18	FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
	Determination of fair values
	Quoted market prices at reporting date have been used to determine the fair value of available-for-sale investments, whereas market-related discount rates have been used to determine the fair value of loans and receivables and interest-bearing borrowings. Where quoted market prices are not available, a valuation technique, most commonly discounted cash flows, was used. For other receivables and payables, the fair value was determined using discounted cash flow method at market-related interest rate. Carrying amounts approximate fair value for all other financial assets and liabilities.
	Fair value hierarchy
	The company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: 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 and liabilities were measured at level 1:
		2016	2015
		R’000	R’000
	Recurring fair value measurements, measured at level 1
	Assets measured at fair value, measure at level 1
	Available-for-sale investments	180 209	234 097
	Assets and liabilities measured at amortised cost, measured at level 2
	Fair value of loans due to group companies	975 682	17 973*
	Fair value of loans due from group companies	628 309	762 486*
	* Loans due to and from group companies were previously measured at level 1. However, as no quoted market inputs were used in calculating their respective fair values, these are now measured at level 2.