168 / 202
Notes to the financial statements
continued
for the year ended 30 September 2015
164
Tiger Brands Limited integrated annual report
2015
COMPANY
GROUP
2015
2014
(R’million)
2015
2014
31 Borrowings
continued
31.3 Capitalised finance leases
5,2
7,0
Repayment during the next year
2,1
2,2
Repayments later than one year and no later than five
years
3,1
4,8
Refer note 33.4.
Liabilities under capitalised finance leases bear interest at
9,5% per annum.
Capitalised finance leases relate to plant and equipment
with a book value of R6,2 million (2014: R11,0 million) as
per note 11.4 of these annual financial statements.
142,3
169,3
1 661,4
1 563,3
31.4 Instalments disclosed as:
43,8
37,5
Short-term borrowings
445,6
935,9
98,5
131,8
Long-term borrowings
1 215,8
627,4
142,3
169,3
1 661,4
1 563,3
(R’million)
South
African
rand
Euro
Nigerian
naira
Ethiopian
birr
Kenyan
shilling
CAF
franc
Group
total
31.5 Summary of borrowings by
currency and year of repayment
During 2016
62,3
2,9
304,7
–
31,9
43,8
445,6
During 2017
1 015,5
–
44,7
–
9,4
47,3 1 116,9
During 2018
1,0
–
12,8
–
9,2
51,2
74,2
During 2019
–
–
11,6
–
5,1
–
16,7
During 2020 and thereafter
–
–
6,5
1,2
0,3
–
8,0
1 078,8
2,9
380,3
1,2
55,9
142,3 1 661,4
194,9
37,5
31.6 Short-term borrowings
3 624,0
4 022,1
151,1
–
Bank overdrafts
3 178,4
3 086,2
43,8
37,5
Current portion of long-term borrowings
445,6
935,9
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
148,5
244,5
Not contracted
970,9
733,5
1 119,4
978,0
33.2
Additional commitments of R580,6 million will be approved in 2016 bringing the total commitments to R1,7 billion
for 2016.
The capital commitments noted above include various capital efficiency and expansion projects.