| |
| |
Group |
Company |
| |
Restated1
31 March
2023
Rm |
Restated1
31 March
2023
Rm |
| Total interest-bearing debt |
14 217 |
14 356 |
14 217 |
14 356 |
| Non-current interest-bearing debt |
11 535 |
11 999 |
11 535 |
11 999 |
| Local debt |
11 535 |
11 948 |
11 535 |
11 948 |
| Foreign debt |
– |
51 |
– |
51 |
| Current portion of interest-bearing debt |
2 682 |
2 357 |
2 682 |
2 357 |
| Local debt |
2 682 |
2 308 |
2 682 |
2 308 |
| Bonds |
2 113 |
500 |
2 113 |
500 |
| Accrued interest |
169 |
178 |
169 |
178 |
| Other loans2 |
400 |
1 630 |
400 |
1 630 |
| Foreign debt |
– |
49 |
– |
49 |
| 1 |
R680 million of the non-current portion and R113 million of the current portion of interest-bearing debt was incorrectly classified as foreign debt as at 31 March 2023. The loan is
granted and repaid in South African rand and therefore has been restated accordingly as local debt. This has no impact on the statement of financial position and only impacts the disclosure within the notes. |
| 2 |
Other loans relate to loans from local financial institutions. The decrease relates to repayments made in the current year. |
| |
Group |
Company |
| |
Restated1
31 March
2023
Rm |
Restated1
31 March
2023
Rm |
| Total interest-bearing debt is made up as follows: |
14 217 |
14 356 |
14 217 |
14 356 |
| (a) Local debt |
14 217 |
14 256 |
14 217 |
14 256 |
| Telkom debt instruments |
14 217 |
14 256 |
14 217 |
14 256 |
| Name, maturity, rate p.a., nominal value |
|
|
|
|
| TL25, 2024, 9.57% (fixed) |
835 |
835 |
835 |
835 |
| TL26, 2024, 10.367% |
400 |
400 |
400 |
400 |
| TL27, 2023, 8.908% |
– |
500 |
– |
500 |
| TL28, 2025, 9.28% (fixed) |
1 000 |
1 000 |
1 000 |
1 000 |
| TL29, 2025, 10.24% |
500 |
500 |
500 |
500 |
| TL30, 2024, 9.810% |
877 |
877 |
877 |
877 |
| TL31, 2026, 10.020% |
623 |
623 |
623 |
623 |
| TL32, 2027, 10.017% |
1 000 |
1 000 |
1 000 |
1 000 |
| TL33, 2033, 10.4% |
700 |
700 |
700 |
700 |
| Export Credit Agency (ECA) loan, 2029 – 2033, 10.00% – 10.22% |
3 667 |
1 586 |
3 667 |
1 586 |
| Export Credit Risk Agreement – insurance premium (unamortised cost) |
(167) |
(72) |
(167) |
(72) |
| Other loans, 2025 – 2030, 8.65% – 9.45% |
4 613 |
6 129 |
4 613 |
6 129 |
| Accrued interest |
169 |
178 |
169 |
178 |
| |
|
|
|
|
| Total interest-bearing debt is made up of R14 217 million debt at amortised cost (31 March 2023: R14 356 million) for the Group and for the Company. Finance costs accrued on debt are included in interest-bearing debt. |
|
|
|
|
| Other loans have maturities ranging from 2025 to 2030. The ECA loan is repayable quarterly and has maturities ranging from 2029 to 2033. |
|
|
|
|
| The floating debts are priced based on the three-month JIBAR plus a margin. |
|
|
|
|
| |
|
|
|
|
| (b) Foreign debt |
– |
100 |
– |
100 |
| Telkom |
|
|
|
|
| Maturity, rate p.a., nominal value |
|
|
|
|
| Euro, 2023 – 2025, 0.14% (Euro 5.1 million) |
– |
100 |
– |
100 |
| |
|
|
|
|
| Included in non-current and current debt is: |
|
|
|
|
| Debt guaranteed by the South African Government |
– |
100 |
– |
100 |
| 1 |
R680 million of the non-current portion and R113 million of the current portion of interest-bearing debt was incorrectly classified as foreign debt as at 31 March 2023. The loan is
granted and repaid in South African rand and therefore has been restated accordingly as local debt. This has no impact on the statement of financial position and only impacts
the disclosure within the notes. |
During the year, R9 363 million (31 March 2023: R25 970 million) debt was raised for the Group and the Company. R9 513 million (31 March 2023: R23 650 million) debt was repaid for the Group and for the Company.
The Company may issue or reissue 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 4.4.
Interest-bearing debt
Interest-bearing debt is at amortised cost, and finance costs accrued on debt are included in interest-bearing debt. The debt is 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 loans require the following for the Group:
- Net debt to EBITDA of 3:1
- EBITDA to finance charges of at least 3.5:1
As at 31 March 2024, Telkom's net debt to EBITDA ratio was 1.7x (31 March 2023: 1.8x) and finance charges cover 5.2x (31 March 2023: 10.3x).
As at 31 March 2024, Telkom's net debt to EBITDA ratio, excluding lease liabilities, was 1.0x.
Telkom has complied with the financial covenants of its borrowing facilities during the 2024 reporting period.
Repayments/refinancing of the current portion of interest-bearing debt
The repayment of the current portion of interest-bearing debt of R2 682 million (31 March 2023: R2 357 million) for the Company and for the
Group as at 31 March 2024 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. |
