NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 SALCRA 2022 ANNUAL REPORT 99 37. FINANCIAL INSTRUMENTS 37.1 Classification of financial instruments Group Authority 2022 2021 2022 2021 (Restated) RM RM RM RM Financial assets Other investments 160,757,488 118,345,486 116,718,240 82,423,993 Trade receivables 62,307,032 69,260,517 16,155,827 19,482,402 Other receivables and deposits 9,695,365 12,001,320 3,867,252 3,426,083 Amount due from subsidiaries - - 17,745,466 18,261,500 Amount due from an associate 1,055,198 832,422 - - Loan due from a subsidiary - - - 6,746,783 Loan due from a related company 1,647,123 1,764,351 1,647,123 1,764,351 Cash and cash equivalents 148,811,943 204,694,167 91,840,082 149,327,385 ____________ ____________ ____________ ____________ Total financial assets 384,274,149 406,898,263 247,973,990 281,432,497 ================== ===================== ================== ================== Financial liabilities Term loans 462,906,571 551,297,636 426,252,506 508,253,636 Bank overdrafts 8,344,338 8,092,121 - - Lease liabilities 4,664,210 6,872,120 - - Trade finance 44,051,120 29,208,462 11,708,119 568,514 Trade payables 108,655,466 109,664,664 43,673,456 61,047,080 Other payables 123,926,348 122,595,018 105,986,114 100,084,086 Amount due to subsidiaries - - 18,429,120 10,015,596 ____________ ____________ ____________ ____________ Total financial liabilities 752,548,053 827,730,021 606,049,315 679,968,912 ================== ===================== ================== ================== 37.2 Categories of financial instruments The table below provides an analysis of financial instruments categorised as follows: (a) Financial assets and financial liabilities that are derivative instruments measured at fair value through profit or loss (“FVTPL”); (b) Financial assets and financial liabilities that are debt instruments measured at amortised cost (“AC”); and (c) Financial assets that are equity instruments measured at cost less impairment (“CLI’) Carrying FVTPL AC CLI Note amount RM RM RM RM 2022 Group Financial liabilities Other investments 12 160,757,488 875,597 159,881,891 - Loan due from a related company 15 1,647,123 - 1,647,123 - Trade receivables 17 62,307,032 - 62,307,032 - Other receivables and deposits 18 9,695,365 - 9,695,365 - Amount due from an associate 10 1,055,198 - 1,055,198 - Cash and cash equivalents 19 148,811,943 - 148,811,943 - Total financial assets 384,274,149 875,597 383,398,552 -
37. FINANCIAL INSTRUMENTS (CONTINUED) 37.2 Categories of financial instruments (continued) Carrying FVTPL AC CLI Note amount RM RM RM RM 2022 Group Financial liabilities Bank overdrafts 20 8,344,338 - 8,344,338 - Term loans 20 462,906,571 - 462,906,571 - Trade finance 20 44,051,120 - 44,051,120 - Lease liabilities 25 4,664,210 - 4,664,210 - Trade payables 26 108,655,466 - 108,655,466 - Other payables 27 123,926,348 - 123,926,348 - Total financial liabilities 752,548,053 - 752,548,053 - 2021 Group (Restated) Financial assets Other investments 12 118,345,486 842,498 117,502,988 - Loan due from a related company 15 1,764,351 - 1,764,351 - Trade receivables 17 69,260,517 - 69,260,517 - Other receivables and deposits 18 12,001,320 - 12,001,320 - Amount due from an associate 10 832,422 - 832,422 - Cash and cash equivalents 19 204,694,167 - 204,694,167 - Total financial assets 406,898,263 842,498 406,055,765 - Financial liabilities (Restated) Bank overdrafts 20 8,092,121 - 8,092,121 - Term loans 20 551,297,636 - 551,297,636 - Trade finance 20 29,208,462 - 29,208,462 - Lease liabilities 25 6,872,120 - 6,872,120 - Trade payables 26 109,664,664 - 109,664,664 - Other payables 