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Note 28 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 29

Remuneration of employees

During 2015/2016 48 (2015: 55) employees received remuneration and benefits that exceeded $100,000 per annum as follows:

Parent

$

2016

2015

100,000 - 109,999

5

11

110,000 - 119,999

5

7

120,000 - 129,999

5

9

130,000 - 139,999

9

5

140,000 - 149,999

4

3

150,000 - 159,999

3

2

160,000 - 169,999

1

4

170,000 - 179,999

2

1

180,000 - 189,999

2

2

190,000 - 199,999

1

2

200,000 - 209,999

2

1

210,000 - 219,999

2

2

220,000 - 229,999

-

1

230,000 - 239,999

2

-

240,000 - 249,999

1

-

250,000 - 259,999

-

1

260,000 - 269,999

1

-

270,000 - 279,999

-

2

310,000 - 319,999

1

1

380,000 - 389,999

1

-

470,000 - 479,999

-

1

480,000 - 489,999

1

-

48

55

The reduction in employee numbers who have earned $100,000 or more in FY16 compared to FY15 is due to higher employee turnover,

vacancies during the year and greater numbers of fixed term employees engaged to backfill permanent roles.

76