Qantas 2011 Annual Report Download - page 104
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THE QANTAS GROUP 102
for the year ended 30 June 2011
Notes to the Financial Statements continued
D FAIR VALUE
The fair value of cash, cash equivalents and non-interest-bearing nancial assets and liabilities approximates their carrying value due
to their short maturity. The fair value of nancial assets and liabilities is determined by valuing them at the present value of future contracted
cash ows. Cash ows are discounted using standard valuation techniques at the applicable market yield, having regard to the timing of the
cash ows.
The fair value of forward foreign exchange and fuel contracts is determined as the unrealised gain/loss at balance date by reference to
market exchange rates and fuel prices. The fair value of interest rate swaps is determined as the present value of future contracted cash ows.
Cash ows are discounted using standard valuation techniques at the applicable market yield, having regard to the timing of the cash ows.
The fair value of options is determined using standard valuation techniques.
Other nancial assets and liabilities represent the fair value of derivative nancial instruments recognised on the Consolidated Balance Sheet
in accordance with AASB .
Carrying Amount Fair Value
Qantas Group Notes
$M
$M
$M
$M
Financial assets
Cash and cash equivalents , , , ,
Trade debtors
Sundry debtors
Other loans
Other nancial assets
Other investments
, , , ,
Financial liabilities
Trade creditors
Other creditors and accruals , , , ,
Bank loans – secured , , , ,
Bank loans – unsecured
Other loans – unsecured , , , ,
Other nancial liabilities
Lease and hire purchase liabilities
, , , ,
Net nancial liabilities , , , ,
E FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE
The different methods of estimating the fair value of nancial instruments have been dened as follows:
Level : quoted prices (unadjusted) in active markets for identical assets or liabilities
Level : inputs other than quoted prices included within Level that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices)
Level : inputs for the asset or liability that are not based on observable market data (unobservable inputs)
The fair value of nancial instruments, by valuation method, are summarised in the table below:
Qantas Group
$M Level Level Level Total
Derivative nancial assets – –
Derivative nancial liabilities –() –()
Net nancial instruments measured at fair value –() –()
$M
Derivative nancial assets – –
Derivative nancial liabilities –() –()
Net nancial instruments measured at fair value –() –()
Financial instruments that use valuation techniques with only market observable inputs to the overall valuation include interest rate swaps,
forward and option commodity contracts and foreign exchange contracts that are not traded on a recognised exchange.
34. Financial Risk Management continued