Page 104 - Paragon Annual Report 2

100 | Group financial statements
Notes to the consolidated financial statements (continued) 25 Financial risk management (continued)
Non derivative financial liabilities
Fair value is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. The interest rates used to discount estimated cash flows, where applicable, are based on EURIBOR.
At 30 June 2017 the discount rate used was 3.0 per cent (30 June 2016: 3.0 per cent).
Liquidity risk
The following are the contractual undiscounted cash flow maturities of financial liabilities, including contractual interest payments and excluding the impact of netting agreements.
30 June 2017
Non derivative financial liabilities
Unsecured bank loans and overdrafts Forward exchange contracts
30 June 2016
Non derivative financial liabilities Unsecured bank loans and overdrafts Forward exchange contracts
23,663 – – – – –
16,870 – – 16,870 – – – –
– 23,663 – – 23,663
– 16,870 – – 16,870
Due within one year
€000
Due between 1 and 2 years
€000
Due between 2 and 5 years
€000
Total undiscounted cash flows
€000
23,663
–
Impact of discounting and netting
€000
Carrying amount
€000
23,663
–
–
23,663
–
Due within one year
Due between 1 and 2 years
Due between 2 and 5 years
Total undiscounted cash flows
Impact of discounting and netting
Carrying amount
€000
€000
€000
16,870
–
–
16,870
–
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