by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Whitehaven Coal Limited : Annual Report 2013
135 Whitehaven Coal Limited Annual Report 2013 Notes to the Financial Statements 30 June 2013 Commodity price risk The consolidated entity's major commodity price exposure is to the price of coal. The consolidated entity has chosen not to hedge against the movement in coal prices. Net Fair Values The Group complies with AASB 7 Financial Instruments: Disclosures which requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: • Level 1 -- measurements based upon quoted prices (unadjusted) in active markets for identical assets or liabilities, • Level 2 -- measurements based upon 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), and • Level 3 -- measurements based on inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group held the following nancial instruments carried at fair value in the statement of nancial position: In thousands of AUD 30 June 2013 Level 1 Level 2 Level 3 Assets measured at fair value Interest rate swaps -- receivable 120 -- 120 -- Equity shares 1,052 1,015 37 -- Liabilities measured at fair value Forward exchange contracts -- payable (4,938) -- (4,938) -- 30 June 2012 Level 1 Level 2 Level 3 Assets measured at fair value Forward exchange contracts -- receivable 6,274 -- 6,274 -- Equity shares 5,628 4,418 -- 1,210 Preference shares 6,899 -- -- 6,899 Liabilities measured at fair value Forward exchange contracts -- payable (2,053) -- (2,053) -- The fair value of derivative nancial instruments is derived using valuation techniques based on observable market inputs, such as forward currency rates, at the end of the reporting period. The amounts disclosed in the statement of nancial position are the fair values and are classi ed under level 2 in the fair value measurement hierarchy (refer note 17). The fair value of the Group's investment in listed shares is classi ed under level 1 in the fair value measurement hierarchy (refer note 18). The fair value of the Group's investment in unlisted shares is classi ed under level 3 in the fair value measurement hierarchy (refer note 18). The carrying values of nancial assets and nancial liabilities recorded in the nancial statements approximates their respective net fair values, determined in accordance with the accounting policies disclosed in note 3 to the nancial statements.
Annual Report 2012