Annual Report 2019

230 Transport International Holdings Limited 2019 Annual Report Notes to the Financial Statements (Expressed in Hong Kong dollars unless otherwise indicated) 31 Financial risk management and fair values of financial instruments (continued) (f) Fair values measurement (continued) (iii) Information about Level 3 fair value measurement (continued) Any gains or losses arising from the remeasurement of the Group’s unlisted equity securities held for strategic purposes are recognised in the fair value reserve (non-recycling) in other comprehensive income. Upon disposal of the equity securities, the amount accumulated in other comprehensive income is transferred directly to retained earnings. (iv) Fair values of financial instruments carried at other than fair value All financial instruments carried at cost or amortised cost are carried at amounts not materially different from their fair values as at 31 December 2019 and 2018 except as follows: Amounts due from/to associates of the Group are unsecured, interest-free and have no fixed terms of repayment/ settlement. Given these terms, it is not meaningful to disclose their fair values. 32 Contingent liabilities At 31 December 2019 and 2018, guarantees were given to banks by the Company in respect of bank loans extended to certain wholly-owned subsidiaries. As at the end of the reporting period, the Directors do not consider it probable that a claim will be made against the Company under these guarantee arrangements. The maximum liability of the Company at the end of the reporting period under the guarantees is the amount of the facilities drawn down by the subsidiaries that are covered by the guarantees, being $1,500,000,000 (2018: $1,500,000,000). The Company has not recognised any deferred income in respect of the guarantee as its fair value cannot be reliably measured and there is no transaction price.