Page 139 - SAR141018_Forterra AR 2013

FORTERRA
ANNUAL REPORT 2013
NOTES TO THE
FINANCIAL STATEMENTS
137
30 DETERMINATION OF FAIR VALUES (CONTINUED)
Accounting classifications and fair values (Continued)
Interest rates used in determining fair values
The interest rates used to discount estimated cash flows, where applicable, were as follows:
2013 2012
Debt securities 9% 8% – 10%
Fair value hierarchy
The table below analyses financial instruments and recurring non-financial assets carried at fair
value by valuation method. The different levels have been defined as follows:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that
the Group can access at the measurement date.
• 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: inputs for the asset or liability that are not based on observable market date
(unobservable inputs).
Level 1 Level 2 Level 3 Total
$’000 $’000 $’000 $’000
Group
31 December 2013
Investment properties^ – – 2,509,087 2,509,087
Derivative financial liabilities – (85) – (85)
– (85) 2,509,087 2,509,002
31 December 2012
Investment properties^ – – 2,656,358 2,656,358
Derivative financial liabilities – (1,294) – (1,294)
– (1,294) 2,656,358 2,655,064
Trust
31 December 2012
Derivative financial liabilities – (220) – (220)
^ include investment properties classified as held for sale