Page 112 - HRC_AR2020

110 I 2020 ANNUAL REPORT I financial reports

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 (CONTINuED)

5 fair ValUe MeasUreMents (continued)

fair value hierarchy (continued)
The table below summarises all financial instruments carried at fair value as at reporting date, based on a hierarchy that
reflects the significance of the inputs used in measuring its respective fair values.
level 1 level 2 level 3 total
rM’000 rM’000 rM’000 rM’000
financial assets/(liabilities)
Derivative financial assets:
- Refining margin swap contracts - 78,938 - 78,938
- Commodity swap contracts - 56,185 - 56,185
- Forward foreign currency contracts - 57 - 57
Derivative financial liabilities:
- Refining margin swap contracts - (4,192) - (4,192)
- Commodity swap contracts - (46,920) - (46,920)
- Forward priced commodity contracts - (2,526) - (2,526)
- Interest rate swap contracts - (15,886) - (15,886)
at 31 December 2020 - 65,656 - 65,656

financial assets/(liabilities)

Derivative financial assets:
- Refining margin swap contracts - 217,653 - 217,653
- Refining margin and commodity options - 5,313 - 5,313
- Commodity swap contracts - 103,194 - 103,194
Derivative financial liabilities:
- Refining margin swap contracts - (20,914) - (20,914)
- Commodity swap contracts - (111,498) - (111,498)
- Forward foreign currency contracts - (4,227) - (4,227)
- Refining margin and commodity options - (287) - (287)
- Interest rate swap contracts - (12,759) - (12,759)
at 31 December 2019 - 176,475 - 176,475

During the year and previous financial year, there were no transfers between Level 1 and Level 2 fair value measurements
and no transfers into and out of Level 3 fair value measurement. The fair values were obtained from published rates of
counterparties.