Note 19

		2017 R’000	2016 R’000
19.	Investments
	Listed held-for-trade	1 529 987	1 561 958
	Unlisted held-for-trade	995 069	853 038
	Listed available-for-sale	254 407	283 417
	Unlisted available-for-sale	63 669	171 409
		2 843 132	2 869 822
	Fair value hierarchy of investments
	Investments and loans held at cost or amortised cost	62 149	88 984
	Investments held at fair value as determined on inputs based on:	2 780 983	2 780 838
	Unadjusted quoted prices in an active market for identical assets	1 785 022	1 845 821
	Factors that are not based on observable market data	995 961	935 017

		2 843 132	2 869 822
	Analysis of investments at a fair value not determined by observable market data:
	Balance at the beginning of year	935 017	847 403
	On acquisition of business	39 087	–
	On disposal or unbundling of business	(6 087)	(1 051)
	Purchases, loan advances or transfers from other categories	5 700	28 047
	Fair value adjustment arising during the year recognised in the income statement	95 326	94 354
	Proceeds on disposal, unbundling or repayment of loans or transfers to other categories	(72 679)	(88 517)
	Profit on disposal of investments	–	53 136
	Exchange rate adjustments	(403)	1 645
		995 961	935 017

Listed held-for-trade investments include a unitised indirect holding of R141 million in interest-bearing listed government bonds via the Investec Gilt Fund. The bonds included in the Investec Gilt Fund have yields that range from 2,9% to 9,8% and the portfolio has a duration of six years. Bidvest Insurance holds R119 million of the investment with Bidvest Life holding the balance. This investment may be realised in whole or part before its maturity date. The prior year (2016) listed held-for-trade investments included a direct holding of listed government bonds of R128 million with coupon interest rates of between 6,5% and 10,5% and maturity periods of between two and 15 years.

Listed held-for-trade investments include life insurance policy holder assets, which amount to R296 million. The corresponding R296 million policy holder investment contract liability is detailed in note 28 (Life assurance fund).

Listed available-for-sale investments include an interest-bearing listed government bond (R204) which amounts to R229 million (2016: R229 million), with a coupon interest rate of 8,0% (2016: 8,0% to 13,5%) which matures on 21 December 2018 (2016: between one and three years). This investment is held by Banking operations and may be realised prior to its maturity date.

The valuations of all listed investments are considered level 1 type valuations in accordance with IFRS 13 Fair Value Measurement.

The Group’s effective beneficial interest in MIAL is included in unlisted investments held-for-trade, where the fair value is not based on observable market data (level 3). The carrying value of this investment, based on the directors’ valuation at 30 June 2017, is R940 million (US$72 million) (2016: R853 million (US$60 million)).

When the Group performs an analysis and notes significant changes in the underlying variables included in the valuation, the value of the investment is reconsidered. As a result of consistent increases in earnings driven off increased passenger volumes the MIAL asset has been revalued in the current year. The updated value was determined as fair value less cost to sell. The calculation used the actual operating results for MIAL based on its most recent financial statements and a median multiple for the peer group which is in a range of 11,6 to 12,5x EBITDA. A 1% change in the multiple or EBITDA used will result in US$1,6 million change in the value. Consideration was also given to an independent expert valuation as well as the Group’s prior disposal of the identical sized interest in the 2012 financial year, after adjusting for a control premium achieved in that transaction.

MIAL is also a foreign-based asset and the ruling year-end exchange rate, US$1 = R13,06 (2016: US$1 = R14,79), is another factor that affects 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.