| 13. Fair value measurements
The following tables provide an analysis of assets and liabilities that are measured at fair value. The different levels of the fair value hierarchy are defined below:
• Level 1: Quote prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at measurement date.
• Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
• Level 3: Unobservable inputs for the asset or liability.
13A. Fair value measurements at the end of the reporting period by hierarchy for assets and liabilities
Consolidated
|
Fair value measurements at the end
of the reporting period using
|
|
|
|
Fair value
$,000
|
Level 1 inputs
$,000
|
Level 2 inputs
$,000
|
Level 3 inputs
$,000
|
Non-financial assets
|
|
|
|
|
Commercial Business Assets
|
|
|
|
|
Buildings and infrastructure improvements
|
230,631
|
–
|
36,084
|
194,547
|
Plant and equipment
|
16,380
|
–
|
4,015
|
12,365
|
Furniture and fittings
|
16,625
|
–
|
182
|
16,443
|
Motor vehicles
|
5,011
|
–
|
2,661
|
2,350
|
Administration Assets
|
|
|
|
|
Office equipment
|
103
|
–
|
49
|
54
|
Furniture and fittings
|
1,725
|
–
|
61
|
1,664
|
Computer systems
|
910
|
–
|
588
|
322
|
Leasehold improvements
|
1,095
|
–
|
–
|
1,095
|
Land
|
44,016
|
–
|
208
|
43,808
|
Make good
|
190
|
–
|
–
|
190
|
Biological assets
|
35,687
|
–
|
35,687
|
–
|
Assets held for sale
|
345
|
–
|
345
|
–
|
|
|
|
|
|
Total non-financial assets
|
352,718
|
–
|
79,880
|
272,838
|
|
|
|
|
|
Total fair value measurements of assets in the Statement of Financial Position
|
352,718
|
–
|
79,880
|
272,838
|
|
|
|
|
|
There were no transfers during the period between levels.
13A. Fair value measurements at the end of the reporting period by hierarchy for assets and liabilities (cont.)
ILC
|
Fair value measurements at the end
of the reporting period using
|
|
|
|
Fair value
$,000
|
Level 1 inputs
$,000
|
Level 2 inputs
$,000
|
Level 3 inputs
$,000
|
Non-financial assets
|
|
|
|
|
Commercial Business Assets
|
|
|
|
|
Buildings and infrastructure improvements
|
83,629
|
–
|
35,702
|
47,927
|
Plant and equipment
|
4,023
|
–
|
4,015
|
8
|
Furniture and fittings
|
182
|
–
|
182
|
–
|
Motor vehicles
|
2,660
|
–
|
2,660
|
–
|
Administration Assets
|
|
|
|
|
Office equipment
|
38
|
–
|
38
|
–
|
Furniture and fittings
|
31
|
–
|
31
|
–
|
Computer systems
|
453
|
–
|
453
|
–
|
Leasehold improvements
|
935
|
–
|
–
|
935
|
Land
|
–
|
–
|
–
|
–
|
Make good
|
190
|
–
|
–
|
190
|
Biological assets
|
35,687
|
–
|
35,687
|
–
|
Assets held for sale
|
345
|
–
|
345
|
–
|
|
|
|
|
|
Total non-financial assets
|
128,173
|
–
|
79,113
|
49,060
|
|
|
|
|
|
Total fair value measurements of assets in the Statement of Financial Position
|
128,173
|
–
|
79,113
|
49,060
|
|
|
|
|
|
There were no transfers during the period between levels.
13B. Valuation technique and input for Level 2 and Level 3 fair value measurement
|
Category
(Level 2 or Level 3)
|
Fair
value
$,000
|
Valuation technique
|
Inputs used range
(weighted average)
|
Non-financial assets
|
|
|
|
|
Commercial Business Assets
|
|
|
|
|
Buildings and infrastructure improvements
|
2
|
36,084
|
Market Value
|
Adjusted market transactions
|
|
3
|
47,977
|
DRC
|
–
|
|
3
|
146,570
|
DCF
|
Free cash flows
Pre tax discount rate 10.75 to 11.93%
|
Plant and equipment
|
2
3
|
4,015
8
|
Market Value
DRC
|
Adjusted market transactions
–
|
|
3
|
12,357
|
DCF
|
Free cash flows
Pre tax discount rate 10.75 to 11.93%
|
Furniture and fittings
|
2
|
182
|
Market Value
|
Adjusted market transactions
|
|
3
|
16,443
|
DCF
|
Free cash flows
Pre tax discount rate 10.75 to 11.93%
|
Motor vehicles
|
2
|
2,661
|
Market Value
|
Adjusted market transactions
|
|
3
|
2,350
|
DCF
|
Free cash flows
Pre tax discount rate 10.75 to 11.93%
|
Administration Assets
|
|
|
|
|
Office equipment
|
2
|
49
|
Market Value
|
Adjusted market transactions
|
|
3
|
54
|
DCF
|
Free cash flows
Pre tax discount rate 10.75 to 11.93%
|
Furniture and fittings
|
2
|
61
|
Market Value
|
Adjusted market transactions
|
|
3
|
1,664
|
DCF
|
Free cash flows
Pre tax discount rate 10.75 to 11.93%
|
Computer systems
|
2
|
588
|
Market Value
|
Adjusted market transactions
|
|
3
|
322
|
DCF
|
Free cash flows
Pre tax discount rate 10.75 to 11.93%
|
Leasehold improvements
|
3
3
|
934
161
|
DRC
DCF
|
Replacement Cost New (price per square metre)
Consumed economic benefit (Obsolescence of assets) 6.25%–10.00% (9.87%) per annum
Free cash flows
Pre tax discount rate 10.75 to 11.93%
|
Land
|
2
|
208
|
Market value
|
|
|
3
|
43,808
|
DCF
|
Free cash flows
Pre tax discount rate 10.75 to 11.93%
|
Make good
|
3
|
190
|
DRC
|
Replacement Cost New (price per square metre)
Consumed economic benefit (Obsolescence of assets) 6.25%-10.00% (9.87%) per annum
|
Biological assets
|
2
|
35,687
|
Market Value
|
Adjusted market transactions
|
Assets held for sale
|
2
|
345
|
Market Value
|
Contract of sale
|
DCF – Discounted Cash Flow
DRC – Depreciated Replacement Cost
|
Consol
2014
$,000
|
Consol
2013
$,000
|
ILC
2014
$,000
|
ILC
2013
$,000
|
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