content_image/280464.jpg
## Note 52 – Financial instruments (continued) 

## (k) Fair value measurements 

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 (as prices) or indirectly (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). 

<img src='content_image/280464.jpg'>

There were no material transfers between Level 1 and Level 2 during the year. 

The fair value of financial instruments with standard terms and conditions and traded in active liquid markets (such as publicly traded derivatives and listed equity investments) is determined with reference to quoted market prices at the end of the reporting period. These instruments are included in Level 1. 

