| Notes to company financial statements l Note 18 |
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| 18 |
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES |
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Determination of fair values |
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Quoted market prices at reporting date have been used to determine the fair value of available-for-sale investments, whereas
market-related discount rates have been used to determine the fair value of loans and receivables and interest-bearing
borrowings. Where quoted market prices are not available, a valuation technique, most commonly discounted cash flows, was
used. For other receivables and payables, the fair value was determined using discounted cash flow method at market-related
interest rate. Carrying amounts approximate fair value for all other financial assets and liabilities. |
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Fair value hierarchy
The company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:
Level 1: quoted prices in an active market that are unadjusted for identical assets or liabilities;
Level 2: valuation techniques using inputs, which are directly or indirectly observable; and
Level 3: valuations based on data that is not observable (not applicable to the group).
The values of all other instruments recognised, but not subsequently measured at fair value, approximate fair value.
The following assets and liabilities were measured at level 1:
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2016
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| Recurring fair value measurements, measured at level 1 |
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| Assets measured at fair value, measure at level 1 |
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| Available-for-sale investments |
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229 501 |
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180 209 |
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| Assets and liabilities measured at amortised cost, measured at level 2 |
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| Fair value of loans due to group companies |
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1 114 367 |
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975 682 |
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| Fair value of loans due from group companies |
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762 521 |
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628 309 |
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| Notes to company financial statements l Note 18 |
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