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## Notes to the Financial Statements (continued) 38. Financial Instruments (continued) 

## Investment securities 

The net fair values of listed investments are based on quoted market bid prices less estimated disposal costs which are expected to be minimal. 

## Interest rate swap 

The net fair value is estimated by discounting the anticipated future cash flows to their present value, based on interest rates existing at the respective balance dates. 

## (e) Credit risk exposure 

The consolidated entity’s exposures to on balance sheet credit risk are as indicated by the carrying amounts of its financial assets. The consolidated entity does not have a significant exposure to any individual counterparty. 

The consolidated entity minimises concentrations of credit risk by undertaking transactions with a large number of debtors in various countries and industries. 

The major geographic concentration of credit risk arises from the location of the counterparties to the consolidated entity’s financial assets as shown in the following table: 

<img src='content_image/65265.jpg'>

Credit risk on financial assets is spread over the financial services and retail industries. 

