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Tiger Brands Limited Integrated Annual Report
2014
Annual financial statements
COMPANY
GROUP
2014
2013
(R’million)
2014
Restated*
2013
32 Group borrowings
In terms of the company’s articles of association
the group’s borrowings are unlimited.
33 Group commitments
33.1
Approved capital expenditure, which will be
financed from the group’s own resources, is as
follows:
Contracted
244,5
372,2
Not contracted
733,5
408,1
978,0
780,3
33.2
Commitments of R655,7 million will be expended
in 2015 and the remaining commitments will be
expended from 2016 to 2018.
The capital commitments noted above include
various capital efficiency and expansion projects.
33.3 Commitments in respect of operating leases
(R’million)
Land and
buildings
Motor
vehicles
Property,
plant and
equipment
Other
Total
commitments
2014
During 2015
61,7
37,8
31,0
–
130,5
During 2016
46,3
28,4
1,8
–
76,5
During 2017
18,6
16,3
1,6
–
36,5
During 2018
5,8
10,2
1,6
–
17,6
During 2019 and thereafter
5,1
7,0
0,8
–
12,9
137,5
99,7
36,8
–
274,0
2013 (restated)*
During 2014
54,9
32,5
22,6
0,1
110,1
During 2015
47,0
22,3
21,1
0,1
90,5
During 2016
24,4
14,9
0,2
–
39,5
During 2017
12,1
7,4
–
–
19,5
During 2018 and thereafter
4,4
5,5
–
–
9,9
142,8
82,6
43,9
0,2
269,5
*
The amounts have been restated due to the adoption of IAS 19R.
With the exception of the leases described on the following page, operating leases are generally three
to six years in duration, without purchase options and in certain instances have escalation clauses of
between 7% and 10% or are linked to the prime rate of interest or consumer price index (CPI). Other
contingent rentals are generally not applicable. One lease, relating to fruit processing equipment, has a
remaining contract period of three years, contingent rental linked to tons of fruit processed and escalates
based on the American CPI, amounts to R3,9 million (2013: R4,5 million).