NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
24 FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL
INSTRUMENTS (Continued)
(e) Fair value measurement (Continued)
(f)
(ii)
Fair values of financial assets and liabilities carried at other than fair value
The carrying amounts of the Group's and the Company's financial instruments carried at cost or amortised cost
are not materially different from their fair values at 31 December 2014 and 2013.
Estimation of fair values
The following summaries the major methods and assumptions used in estimating the fair values of financial instruments.
(i)
Listed securities
Fair value is based on quoted market prices at the end of the reporting period without any deduction for
transaction costs.
25 OPERATING LEASE COMMITMENTS
At 31 December 2014, the total future minimum lease payments under non-cancellable operating leases are payable as
follows:
Within 1 year
After 1 year but within 5 years
2014
HK$'000
2013
HK$'000
5,060
3,517
4,110
3,616
9,170
7,133
The Group leases a number of retail outlets and offices under operating leases. The leases typically run for an initial period of one to three years. Lease payments are usually fixed during the period of the leases. None of the leases includes contingent rentals.
Hong Kong Ferry (Holdings) Company Limited Annual Report 2014
103
Page 105Page 106
104