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Investment securities and fair value disclosure | 12 Months Ended
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Mar. 31, 2015
Investment securities and fair value disclosure |
Investment securities and fair value disclosure | 12. Investment securities and fair value disclosure
|  |  | As of March 31, 2014 |
|  |  | Original cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Provision for decline in value |  | Fair value |
|  |  | (in millions of RMB) |
| Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Trading securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Listed equity securities |  |  | 624 |  |  | 105 |  |  | (61 | ) |  | — |  |  | 668 |
| Financial derivatives |  |  | 31 |  |  | 107 |  |  | (4 | ) |  | — |  |  | 134 |
| Equity fund |  |  | 183 |  |  | 18 |  |  | — |  |  | — |  |  | 201 |
| Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Listed equity securities |  |  | 890 |  |  | 299 |  |  | — |  |  | — |  |  | 1,189 |
| Held-to-maturity investment securities |  |  | 1,229 |  |  | — |  |  | — |  |  | — |  |  | 1,229 |
| Convertible bond accounted for under the fair value option |  |  | 1,044 |  |  | — |  |  | — |  |  | — |  |  | 1,044 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  |  | 4,001 |  |  | 529 |  |  | (65 | ) |  | — |  |  | 4,465 |
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|  |  | As of March 31, 2015 |
|  |  | Original cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Provision for decline in value |  | Fair value |
|  |  | (in millions of RMB) |
| Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Trading securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Listed equity securities |  |  | 619 |  |  | 115 |  |  | (58 | ) |  | — |  |  | 676 |
| Financial derivatives |  |  | 86 |  |  | 532 |  |  | (1 | ) |  | — |  |  | 617 |
| Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Listed equity securities and other treasury investments |  |  | 8,261 |  |  | 3,822 |  |  | (446 | ) |  | — |  |  | 11,637 |
| Equity fund |  |  | 184 |  |  | 52 |  |  | — |  |  | — |  |  | 236 |
| Held-to-maturity investment securities |  |  | 1,384 |  |  | — |  |  | — |  |  | — |  |  | 1,384 |
| Convertible bonds accounted for under the fair value option |  |  | 3,983 |  |  | 150 |  |  | (414 | ) |  | — |  |  | 3,719 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  |  | 14,517 |  |  | 4,671 |  |  | (919 | ) |  | — |  |  | 18,269 |
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During the years ended March 31, 2014 and 2015, the Company completed several investments accounted for as investment securities. Details of these significant investments are summarized in Note 4. During the years ended March 31, 2013, 2014 and 2015, gross realized gain of RMB198 million, RMB148 million and RMB141 million and gross realized loss of RMB145 million, RMB160 million and RMB97 million from disposals of investment securities were recognized in the consolidated income statements, respectively. During the same periods, no impairment loss was charged in the consolidated income statements as a result of other than temporary decline in value related to listed equity and fixed income securities. As of March 31, 2013, 2014 and 2015, net unrealized gains of nil, RMB299 million and RMB3,384 million on available-for-sale investment securities were recorded in accumulated other comprehensive income, respectively. For the investment securities with unrealized loss, their related aggregate fair values amounted to nil and RMB4,929 million as of March 31, 2014 and 2015. The carrying amounts of investment securities that were in a loss position over twelve months were insignificant as of the same dates. The carrying amount of long-term held-to-maturity investments approximates their fair value due to the fact that the related interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable maturities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
| Level 1 |  | - |  | Valuations based on unadjusted quoted prices for identical assets and liabilities in active markets.
