| |
| |
Group |
|
Company |
|
| |
31 March
2019
Rm |
|
31 March
2019
Rm |
|
| Total interest-bearing debt |
12 005 |
|
10 241 |
|
12 005 |
|
10 194 |
|
| Non-current interest-bearing debt |
10 105 |
|
4 840 |
|
10 105 |
|
4 824 |
|
| Local debt |
9 184 |
|
4 700 |
|
9 184 |
|
4 700 |
|
| Foreign debt |
921 |
|
123 |
|
921 |
|
124 |
|
| Finance leases* |
– |
|
17 |
|
– |
|
– |
|
| Current portion of interest-bearing debt |
1 900 |
|
5 401 |
|
1 900 |
|
5 370 |
|
| Local debt |
1 900 |
|
5 370 |
|
1 900 |
|
5 370 |
|
| Bond |
250 |
|
2 320 |
|
250 |
|
2 320 |
|
| Commercial paper bills |
600 |
|
1 200 |
|
600 |
|
1 200 |
|
| Other loans** |
1 050 |
|
1 850 |
|
1 050 |
|
1 850 |
|
| Foreign debt |
– |
|
5 |
|
– |
|
– |
|
| Finance leases* |
– |
|
26 |
|
– |
|
– |
|
|
|
|
|
|
|
|
|
|
* Finance lease liabilities were included in interest-bearing debt until 31 March 2019, but were reclassified to lease liabilities on 1 April 2019 on adoption of IFRS 16.
** Other loans relate to loans from Absa, Standard Bank and Future Growth. These are local bank loans.
| |
Group |
|
Company |
|
| |
31 March
2019
Rm |
|
31 March
2019
Rm |
|
| Total interest-bearing debt is made up as follows: |
12 005 |
|
10 241 |
|
12 005 |
|
10 194 |
|
| (a) Local debt |
11 084 |
|
10 070 |
|
11 084 |
|
10 070 |
|
| Telkom debt instruments |
|
|
|
|
|
|
|
|
| Name, maturity, rate p.a., nominal value |
11 084 |
|
10 070 |
|
11 084 |
|
10 070 |
|
| TL20, 2020, 15% (fixed) (2019:15%), R2 500 million |
|
|
|
|
|
|
|
|
| (2019: R2 500 million) |
– |
|
2 320 |
|
– |
|
2 320 |
|
| TL22, 2021, 7.938% |
250 |
|
250 |
|
250 |
|
250 |
|
| TL23, 2022, 8.182% |
592 |
|
592 |
|
592 |
|
592 |
|
| TL24, 2022, 9.04% (fixed) |
423 |
|
423 |
|
423 |
|
423 |
|
| TL25, 2024, 9.57% (fixed) |
835 |
|
835 |
|
835 |
|
835 |
|
| TL26, 2024, 8.542% |
400 |
|
400 |
|
400 |
|
400 |
|
| TL27, 2023, 8.108% |
500 |
|
500 |
|
500 |
|
500 |
|
| TL28, 2025, 9.28% (fixed) |
1 000 |
|
500 |
|
1 000 |
|
500 |
|
| TL29, 2025, 8.398% |
500 |
|
500 |
|
500 |
|
500 |
|
| TL30, 2024, 7.927% |
877 |
|
– |
|
877 |
|
– |
|
| TL31, 2026, 8.137% |
623 |
|
– |
|
623 |
|
– |
|
| TL32, 2027, 8.208% |
1 000 |
|
– |
|
1 000 |
|
– |
|
| Commercial paper bills, 2019, 7.75% |
– |
|
400 |
|
– |
|
400 |
|
| Commercial paper bills, 2020, 7.242% |
600 |
|
800 |
|
600 |
|
800 |
|
| Export Credit Agreement (ECA) loan, 2022 - 2030, 9.3% |
773 |
|
– |
|
773 |
|
– |
|
| Export Credit Risk Agreement - insurance premium (unamortised cost) |
(104) |
|
– |
|
(104) |
|
– |
|
| Loans, 2020 - 2026, 6.1% - 8.417% |
2 815 |
|
– |
|
2 815 |
|
– |
|
| Loans, 2019 - 2021, 8.00% - 9.33% |
– |
|
2550 |
|
– |
|
2550 |
|
| Total interest-bearing debt is made up of R12 005 million debt at amortised cost
(31 March 2019: R10 241 million debt at amortised cost). Finance costs accrued on
debt are included in trade and other payables. |
|
|
|
|
|
|
|
|
| Other loans are repayable quarterly and have maturities ranging from 2020 to 2026.
Commercial paper bills are repayable at maturity with twelve months settlement periods. |
|
|
|
|
|
|
|
|
| All other loans, bonds and commercial paper bills are priced based on the three-month
JIBAR plus a margin except as indicated above. |
|
|
|
|
|
|
|
|
| (b) Foreign debt |
921 |
|
128 |
|
921 |
|
124 |
|
| Telkom |
921 |
|
124 |
|
921 |
|
124 |
|
| Maturity, rate p.a., nominal value |
|
|
|
|
|
|
|
|
| ECA ZAR loan: 2022 - 2030, 9.3% |
772 |
|
– |
|
772 |
|
– |
|
| Euro: 2022 - 2025, 0.14% (2019: 0.14%), €7.6 million (2019: €7.6 million) |
149 |
|
124 |
|
149 |
|
124 |
|
| BCX |
– |
|
4 |
|
– |
|
– |
|
| Stanbic Tanzania |
– |
|
4 |
|
– |
|
– |
|
| US Dollar denominated loan, repayable over 36 months at an interest rate of 9%. |
|
|
|
|
|
|
|
|
| (c) Finance leases |
– |
|
43 |
|
– |
|
– |
|
| BCX various leases |
– |
|
39 |
|
– |
|
– |
|
| Yellow Pages various leases |
– |
|
4 |
|
– |
|
– |
|
| The amounts are repayable within five years at an interest rate linked to the prime
rate. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Included in non-current and current debt is: |
|
|
|
|
|
|
|
|
| Debt guaranteed by the South African Government |
149 |
|
124 |
|
149 |
|
124 |
|
|
|
|
|
|
|
|
|
|
The Company may issue or re-issue locally registered debt instruments in terms of the Post Office Amendment Act 85 of 1991. The borrowing powers
of the Company are set out as per note 23.
Interest-bearing debt
Interest-bearing debt is at amortised cost and finance cost accrued on debt are included in trade and other payables. The debts are unsecured but
limits the Group’s ability to create encumbrances on revenue or assets and secure any indebtedness without securing the outstanding debts equally
and rateably with such indebtedness.
Debt covenants applicable to Telkom syndicated loans require the following for the Group:
- Net debt to EBITDA of at least 3:1
- EBITDA to finance charges of at least 3.5:1
During the year, no non-compliance with the requirements of the covenants were noted.
Repayments/refinancing of the current portion of interest-bearing debt
The repayment of the current portion of interest-bearing debt of R1 900 million (31 March 2019: R5 370 million) for Company and R1 900 million
(31 March 2019: R5 401 million) for Group as at 31 March 2020 is expected to be repaid from available cash, operational cash flow or the issue of
new debt instruments.
Management believes that sufficient funding facilities will be available at the date of repayment.
|