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Note 29 continued

Fair value

The Group can apply various methods in estimating the fair value of a financial instrument. The methods comprise:

a) Level 1 — the fair value is calculated using quoted prices in active markets:

b) Level 2 — the fair value is estimated using inputs other than quoted prices included in Level 1 that are observable for the asset or

liability, either directly (as prices) or indirectly (derived from prices); and

c) Level 3 — the fair value is estimated using inputs for the asset or liability that are not based on observable market data.

Derivative financial instruments are classified as Level 2 and are valued using mid values of the forward contracts as determined by the

New Zealand Debt Management Office based on inputs that are observable.

There were no transfers between Level 1 and Level 2 during the year.

Note 30

Remuneration of employees

During 2014/2015 55 (2014: 44) employees received remuneration and benefits which exceeded $100,000 per annum as follows:

Parent

$

2015

2014

100,000 – 109,999

11

4

110,000 – 119,999

7

12

120,000 – 129,999

9

5

130,000 – 139,999

5

1

140,000 – 149,999

3

3

150,000 – 159,999

2

5

160,000 – 169,999

4

6

170,000 – 179,999

1

-

180,000 – 189,999

2

-

190,000 – 199,999

2

2

200,000 – 209,999

1

2

210,000 – 219,999

2

-

220,000 – 229,999

1

-

240,000 – 249,999

-

1

250,000 – 259,999

1

-

260,000 – 269,999

-

1

270,000 – 279,999

2

-

280,000 – 289,999

-

1

310,000 – 319,999

1

-

470,000 – 479,999

1

1

55

44

In 2014/2015 Tourism New Zealand invested in higher levels of capability to meet expectations in delivering on the Strategic Plan. This,

coupled with the expansion of offshore Business Events and Premium capability has resulted in an increase in the number of employees

remunerated above NZ$100,000.

70