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Annual Report 2015
93
29. 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 at 31st December
2015 across three levels of the fair value hierarchy defined in HKFRS 13 “Fair Value Measurement” 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 only unadjusted
quoted prices in active markets for identical assets or liabilities. Level 2 includes financial instruments with fair
values measured using inputs other than quoted prices within Level 1 that are observable for the asset or liability,
either directly or indirectly. The fair value has been determined based on quotes from market makers or discounted
cash flow valuation techniques in which all significant inputs are based on observable market data. The most
significant inputs are market interest rates, exchange rates and fuel price. Level 3 includes financial instruments
with fair values measured using discounted cash flow valuation techniques in which any significant input is not
based on observable market data.
2015 2014
Level 1
HK$M
Level 2
HK$M
Level 3
HK$M
Total
HK$M
Level 1
HK$M
Level 2
HK$M
Level 3
HK$M
Total
HK$M
Recurring fair value
 measurement
Assets
Investments at fair value
 –listed 433 – – 433 284 – – 284
 –unlisted – – 584 584 – – 1,196 1,196
Liquid funds
 –fundswithinvestment
  managers – 4,698 – 4,698 – 6,780 – 6,780
 –otherliquidinvestments – 817 – 817 – 1,295 – 1,295
Derivative financial assets – 2,778 – 2,778 – 3,269 – 3,269
433 8,293 584 9,310 284 11,344 1,196 12,824
Liabilities
Obligations under finance
 leasesdesignatedasat
 fairvaluethroughprofit
 orloss – (2,593) – (2,593) – (3,129) – (3,129)
Derivative financial liabilities – (21,871) – (21,871) – (15,038) – (15,038)
– (24,464) – (24,464) – (18,167) – (18,167)
Notes to the Financial Statements Supplementary Information