Fair Values 20. Financial instruments All financial assets and liabilities recognised in the statement of financial (continued) position, whether they are carried at amortised cost or fair value, are NON WEIGHTED AVERAGE EFFECTIVE INTEREST that represent a The fair value of a financial asset or financial liability is the amount at INTEREST BEARING reasonable which the asset could be exchanged or the liability settled in a current 2016 TOTAL RATE $’000 approximation of transaction between willing parties after allowing for transaction costs. Financial assets and INTEREST fair value unless liabilities BEARING otherwise at Cash and cash $’000 disclosed. equivalents 2.30% 282,619 2 282,621 Receivables 44,969 44,969 Other receivables 12,137 12,137 Interest bearing Borrowings from WATC 199,947 216,682 222,336 237,734 borrowings 4.12% (199,947) (199,947) – Trade payables (6,090) (6,090) The fair value of borrowings is estimated by discounting expected Other payables (11,433) (11,433) principal and interest cash flows at the interest rate at the measurement WEIGHTED date. liabilities INTEREST BEARING TOTAL $’000 $’000 Cash INTEREST and cash Other than the above, the carrying amounts of financial assets and 2015 RATE NON- INTEREST liabilities included in the balance sheet approximate their fair values due Financial assets and AVERAGE BEARING to their short terms of maturity. equivalents 2.87% 225,364 3 225,367 Receivables 54,286 54,286 Other receivables 53,315 53,315 Interest bearing borrowings 3.74% (222,336) (222,236) – Trade payables (5,991) (5,991) Other payables (11,276)
20. Financial instruments (continued) WEIGHTED AVERAGE NON Fair Values All financial assets and liabilities recognised in the statement of financial position, whether they are carried at amortised cost or fair value, are 2016 Financial assets and liabilities Cash and cash EFFECTIVE INTEREST RATE INTEREST BEARING $’000 INTEREST BEARING $’000 TOTAL at that represent a reasonable approximation of fair value unless otherwise disclosed. The fair value of a financial asset or financial liability is the amount at which the asset could be exchanged or the liability settled in a current transaction between willing parties after allowing for transaction costs. equivalents 2.30% 282,619 2 282,621 Receivables 44,969 44,969 Other receivables 12,137 12,137 Interest bearing borrowings 4.12% (199,947) – (199,947) Trade payables (6,090) (6,090) Other payables (11,433) (11,433) WEIGHTED Borrowings from WATC 199,947 216,682 222,336 237,734 The fair value of borrowings is estimated by discounting expected principal and interest cash flows at the interest rate at the measurement date. 2015 Financial assets and liabilities Cash and cash AVERAGE INTEREST RATE INTEREST BEARING $’000 NON- INTEREST BEARING $’000 TOTAL Other than the above, the carrying amounts of financial assets and liabilities included in the balance sheet approximate their fair values due to their short terms of maturity. equivalents 2.87% 225,364 3 225,367 Receivables 54,286 54,286 Other receivables 53,315 53,315 Interest bearing borrowings 3.74% (222,336) – (222,236) Trade payables (5,991) (5,991) Other payables (11,276)