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Annual Report & Accounts 2015 - NOTES
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21. financial instrUments and risK manaGement continued 21.7 fair Values continued at 31 december 2014 level 1 level 2 level 3 total €000's €000's €000's €000's financial assets available for sale financial asset - - 3,801 3,801 - - 3,801 3,801 financial liabilities Betit option liability - - (1,745) (1,745) - - (1,745) (1,745) there were no transfers between levels in 2015 or 2014. Measure of fair value of financial instruments: the Group's finance team performs valuations of financial items for financial reporting purposes, including level 3 fair values, in consultation with third party valuation specialists for complex valuations. Valuation techniques are selected based on the characteristics of each instrument, with the overall objective of maximising the use of market-based information. the valuation techniques used for the available for sale financial asset, the Betit option liability and the Winunited option asset, classed as level 3 in 2015, are described in detail in notes 9 and 10. the valuation technique for the forward contract was to value both the put and call elements at mid-market rates based on an expected maturity date of 29 march 2016. 21.8 summary of financial assets and liabilities by category the carrying amounts of the Group's financial assets and liabilities recognised at the reporting date are categorised as follows: 2015 2014 €000's €000's non-current assets: available for sale Financial asset 2,585 3,801 Non-current assets 2,585 3,801 current assets: Financial assets measured as loans and receivables: - trade and other receivables 23,079 23,833 - Cash and cash equivalents 28,170 17,829 Financial assets measured at fair value through profit or loss: - Winunited option asset 3,808 - Current assets 55,057 41,662 current liabilities: Financial liabilities measured at amortised cost: - trade and other payables (37,992) (26,748) - Non-interest bearing loans and borrowings (3,020) (2,735) - deferred consideration (1,606) (2,347) Financial liabilities measured at fair value through profit or loss: - Forward contract liability (9,877) - Current liabilities (52,495) (31,830) non-current liabilities Financial liabilities measured at amortised cost: - interest-bearing loans and borrowings (19,821) (327) - Non-interest loans and borrowings - (2,777) - share option liability (2,036) - - deferred consideration - (1,606) Financial liabilities measured at fair value through profit or loss: - Betit option liability (level 3) (736) (1,745) Non-current liabilities (22,593) (6,455) 82 GVC HOLDINGS PLC ANNUAL REPORT 2015 notes to the consolidated financial statements continued for the year ended 31 december 2015