NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
24 FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL
INSTRUMENTS (Continued)
(e)
Fair value measurement (Continued)
(i)
Financial assets measured at fair value (Continued)
Valuation techniques and inputs used in Level 2 fair value measurements
The fair value of financial assets designated at fair value through profit or loss is based on the pricing model taking into account the market closing prices of the underlying equity securities and/or index, volatilities, correlations and interest rates, which are observable market data, at the end of the reporting period.
(ii)
Fair values of financial assets and liabilities carried at other than fair value
25
The carrying amounts of the Group's financial instruments carried at cost or amortised cost are not materially different from their fair values as at 31 December 2015 and 2014.
OPERATING LEASE COMMITMENTS
At 31 December 2015, 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
2015
HK$'000
2014
HK$'000
5,145
5,060
916
4,110
6,061
9,170
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 2015