|
|
2019
Rm |
| Borrowings are made up as follows: |
|
|
|
| Financial liabilities measured at amortised cost |
|
|
|
| Bank borrowings |
|
2 280 |
2 293 |
| Corporate bonds (Domestic Medium-term Note Programme) |
|
1 700 |
890 |
| Bank overdrafts |
|
559 |
195 |
|
|
4 539 |
3 378 |
| Less: Facility raising fees |
|
(6) |
(8) |
|
|
4 533 |
3 370 |
| Analysed as: |
|
|
|
| Non-current portion |
|
3 974 |
2 885 |
| Current portion |
|
559 |
485 |
|
|
4 533 |
3 370 |
| Secured |
|
4 539 |
3 298 |
| Unsecured |
|
– |
80 |
|
|
4 539 |
3 378 |
| The following represents the carrying amount of the security for these borrowings: |
|
|
|
| Property, plant and equipment (note 16) |
|
1 300 |
1 216 |
| Investment properties (note 18)(1) |
|
4 149 |
4 881 |
| Pledge of cash in bank accounts (note 28) |
|
722 |
212 |
| Trade receivables (note 27) |
|
260 |
322 |
|
|
6 431 |
6 631 |
| The carrying amounts of the group’s borrowings are denominated in the following currencies: |
|
|
|
| SA Rand |
|
3 103 |
2 148 |
| US Dollar |
|
1 398 |
1 222 |
| Mozambican Metical |
|
32 |
– |
|
|
4 533 |
3 370 |
| The group has the following committed direct facilities excluding bank overdrafts (from banks and corporate bonds): |
|
|
|
| Expiring within one year |
|
340 |
274 |
| Expiring beyond one year |
|
4 581 |
3 490 |
|
|
4 921 |
3 764 |
| Undrawn facility of committed direct bank borrowings |
|
941 |
580 |
| Weighted average effective interest rates (including cash held in call accounts) |
|
9.10% |
8.50% |
The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows
at the current market interest rate that is available to the group for similar financial instruments and is within level 3 of the
fair value hierarchy. The fair values of long and medium-term borrowings are based on cash flows discounted using
commensurate variable rates chargeable by SA Rand lenders of the above loans ranging between 6.85% and 7.59%
(2019: 4.90% and 8.85%). The fair values of the current portion of borrowings equals their carrying amount, as the
impact of discounting is not significant. All borrowings bear interest at floating rates.
The carrying amounts and fair values of the abovementioned non-current borrowings are as follows:
