28.9 A 10.0% weakening of the foreign currencies against RM at the end of the financial year would have had equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remained constant. Foreign currency risk for the Group and the Company which have a functional currency other than USD, JPY, EUR and GBP are not material and hence, sensitivity analysis is not presented. (ii) Interest rate risk The Group’s and the Company’s investments in fixed rate debt security and its fixed rate borrowings are not exposed to a significant risk of change in their fair values due to changes in interest rates. The Group’s and the Company’s variable rate borrowings are exposed to a risk of change in cashflows due to changes in interest rates. Investment in equity security and short term receivables and payables are not significantly exposed to interest rate risk. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 332 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Market risk (continued) (ii) Interest rate risk (continued) Exposure to interest rate risk The interest rate profile of the Group’s and of the Company’s significant interest-bearing financial instruments, based on carrying amounts as at the end of the financial year were: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Fixed rate instruments: Financial assets 16,182.5 2,890.0 13,297.2 923.6 Financial liabilities 88,498.4 95,678.8 98,964.7 110,037.0 Floating rate instrument: Financial liabilities 4,132.7 1,481.8 0 0 The financial assets are not sensitive to interest rate changes. A 5.0% change in the interest rates of the financial liabilities with floating interest rates at the end of the financial year would have affected the Group’s and the Company’s profit or loss and equity by RM0.7 million (2022: RM0.1 million). This analysis assumes that all other variables, in particular foreign currency rates