| The accounting policies have been applied to the various 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. These are described 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 analyses financial instruments measured at fair value by the level into which the fair value measurement is categorised:
| Assets |
Loans and receivables
R000 |
|
Assets designated at fair
value through profit and loss
R000 |
|
Level 1
R000 |
|
Level 2
R000 |
|
Level 3
R000 |
|
| 30 June 2013 |
|
|
|
|
|
|
|
|
|
|
| Listed property securities(1) |
|
|
2 279 253 |
|
2 279 253 |
|
|
|
|
|
| Derivative instruments(2) |
|
|
39 857 |
|
|
|
39 857 |
|
|
|
| Loans receivable |
384 307(3) |
|
|
|
|
|
|
|
|
|
| Receivables |
224 175(3) |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
74 821(3) |
|
|
|
|
|
|
|
|
|
| 31 December 2012 |
|
|
|
|
|
|
|
|
|
|
| Listed property securities(1) |
|
|
2 282 095 |
|
2 282 095 |
|
|
|
|
|
| Loans receivable |
47 434(3) |
|
|
|
|
|
|
|
|
|
| Receivables |
183 056(3) |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
167 874(3) |
|
|
|
|
|
|
|
|
|
| Liabilities |
Liabilities measured at
amortised cost
R000 |
|
Liabilities designated at fair value
through profit and loss
R000 |
|
Level 1
R000 |
|
Level 2
R000 |
|
Level 3
R000 |
|
| 30 June 2013 |
|
|
|
|
|
|
|
|
|
|
| Debentures and debenture premium |
5 822 497(3) |
|
|
|
|
|
|
|
|
|
| Loans - long term |
4 436 486(3) |
|
|
|
|
|
|
|
|
|
| - short term |
948 000(3) |
|
|
|
|
|
|
|
|
|
| Derivative instruments |
|
|
52 984 |
|
|
|
52 984 |
|
|
|
| Payables |
353 802(3) |
|
|
|
|
|
|
|
|
|
| 31 December 2012 |
|
|
|
|
|
|
|
|
|
|
| Debentures and debenture premium |
5 871 616(3) |
|
|
|
|
|
|
|
|
|
| Loans - long term |
4 371 035(3) |
|
|
|
|
|
|
|
|
|
| - short term |
815 000(3) |
|
|
|
|
|
|
|
|
|
| Derivative instruments |
|
|
237 464 |
|
|
|
237 464 |
|
|
|
| Payables |
369 110(3) |
|
|
|
|
|
|
|
|
|
| (1) Refer to note 4 for revaluation technique and key inputs. |
| (2) Refer to note 19 for revaluation technique and key inputs. |
| (3) Valued at amortised cost. |
| 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. |
|