Integrated Reports Senwes Financial Review 2018 - Page 71

FINANCIAL REVIEW reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of income and expenses, assets and liabilities within the next financial year, are discussed below. 3.1 Equity-settled share-based payments The expense is determined by using the market value, as traded on the OTC-market, of the shares on grant date, adjusted with the present value of dividends not entitled to. The share- based payment expense will be recognised over the vesting period. The vesting period includes the employment conditions and performance conditions (not market related) attached to an award. The expense will therefore be recognised, with corresponding increase in capital reserves in equity, and spread over the period from the grant date to the vesting date. The length of this period will vary from tranche to tranche. The accumulated expense recognised is the group’s best estimate of the number of shares which will ultimately vest. 3.2 Fair value of financial instruments Where the fair value of financial assets and financial liabilities recorded in the statement of finan- cial position cannot be derived from active markets, they are determined using valuatio FV6ЦVW26VFrFRF66VFVB66fw2FVFRWG2FFW6RFV2&RFVg&Ц'6W'f&R&WG2vW&R76&R'WBvW&RF22BfV6&RFVw&VRbVFvVVB0&WV&VBW7F&Ɨ6rf"fVW2FRVFvVVG26VFR66FW&F2bWG27V60ƗVFG&67&VFB&6BfFƗG6vW277VF2&WBFW6Rf7F'26VBffV7@FR&W'FVBf"fVRbf67G'VVG2FRW77VF2W6VBf"W7FFrFRf fVRbf67G'VVG2&RF666VBFR#Rf"fVRV7W&VVG2ࠒ20FV66g&Wv&v2VVFVBFW7F&Ɨ6vWFW"FV'B2676fVB2FV'FgV &BFV'F'2&R7FFVBBWV7FVB&VƗ6&RfVSv62FR&vf6VBV@W72&f627&VFVB'vb&VG2&VB&f6v&R67VFVB`FW&R2&bFBFRw&WvB&R&RF6V7BVG2g&FRFV'F"26WBWBFR&vFW&2bVBFRVBbFR&f62FRFffW&V6R&WGvVVFR6''pfVRBFR&V6fW&&RVBv62FR7W'&VBfVRbgWGW&R66fw2W6VFpgWGW&R7&VFB76W2BWBW6VBFF66VFVBv7BFRf676WN( 2&vVffV7FfP&FRbFW&W7B267VFVBBFR&V6vFbFR76WB&BFV'G2&Rw&GFVfbFRV v6FW67W""&RFVFfVBf"FR6''rfVRb&VBf676WG2&VfW FFR66VG2&V6Vf&Rࠐf"FV66g&Wv&2&V6Vf&R&VfW"FFRB"ख&VBbf676WG0fVF'2fVVBBFRvW"b67BBWB&VƗ6&RfVW2&f62&6VBv7@fVF'66&FrFFRGW&R6FFBvRBWB&VƗ6&RfVRbfVF'f"FP6''rfVRb&f6f"6rfrfVF'&VfW"FFRrࠐ7V6f2f7F'2FB6VB7BFRWB&VƗ6&RfVW2bfVF'2666FW&VBFW6P6VB6VFSfVF'&VB&f6ࠐ7FVwFVrbFR&Bv7BFRVFVB7FFW2F#6WFF'2&6W3&WB6&S&vRfVRbfVF'B2PFW0FVfW'&VBF76WG2&R&V6v6VBf"VW6VBF76W2FFRWFVBFBB2&&&RF@F&R&fBv&Rf&Rv7Bv6FR726&RWFƗ6VBV6W'FFW2W7BvF&W7V7BFFRFW'&WFFb6WF&VwVF26vW2Fw2BFRV@BF֖rbgWGW&RF&R6R6vf6BvVVBVFvVVB2&WV&VBFFWFW&֖PFRVBbFVfW'&VBF76WG2FB6&R&V6v6VB&6VBWFRƖVǒF֖rBWfVbF&RgWGW&R&fG2FvWFW"vFgWGW&RFr7G&FVvW2f"FR6''rfVR`FVfW'&VBF&VfW"FFRR"2`&f6f"6Ɩ6RvF&R6V6w&6G&7G0FR67VF2&R&6VBFRfvrW77VF3FVfVB&FR7W'&VBFVƗfW&W2WG&FVBFFRFFWG&FVCfVB&V6fW'&FRFVfVG3@6V6Frf67G'VVG2ࠐf"FR6''rfVRb6Ɩ6R&f6&VfW"FFRbࠒ2pFR&W6GVfVW2W6VgVƗfW2BWFG2bFW&V6Fb&W'GBBWVV@&R&WfWvVBBV6&W'FrFFRBFW7FVB&7V7FfVǒb&&FRF2&WfWrFW0F66VBFR6F6FFBGW&RbFR76WBW6VgVƖfRB&W6GVfVRb&W'GBBWVV@d4$UdUp2@s