26. FINANCIAL RISK MANAGEMENT (continued) Financial risk factors (continued) (a) Market risk (continued) (i) Currency risk (continued) SGD RMB USD Total S$’000 S$’000 S$’000 S$’000 Group As at 31 December 2023 Financial assets Cash and bank balances 4,022 93,798 3,144 100,964 Trade and other receivables* 16 97,211 – 97,227 Intra-group balances 625,261 376,890 18,575 1,020,726 Total financial assets 629,299 567,899 21,719 1,218,917 Financial liabilities Trade and other payables^ (8,058) (122,701) – (130,759) Intra-group balances (625,261) (376,890) (18,575) (1,020,726) Borrowings (326,102) (133,796) (99,181) (559,079) Total financial liabilities (959,421) (633,387) (117,756) (1,710,564) Net financial liabilities (330,122) (65,488) (96,037) (491,647) Add: Firm commitments and highly probable forecast transactions in foreign currencies – (24) – (24) Less: Cross currency swaps – – 72,523 72,523 Less: Net financial liabilities denominated in the respective entities’ functional currency 320,389 16,889 (18,575) 318,703 Net currency exposure (9,733) (48,623) (42,089) (100,445) * Excludes prepayments and VAT receivables ^ Excludes deferred income, advance receipt and rental received in advance ECW is not exposed to significant currency risk as its transactions are predominantly denominated in Singapore Dollars. Currency risk arises within entities in the Group when transactions are denominated in foreign currencies such as RMB and USD. If the RMB and USD strengthened/weakened against the SGD by 5% (2023: 5%) and 5% (2023: 5%) respectively with all other variables including tax rate being held constant, the effects arising from the net financial asset would decrease/increase the total return by S$8,041,000 (2024: S$4,049,000) respectively. EC WORLD REIT 114 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
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