|
| |
|
|
Group |
|
|
|
Company |
|
|
| |
|
|
|
2013
Rm |
|
2012
Rm |
|
|
|
|
|
|
2013
Rm |
|
2012
Rm |
|
|
|
| 28. |
INTEREST-BEARING DEBT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-current interest-bearing debt |
|
|
3,899 |
|
5,897 |
|
|
|
|
|
|
3,895 |
|
5,891 |
|
|
|
| |
Total interest-bearing debt (refer to note 15) |
|
|
6,657 |
|
7,186 |
|
|
|
|
|
|
6,651 |
|
7,178 |
|
|
|
| |
Gross interest-bearing debt |
|
|
6,855 |
|
7,392 |
|
|
|
|
|
|
6,853 |
|
7,389 |
|
|
|
| |
Discount on debt instruments issued |
|
|
(968) |
|
(1,057) |
|
|
|
|
|
|
(968) |
|
(1,057) |
|
|
|
| |
Finance leases |
|
|
770 |
|
851 |
|
|
|
|
|
|
766 |
|
846 |
|
|
|
| |
Less: Current portion of interest-bearing debt |
|
|
(2,758) |
|
(1,289) |
|
|
|
|
|
|
(2,756) |
|
(1,287) |
|
|
|
| |
Local debt |
|
|
(2,494) |
|
(1,060) |
|
|
|
|
|
|
(2,494) |
|
(1,060) |
|
|
|
| |
Call borrowings |
|
|
(1,998) |
|
(1,060) |
|
|
|
|
|
|
(1,998) |
|
(1,060) |
|
|
|
| |
Commercial paper bills |
|
|
(496) |
|
– |
|
|
|
|
|
|
(496) |
|
– |
|
|
|
| |
Foreign debt |
|
|
(207) |
|
(148) |
|
|
|
|
|
|
(207) |
|
(148) |
|
|
|
| |
Finance leases |
|
|
(57) |
|
(81) |
|
|
|
|
|
|
(55) |
|
(79) |
|
|
|
 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total interest-bearing debt is made up as follows: |
|
|
6,657 |
|
7,186 |
|
|
|
|
|
|
6,651 |
|
7,179 |
|
|
|
| |
(a) |
Local debt |
|
|
5,224 |
|
5,709 |
|
|
|
|
|
|
5,224 |
|
5,709 |
|
|
|
| |
|
Locally registered Telkom debt instruments |
|
|
5,224 |
|
5,709 |
|
|
|
|
|
|
5,224 |
|
5,709 |
|
|
|
| |
|
Name, maturity, rate p.a., nominal value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
TL12, 2012, 12.45%, RNil million (2012: R1,060 million) |
|
|
– |
|
1,060 |
|
|
|
|
|
|
– |
|
1,060 |
|
|
|
| |
|
TL15, 2015, 11.9%, R1,160 million (2012: R1,160 million) |
|
|
1,160 |
|
1,159 |
|
|
|
|
|
|
1,160 |
|
1,159 |
|
|
|
| |
|
TL20, 2020, 6%, R2,500 million (2012: R2,500 million) |
|
|
1,570 |
|
1,495 |
|
|
|
|
|
|
1,570 |
|
1,495 |
|
|
|
| |
|
Other local loans, 2013, 6.3%, R500 million (2012: RNil) |
|
|
496 |
|
– |
|
|
|
|
|
|
496 |
|
– |
|
|
|
| |
|
Syndicated loans, 2013, 7.11%, R2,000 million (2012: R2,000 million) |
|
|
1,998 |
|
1,995 |
|
|
|
|
|
|
1,998 |
|
1,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total Group interest-bearing debt is made
up of R6,657 million debt at amortised cost
(2012: R7,186 million debt at amortised
cost). Finance costs accrued on debt are
included in trade and other payables
(refer to note 31). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(b) |
Foreign debt |
|
|
663 |
|
626 |
|
|
|
|
|
|
661 |
|
624 |
|
|
|
| |
|
Maturity, rate p.a., nominal value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Euro: 2011 – 2025, 0.1% – 0.14% (2012:
0.1% – 0.14%), €7.6 million (2012:
€8 million) |
|
|
90 |
|
85 |
|
|
|
|
|
|
90 |
|
85 |
|
|
|
| |
|
USD: 2011 – 2016, 2.449% USD66 million
(2012: USD76 million) |
|
|
571 |
|
539 |
|
|
|
|
|
|
571 |
|
539 |
|
|
|
| |
|
The local Telkom bonds are unsecured, but
a Side letter to the Subscription Agreement
(as amended) of the TL20 bond contains a
number of restrictive covenants, which, if
not met, could result in the early
redemption of the loan. The local bonds
limit Telkom’s ability to create
encumbrances on revenue or assets, and
secure any indebtedness without securing
the outstanding bonds equally and ratebly
with such indebtedness. The syndicated
loan and the ECA (USD) loan agreements
contains restrictive covenants as well as
restrictions on encumbrances, disposals,
Group guarantees and loans. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Other debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Kalahari Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
IwayAfrica Group has a loan with its
non-controlling shareholder, Kalahari
Holdings. This loan bears interest at 0%
with no repayment terms |
|
|
2 |
|
2 |
|
|
|
|
|
|
– |
|
– |
|
|
|
| |
(c) |
Finance leases |
|
|
770 |
|
851 |
|
|
|
|
|
|
766 |
|
846 |
|
|
|
| |
|
The finance leases are secured by buildings
with a carrying value of R89 million (2012:
R104 million) and office equipment with a
book value of RNil million (2012: RNil
million) (refer to note 13). These amounts
are repayable within periods ranging
from 1 to 7 years. Interest rates are
approximately 13.43%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Included in non-current and current debt is: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Debt guaranteed by the South African Government |
|
|
90 |
|
85 |
|
|
|
|
|
|
90 |
|
84 |
|
|
|
| |
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.
Repayments/refinancing of current portion of interest-bearing debt
The TL20 bond of R1,060 million was repaid on maturity during the reporting period.
The repayment of the current portion of interest-bearing debt of R2,707 million (nominal) as at 31 March 2013 is expected to be repaid from
available cash, operational cash flow and/or the issue of new debt instruments.
Management believes that sufficient funding facilities will be available at the date of repayment. |
|
|
|
