The table below sets out the Group’s classification of each class of financial instrument, at their fair values. The carrying amount of these financial instruments approximates their fair values, therefore no fair value disclosures are provided. The different fair value levels are described below.

Level 1 – inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

Level 2 – inputs are inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3 – inputs are inputs for the asset or liability that are not based on observable market data (unobservable inputs).

In estimating the fair value of an asset or liability, the Group uses market-observable data to the extent it is available. Where level 1 inputs are not available, the Group engages qualified third-party valuers to perform the valuation.

US$'000	Level		Audited  Year ended  February 2021	Audited  Year ended  February 2020
FINANCIAL ASSETS
Financial assets at amortised cost
Gross trade accounts receivable			1 135 017	1 140 012
Less: Expected credit loss allowances			(26 912)	(29 502)
Bonds			7 276	13 118
Loans granted to third parties and other long-term assets due			7 976	9 460
Finance lease receivables			39 242	35 692
Sundry receivables			45 467	52 093
Cash resources			488 632	347 189
Financial assets at fair value through profit or loss
Derivative financial assets	2		4 378	4 595
			1 701 076	1 572 657
FINANCIAL LIABILITIES
Financial liabilities at amortised cost
Trade payables			(993 067)	(928 201)
Other payables and other financial liabilities			(224 396)	(198 236)
Long-term interest-bearing liabilities*			(76 682)	(43 032)
Lease liabilities*			(114 245)	(129 473)
Short-term interest-bearing liabilities			(227 149)	(50 751)
Bank overdrafts			(131 417)	(263 800)
Financial liabilities at fair value through profit or loss
Amounts owing to vendors	3		(2 620)	(5 490)
Derivative financial liabilities	2		(1 046)	(724)
			(1 770 622)	(1 619 707)

*	Includes current portion of long-term liabilities.

The FY20 table has been updated to include derivatives.

There were no transfers between Level 1 and Level 2 during the year for recurring fair value measurements.

Amounts owing to vendors represent purchase considerations owing in respect of acquisitions. The purchase considerations are to be settled with the vendors in cash or shares on achievement of agreed performance criteria. The amounts owing are interest free.

Amounts owing to vendors are classified as financial liabilities designated at fair value through profit or loss. They are classified as Level 3 financial instruments, whose fair value measurements are derived from inputs that are unobservable for the liabilities. Movements are presented in the statement of comprehensive income as acquisition-related fair value adjustments.