84 Fair value The fair value of all current financial assets and liabilities held by the Group approximate the individual carrying values of those assets and liabilities. Non-current interest bearing loans and borrowings held by the Group approximates its carrying value (except as disclosed in Note 18). The Group can use various methods in estimating the fair value of a financial instrument. The methods comprise: Level 1 – the fair value is calculated using quoted prices in active markets. 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). Level 3 – the fair value is estimated using inputs for the asset or liability that are not based on observable market data. The Group uses foreign exchange forward contracts ("FEFC") to manage some of its transaction exposure. The FEFC's are not designated as cash flow hedges and are entered into for periods consistent with foreign currency exposure of the underlying transactions, generally from one to 24 months. They are classified as fair value through profit or loss, with Level 2 methods used to estimate the fair value. At 30 June 2023 the Group had not booked any FEFC market to market transactions (2022: nil) The FEFC's are valued using market observable inputs, applying a forward pricing model using present value calculations. The model incorporates foreign exchange spot and forward rates and the credit quality of counterparties. All figures are in A$000’s Note 2023 2022 Issued and paid capital Ordinary share capital 226,955,362 (2022: 226,955,362) fully paid ordinary shares 267,765 267,765 Preference share capital 100,000 fully paid non-redeemable 15% per annum cumulative preference shares 21(a) 10,000 - Total contributed equity 277,765 267,765 20. Financial risk management objectives and policies (continued) 21. Issued capital Consolidated Notes to the annual financial statements (continued) for the year ended 30 June 2023 21(a) - Preference shares entitle the holder to participate in dividends prior to ordinary shareholders. They are entitled to an amount up to 15% of the face value of the shares per annum. The declaration of any dividend are at the discretion of the Company. If declared dividends are not paid, or are not paid in full, any unpaid amounts are accumulated to a maximum value of the investment. Voting and all other rights are equal to that of ordinary shareholders."
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