| Level 2 |  | - |  | Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
| Level 3 |  | - |  | Valuations based on unobservable inputs reflecting assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
Fair value of fixed deposits, corporate bonds, fixed income funds and listed equity securities are based on quoted prices in active markets for identical assets or liabilities. All other financial instruments, such as derivative instruments, were valued based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. The following table summarizes the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:
|  |  | As of March 31, 2014 |
|  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
|  |  | (in millions of RMB) |
| Assets |  |  |  |  |  |  |  |  |  |  |  |  |
| Short-term investments |  |  | 10,587 |  |  | — |  |  | — |  |  | 10,587 |
| Restricted cash |  |  | 4,921 |  |  | — |  |  | — |  |  | 4,921 |
| Trading securities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Listed equity securities |  |  | 668 |  |  | — |  |  | — |  |  | 668 |
| Financial derivatives |  |  | — |  |  | 134 |  |  | — |  |  | 134 |
| Equity fund |  |  | 201 |  |  | — |  |  | — |  |  | 201 |
| Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Listed equity securities |  |  | 1,189 |  |  | — |  |  | — |  |  | 1,189 |
| Interest rate swaps |  |  | — |  |  | 138 |  |  | — |  |  | 138 |
| Convertible bond accounted for under the fair value option |  |  | — |  |  | — |  |  | 1,044 |  |  | 1,044 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  |  | 17,566 |  |  | 272 |  |  | 1,044 |  |  | 18,882 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
| Contingent consideration in relation to investments and acquisitions |  |  | — |  |  | — |  |  | 326 |  |  | 326 |
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|  |  | As of March 31, 2015 |
|  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
|  |  | (in millions of RMB) |
| Assets |  |  |  |  |  |  |  |  |  |  |  |  |
| Short-term investments |  |  | 14,148 |  |  | — |  |  | — |  |  | 14,148 |
| Restricted cash |  |  | 2,297 |  |  | — |  |  | — |  |  | 2,297 |
| Trading securities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Listed equity securities |  |  | 676 |  |  | — |  |  | — |  |  | 676 |
| Financial derivatives |  |  | — |  |  | 617 |  |  | — |  |  | 617 |
| Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Listed equity securities |  |  | 11,637 |  |  | — |  |  | — |  |  | 11,637 |
| Equity fund |  |  | 236 |  |  | — |  |  | — |  |  | 236 |
| Convertible bond accounted for under the fair value option |  |  | — |  |  | — |  |  | 3,719 |  |  | 3,719 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  |  | 28,994 |  |  | 617 |  |  | 3,719 |  |  | 33,330 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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| Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
| Contingent consideration in relation to investments and acquisitions |  |  | — |  |  | — |  |  | 1,278 |  |  | 1,278 |
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Convertible bonds accounted for under the fair value option:
|  |  | Amounts |
|  |  | (in millions of RMB) |
| Balance at April 1, 2012 and March 31, 2013 |  |  | — |
​ | ​ | ​ | ​ | ​
| Additions (Note 4(p)) |  |  | 1,044 |
| Increase in fair value |  |  | — |
​ | ​ | ​ | ​ | ​
| Balance at March 31, 2014 |  |  | 1,044 |
| Additions (Note 4(k)) |  |  | 2,944 |
| Decrease in fair value |  |  | (264 | )
| Foreign currency translation adjustments |  |  | (5 | )
​ | ​ | ​ | ​ | ​
| Balance at March 31, 2015 |  |  | 3,719 |
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Convertible bonds are valued using binomial model with unobservable inputs including risk-free interest rate, expected volatility and dividend yield. Contingent consideration and put liability in relation to investments and acquisitions:
|  |  | Amounts |
|  |  | (in millions of RMB) |
| Balance at April 1, 2012 |  |  | 104 |
| Increase in fair value |  |  | 13 |
​ | ​ | ​ | ​ | ​
| Balance at March 31, 2013 |  |  | 117 |
| Additions |  |  | 31 |
| Increase in fair value |  |  | 178 |
​ | ​ | ​ | ​ | ​
| Balance at March 31, 2014 |  |  | 326 |
| Repayment |  |  | (227 | )
| Additions (Note 4(h)) |  |  | 1,094 |
| Increase in fair value |  |  | 85 |
​ | ​ | ​ | ​ | ​
| Balance at March 31, 2015 |  |  | 1,278 |
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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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