N o t e s t o t h e f i n a n c i a l s t a t e m e n t s
Year ended 31 March 2015
33 Determination of fair values (continued)
(vi)
Medium term notes
The fair values of the medium term notes relating to the $200.0 million Series 004 Notes, $95.0 million Series 007
Notes and JPY10.0 billion Series 005 Notes were obtained from market quotes.
The fair value of JPY9.6 billion Series 003 Notes, JPY5.0 billion Series 006 Notes, HKD620.0 million Series 008 Notes
and HKD640.0 million Series 009 Notes are calculated based on the present value of future principal and interest
cash flows, discounted at the market interest rate of instruments with similar maturity, repricing and credit risk
characteristics at the reporting date.
(vii)
Exchangeable Collateralised Securities
The fair value of the Exchangeable Collateralised Securities was obtained from market quotes.
(viii)
Collateral loan
The fair value of the collateral loan approximates the fair value of the Exchangeable Collateralised Securities, which
is used as a proxy for the purpose of determining the fair value of the collateral loan as the key features of the two
instruments are identical.
(ix)
Other financial assets and liabilities
The carrying amounts of financial assets and liabilities with a maturity of less than one year or reprice within three
months from the reporting date (including trade and other receivables, cash and cash equivalents, trade and other
payables and interest-bearing borrowings) are assumed to approximate their fair values because of the short period
to maturity or repricing. The fair values of all other financial assets and liabilities are calculated based on the present
value of future principal, discounted at the market interest rate of the instruments at the reporting date.
Fair value hierarchy for investment properties and property held for sale
Fair value and fair value hierarchy information on financial instruments are disclosed in Note 32.
The different levels are defined as follows:
•
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the
measurement date;
•
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices); and
•
Level 3: unobservable inputs for the asset or liability.
ASCENDAS REAL ESTATE INVESTMENT TRUST ANNUAL REPORT 2014/15
