NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024 34. Fair value of assets and liabilities (a) Fair value hierarchy The Group measures non-financial assets, such as biological assets, at fair value at each reporting date. The Group categorises fair value measurements using a fair value hierarchy that is dependent on the valuation inputs used as follows: - Level 1 – Q uoted prices (unadjusted) in active market for identical assets or liabilities that the Group can access at the measurement date; - Level 2 – I nputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and - Level 3 – Unobservable inputs for the asset or liability. Fair value measurements that use inputs of different hierarchy levels are categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The following table provides the fair value hierarchy of the Group’s assets and liabilities in accordance with the level of inputs to valuation techniques used to measure fair value: Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Rp million Rp million Rp million Recurring fair value measurements As at 31 December 2024 Biological assets-timber plantations (Note 13) – – 315,766 Biological assets-agricultural produce (Note 13) – 598,720 533,395 As at 31 December 2023 Biological assets-timber plantations (Note 13) – – 322,454 Biological assets-agricultural produce (Note 13) – 268,554 495,862 There were no transfers between Level 1 and Level 2, and into or out from Level 3 during the year. Group Overview Financials Other information Sustainability and Governance Operation and Financial Review Annual Report 2024 153
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