2007 / 2008 Annual Report - Eastern Cape Development Corporation

EASTERN CAPE DEVELOPMENT CORPORATION 2007/0835 Categories and fair value of financial instruments (CONTINUED)35.2 Fair value of financial instrumentsCarryingAmount2008 2007Fair valueCarryingAmountFair valueGroup R’000 R’000 R’000 R’000Financial assetsInvestments- Fixed term investments- Other investments- Listed shares at fair value- Unlisted shares at fair value- Unlisted shares at costLoans advancedTrade and other receivablesCash and cash equivalents48,78911,89172375,0007,770108,26934,733435,29048,78911,89172375,000-Refer 35.3.4Refer 35.3.1435,29043,49410,8957308213,879101,90029,178347,05343,49410,895730--Refer 35.3.4Refer 35.3.1347,053722,465 571,693 537,950 402,172Financial liabilitiesInterest bearing borrowingsTrade and other payables19,08458,865Refer 35.3.4Refer 35.3.120,50563,541Refer 35.3.4Refer 35.3.177,949 - 84,046 -CorporationFinancial assetsInvestments- Fixed term investments- Other investments- Unlisted shares at fair value- Unlisted shares at costLoans advancedTrade and other receivablesCash and cash equivalents48,78911,89175,0007,770108,25614,322304,11048,78911,89175,000-Refer 35.3.4Refer 35.3.1304,11043,49410,8958213,879101,88813,032288,12043,49410,895--Refer 35.3.4Refer 35.3.1288,120570,138 439,790 462,129 342,509Financial liabilitiesInterest bearing borrowingsTrade and other payables19,08423,633Refer 35.3.4Refer 35.3.120,50529,529Refer 35.3.4Refer 35.3.142,717 - 50,034 -35.3 Determination of fair value35.3.1 Financial instruments with short-term maturitiesAt year end the carrying amounts of cash and cash equivalents, accounts receivable and accounts payableapproximated their fair values due to the short-term maturities of these assets and liabilities.35.3.2 Unlisted shares carried at fair valueDuring the year, the Corporation’s investment in Singisi Forest Products was revalued to its fair value of R 75 million.The fair value was determined with reference to an offer to purchase the equity instruments and a subsequent valuationperformed by an independent external firm of accountants and auditors.103