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## NOTEs TO THE FINANCIAL sTATEMENTs 

FAIRFAx MEDIA LIMITED AND CONTROLLED ENTITIES FOR THE PERIOD ENDED 30 JUNE 2013 

## 16. DERIVATIVE FINANCIAL INsTRUMENTs (CONTINUED) 

For the Group, the remeasurement of the hedged items resulted in a loss before tax of $21.4 million (2012: $11.0 million loss) and the changes in the fair value of the hedging instruments resulted in a gain before tax of $16.1 million (2012: $14.6 million gain) resulting in a net loss before tax of $5.3 million (2012: $3.6 million gain) recorded in finance costs. 

## (iV) neT inVeSTMenT HedGeS 

The NZD/USD cross currency swap agreements have also been designated to hedge the net investment in New Zealand controlled entities acquired as part of the acquisition of the business assets of Independent News Limited in June 2003. 

At 30 June 2013, the hedges were assessed to be highly effective with an unrealised loss of $12.9 million (2012: $2.5 million loss) recognised in equity. During the current financial period there was an unrealised loss of $0.8 million (2012: $0.2 million gain) recognised in the income statement attributable to the ineffective portion of the net investment hedges. 

## 17. DEFERRED TAx AssETs AND LIABILITIEs 

## (A) RECOGNISED DEFERRED TAX ASSETS AND LIABILITIES 

Deferred tax assets and liabilities are attributable to the following: 

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## (B) MOVEMENT IN TEMPORARY DIFFERENCES DURING THE FINANCIAL YEAR 

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