AVBOB Financial Statements 2018

AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 (continued) 14. EMPLOYEE BENEFIT OBLIGATIONS (continued) GROUP Appreciation Retention Total Unit value Units issued units units units units 2018 For the 2013 financial year (issued at R10,00) 451 965 - 451 965 30,88 For the 2014 financial year (issued at R11,28) 589 776 - 589 776 27,72 For the 2015 financial year (issued at R12,44) 868 014 474 231 1 830 799 26,35 For the 2016 financial year (issued at R13,65) 1 141 868 382 833 2 042 293 21,72 For the 2017 financial year (issued at R14,57) 1 156 556 321 718 2 014 622 19,16 For the 2017 financial year (issued at R14,83) 1 687 528 378 308 2 772 053 14,83 5 895 707 1 557 090 9 701 508 GROUP 2018 2017 R 000 R 000 15. LEASE LIABILITIES Minimum lease payments due Within twelve months 1 813 1 813 Between one and five years 983 2 796 Minimum lease payments due 2 796 4 609 Less: Future finance charges ( 414) ( 845) Present value of minimum lease payments 2 382 3 764 Within twelve months 1 565 1 364 Between one and five years 817 2 400 Non-current asset 817 2 400 Current asset 1 565 1 364 #REF! #REF! 488 554 517 592 536 348 Performance - - 113 706 217 Finance lease liabilities are effectively secured over the leased vehicles, as the legal title is retained by the lessor and will be transferred to the subsidiary upon full settlement of the finance lease liabilities. Vehicles with a carrying value of R3,0 million (2017: R3,8 million) are financed through a finance lease expiring within five years. 2 248 711 113