||Level 1||Level 3||Total
||Level 1||Level 3
|Listed equity securities (a)
|Unlisted equity securities (b)
Available-for-sale financial assets have been analysed using the valuation method outlined above and the levels are defined as
Fair value levels
- Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(that is, as prices) or indirectly (that is, derived from prices).
- Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any
other categories under financial assets. They are included in non-current assets unless management intends to dispose
of them within twelve months from the balance sheet date.
Assets in this category are initially recognised at fair value plus transaction costs and are subsequently carried at fair
value. Gains and losses arising from changes in the fair value are recognised in other comprehensive income.
When securities classified as available-for-sale are sold or impaired, the accumulated fair value adjustments recognised
in equity are released to the income statement.
Interest on available-for-sale securities calculated using the effective interest method is recognised in the income
statement as part of finance income. Dividends on available-for-sale equity instruments are recognised in the income
statement as part of other income when the Group’s right to receive payments is established.
The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active
(and for unlisted securities), the Group establishes fair value by using appropriate valuation techniques. These include
the use of recent arm’s length transactions, reference to other substantially similar instruments, and discounted cash
Please refer to Note 5 for the accounting policy on impairment.