PPS Integrated Report 2021 157 | Notes to the Consolidated Financial Statements All of the Group’s owner-occupied property consisting of office blocks situated at 6 and 7 Anerley Road, Parktown, and PPS Centurion Square were valued at 31 December 2021 by Quadrant Properties (Pty) Limited . Independent valuations were performed using the discounted cash flow of future income stream method. The discounted cash flow method takes projected cash flows and discount them at a rate which is consistent with comparable market transactions. Refer to note 37.5 for valuation assumptions. The opening carrying value is depreciated for the year, and the year-end carrying value is then adjusted to reflect market value at year-end. If the owner-occupied properties were stated on a historical cost basis, the amounts would be as follows: Group 2021 2020 R’m R’m Cost 456 456 Accumulated depreciation (39) (31) Net book amount as at 31 December 417 425 LEASES Amounts recognised in the Statement of Financial Position The Statement of Financial Position includes the following amounts related to leases: Group 2021 2020 R’m R’m Right-of-use assets Buildings 53 57 Lease Liabilities (note 21) Current 19 21 Non-current 43 44 Total lease liabilities 62 65 Amounts recognised in the Statement of Profit or Loss and Other Comprehensive income The Statement of Profit and Loss and Other Comprehensive Income includes the following amounts related to leases: Group 2021 2020 R’m R’m Depreciation – Right-of-use assets: Buildings (included in expenses – Note 27) 22 23 Interest expense (included in finance costs – Note 29) 5 5 Expenses relating to short-term leases (included in expenses – Note 27) 3 1 The total cash outflow for leases in 2021 was R32.4 million (2020: R27.9 million).
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