93
waikato-tainui
annual report 2014
Level 1
Level 2
Level 3 Total balance
$'000
$'000
$'000
$'000
CONSOLIDATED ‑ as at 31 March 2014
Assets
Financial assets at fair value through profit or loss
– Investments in listed companies
1,957
-
-
1,957
– Investments in unlisted companies
-
10,883
-
10,883
– Investments in unlisted company (AFL income shares)
-
-
10,521
10,521
Derivatives ‑ call option agreement for property
-
647
-
647
Total assets
1,957
11,530
10,521
24,008
Liabilities
Financial liabilities at fair value through profit or loss
– Interest rate swaps
-
5,048
-
5,048
Total liabilities
-
5,048
-
5,048
CONSOLIDATED ‑ as at 31 March 2013
Assets
Financial assets at fair value through profit or loss
– Investments in listed companies
2,426
-
-
2,426
– Investments in unlisted companies
-
7,579
-
7,579
– Investments in unlisted company (AFL income shares)
-
-
12,935
12,935
Total assets
2,426
7,579
12,935
22,940
Liabilities
Financial liabilities at fair value through profit or loss
– Interest rate swaps
-
12,902
-
12,902
Total liabilities
-
12,902
-
12,902
(e) Fair value estimation
The fair value of financial instruments traded in active markets is based on quoted market prices at balance date. The quoted
market price used for financial assets held by the Group is the current bid price, with the exception of investment in subsidiaries,
joint ventures and associates.
Investment in subsidiaries, joint ventures and associates do not have a quoted market price in an active market and the fair value
cannot be reliably measured.
The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due
to their short term nature. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future
contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments.
There are no financial liabilities with a carrying value different to their fair value.
Disclosure of fair value measurements is made by the level of the following fair value measurement hierarchy:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is,
as prices) or indirectly (that is, derived from prices) (level 2).
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
