included in the table are the contractual undiscounted cash flows, these amounts will not reconcile with the amounts disclosed in the statements of financial position.
(2)
Foreign currency denominated financial instruments are translated to RM using closing rate as at the reporting date.
(3)
Based on contractual interest rates/profit margin as at the reporting date.
