MENU Notes to the financial statementsfor the year ended 30 June 2015

  1. Accounting policies
  2. Definitions
  3. Revenue
  4. Cost of sales
  5. Trading profit
  6. Share-based payments
  7. Finance revenue
  8. Finance cost
  9. Taxation
  10. Earnings per share
  11. Headline earnings per share
  12. Dividends paid in the current year
  13. Property, plant and equipment
  14. Investment properties
  15. Investments
  16. Long-term financial assets
  17. Goodwill
  18. Deferred taxation
  19. Inventories
  20. Trade and other receivables
  21. Cash and cash equivalents
  22. Stated capital
  23. Non-distributable reserve
  24. Interest-bearing loans and borrowings
  25. Trade and other payables
  26. Provisions
  27. Reconciliation of profit before taxation to cash generated from operations
  28. Taxation paid
  29. Dividends paid
  30. Commitments and contingencies
  31. Employee benefits
  32. Financial risk management objectives and policies
  33. Related-party transactions
  34. Segment report (restated)
  35. Subsequent events
  36. Discontinued operations
  37. Loss of control in subsidiary
  38. Group entities
Company           Group  
2015  
Rm’s  		     2014  
Rm’s  		         2015  
Rm’s  		     2014  
Rm’s  
          14. Investment properties          
            Balance at beginning of year   —       —  
            Transfer from property, plant and equipment   97       —  
            Balance at end of year   97       —  
            Made up as follow:          
            – assets at cost   129        
            – accumulated depreciation and impairments   (32)      —  
            Net book value   97       —  
           

As the Group’s property in Australia is now leased to third parties, it has been reclassified from property, plant and equipment to investment property.

          
           

The carrying value of this property is determined using the cost model per IAS 40.

          
           

A valuation of the properties was performed between March and May 2014 with the total fair value of the Investment Property portfolio totalling R97 million and there were no changes in the current year (Level 3).

As at 30 June 2015, the fair values of the properties are based on valuations performed by CBRE Valuations (Pty) Ltd, an accredited independent valuer. CBRE Valuations (Pty) Ltd is a specialist in valuing these types or investment properties. A valuation model in accordance with that recommended by the International Valuation Standards Committee has been applied.