Note 26

Company

Group

2017

2016

(R’million)

2017

2016

Borrowings

In terms of the company’s memorandum of incorporation the group’s borrowings are unlimited. The secured and unsecured loans are all at floating rates unless stated otherwise.

26.1

Secured loans

Loan bearing interest at

Year of repayment

Denomination

51,5

149,8

22,0% per annum

2018

Nigerian naira

37,4

–

6,8% per annum

2018

South African rand

13,3

7,0% per annum

2018

Nigerian naira

0,8

3,8

9,5% per annum

2017

Ethiopian birr

–

11,3

–

98,2

6,8% per annum

2018

CAF franc

–

98,2

12,0% per annum

2020

Kenyan shilling

–

22,0

0% per annum

2056

Ethiopian birr

–

1,2

Analysis of secured loans by nature of security:

–

98,2

Pledge of shares

–

98,2

Property, plant and equipment

38,2

38,3

Put option against Tiger Brands

13,3

–

98,2

51,5

149,8

Refer to note 12 for details of security.

26.2

Unsecured loans

Loan bearing interest at

Year of repayment

Denomination

–

1 000,0

8,1% per annum*

–

South African rand

–

1 000,0

*	This relates to a Revolving Credit Facility (RCF) which has a 13-month notice period. No utilisation of this facility as at 30 September 2017 (2016: R1 billion).

26.3

Capitalised finance leases

4,0

3,2

Repayment during the next year

2,0

2,2

Repayments later than one year and no later than five years

2,0

1,0

Refer to note 27.4.

Liabilities under capitalised finance leases bear interest at 9,25% (2016: 9,5%) per annum.

Capitalised finance leases relate to plant and equipment with a book value of R4,9 million (2016: R4,2 million) as per note 12.

–

98,2

55,5

1 153,0

26.4

Instalments disclosed as:

–

47,2

Short-term borrowings

53,5

83,7

–

51,0

Long-term borrowings

2,0

1 069,3

–

98,2

55,5

1 153,0

–

47,2

26.5

Short-term borrowings

788,6

1 695,7

–

Bank overdrafts

735,1

1 612,0

–

47,2

Current portion of long-term borrowings

53,5

83,7