| |
|
2009
R’million
|
|
Restated
2008
R’million
|
| 18. |
DEFERRED-PAYABLES |
|
|
|
| |
Non-current deferred-payables |
|
|
|
| |
Deferred earn-out consideration |
— |
|
0,8 |
| |
Current deferred-payables |
|
|
|
| |
Current portion of deferred earn-out consideration |
0,7 |
|
11,0 |
| |
Terms of repayment |
|
|
|
| |
The amount initially recognised in respect of the deferred earn-out liability is determined by discounting future payments to their present values using an appropriate discount rate on initial recognition. The liabilities are subsequently carried at amortised cost, with interest being calculated at a fixed rate. The deferred earn-out liability in respect of the Eli Lilly SA (Pty) Ltd agreement is unsecured. The payment in respect of this deferred earn-out will be made at the end
of January 2010. |
|
|
|
| |
Fair value of deferred-payable |
|
|
|
| |
The fair value of the deferred earn-out consideration amounts to R0,7 million (2008: R11,8 million). The fair value is estimated by discounting expected future cash flows using an appropriate market-related discount rate. |
|
|
|
