| |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED |
| for the year ended 30 June 2007 |
| |
All monetary amounts are expressed
in millions of Rands |
2007 |
Restated
2006 |
| 6. |
OTHER INVESTMENTS |
|
|
| 6.1 |
Financial assets designated as fair value through profit and loss |
|
|
|
Investments in infrastructure service concessions |
|
|
|
At beginning of year |
193,8 |
134,6 |
|
Acquisition of businesses |
– |
27,7 |
|
Investment in Bombela Concession Company (Proprietary) Limited |
68,1 |
– |
|
Additional investments, disposals and repayments received |
(30,1) |
(36,1) |
|
Fair value adjustment recognised in income statement |
76,0 |
67,6 |
| |
Fair value of unlisted designated fair value through profit and loss |
307,8 |
193,8 |
|
(Directors’ valuation R307,8 million, 2006: R193,8 million) |
|
|
|
The financial assets designated as fair value through profit and loss comprise of the Group’s interest in the following infrastructure service concessions: |
|
|
|
|
% Interest |
Remaining
concession
period |
|
|
|
Bombela Concession Company |
|
|
|
|
|
(Proprietary) Limited* |
25,00 |
19 years |
68,1 |
– |
|
Bakwena Platinum Corridor |
|
|
|
|
|
Concessionaire (Proprietary) Limited** |
10,68 |
25 years |
147,2 |
91,6 |
|
N3 Toll Concession (Proprietary) Limited** |
13,07 |
24 years |
92,5 |
102,2 |
| |
|
307,8 |
193,8 |
| |
| * |
The rail service investment is carried at cost until completion of the development phase. |
| ** |
The fair value of the toll road investments has been calculated using discounted cash flow models and
market discount rates. The discounted cash flow models are based on traffic estimates, forecasted
operating costs, inflation rates and other economic fundamentals. |
|
|
|
| 6.2 |
Non-trading financial assets |
|
|
|
Unlisted investments |
|
|
|
At beginning of year |
3,8 |
1,1 |
|
Acquisition of businesses |
– |
3,5 |
|
Additions, disposals and other movements |
2,6 |
(0,8) |
| |
Fair value of unlisted non-trading investments |
6,4 |
3,8 |
|
(Directors’ valuation R6,4 million, 2006: R3,8 million) |
|
|
| 6.3 |
Loans and receivables |
|
|
|
Unsecured loans and receivables |
|
|
|
Balance at beginning of the year |
237,5 |
221,0 |
|
Acquisition of businesses |
– |
14,5 |
|
Additional investments made |
22,4 |
23,6 |
|
Arising on disposal of businesses |
– |
45,0 |
|
Transfer to assets classified as held-for-sale (note 29.2) |
(15,1) |
– |
|
Disposals and repayments |
(70,0) |
(59,4) |
|
Impairment of investment |
(48,0) |
– |
|
Other movements |
(1,2) |
(7,2) |
| |
Amortised cost of unsecured loans and receivables |
125,6 |
237,5 |
|
Total other investments |
439,8 |
435,1 |
| |
Details in respect of the other investments are set out in a register that may be inspected at the Company's registered office.
Included in loans and receivables is an amount of R25,3 million (2006: R97,2 million) receivable from related parties. Further details
of these amounts are set out in note 45.2. |
|
| |
| |
| |
