178 CapitaLand Integrated Commercial Trust Notes to the financial statements Year ended 31 December 2024 29 FINANCIAL RISK MANAGEMENT (continued) Hedge accounting Cash flow hedges The Group and the Trust held the following instruments to hedge exposures to changes in foreign currency and interest rates. Maturity Within 1 year More than 1 year $’000 $’000 Group 2024 Foreign currency risk Cross currency swaps Net exposure ($’000) 207,090 1,311,691 Average SGD:HKD forward contract rate 0.1719 0.1749 Average SGD:JPY forward contract rate – 0.0125 Average SGD:USD forward contract rate – 1.3570 Interest rate risk Interest rate swaps Net exposure ($’000) 565,520 2,059,577 Average fixed interest rate (%) 3.82 3.96 2023 Foreign currency risk Cross currency swaps Net exposure ($’000) – 1,518,781 Average SGD:HKD forward contract rate – 0.1743 Average SGD:JPY forward contract rate – 0.0125 Average SGD:USD forward contract rate – 1.3570 Interest rate risk Interest rate swaps Net exposure ($’000) 652,222 1,593,922 Average fixed interest rate (%) 2.93 3.88 Trust 2024 Interest rate risk Interest rate swaps Net exposure ($’000) 206,810 1,972,864 Average fixed interest rate (%) 4.19 3.90 2023 Interest rate risk Interest rate swaps Net exposure ($’000) 414,071 1,168,769 Average fixed interest rate (%) 3.21 3.90
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