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. For non-current assets classified as held for sale (level 3) fair value 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 Dec 2014
(Reviewed)
Level 1 Level 2 Level 3 December 2013
(Audited)
Level 1 Level 2 Level 3
Financial assets at fair value through profit or loss  155.1 -  155.1 -  235.4 -  235.4 -
- Investment in cell captives and other  125.2 -  125.2 -  217.7 -  217.7 -
- FEC asset  29.9 -  29.9 -  17.7 -  17.7 -
Designated cash flow hedge  13.7 -  13.7 -  8.8 -  8.8 -
- FEC asset  13.7 -  13.7 -  8.8 -  8.8 -
Loans and receivables  30.3 -  30.3 -  34.9 -  34.9 -
- Employee share trust loans  30.3 -  30.3 -  34.9 -  34.9 -
Available-for-sale financial assets  8.4  8.4 - -  12.1  12.1 - -
- Other listed investments  8.4  8.4 - -  12.1  12.1 - -
Non-current assets classified as held for sale  22.0 - -  22.0 - - - -
Assets measured at fair value  229.5  8.4  199.1  22.0  291.2  12.1  279.1 -
Financial liabilities at amortised costs  2,653.0 -  2,653.0 -  1,724.8 -  1,724.8 -
- Medium-term loan and bank loans  2,653.0 -  2,653.0 -  1,724.8 -  1,724.8 -
Financial liabilities at fair value through profit or loss  4.5 -  4.5 -  1.9 -  1.9 -
- FEC liability  4.5 -  4.5 -  1.9 -  1.9 -
Designated cash flow hedge  2.2 -  2.2 -  0.8 -  0.8 -
- FEC liability  2.2 -  2.2 -  0.8 -  0.8 -
Liabilities measured at fair value  2,659.7 -  2,659.7 -  1,727.5 -  1,727.5 -
There were no transfers of financial instruments between Level 1 and Level 2 fair value measurements during the year ended December 2014 and no transfers into, or out of, Level 3.