Investments in securities have been assessed as having a business model of holding to collect contractual cash flows comprising solely of payments of principal and interest. Accordingly, these instruments have been classified at amortised cost under the effective interest method.

The investments in securities are denominated in Ariary.

The current securities denominated in Ariary have coupon rates ranging from 7.00% to 13.15% (2021: 7.00% to 13.15%).

The non-current securities have coupon rates ranging from 7.90% to 10.30% (2021: 7.90% to 10.30%). None of the financial assets are either past due or impaired.