The group’s activities expose it to a variety of financial risks such as market risk (including currency risk, fair-value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.

The summarised consolidated financial results do not include all financial risk management information and disclosures required in the consolidated annual financial statements and should be read in conjunction with the consolidated annual financial statements for the year ended 31 March 2019.

The fair values of the group’s financial instruments that are measured at fair value are categorised as follows:

Currency depreciation features relate to clauses in content acquisition agreements that provide the group with protection in the event of significant depreciations of the purchasing entity’s functional currency relative to the currency of the content acquisition agreement.The fair value of currency depreciation features is measured through the use of discounted cash flow techniques. Key inputs used in measuring fair value include the terms and benchmark rates contained in content acquisition agreements and spot exchange rates prevailing at the relevant measurement dates.

The group discloses the fair values of the following financial instruments as their carrying values differ from their fair values:

Level 3 – the fair values of all level 3 disclosures have been determined through the use of discounted cash flow analyses. Key inputs include current market interest rates as well as contractual cash flows.