| |
| |
Group |
Company |
| |
31 March
2025
Rm |
31 March
2025
Rm |
| Total interest-bearing debt |
6 593 |
11 617 |
6 593 |
11 617 |
| Non-current interest-bearing debt |
4 524 |
9 368 |
4 524 |
9 368 |
| Local debt |
4 524 |
9 368 |
4 524 |
9 368 |
| Current portion of interest-bearing debt |
2 069 |
2 249 |
2 069 |
2 249 |
| Local debt |
2 069 |
2 249 |
2 069 |
2 249 |
| Bonds |
1 623 |
1 500 |
1 623 |
1 500 |
| Accrued interest |
44 |
125 |
44 |
125 |
| Other loans1 |
402 |
624 |
402 |
624 |
|
|
|
|
|
| 1 |
Other loans relate to loans from local financial institutions. |
Interest-bearing debt decreased mainly due to the repayment of debt using the proceeds generated from the sale of Swiftnet in the prior year.
| |
Group |
Company |
| |
31 March
2025
Rm |
31 March
2025
Rm |
| Total interest-bearing debt is made up as follows: |
6 593 |
11 617 |
6 593 |
11 617 |
| (a) Local debt |
6 593 |
11 617 |
6 593 |
11 617 |
| Telkom debt instruments |
6 593 |
11 617 |
6 593 |
11 617 |
| Name, maturity, rate p.a., nominal value |
|
|
|
|
| TL28, 2025, 9.28% (fixed) |
— |
1 000 |
— |
1 000 |
| TL29, 2025, 9.56% |
— |
500 |
— |
500 |
| TL31, 2026, 8.35% |
623 |
623 |
623 |
623 |
| TL32, 2027, 8.31% |
1 000 |
1 000 |
1 000 |
1 000 |
| TL33, 2033, 8.73% |
700 |
700 |
700 |
700 |
| TL34, 2027, 8.09% |
345 |
345 |
345 |
345 |
| TL35, 2029, 8.32% |
405 |
405 |
405 |
405 |
| Export Credit Agency (ECA) loan, 2033 |
2 374 |
2 533 |
2 374 |
2 533 |
| Export Credit Risk Agreement – insurance premium (unamortised cost) |
(83) |
(94) |
(83) |
(94) |
| Other loans, 2028 – 2030 |
1 185 |
4 480 |
1 185 |
4 480 |
| Accrued interest |
44 |
125 |
44 |
125 |
|
|
|
|
|
|
Total interest-bearing debt is made up of R6 593 million debt at amortised cost (31 March 2025: R11 617 million) for the Group and for the Company. Finance costs accrued on debt are included in interest-bearing debt.
The ECA loan is repayable quarterly and will be maturing in 2033.
The floating debts are priced based on the three-month JIBAR plus a margin. |
|
|
|
|
During the year, R1 480 million (31 March 2025: R4 276 million) debt was raised for the Group and the Company, and R6 434 million (31 March 2025: R6 905 million) debt was repaid for the Group and for the Company.
The Group 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 measured 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 to 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 2026, Telkom's net debt to EBITDA ratio was 0.5:1 (31 March 2025: 0.7:1) and EBITDA to finance charges was 12.8:1 (31 March 2025: 6.6:1). As at 31 March 2026, Telkom's net debt to EBITDA ratio, excluding lease liabilities, was -0.1:1.
Telkom has complied with the financial covenants of its borrowing facilities during the 2026 reporting period.
Repayments/refinancing of the current portion of interest-bearing debt
The repayment of the current portion of interest-bearing debt of R2 069 million (31 March 2025: R2 249 million) for the Company and for the Group as at 31 March 2026 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.
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