Cathay Pacific 2011 Annual Report Download - page 95

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Notes to the Accounts SUPPLEMENTARY INFORMATION
33. Financial risk management (continued)
(f) Financial instruments carried at fair value
The following table presents the carrying value of financial instruments measured at fair value as at 31st
December 2011 across three levels of the fair value hierarchy defined in HKFRS 7 “Financial Instruments:
Disclosures” with the fair value of each financial instrument categorised in its entirety based on the lowest level
of input that is significant to that fair value measurement. Level 1 includes financial instruments with fair values
measured using quoted prices in active markets for identical assets or liabilities. Level 2 includes financial
instruments with fair values measured using quoted prices in active markets for similar assets or liabilities, or
using valuation techniques in which all significant input are based on observable market data. Level 3 includes
financial instruments with fair values measured using valuation techniques in which any significant input is not
based on observable market data.
Group Company
2011
Level 1
HK$M
2011
Level 2
HK$M
2011
Level 3
HK$M
2011
Total
HK$M
2011
Level 1
HK$M
2011
Level 2
HK$M
2011
Level 3
HK$M
2011
Total
HK$M
Assets
Investments at fair value
– listed 136 – – 136 – – – –
– unlisted – – 1,062 1,062 – 963 – 963
Liquid funds
– funds with investment
managers – 7,778 – 7,778 – – – –
– other liquid investments – 1,515 – 1,515 – 1,242 – 1,242
Derivative financial assets – 2,230 – 2,230 – 2,230 – 2,230
136 11,523 1,062 12,721 – 4,435 – 4,435
Liabilities
Obligations under finance
leases designated as at fair
value through profit or loss – (4,156) – (4,156) – (4,156) – (4,156)
Derivative financial liabilities – (2,888) – (2,888) – (2,790) – (2,790)
– (7,044) – (7,044) – (6,946) – (6,946)
Cathay Pacific Airways Limited Annual Report 2011 93