| Accounting policies have been applied to financial instruments as indicated below.
Fair value is 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, regardless of whether that price is directly observable or estimated using another valuation
technique. In estimating the fair value of an asset or a liability, the group takes into account the characteristics of the asset or liability
if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.
In addition, for financial reporting purposes, fair value measurements are categorised into level 1, 2 or 3 based on the degree to which
the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its
entirety. The three levels are explained as follows:
| Level 1 — |
inputs are quoted prices in active markets for identical assets or liabilities that the company can access at the measurement
date. These quoted prices are unadjusted. |
| Level 2 — |
inputs are inputs, other than quoted prices included in level 1, that are observable for the asset or liability, either directly or
indirectly. |
| Level 3 — |
inputs are unobservable inputs for the asset or liability. |
The table below categorises financial instruments and analyses those measured at fair value by the level into which the fair value
measurement is categorised:
Group
| |
|
|
|
|
Recurring fair value measurements |
|
| Assets |
Loans and
receivables
at amortised
cost
R000 |
|
Assets
designated
at fair value
through
profit and loss
R000 |
|
Level 1
R000 |
|
Level 2
R000 |
|
Level 3
R000 |
|
| 30 June 2014 |
|
|
|
|
|
|
|
|
|
|
| Derivative instruments(1) |
|
|
32 978 |
|
|
|
32 978 |
|
|
|
| Loans receivable |
812 459 |
|
|
|
|
|
|
|
|
|
| Receivables |
103 686 |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
77 353 |
|
|
|
|
|
|
|
|
|
| 30 June 2013 |
|
|
|
|
|
|
|
|
|
|
| Listed property securities |
|
|
2 279 253 |
|
2 279 253 |
|
|
|
|
|
| Derivative instruments(1) |
|
|
39 857 |
|
|
|
39 857 |
|
|
|
| Loans receivable |
384 307 |
|
|
|
|
|
|
|
|
|
| Receivables |
224 175 |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
74 821 |
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
| 30 June 2014 |
|
|
|
|
|
|
|
|
|
|
| Debentures and debenture premium |
5 719 119 |
|
|
|
|
|
|
|
|
|
| Loans — long term |
5 185 822 |
|
|
|
|
|
|
|
|
|
| — short term |
2 013 031 |
|
|
|
|
|
|
|
|
|
| Derivative instruments(1) |
|
|
41 829 |
|
|
|
41 829 |
|
|
|
| Payables |
367 686 |
|
|
|
|
|
|
|
|
|
| 30 June 2013 |
|
|
|
|
|
|
|
|
|
|
| Debentures and debenture premium |
5 822 497 |
|
|
|
|
|
|
|
|
|
| Loans — long term |
4 436 486 |
|
|
|
|
|
|
|
|
|
| — short term |
948 000 |
|
|
|
|
|
|
|
|
|
| Derivative instruments(1) |
|
|
52 984 |
|
52 984 |
|
39 857 |
|
|
|
| Payables |
353 802 |
|
|
|
|
|
|
|
|
|
| (1) Refer to note 19 for revaluation techniques and key inputs |
Company
| |
|
|
|
|
Recurring fair value measurements |
|
| Assets |
Loans and
receivables
at amortised
cost
R000 |
|
Assets
designated
at fair value
through
profit and loss
R000 |
|
Level 1
R000 |
|
Level 2
R000 |
|
Level 3
R000 |
|
| 30 June 2014 |
|
|
|
|
|
|
|
|
|
|
| Derivative instruments(1) |
|
|
32 978 |
|
|
|
32 978 |
|
|
|
| Loans receivable |
47 674 |
|
|
|
|
|
|
|
|
|
| Receivables |
102 629 |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
61 257 |
|
|
|
|
|
|
|
|
|
| 30 June 2013 |
|
|
|
|
|
|
|
|
|
|
| Listed property securities |
|
|
2 279 253 |
|
2 279 253 |
|
|
|
|
|
| Derivative instruments(1) |
|
|
39 857 |
|
|
|
39 857 |
|
|
|
| Loans receivable |
165 186 |
|
|
|
|
|
|
|
|
|
| Receivables |
219 293 |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
70 625 |
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
| 30 June 2014 |
|
|
|
|
|
|
|
|
|
|
| Debentures and debenture premium |
5 730 187 |
|
|
|
|
|
|
|
|
|
| Loans — long term |
3 792 566 |
|
|
|
|
|
|
|
|
|
| — short term |
2 013 031 |
|
|
|
|
|
|
|
|
|
| Derivative instruments(1) |
|
|
39 811 |
|
|
|
39 811 |
|
|
|
| Payables |
335 626 |
|
|
|
|
|
|
|
|
|
| 30 June 2013 |
|
|
|
|
|
|
|
|
|
|
| Debentures and debenture premium |
5 822 497 |
|
|
|
|
|
|
|
|
|
| Loans — long term |
4 103 914 |
|
|
|
|
|
|
|
|
|
| — short term |
948 000 |
|
|
|
|
|
|
|
|
|
| Derivative instruments(1) |
|
|
52 984 |
|
|
|
52 984 |
|
|
|
| Payables |
345 669 |
|
|
|
|
|
|
|
|
|
| (1) Refer to note 19 for revaluation techniques and key inputs |
The directors consider that the carrying amounts of financial assets and liabilities recognised at amortised cost in the consolidated
financial statements approximate their fair values. There have been no changes in valuation methodologies during the year.
There have been no significant transfers between level 1, level 2 and level 3 during the year.
The fair value gain/loss (in respect of investment property and all other financial assets) included in profit and loss is R1,5 billion
(2013: R1,4 billion) for the group and R1,5 billion (2013: R1,4 billion) for the company.
|