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Trade and other receivables
The fair value of trade and other receivables, other than due
from customers, is estimated as the present value of future cash
flows, discounted at the market rate of interest at the reporting
date.
Share-based payment transactions
The fair value is determined based on quoted prices.
Derivatives
The fair value of derivatives is based on the estimated amount
to be paid or received for a settlement of the contract as at the
reporting date taking into account the actual interest rate and
the credit rating of the counterparty. The fair value is based on
broker quotes tested for reasonableness by discounting
estimated future cash flows based on the terms and maturity of
each contract and using market interest rates for a similar
instrument at the measurement date.
Non-derivative financial liabilities
Fair value, which is determined for disclosure purposes, is
calculated based on the present value of future principal and
interest cash flows, discounted at the market rate of interest at
the reporting date.
Fair value hierarchy
Assets and liabilities for which fair value is measured or
disclosed in the financial statements are categorised within the
fair value hierarchy as follows:
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
(i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on
observable market data (unobservable inputs).
CONSOLIDATED STATEMENTS OF CASH FLOWS
3.32
The consolidated statement of cash flows is drawn up using
the indirect method. Cash is defined as cash and cash
equivalents including bank overdrafts as presented in the
explanatory notes to the cash and cash equivalents and the
interest-bearing borrowings. Cash flows are presented
separately in the statement of cash flows as cash flows from
operating activities, investing activities and financing activities.
The cash flows in the statement of cash flows also included the
cash flows, if any, related to the disposal group.
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ANNUAL REPORT 2016 – BOSKALIS
FINANCIAL STATEMENTS 2016