Cathay Pacific 2015 Annual Report Download - page 96

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Cathay Pacific Airways Limited
94
29. Financial risk management (continued)
There were no transfers between Level 1 and Level 2, or transfers into or out of Level 3 fair value hierarchy
classifications.
The fair value of the unlisted investments in Level 3 is determined using a discounted cash flow valuation technique.
The significant unobservable input used in the fair value measurement is the discount rate. Information about fair
value measurements using significant unobservable inputs (Level 3):
Unobservable inputs
Range of
unobservable
inputs
Relationship of unobservable
inputs to fair value
Possible
reasonable
change
Positive/(negative)
impact on valuation
(HK$M)
Unlisted investments
Discount rate 2015: 10.0%
(2014: 8.0%)
The higher the discount rate,
 thelowerthefairvalue
2015:+/-0.5%
(2014:+/-0.5%)
2015:(11)/11
(2014:(76)/100)
The movement during the year in the balance of Level 3 fair value measurements is as follows:
2015
HK$M
2014
HK$M
Investments at fair value – unlisted
At 1st January 1,196 1,085
Additions –78
Disposals (143) (9)
Net unrealised gains or losses recognised in other comprehensive
 incomeduringtheyear 13 42
Net unrealised gains or losses reclassified to profit or loss (482) –
At 31st December 584 1,196
Notes to the Financial Statements Supplementary Information