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## (c) Net Fair Value of Financial Assets and Liabilities 

(i) On-Balance Sheet 

The net fair value of cash and cash equivalents and non-interest bearing monetary fi  nancial assets and fi  nancial liabilities of the consolidated entity approximates their carrying value. The net fair value of other monetary fi  nancial assets and fi  nancial liabilities is based upon market prices. 

(ii) Off-Balance Sheet 

For forward exchange and commodity contracts, the net fair value is taken to be the unrealised gain or loss at balance date calculated by reference to the current forward rates for contracts with similar maturity pro fi  les. 

The consolidated entity has potential fi  nancial liabilities that may arise from certain contingencies disclosed in Note 25. As explained in that note, no material losses are anticipated in respect of any of those contingencies and the net fair value disclosed is the Directors’ estimate of amounts which would be payable by the consolidated entity as consideration for the assumption of those contingencies by another party. 

