| 17 | CASH AND CASH EQUIVALENTS/OVERDRAFT | |||||
| 2018 R'000 |
2017 R'000 |
|||||
| Cash at banks | 404 629 | 592 070 | ||||
|---|---|---|---|---|---|---|
| Bank overdraft | (248 877) | (5 619) | ||||
| 155 752 | 586 451 | |||||
| Cash at banks earns interest at floating rates based on daily bank deposit rates. Overdraft balances in South Africa incur interest at 8.3% (2017: 8.0%). | ||||||
| The fair value of the net cash approximates R155.8 million (2017: R586.4 million). | ||||||
| There are no restrictions over the cash balances and all balances are available for use. | ||||||
| In the 2017 financial year, property, plant and equipment to the value of R37.2 million in Datlabs was pledged as security for the bank overdraft of R5.6 million. Refer note 10. |