|
|
|
|
|
|
2006 |
2005 |
| |
|
US$m |
US$m |
|
|
|
|
| 26. |
NON-CURRENT BORROWINGS |
|
|
| 26.1 |
Unsecured loan |
|
|
|
– Sitogo Holdings (Proprietary) Limited |
4,4 |
11,4 |
|
This loan is Rand denominated, bears interest at South African prime overdraft interest rate with fixed quarterly interest payments in arrears and conditional terms of repayment |
|
|
| 26.2 |
Secured loans |
|
|
|
– |
Social Security and National Insurance Trust |
0,5 |
1,1 |
|
|
Total liability |
1,2 |
1,7 |
|
|
Less: Portion repayable within 12 months |
(0,7) |
(0,6) |
|
|
This loan is Ghanaian Cedi denominated and bears interest at 200 basis points above the Ghana Treasury Bill rate. Interest payments are made quarterly in arrears. Capital is repayable over three years in three equal annual instalments commencing December 2005 with the last payment due December 2007. This loan is secured by a subsidiary’s receivables. |
|
|
|
– |
Rural Housing Loan Fund |
3,9 |
1,5 |
|
|
Total liability |
3,9 |
3,2 |
|
|
Less: Portion repayable within 12 months |
– |
(1,7) |
|
|
This loan is Rand denominated, repayable over two years and bears interest at 600 basis points above Bond Exchange of South Africa’s bond yield. The loan is secured by a deed of pledge and cession over Bayport’s receivables. |
|
|
|
– |
Jawmend Rossi Capital (Proprietary) Limited |
1,8 |
– |
|
|
This loan is Rand denominated, repayable over two years starting on 31 March 2008 and bears interest at 600 basis points above the mid point of the fixed rate swap curve. The loan is secured by a reversionary right to Bayport Financial Services’ cash and receivables. |
|
|
|
– |
Barclays Bank of Zambia |
– |
– |
|
|
Total liability |
0,1 |
– |
|
|
Less: Portion repayable within 12 months |
(0,1) |
– |
|
|
This loan is US dollar denominated, repayable over two years from the 30th of August 2005 and bears interest at a fixed rate of 7,5%. The loan is secured by a mortgage debenture over Stand No 581, Independence Avenue, Lusaka. |
|
|
|
– |
Bayport shareholder loans |
0,8 |
– |
|
|
Total liability |
0,7 |
– |
|
|
Less: Portion repayable within 12 months |
(0,2) |
– |
|
|
This loan is US dollar denominated, bears interest at 20% per annum repayable in 36 equal instalments commencing in June 2006. The loan is secured by a residual cession of the book debts in Bayport Management.
This loan is US dollar denominated, bears interest at 20% per annum repayable in 36 equal instalments commencing in December 2007. The loan is secured by a residual cession of the book debts in Bayport Management. |
0,3 |
– |
|
|
|
|
| 26.3 |
Financial liability |
|
|
|
Financial instrument – Sitogo Holdings (Proprietary) Limited |
14,9 |
14,9 |
|
The sale by the company of a 26% share of its South African wholly-owned subsidiary has not been recorded as a sale as it did not meet the accounting requirement for recognition as such. Consequently the sale proceeds have been recorded as a financial liability as it has given rise to a financial instrument which has been disclosed in terms of IAS 32 ”Financial Instruments: Disclosure and Presentation” and measured in terms of IAS 39 “Financial Instruments: Recognition and Measurement”. The fair value adjustment is based on the net asset value of Brait South Africa Limited as at 31 March 2006 and gave rise to a charge of US$1,4 million for the current year (refer note 5.2). The liability has a potential six-year term subject to accelerated maturity conditions from the third anniversary date should certain “trigger events” arise. |
|
|
| |
Total non-current borrowings |
26,3 |
28,9 |
|
|
|
|
|
