Annual Report 2012

Financial Statements (International)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
for the year ended 31 December 2012
40 FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued)
Fair values
(i) Financial instruments carried at fair value
The following table presents the carrying value of financial instruments measured at fair value at the balance sheet date across the three levels
of the fair value hierarchy defined in IFRS 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. The levels are defined as follows:
•
•
•
2012
188
Level 1 (highest level): fair values measured using quoted prices (unadjusted) in active markets for identical financial instruments.
Level 2: fair values measured using quoted prices in active markets for similar financial instruments, or using valuation techniques in which
all significant inputs are directly or indirectly based on observable market data.
Level 3 (lowest level): fair values measured using valuation techniques in which any significant input is not based on observable market data.
Annual Report 2012 CHINA PETROLEUM & CHEMICAL CORPORATION
The Group The Company
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
RMB RMB RMB RMB RMB RMB RMB RMB
millions millions millions millions millions millions millions millions
Assets
Available-for-sale financial assets:
– Listed 83 — — 83 13 — — 13
Derivative financial instruments:
– Derivative financial assets 82 1,111 — 1,193 — — — —
165 1,111 — 1,276 13 — — 13
Liabilities
Derivative financial instruments:
– Embedded derivative components
of the Convertible Bonds — 2,576 — 2,576 — 2,576 — 2,576
– Other derivative financial liabilities 92 1,016 — 1,108 — 36 — 36
92 3,592 — 3,684 — 2,612 — 2,612
2011
The Group The Company
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
RMB RMB RMB RMB RMB RMB RMB RMB
millions millions millions millions millions millions millions millions
Assets
Available-for-sale financial assets:
– Listed 55 — — 55 13 — — 13
– Non-listed — 200 — 200 — — — —
Derivative financial instruments:
– Derivative financial assets 133 758 — 891 — — — —
188 958 — 1,146 13 — — 13
Liabilities
Derivative financial instruments:
– Embedded derivative components
of the Convertible Bonds — 2,680 — 2,680 — 2,680 — 2,680
– Other derivative financial liabilities 79 810 — 889 — 188 — 188
79 3,490 — 3,569 — 2,868 — 2,868
During the years ended 31 December 2012 and 2011, there were no transfers between instruments in Level 1 and Level 2.