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94

Every Note Counts

N otes to the Financial Statements

Year ended 31 December 2010

330,049 - 330,049

- 7,963 7,963

330,049 7,963 338,012

- - -

(150,922) (53,594) (204,516)

(150,922) (53,594) (204,516)

Level 1

Level 2

Total

$’000

$’000

$’000

Group

31 December 2010 Available-for-sale financial assets Swap hedging instruments assets

Non-derivative financial liabilities Swap hedging instruments liabilities

179,133

-

179,133

-

20,462

20,462

179,133

20,462

199,595

-

(305,975)

(305,975)

-

(53,579)

(53,579)

-

(359,554)

(359,554)

31 December 2009 Available-for-sale financial assets Swap hedging instruments assets

Non-derivative financial liabilities Swap hedging instruments liabilities

Estimation of fair values

The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments of the Group and Company.

Quoted equity securities

Fair value is based on quoted bid prices at the reporting date, without any deduction for transaction costs.

Hedging instruments

The fair value of cross currency/interest rate swaps and fuel forward contracts is based on broker quotes. These quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar instrument at the measurement date.

Fixed rate interest-bearing loans

Fair value is calculated based on quoted offer price or discounted expected future principal and interest cash flows using market interest rates.

Floating rate interest-bearing loans

The Group believes that the carrying amounts of floating rate interest-bearing loans, which are repriced at least semi- annually, reflect the corresponding fair values.

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