SEO Version
ANNUAL REPORT 2011
The fair value of proft rate swaps is based on broker quotes. These quotes are teste
discounting estimated future cash fows based on the terms and maturity of each co
proft rates for a similar instrument at the measurement date. Fair values refect the cre
and include adjustments to take into account of the credit risk of the Group and Trust,
appropriate.
(ii)
Borrowings
The carrying amounts of proft-bearing borrowings which are repriced within 3 months
date approximate the corresponding fair values.
(iii)
Other financial assets and liabilities
The carrying amounts of fnancial assets and liabilities with a maturity of less than one y
other receivables, cash and cash equivalents, and trade and other payables) are assum
fair values because of the short period to maturity. All other fnancial assets and liabiliti
values as at balance sheet date.
Fair value hierarchy
The table below analyses fnancial instruments carried at fair value, by valuation met
have been defned as follows:
•
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabil
•
Level 2: inputs other than quoted prices included within Level 1 that are obs
liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices)
•
Level 3: inputs for the asset or liability that are not based on observable mar
inputs)
Level 1
Level 2
Le
$’000
$’000
$
Group and Trust
31 December 2011
Derivative liabilities
– Proft rate swaps
–
4,593
Sabana AR 2011 Financial V9.indd 101
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