Information about significant unobservable inputs (Level 3) in fair value measurements Description $000 Valuation Unobservable Range of Relationship of and fair technique(s) inputs unobservable unobservable value as at inputs inputs to fair 30 June 2015 (weighted value average) Land 26,468 Market Selection of land $1.34 - $43.16 Higher value of approach with similar per m2 similar land approximate ($13.36 per m2) increases utility estimated fair value. Land 4,458 Market Application of a 1.3% per annum Increases in the approach cost of costs of construction construction index to historical increases the cost estimated fair value Buildings 854,452 Depreciated Consumed 1.3% - 3.8% per Greater Replacement economic year consumption of Cost benefit/ (2.1% per year) economic benefit obsolescence of or increased asset obsolescence lowers fair value. Application of a 1.3% per annum Increases in the cost of costs of construction construction index to historical increases the the cost estimated fair value Infrastructure 23,376 Depreciated Application of a 0.2% to 1.3% per Increases in the Replacement cost of year (0.9%) costs of Cost construction construction index to historical increases the the cost estimated fair value Reconciliations of the opening and closing balances are provided in Note 19.
Information about significant unobservable inputs (Level 3) in fair value measurements Description and fair value as at 30 June 2015 $000 Valuation technique(s) Unobservable inputs Range of unobservable inputs (weighted average) Relationship of unobservable inputs to fair value Land 26,468 Market approach Selection of land with similar approximate utility $1.34 - $43.16 per m2 ($13.36 per m2) Higher value of similar land increases estimated fair value. Land 4,458 Market approach Application of a cost of construction index to historical cost 1.3% per annum Increases in the costs of construction increases the estimated fair value Buildings 854,452 Depreciated Replacement Cost Consumed economic benefit/ obsolescence of asset 1.3% - 3.8% per year (2.1% per year) Greater consumption of economic benefit or increased obsolescence lowers fair value. Application of a cost of construction index to historical cost 1.3% per annum Increases in the costs of construction increases the the estimated fair value Infrastructure 23,376 Depreciated Replacement Cost Application of a cost of construction index to historical cost 0.2% to 1.3% per year (0.9%) Increases in the costs of construction increases the the estimated fair value Reconciliations of the opening and closing balances are provided in Note 19.
2014-15_venueswest_annual-report_accessible.docx