149 ANNUAL REPORT 2024 Notes to The Financial Statements 31 December 2024 29. Financial instruments: information on financial risks and other explanatory information (cont’d) 29E. Liquidity risk – financial liabilities maturity analysis (cont’d) Company Less than 1 year More than 1 year but less than 5 years Over 5 years Total $’000 $’000 $’000 $’000 2024: Trade and other payables 7,784 – – 7,784 Gross borrowing commitments 19,472 – – 19,472 Gross lease liabilities 227 726 1,699 2,652 27,483 726 1,699 29,908 2023: Trade and other payables 9,035 – – 9,035 Gross borrowing commitments 23,323 420 – 23,743 Gross lease liabilities 169 621 1,770 2,560 32,527 1,041 1,770 35,338 The following table analyses the Group’s derivative financial instruments for which contractual maturities are essential for understanding of the timing of cash flows by remaining contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Group 2024 2023 $’000 $’000 Gross settled forward foreign exchange contracts - Receipts 2,921 2,453 - Payments (2,887) (2,504) Financial guarantee contracts – At the end of the reporting year, no claims on the financial guarantee are expected. All the corporate guarantees provided are disclosed in Note 30. The underlying bank facilities mature within 1 year (2023: 1 year). The Group and Company manage the liquidity risk by maintaining sufficient cash balances and the availability of funding through an adequate amount of committed credit facilities. 29F. Interest rate risk Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. As the Group has no significant interest-bearing assets, the Group’s income and operating cash flows are substantially independent of changes in market interest rates. The Group’s interest rate risk mainly arises from bills payable to banks and short term bank loans at floating interest rates. The Group manages its interest rate risk by keeping bills payable and short term bank loans to the minimum required to sustain the operations of the Group. The floating rate debt instruments are with interest rates that are re-set at regular intervals. The interest rates are disclosed in the respective notes.
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