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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
102 Independence Group NL
Notes to the consolidated financial statements
30 June 2016
(continued)
21 Financial risk management (continued)
(c) Liquidity risk (continued)
Maturities of financial liabilities (continued)
Less than 6
months
6 - 12
months
Between
1 and 5
years
Total
contractual
cash
flows
Carrying
amount
$'000
$'000
$'000
$'000
$'000
At 30 June 2016
Commodity hedging contracts
2,487
-
-
2,487
2,487
2,487
-
-
2,487
2,487
At 30 June 2015
Commodity hedging contracts
100
662
717
1,479
1,479
Foreign currency hedging contracts
1,622
-
-
1,622
1,622
1,722
662
717
3,101
3,101
(d) Recognised fair value measurements
(i)
Fair value hierarchy
The fair value of financial assets and liabilities must be estimated for recognition and measurement or for disclosure
purposes.
AASB 13
Fair Value Measurement
requires disclosure of fair value measurements by level of the following fair value
measurement hierarchy:
(a)
quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);
(b)
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 2); and
(c)
inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3).
The following table presents the Group’s assets and liabilities measured and recognised at fair value at 30 June 2016
and 30 June 2015 on a recurring basis.
Level 1
$'000
Level 2
$'000
Level 3
$'000
Total
$'000
At 30 June 2016
Financial assets
Listed investments
5,017
-
-
5,017
Derivative instruments
Diesel hedging contracts
-
1,583
-
1,583
5,017
1,583
-
6,600
Financial liabilities
Derivative instruments
Commodity hedging contracts
-
2,487
-
2,487
-
2,487
-
2,487
Independence Group NL
74