FY 2010 Annual Report - Part II - Orascom Development

ODH Annual Report 2010
39.12.3 Fair value measurements recognised in the
consolidated statement of financial position
The following table provides an analysis of financial instruments
that are measured subsequent to initial recognition at fair value,
grouped into Levels 1 to 3 based on the degree to which the fair
value is observable.
– Level 1: fair value measurements are those derived from
quoted prices (unadjusted) in active markets for identical
assets or liabilities.
– Level 2: fair value measurements are those derived from
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: fair value measurements are those derived from
valuation techniques that include inputs for the asset or
liability that are not based on observable market data
(unobservable inputs).
2010
CHF
Financial assets
at FVTPL
Non-derivative
financial assets
held for trading
Available-forsale
financial
assets
Listed and
unlisted shares
measured at FV
Derivative
financial
liabilities
designated in a
effective hedge
relationship
Level 1 Level 2 Level 3 Total
1,380,948 - - 1,380,948
1,380,948 - - 1,380,948
51,301,991 - 421,137 51,723,128
51,301,991 - 421,137 51,723,128
- 2,141,187 - 2,141,187
- 2,141,187 - 2,141,187
There were no transfers between Level 1 and 2 in the period. The
Available-for-sale financial assets were measured at fair value
based on a method that combined the earning and net equity
book values of the companies.
Reconciliation of Level 3 fair value measurements of financial
assets
2010 Unquoted equity
CHF
securities
Opening balance 287,400
Total gains or( losses) recognized in other
comprehensive income
28,600
Purchases 105,138
Closing balance 421,138
2009 Unquoted equity
CHF
securities
Opening balance -
Total gains or( losses) recognized in other
comprehensive income
(85,800)
Purchases 373,200
Closing balance 287,400
39.13 Derivatives
The financial statements include interest rate swaps which are
measured at fair value (note 27.3). Fair value is determined by
the counterparty (financial institution) at mark to market.
The directors consider that the carrying amounts of financial
liabilities recorded at amortised cost in the financial statements
approximate their fair values
2009
CHF
Financial assets
at FVTPL
Non-derivative
financial assets
held for trading
Available-forsale
financial
assets
Listed and
unlisted shares
measured at FV
Derivative
financial
liabilities
designated in a
effective hedge
relationship
Level 1 Level 2 Level 3 Total
701,500 - - 701,500
701,500 - - 701,500
37,554,375 - 287,400 37,841,775
37,554,375 - 287,400 37,841,775
- 2,905,268 - 2,905,268
- 2,905,268 - 2,905,268
40 SHARE-BASED PAYMENTS
___________________________________________________________________________________
At 31 December 2010 and unchanged to prior year, the Group
did not have any share option or participation schemes in place
and had not granted any ODH shares to the members of the
Board or the Executive Management.
The Group compensated the members of the Board with a fixed
fee whereof 50% was paid in cash and the other 50% in
unrestricted shares of the Parent Company. The shares received
by the board members had a fair value of CHF 608,000 based
on the quoted market prices at the grant date (2009: CHF
572,448), and have been recognized in the consolidated
statement of comprehensive income as part of administrative
expenses. They will be transferred to the members of the Board by
the end of June 2011.
F-66