Notes to the annual financial statements

FOR THE YEAR ENDED 31 MARCH 2008


15.	CASH AND CASH EQUIVALENTS
		2008	2007
		R million	R million
	Cash at the centre	3 273	4 357
	Other operating subsidiaries	661	647
		3 934	5 004
	The cash is held in the following currencies (in rand):
		2008	2007
	South African rand	1 201	1 867
	British pound	2 733	3 137
		3 934	5 004

	At year-end cash and cash equivalents earned interest at effective interest rates that vary between 10.85% and 10.95% (2007: 8.50% and 9.06%) per annum at local financial institutions and between 5.20% and 5.45% (2007: 5.33% and 5.35%) per annum abroad.
	Cash and cash equivalents are represented by the following:
	United Kingdom treasury bills	2 557	–
	Current accounts and money market instruments	1 376	5 003
	Cash	1	1
		3 934	5 004
	At year-end the Group’s cash was invested at financial institutions with the following
	Moody’s credit rating:
	Aaa	2 648	–
	Aa1	100	1 427
	Aa2	–	2 095
	Aa3	98	–
	A1	–	300
	A2	–	363
	Baa1	1 087	818
	Cash on hand	1	1
		3 934	5 004

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