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CASH AND CASH EQUIVALENTS | 12 Months Ended
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Jun. 30, 2022
Cash and cash equivalents [abstract] |
Cash and cash equivalents | 13 CASH AND CASH EQUIVALENTS ACCOUNTING POLICIES Cash and cash equivalents are short-term, highly liquid investments that are readily convertible to cash without significant risk of changes in value and comprise cash on hand, demand deposits, and highly liquid investments which are readily convertible to known amounts of cash. Cash and cash equivalents are non-derivative financial assets categorised as financial assets measured at amortised cost. Cash and cash equivalents are initially measured at fair value. Subsequent to initial recognition, cash and cash equivalents are measured at amortised cost, which is equivalent to their fair value. Amounts in R million Note 2022 2021 Cash on hand 113.2 100.5 Access deposits and income funds 1 2,401.7 2,069.2 Restricted cash 2 10.7 10.3 2,525.6 2,180.0 Interest earned on cash and cash equivalents 6 111.8 108.7 1 These consist of access deposit notes and conservatively managed income funds that are diversified across the major financial institutions in South Africa. At reporting date all of these instruments had same day or next day liquidity and effective annualised yields of between 5.38 % and 6.38 % 2 This consists of cash held on call as collateral for guarantees issued by the Standard Bank of South Africa Limited on behalf of the Group for environmental rehabilitation amounting to R 5.2 million and various utilities amounting to R 5.1 million. CREDIT RISK The Group is exposed to credit risk on the total carrying value of its cash and cash equivalents. The Group manages its exposure to credit risk by investing cash and cash equivalents across several major financial institutions, considering the credit ratings of the respective financial institutions, funds and underlying instruments. Impairment on cash and cash equivalents, if any, are measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. MARKET RISK Interest rate risk A change of 100 basis points (bp) in the interest rates would have increased/(decreased) equity and profit/(loss) by the amounts shown below. This analysis is performed on the average balance of cash and cash equivalents for the year and assumes that all other variables remain constant. The analysis excludes income tax Amounts in R million 2022 2021 100 bp increase 23.5 19.5 100 bp (decrease) (23.5) (19.5) Foreign denominated cash is held in a foreign currency bank account accruing negligible interest and is usually converted to South African Rand on the day of receipt. Foreign cash is therefore not exposed to significant interest rate risk. Foreign currency risk US Dollars received on settlement of the trade receivables are exposed to fluctuations in the US Dollar/South African Rand exchange rate until it is converted to South African Rands. US Dollars not converted to South African Rands at reporting date are as follows : Figures in USD million 2022 2021 Foreign denominated cash at 30 June 3.4 3.4 A 10 % strengthening of the Rand against the US Dollar at 30 June would have increased/(decreased) equity and profit/(loss) by the amounts shown below. This analysis assumes that all other variables remain constant. Amounts in R million 2022 2021 Strengthening of the Rand against the US Dollar (5.5) (4.9) Weakening of the Rand against the US Dollar 5.5 4.9 FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of cash and cash equivalents approximates their carrying value due to their short-term maturities.

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- Definition The disclosure of cash and cash equivalents. [Refer: Cash and cash equivalents] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
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