Singapore Airlines 2015 Annual Report Download - page 193

37 Financial Instruments (in $ million) (continued)
(b) Fair values
Financial instruments carried at fair value
Fair value hierarchy
The following table shows an analysis of financial instruments carried at fair value by level of fair value hierarchy:
The Group
31 March 2015 31 March 2014
Quoted
prices in
active markets
for identical
instruments
Significant
other
observable
inputs
Quoted
prices in
active markets
for identical
instruments
Significant
other
observable
inputs
Recurring fair value adjustments (Level 1) (Level 2) (Level 1) (Level 2)
Financial assets:
Available-for-sale investments
Quoted investments
– Government securities 8.6 – 3.7 –
– Equity investments 37.7 – 347.7 –
– Non-equity investments 118.3 – 186.2 –
Unquoted investments
– Non-equity investments – 303.6 – 323.9
Derivative assets
Equity swap derivative – – – 20.3
Currency hedging contracts – 106.5 – 10.0
Fuel hedging contracts – 3.8 – 100.6
Cross currency swap contracts – 4.0 – –
Interest rate cap contracts – 0.1 – 3.2
164.6 418.0 537.6 458.0
Financial liabilities:
Derivative liabilities
Currency hedging contracts – 37.8 – 27.9
Fuel hedging contracts – 974.4 – 1.3
Cross currency swap contracts – 6.9 – 25.0
Interest rate swap contracts – 0.5 – 2.6
– 1,019.6 – 56.8
The Group classifies fair value measurement using a fair value hierarchy that reflects the significance of the inputs used
in making the measurements. The fair value hierarchy has the following levels:
• Level1–Quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities
• Level2–InputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,either
directly (i.e., as prices) or indirectly (i.e., derived from prices)
• Level3–Unobservableinputsfortheassetorliability
There has been no transfer between level 1 and level 2 during the financial year.
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