| Notes to the consolidated financial statements – Note 18 |
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2014
R’000 |
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| 18. |
Investments |
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Listed held-for-trade |
1 115 989 |
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1 264 998 |
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Unlisted held-for-trade |
775 639 |
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699 902 |
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Listed available-for-sale |
144 703 |
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124 778 |
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Unlisted available-for-sale |
514 929 |
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277 924 |
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2 551 260 |
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2 367 602 |
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Fair value hierarchy of investments |
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Investments and loans held at cost or amortised cost |
430 597 |
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304 659 |
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Investments held at fair value as determined on inputs based on: |
2 120 663 |
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2 062 943 |
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Unadjusted quoted prices in an active market for identical assets |
1 260 983 |
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1 390 059 |
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Factors that are observable for the asset either as prices or derived from prices |
12 277 |
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17 995 |
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Factors that are not based on observable market data |
847 403 |
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654 889 |
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2 551 260 |
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2 367 602 |
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Analysis of investments at a fair value not determined by observable market data |
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Balance at beginning of year |
654 889 |
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816 160 |
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On acquisition of business |
6 948 |
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– |
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On disposal of business |
(2 919) |
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– |
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Purchases, loan advances or transfers from other categories |
27 786 |
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24 536 |
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Fair value adjustment recognised directly in equity |
20 109 |
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– |
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Fair value adjustment arising during the year recognised in the income statement |
118 037 |
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11 871 |
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Proceeds on disposal, repayment of loans or transfers to other categories |
(30 369) |
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(224 207) |
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Profit on disposal of investments |
(7 906) |
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– |
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Exchange rate adjustments |
60 828 |
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26 529 |
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847 403 |
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654 889 |
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Listed held-for-trade investments include interest-bearing listed government bonds which amount to R160 million (2014: R127 million), with
coupon interest rates of between 6,8% and 8,0% (2014: 6,8% and 10,0%) which mature in four to 15 years (2014: four to eight years). These
investments may be realised prior to their maturity dates.
Listed available-for-sale investments include interest-bearing listed government bonds which amount to R93 million (2014: R72 million), with
coupon interest rates of between 8,0% and 13,5% (2014: 8,8% and 13,5%) which mature between one and three years (2014: mature within a
year). These investments may be realised prior to their maturity dates.
Included in unlisted investments held-for-trade, where the fair values are not based on observable market data, is the Group’s effective
beneficial interest in the Indian-based Mumbai International Airport Private Limited. The carrying value of this investment based on the directors’
valuation at June 30 2015 is R708 million (US$60 million) (2014: R610 million (US$60 million)). The directors used a discounted cash flow
method to value this investment. The anticipated cash flows were discounted at a rate of 15,3% (2014: 15,3%) derived from a nominal risk-free
rate of 8,8% (2014: 8,8%); equity risk premium rate of 4,5% (2014: 4,5%); sovereign risk rate of 0,5% (2014: 0,5%); and a project risk premium
of 1,5% (2014: 1,5%).
A register of investments is available for inspection by shareholders at the registered office of the Company. |
| Notes to the consolidated financial statements – Note 18 |
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