FAIR VALUES OF FINANCIAL INSTRUMENTS

For financial instruments traded in an active market (level 1), fair value is determined using stock exchange quoted prices. For other financial instruments (level 2), appropriate valuation techniques, including recent market transaction and other valuation models, have been applied and significant inputs include market yield curves and exchange rates. There is no difference between the fair value and carrying value of financial assets and liabilities not presented below due to either the short-term nature of these items, or the fact that they are priced at variable interest rates.

FAIR VALUE HIERARCHY 

Financial instruments carried at fair value in the statement of financial position:  June 2013 
(Rm)
Level 1 
(Rm)
Level 2 
(Rm)
Financial assets at fair value through profit or loss  231.1  –  231.1 
Investment in a trading and logistics structure  112.8  –  112.8 
Other  118.3  –  118.3 
Available-for-sale financial assets  13.8  13.8  – 
Assets measured at fair value  244.9  13.8  231.1 
Financial liabilities at fair value through profit or loss  5.4  –  5.4 
Liabilities measured at fair value  5.4  –  5.4 

There were no transfers between Level 1 and Level 2 fair value measurements during the six months ending June 2013 and no transfers into or out of Level 3.