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 transactions and other valuation models, have been applied and significant inputs include market yield curves and exchange rates. For non-current assets classified as held for sale (level 3) fair value less costs to sell, in terms of IFRS 5, has been determined based on the sale agreements. The table below reflects ‘Financial instruments’ and ‘Non-current assets classified as held for sale’ carried at fair value, and those ‘Financial instruments’ and ‘Non-current assets classified as held for sale’ that have carrying amounts that differ from their fair values, in the Statement of Financial Position.
Rm December 2015
(Reviewed)
Level 1 Level 2 Level 3 December 2014
(Audited)
Level 1 Level 2 Level 3
Financial assets at fair value through profit or loss  188.1  188.1  155.1  155.1
– Investment in cell captives and other  139.3  139.3  125.2  125.2
– FEC asset (de-designated)  48.8  48.8  29.9  29.9
Financial asset designated as a cash flow hedging instrument  20.7  20.7  13.7  13.7
– FEC asset  20.7  20.7  13.7  13.7
Loans and receivables  13.8  13.8  30.3  30.3
– Employee share trust loans  13.8  13.8  30.3  30.3
Available-for-sale financial assets  5.0  5.0  8.4  8.4
– Listed investments  5.0  5.0  8.4  8.4
Non-current assets classified as held for sale  11.5  11.5  22.0  22.0
Assets measured at fair value  239.1  5.0  222.6  11.5  229.5  8.4  199.1  22.0
Financial liabilities at amortised cost  2,522.0  2,522.0  2,653.0  2,653.0
– Medium-term loan and bank loans  2,522.0  2,522.0  2,653.0  2,653.0
Financial liabilities at fair value through profit or loss  5.6  5.6  4.5  4.5
– FEC liability (de-designated)  5.6  5.6  4.5  4.5
Financial liability designated as a cash flow hedging instrument  2.1  2.1  2.2  2.2
– FEC liability  2.1  2.1  2.2  2.2
Liabilities measured at fair value  2,529.7  2,529.7  2,659.7  2,659.7
There were no transfers of financial instruments between Level 1, Level 2 and Level 3 fair value measurements during the year ended December 2015.