Annual Report 2025 197 Notes to the Financial Statements 31 December 2025 Interest rates used to discount the estimated cash flows were as follows: Group and Trust 2025 % 2024 % Finance lease receivables 2.33 2.68 Security deposits 3.25 3.67 Lease liabilities 4.22 – 5.05 4.22 – 5.05 Medium term notes 2.88 – 4.49 2.91 – 5.06 Determination of fair value Finance lease receivables Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at market interest rate for instruments with similar maturity, repricing and credit risk characteristics at the reporting date. Security deposits The fair value of security deposits is calculated based on the present value of future cash outflows, discounted at the market interest rate at the reporting date. Lease liabilities The fair value of lease liabilities is calculated based on the present value of future cash outflows, discounted at the Group’s incremental borrowing rates at the reporting date. Medium term notes The fair value of the medium term notes is calculated based on the present value of future principal and interest cash flows, discounted at the market interest rate of instruments with similar maturity, repricing and credit risk characteristics at the reporting date. Other non-current loans and borrowings The fair value of the Group and the Trust’s non-current loans and borrowings with floating interest rate approximate their fair value. Other financial assets and liabilities The fair values of all other financial assets and liabilities are calculated based on the present value of future principal, discounted at the market interest rate of the instruments at the reporting date. The carrying amount of the Group and the Trust’s current financial assets and liabilities approximate their fair value. The fair value of the Group and the Trust’s non-current loans and borrowings with floating interest rate approximate their fair value. 29. Fair Value Measurement (continued) (d) Assets and liabilities not measured at fair value for which fair value is disclosed (continued)
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