Amortised

Allegedly, the lessee is currently in arrears for about E40 000, money which they had allegedly agreed with the projects committee to be amortised through yet another renovation of the other structures within the estate that needs maintenance.

Similarly, the amounts received from concessionaires are amortised over the concession period of 30 years.

Trade payables and other short-term monetary liabilities are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.

Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment.

The Group assesses on a forward-looking basis the ECL associated with its debt instruments carried at amortised cost.

The slight drop in revenue was attributed to declining interest rate and the one-off gains from de-recognition of financial assets amortised in 2016, which were not present in 2017.