Notes to the Group financial statements

for the year ended 30 June

  R million   2014   2013  
14.   LOANS AND RECEIVABLES      
  Preference share funding of empowerment partners   1   11  
  Guarantee deposits   –   15  
  Other loans   6   4  
    7   30  
  Current portion   (1)  (28) 
    6   2  
  Derivative financial instruments      
  Foreign exchange contracts (FECs)  7   35  
  Current portion   (3)  (24) 
    4   11  
    10   13  
  Loans & receivables are due over the following periods:      
  Less than 1 year   4   52  
  1 – 2 years   5   8  
  2 – 3 years   2   3  
  3 – 4 years   1   2  
  4 years and onwards   2   –  
    14   65  
    %   %  
  The weighted average interest and dividend rates were as follows:      
  Preference share funding of empowerment partners*   6.3   6.3  
  Other loans   1.7   3.8  
  Weighted average   2.0   5.6  
  * These rates are linked to the prime bank overdraft rate.  

The preference share funding of empowerment partners and other loans are fully performing. The preference share funding of empowerment partners, guarantee deposits and other loans are held at amortised cost. 

The fair value of loans and receivables approximates their carrying value.