27 122,595,018 - 122,595,018 - Total financial liabilities 827,730,021 - 827,730,021 - 2022 Authority Financial assets Other investments 12 116,718,240 - 116,718,240 - Loan due from a related company 15 1,647,123 - 1,647,123 - Trade receivables 17 16,155,827 - 16,155,827 - Other receivables and deposits 18 3,867,252 - 3,867,252 - Amount due from subsidiaries 9 17,745,466 - 17,745,466 - Cash and cash equivalents 19 91,840,082 - 91,840,082 - Total financial assets 247,973,990 - 247,973,990 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 100 SALCRA 2022 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 SALCRA 2022 ANNUAL REPORT 101 37. FINANCIAL INSTRUMENTS (CONTINUED) 37.2 Categories of financial instruments (continued) Carrying FVTPL AC CLI Note amount RM RM RM RM 2022 Authority Financial liabilities Term loans 20 426,252,506 - 426,252,506 - Trade finance 20 11,708,119 - 11,708,119 - Trade payables 26 43,673,456 - 43,673,456 - Other payables 27 105,986,114 - 105,986,114 - Amount due to subsidiaries 9 18,429,120 - 18,429,120 - Total financial liabilities 606,049,315 - 606,049,315 - 2021 Authority Financial liabilities Other investments 12 82,423,993 - 82,423,993 - Loan due from a subsidiary 15 6,746,783 - 6,746,783 - Loan due from a related company 15 1,764,351 - 1,764,351 - Trade receivables 17 19,482,402 - 19,482,402 - Other receivables and deposits 18 3,426,083 - 3,426,083 - Amount due from subsidiaries 9 18,261,500 - 18,261,500 - Cash and cash equivalents 19 149,327,385 - 149,327,385 - Total financial assets 281,432,497 - 281,432,497 - Financial liabilities Term loans 20 508,253,636 - 508,253,636 - Trade finance 20 568,514 - 568,514 - Trade payables 26 61,047,080 - 61,047,080 - Other payables 27 100,084,086 - 100,084,086 - Amount due to subsidiaries 9 10,015,596 - 10,015,596 - Total financial liabilities 679,968,912 - 679,968,912 -
37. FINANCIAL INSTRUMENTS (CONTINUED) 37.3 Net (gains)/losses arising from financial instruments Group Authority 2022 2021 2022 2021 RM RM RM RM Net (gain)/loss on: Financial assets measured at fair value through profit or loss (33,099) 4,508 - - Financial assets measured at amortised cost (240,579) 445,353 - - Financial liabilities measured at amortised cost (6,519,294) (13,191,114) (6,519,294) (13,392,605) ____________ ____________ ____________ ____________ (6,792,972) (12,741,253) (6,519,294) (13,392,605) ================== ===================== ================== ================== 38. PRIOR YEAR ADJUSTMENT The prior year adjustment is in respect of a subsidiary’s term loan interest, deferred tax expenses and cost of sales has not been taken up in prior year account. As a consequence, the term loans, deferred tax liabilities, deposits and trade payables has been understated. The error has been corrected by restating each of the affected financial statement line items for prior periods. The following tables summaries the impacts on the financial statements. Group As Effect previously of the As per reported adjustment restated 2021 2021 RM RM RM Statements of financial position Deferred tax assets 8,089,526 (2,760,068) 5,329,458 Other receivables, deposits and prepayments 20,107,029 125,123 20,232,152 Borrowings 588,465,455 (132,764) 588,598,219 Trade payables 109,545,353 (119,311) 109,664,664 Retained earnings 302,554,352 2,887,020 299,667,332 ===================== ================== ================== Statements of comprehensive income Income tax expense (1,643,756) (1,093,740) (2,737,496) ===================== ================== ================== NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 102 SALCRA 2022 ANNUAL REPORT