- 46 - 22. DERIVATIVES Derivative assets and liabilities held for trading derivatives that are not designated in hedge accounting relationships carried at fair value through profit or loss. Derivatives as at December 31, were as follows: Unit : Million Baht Consolidated Financial Statements Separate Financial Statements 2021 2020 2021 2020 Derivative financial assets - non-current Cross currency interest rate swap contracts - 141 - 141 Total derivative financial assets - 141 - 141 Derivative financial liabilities - current Commodity derivative contracts 28 341 28 341 Derivative financial liabilities - non-current Cross currency interest rate swap contracts 171 - 171 - Interest rate swap contracts 52 154 52 154 Total derivative financial liabilities 251 495 251 495 The Group has not entered into master netting agreements with the counterparties for above derivatives. The Group has significant contracts related to derivatives as follows: Interest rate swap contracts The Company entered into interest rate swap contracts of USD long-term borrowings with two financial institutions totaling USD 140 million to swap interests from floating rate to fixing rate as specified in the contracts. The contracts are effective from November 15, 2019 to June 30, 2025. The above interest rate swap contracts will be swapped the interest every month from the effective date until the maturity date and will recognise the transactions as derivatives in the financial statements over the period of contracts. Cross currency interest rate swap contracts The Company entered into two cross currency interest rate swap contracts of Thai Baht long-term borrowings with two financial institutions totalling Baht 612 million to swap principals from Thai Baht to US Dollar at an exchange rate as specified in the contracts and to swap the fixed interest rate on Thai Baht to a fixed interest rate on US Dollar. The contracts are effective from March 5, 2021 to September 11, 2023. The above cross currency interest rate swap contracts will be swapped the interest every March and September from the effective date until the maturity date and will recognise the transactions as derivatives in the financial statements over the period of contracts. The Company entered into three cross currency interest rate swap contracts of Thai Baht long-term borrowings with a financial institution totaling Baht 2,862 million to swap principals from Thai Baht to US Dollar at an exchange rate as specified in the contracts and to swap the fixed interest rate on Thai Baht principal to a fixed interest rate on US Dollar principal. The contracts are effective from September 28, 2020 to November 30, 2024. The above cross currency interest rate swap contracts will be swapped the interest every ended of May and November from the effective date until the maturity date and will recognise the transactions as derivatives in the financial statements over the period of contracts. 348 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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