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Tiger Brands Limited Integrated Annual Report
2014
Annual financial statements
37 Financial instruments
continued
37.3
Interest rate risk management
Interest rate risk results from the cash flow and financial performance uncertainty arising from interest rate
fluctuations.
Financial assets and liabilities affected by interest rate fluctuations include bank and cash deposits, as
well as bank borrowings. At the reporting date, the group‘s cash deposits were accessible immediately
or had maturity dates up to six months.
The interest rates earned on these deposits closely approximate the market rates prevailing.
(R’million)
Fixed
rate
Floating
rate
Total
Average
interest
rate for
the year
(%)
GROUP
The interest rate profile of the group’s borrowings
at 30 September 2014 and 30 September 2013
is reflected in note 31.
2014
Local currency denominated loans
Loan repayable by 2015 (secured)
118,8
118,8
8,4
Loan repayable by 2015 (unsecured)
500,0
500,0
6,0
Other loans and capitalised finance leases
(secured and unsecured)
7,0
7,0
8,8
618,8
7,0 625,8
Foreign currency denominated loans
Loan repayable by 2018 (secured)**
169,3
169,3
6,8
Loan repayable by 2015 (unsecured)
17,3
17,3
8,0
Loan repayable by 2016 (secured)
5,4
5,4
4,0
Loan repayable by 2020 (secured)
39,0
39,0
12,0
Loan repayable by 2016 (secured)
178,8
178,8
14,8
Loan repayable by 2016 (secured)
226,5
226,5
15,0
Loan repayable by 2016 (unsecured)
29,1
29,1
16,3
Loan repayable by 2017 (secured)
185,9
185,9
15,0
Loan repayable by 2018 (secured)
16,0
16,0
7,0
Loan repayable by 2021 (secured)
69,1
69,1
7,0
Loan repayable by 2056 (secured)
1,1
1,1
–
937,5
937,5
Total
618,8
944,5
1 563,3
**
Loans at a company level.