31. Puttable non-controlling interest liabilities
 

The acquisition of certain subsidiaries in prior years, resulted in put options being agreed with certain of the non-controlling shareholders. The put options entitle the non-controlling shareholders to sell their holdings in the subsidiaries to the Group at contracted dates and amounts.

No new put options were entered into during the period.
 
  2019 
R'000 		   2018 
R'000 
The effect of granting these put options on the Group’s results can be summarised as follows:      
Balance at beginning of the year  90 530    60 990 
Arising on the granting of put options to non-controlling interests during the year  –    22 922 
Fair value adjustments recorded directly in retained income  7 115    5 025 
Unwinding of present value discount recognised in the income statement  5 013    4 717 
Put options settled  (16 500)   – 
Dividends paid  (3 841)   (3 124)
   82 317    90 530 
Discount rate  6.0% – 7.0%    6.0% – 7.0% 
   1 July 2020 –    1 July 2019 – 
Expected settlement dates  1 July 2022    1 July 2022