INDEPENDENCE GROUP NL ANNUAL REPORT 2017

Notes to the consolidated financial statements 30 June 2017 (continued) 21 Financial risk management (continued) (c) Liquidity risk (continued) Maturities of financial liabilities (continued) Contractual maturities of financial liabilities 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 2017 Trade and other payables 49,052 - - 49,052 49,052 Bank loans* 30,234 33,283 149,821 213,338 197,041 79,286 33,283 149,821 262,390 246,093 At 30 June 2016 Trade and other payables 107,132 - - 107,132 107,132 Bank loans* 6,070 46,735 243,056 295,861 265,826 113,202 46,735 243,056 402,993 372,958 * Includes estimated interest payments. The following table details the Group’s liquidity analysis for its derivative financial instruments. The table is based on the undiscounted net cash inflows/(outflows) on the derivative instrument that settles on a net basis. When the net amount payable is not fixed, the amount disclosed has been determined by reference to the projected forward curves existing at the reporting date. 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 2017 Commodity hedging contracts 399 566 251 1,216 1,216 399 566 251 1,216 1,216 At 30 June 2016 Commodity hedging contracts 2,487 - - 2,487 2,487 2,487 - - 2,487 2,487 (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 2017 and 30 June 2016 on a recurring basis. Independence Group NL 74 104 — IGO ANNUAL REPORT 2017 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017