7. • Discounted cash flow model • Comparable company valuation multiples • Comparable market pricing 2023 2022 R’m R’m 53 898 52 788 88 049 66 961 (86 467) (61 781) 3 612 (4 703) 444 304 409 328 59 945 53 897 39.3% 44.5% 35.9% 26.2% 24.8% 29.3% 2 262 2 354 6 987 6 215 4 162 3 277 7 754 8 253 21 165 20 099 Analysis of movements in financial assets held at fair value through profit or loss: Financial assets – investments at fair value through profit or loss (continued) The following valuation approaches are applied for the subsequent measurement of the fair value of the underlying investments of the Old Mutual Midina Fund: Lower discount rate = higher fair value International investments denominated in foreign currencies were translated to Rands at the closing exchange rates at 31 December 2023 of: Fair value measurement impact Higher cash flows = Higher fair value Group $1 = R18.28 (2022: $1 = R16.93) N$1 = R1.00 (2022: N$1 = R1.00) Inter-relationship between key unobservable inputs and Level 3 fair value measurement: Key unobservable input Future cash flows Discount rate Adjustment to multiples comparable companies Market value of properties not completed Comparable sales of houses in the area Higher multiple = Higher fair value Higher estimated value = higher fair value Higher comparable sales value = higher fair value Opening balance Additions Disposals at carrying value Fair value net gains/ (losses) Foreign currency translation gains Accrued interest movements Closing balance The spread of investments by sector: Industrial (%) Financial (%) Resources (%) Maturity profile of fixed interest investments: Due in 1 year or less Due between 1 year and 5 years Due between 5 years and 10 years Due after 10 years NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023 143 Notes to the Consolidated Financial Statements
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