177 Annual Report 2024 29 FINANCIAL RISK MANAGEMENT (continued) Interest rate risk (continued) Cash flow sensitivity analysis for variable rate instruments A reasonably possible change of 100 basis points in interest rate at the reporting date would have increased/ (decreased) the Statement of Total Return and Unitholders’ Funds by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. Statement of Total Return Unitholders’ Funds 100 bp increase 100 bp decrease 100 bp increase 100 bp decrease $’000 $’000 $’000 $’000 Group 31 December 2024 Variable rate instruments (43,621) 43,621 – – Interest rate swaps and cross currency swaps 26,251 (26,251) 64,871 (64,871) Cash flow sensitivity (net) (17,370) 17,370 64,871 (64,871) 31 December 2023 Variable rate instruments (43,966) 43,966 – – Interest rate swaps and cross currency swaps 22,461 (22,461) 53,125 (53,125) Cash flow sensitivity (net) (21,505) 21,505 53,125 (53,125) Trust 31 December 2024 Variable rate instruments 8,585 (8,585) – – Interest rate swaps 21,797 (21,797) 62,152 (62,152) Cash flow sensitivity (net) 30,382 (30,382) 62,152 (62,152) 31 December 2023 Variable rate instruments 5,753 (5,753) – – Interest rate swaps 15,828 (15,828) 45,499 (45,499) Cash flow sensitivity (net) 21,581 (21,581) 45,499 (45,499) Equity price risk The Group’s and Trust’s exposure to change in equity price relates to equity investments at FVOCI in quoted equity securities listed in Singapore and/or Malaysia. Sensitivity analysis As at 31 December 2024, if the price for the quoted equity securities increased by 5.0% with all other variables being held constant, the increase in Unitholders’ Funds of the Group and the Trust would be $6.2 million (2023: $7.5 million) and $4.8 million (2023: $6.2 million) respectively. A similar 5.0% decrease in the price would have an equal but opposite effect.
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