Note 19

		For the year ended June 30 2016 R’000	For the year ended June 30 2015 R’000

19.	Investments
	Listed held-for-trade	1 561 958	1 115 989
	Unlisted held-for-trade	853 038	775 639
	Listed available-for-sale	283 417	144 703
	Unlisted available-for-sale	171 409	514 929
		2 869 822	2 551 260
	Fair value hierarchy of investments
	Investments and loans held at cost or amortised cost	88 984	430 597
	Investments held at fair value as determined on inputs based on:	2 780 838	2 120 663
	Unadjusted quoted prices in an active market for identical assets	1 845 821	1 260 983
	Factors that are observable for the asset either as prices or derived from prices	–	12 277
	Factors that are not based on observable market data	935 017	847 403

		2 869 822	2 551 260
	Analysis of investments at a fair value not determined by observable market data
	Balance at the beginning of year	847 403	654 889
	On acquisition of business	–	6 948
	On disposal or unbundling of business	(1 051)	(2 919)
	Purchases, loan advances or transfers from other categories	28 047	27 786
	Fair value adjustment recognised directly in equity	–	20 109
	Fair value adjustment arising during the year recognised in the income statement	94 354	118 037
	Proceeds on disposal, unbundling or repayment of loans or transfers to other categories	(88 517)	(30 369)
	Profit (loss) on disposal of investments	53 136	(7 906)
	Exchange rate adjustments	1 645	60 828
		935 017	847 403

Listed held-for-trade investments include interest-bearing listed government bonds which amount to R128 million (2015: R160 million), with coupon interest rates of between 6,5% and 10,5% (2015: 6,8% and 8,0%) which mature in two to 15 years (2015: four to 15 years). These investments are held by insurance operations and may be realised prior to their maturity dates.

Listed available-for-sale investments include interest-bearing listed government bonds which amount to R229 million (2015: R93 million), with coupon interest rates of between 8,0% to 13,5% (2015: 8,0% to 13,5%) which mature between one and three years (2015: between one and three years). These investments are held by banking operations and may be realised prior to their maturity dates.

The Group’s effective beneficial interest in the Indian based Mumbai International Airport Private Limited is included in unlisted investments held-for-trade, where the fair value is not based on observable market data. The carrying value of this investment, based on the directors’ valuation at June 30 2016, is R853 million (US$60 million) (2015: R708 million (US$60 million)). The directors used multiple valuation techniques to arrive at the fair value and evaluated these results considering the reasonableness of the range of values indicated by those results. The directors believe the fair value thus arrived at is the point within that range that is most representative of fair value in the circumstances.

The valuation techniques included a discounted cash flow model, taking into account the current and projected performance of the underling operation; and a range of possible values obtained from an independent merchant bank. Consideration was also given to recent infrastructure assets transactions in India; the results and valuation of GVK Power and Infrastructure Limited, MIAL’s holding company; and, the Group’s prior disposal of the identical sized interest in the 2012 financial year, after adjusting for a control premium achieved in this transaction. This is also a foreign based asset and the ruling year-end exchange rate, US$1 = R14,79 (2015: US$1 = R12,29), was another factor. The directors believe that a reasonable possible change in the various variables used, would not result in an significant adjustment to the carrying value. The valuation is considered a level 3 type valuation in accordance with IFRS 13 Fair Value Measurement.

A register of investments is available for inspection by shareholders at the registered office of the Company.