Annual Report 2021

CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED 186 Notes to the Consolidated Financial Statements For the year ended 31 December 2021 37. FINANCIAL RISK MANAGEMENT (CONTINUED) 37.3 Fair value estimation (continued) (i) Fair value of financial instruments that are measured at fair value on a recurring basis (continued) Financial Equity Financial assets at instruments liabilities FVTPL at FVTOCI at FVTPL HK$’million HK$’million HK$’million Year ended 31 December 2020 As at 1 January 2020 3 9 4,532 Obtaining control of a non-wholly owned subsidiary (note 39) — 21 — Exchange adjustments — 1 (935) Settlement — — (930) Fair value loss recognised in profit or loss — — 765 As at 31 December 2020 3 31 3,432 (ii) Fair value of financial assets and financial liabilities that are not measured at fair value on a recurring basis (but fair value disclosures are required). Except for notes payable stated in note 32, the directors of the Company consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements approximate their fair values at the end of the reporting period.