NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
26 FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS
(Continued)
Fair value measurement (Continued)
(e)
(i)
Financial assets measured at fair value (Continued)
27
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
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 2016 and 2015.
OPERATING LEASE COMMITMENTS
At 31 December 2016, 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
2016
HK$'000
2015
HK$'000
1,564
5,145
1,830
916
3,394
6,061
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.
28
CAPITAL COMMITMENTS
Capital commitments outstanding at 31 December 2016 not provided for in the financial statements were as follows:
Contracted for
Authorised but not contracted for
Hong Kong Ferry (Holdings) Company Limited
134 Annual Report 2016
2016
HK$'000
2015
HK$'000
131,693
891
208,307
891
132,584
209,198