Page 145 - ar2013

Financial
Statements
143 Management Reports
26 CAPITAL AND FINANCIAL RISK MANAGEMENT (continued)
Fair value hierarchy (continued)
Level 3 fair values
The reconciliation from the beginning balances to the ending balances for Level 3 fair value measurements of
investment properties is disclosed in Note 4.
The following table shows the key unobservable inputs used in the valuation models:
Valuation Methods Key unobservable inputs
Inter-relationship between key
unobservable inputs and fair value
measurement
Capitalisation approach š 9Wf_jWb_iWj_ed hWj[i
(from 5.00% to 6.75%)
The fair value increases as
capitalisation rates decreases.
Discounted cash flows
approach
š :_iYekdj hWj[i
(from 8.75% to 11.00%)
š J[hc_dWb hWj[i
(from 5.50% to 6.75%)
The fair value increases as discount
rates and terminal rates decreases.
Term and reversion
approach
š J[hc WdZ h[l[hi_ed hWj[i
(5.50% to 7.00%)
The fair value increases as term and
reversion rates decreases.
Key unobservable inputs
Key unobservable inputs correspond to:
š ?dl[ijc[dj fhef[hjo o_[bZi Z[h_l[Z \hec if[Y_Wb_i[Z fkXb_YWj_edi \hec j^[ h[bWj[Z cWha[ji WdZ YecfWhWXb[
transactions.
š :_iYekdj hWj[" XWi[Z ed j^[ h_ia#\h[[ hWj[ \eh '&#o[Wh XedZi _iik[Z Xo j^[ ]el[hdc[dj _d j^[ h[b[lWdj cWha[j$
Offsetting financial assets and financial liabilities
The disclosures set out in the tables below include financial assets and financial liabilities that:
š Wh[ e\\i[j _d j^[ Jhkij¿i ijWj[c[dji e\ Ȉ_dWdY_Wb fei_j_ed1 eh
š Wh[ ikX`[Yj je Wd [d\ehY[WXb[ cWij[h d[jj_d] WhhWd][c[dj" _hh[if[Yj_l[ e\ m^[j^[h j^[o Wh[ e\\i[j _d j^[
statement of financial position