76 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 4 FINANCIAL RISK MANAGEMENT (CONTINUED) (c) Fair value estimation (continued) Group Level 1 RM’000 Level 2 RM’000 Level 3 RM’000 Total RM’000 2022 Assets Financial assets at fair value through profit or loss: (i) Derivatives - Foreign currency forward contracts - 2,006 - 2,006 - Commodities futures contracts 1,159 - - 1,159 (ii) Trading securities 81,355 - - 81,355 Financial assets at fair value through other comprehensive income 3,263 - 159,407 162,670 Total assets 85,777 2,006 159,407 247,190 Liabilities Financial liabilities at fair value through profit or loss: (i) LLA liability - - 3,680,354 3,680,354 (ii) Derivatives - Foreign currency forward contracts - 16,889 - 16,889 - Islamic profit rate swap - 193 - 193 - Commodities futurescontracts 853 - - 853 Total liabilities 853 17,082 3,680,354 3,698,289 The Company has no financial assets and liabilities that are measured at fair value at 31 December 2023 and 31 December 2022. There were no transfers between Levels 1 and 2 during the financial year. (i) Financial instruments in Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the statement of financial position date. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily equity investments listed in Bursa Malaysia Securities Berhad or foreign stock exchanges classified as trading securities or financial assets at fair value through other comprehensive income and commodity derivatives quoted on Malaysia Derivatives Exchange (“MDEX”) for palm oil, sugar commodity futures contracts, brent crude oil option contracts and other foreign commodity exchanges.
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