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CLASSIFICATION OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES

  The categorisation of each class of financial asset and liability in terms of IAS 39 Financial Instruments: Recognition and Measurements is included below:
 
    Available-   Liabilities at Total
    for-sale Loans and amortised carrying
    investments receivables cost value
    R’000  R’000  R’000  R’000 
  2015         
  Financial assets        
  Investments 281 780    –  281 780 
  Trade and other receivables –  410 325    410 325 
  Restricted cash –  450 000    450 000 
  Cash resources –  2 421 195    2 421 195 
    281 780  3 281 520    3 563 300 
  Financial liabilities        
  Interest-bearing borrowings     346 100  346 100 
  Trade and other payables     304 408  304 408 
  Overdrafts     960 866  960 866 
        1 611 374  1 611 374 
           
    Available-   Liabilities at Total
    for-sale Loans and amortised carrying
    investments receivables cost value
    R’000  R’000  R’000  R’000 
  2014         
  Financial assets        
  Investments 424 601  –    424 601 
  Trade and other receivables –  383 923    383 923 
  Cash resources –  2 144 598    2 144 598 
    424 601  2 528 521    2 953 122 
 

Financial liabilities

       
  Interest-bearing borrowings     346 100  346 100 
  Trade and other payables     447 104  447 104 
  Overdrafts     538 588  538 588 
        1 331 792  1 331 792 
  Determination of fair values
  Available-for-sale instruments are valued using quoted market prices. The values of other investments and forward exchange contracts are determined using directly observable inputs. The carrying amounts of all other financial assets and liabilities approximate their fair values.
   
  Fair value hierarchy
  The group uses the following hierarchy for determining and disclosing the fair value inputs of financial instruments:
  Level 1: quoted prices in an active market that are unadjusted for identical assets or liabilities;
  Level 2: valuation techniques using inputs, which are directly or indirectly observable; and
  Level 3: valuations based on data that is not observable (not applicable to the group).
   
  The values of all other instruments recognised, but not subsequently measured at fair value, approximate fair value. The following assets, all measured at level 1, were required to be recorded at fair value as follows:
       
    2015  2014 
    R’000  R’000 
  Recurring fair value measurements    
  Assets measured at fair value    
  Available-for-sale investments 233 972  377 988 
  Other investments* 47 808  46 613 
    281 780  424 601 
 
* During the year ended 30 June 2014, “Other investments” were transferred from Level 2 to Level 1, due to the fact the fair value is determined using the quoted unit price of the fund in which the group has invested. The fund’s units have been reassessed as trading in an active market.