ANNUAL%20REPORT%202015%20eng

Notes to Consolidated Financial Statements
30 FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF FINANCIAL
INSTRUMENTS (Continued)
(f)
Fair value measurement (Continued)
(i)
Financial assets and liabilities measured at fair value (Continued)
The movement during the period in the balance of Level 3 fair value measurements is as follows:
2015 2014
USD’000 USD’000
Redemption option embedded in senior notes:
At 1 January — 700
Changes in fair value recognised
in profit or loss during the period — (700)
At 31 December — —
The changes in fair value arising from the remeasurement of the redemption option and
conversion option embedded in senior notes are presented in “finance costs/income” in the
consolidated statement of comprehensive income.
(ii)
Fair value of financial assets and liabilities carried at other than fair value
In respect of cash and cash equivalents, trade and other receivables, and trade and other
payables, the carrying amounts approximate fair value due to the relatively short-term nature of
these financial instruments.
In respect of borrowings, the carrying amounts are not materially different from their fair values as
at 31 December 2015. The fair values of borrowings are estimated as the present value of future
cash flows, discounted at current market interest rates for similar financial instruments.
The aggregate carrying values of other financial liabilities carried on the consolidated balance
sheet are not materially different from their fair values as at 31 December 2015.
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Annual Report 2015