NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS l NOTE 23
        2013
Rm		 2012
Rm		  
23. Interest-bearing borrowings              
  Long term              
  – Loans secured by mortgage bonds over fixed property     93     86  
  – Liabilities under capitalised finance leases     173     174  
  – Instalment sale creditors secured by assets     50     105  
  – Corporate bonds     4 330     6 069  
     Listed on the Bond Exchange of South Africa              
     – Held at amortised cost – IPL 4 – maturing in March 2014     1 533     1 532  
     – Held at amortised cost – IPL 5 – maturing in September 2015     500     500  
     – Held at amortised cost – IPL 6 – maturing in September 2017     1 536     1 536  
     – Held at amortised cost – IPL 7 – maturing in April 2018     761        
     Listed on the gilt-edged and fixed-interest market of the London Stock Exchange              
     – Held at amortised cost – Eurobond – matured           877  
     – Held at fair value – Eurobond – matured           1 624  
  – Syndicated bank term loan     3 257     2 482  
  – Unsecured loans     337     115  
        8 240     9 031  
  Short term              
  – Unsecured loans, call borrowings and bank overdrafts     1 633     716  
  – Commercial paper     695        
  Total borrowings     10 568     9 747  
  Less: Current portion of interest-bearing borrowings     4 995     3 649  
  Long-term borrowings     5 573     6 098  
  Total borrowings are categorised as follows:              
  – Designated as fair value through profit or loss           1 624  
  – Amortised cost     10 568     8 123  
        10 568     9 747  
  Interest rate analysis Current year
effective rates
(%)		            
  Fixed              
  – Mortgage bonds, capitalised finance leases and instalment sale creditors 4,0 – 10,0   154     160  
  – Capitalised finance leases 16,0   28     40  
  – Corporate bonds – IPL 4 9,1   1 533     1 532  
  – Corporate bonds – IPL 6 9,8   1 536     1 536  
  – Eurobond 4,9         877  
  – Syndicated bank term loan 3,8   2 618     2 482  
  – Unsecured loans 3,0 – 4,0   8     48  
  – Unsecured loans 4,0   22     48  
  – Unsecured loans 6,0 – 10,0         30  
  Variable linked              
  – Mortgage bonds, capitalised finance leases and instalment sale creditors 8,0 – 11,0   134     165  
  – Corporate bonds – IPL 5 7,2 – 7,6   500     500  
  – Corporate bonds – IPL 7 6,5 – 6,7   761        
  – Eurobond 5,7 – 6,7         1 624  
  – Syndicated bank term loan 1,6 – 2,9   639        
  – Unsecured loans 5,0 – 9,0   144     35  
  – Unsecured loans 4,0 – 8,0   51     45  
  – Unsecured loans 5,7 – 8,0   12     13  
  – Floorplan – unsecured loans 4,0 – 11,0   696     507  
  – Commercial paper 5,2 – 5,3   695        
  – Notice loans 5,0 – 5,5   142        
  – Call borrowings 4,5 – 7,0   867     81  
  – Bank overdrafts 4,0 – 6,0   28     24  
        10 568     9 747  
  For interest-rate swap arrangements and further disclosures refer to note 40.

  Capitalised finance leases More than
five years
Rm		   One to five
years
Rm		   Less than
one year
Rm		   2013
Rm		   2012
Rm		  
  Total minimum lease payments 28   76   92   196   193    
  Amounts representing finance charges (2)   (8)   (13)   (23)   (19)    
  Present value of minimum lease payments 26   68   79   173   174    

  Summary of long-term borrowings
2018 and by currency and year of redemption
or repayment 		2018 and
onwards
Rm		   2017
Rm		   2016
Rm		   2015
Rm		   2014
Rm		   2013
Rm		   2012
Rm		  
  SA Rand 2 429   1   506   162   3 235   6 333   3 966    
  British Pound                 176   176   67    
  Euro 879   402   407   754   1 083   3 525   5 248    
  Australian Dollar                 452   452   377    
  Other 1   6   8   18   49   82   89    
    3 309   409   921   934   4 995   10 568   9 747    
  The syndicated bank term loan which commenced in September 2012 has repayments of 6,25% every six months and 50% on maturity in September 2016.

    Debt secured   Net book value of assets
encumbered
  Details of encumbered assets 2013
Rm		   2012
Rm		   2013
Rm		   2012
Rm		    
  Property, plant and equipment (refer to note 7) 29   126   32   72    
  Transport fleet (refer to note 8) 249   177   274   200    
  Vehicles for hire (refer to note 9) 39   61   48   69    
  Inventories (refer to note 13) 452   377   435   352    
    769   741   789   693    

  Borrowing facilities 2013
Rm		   2012
Rm		  
  Total facilities established 10 870     9 053  
  Less: Utilised 4 990     3 008  
  Unutilised borrowing capacity 5 880     6 045  
  In terms of the Memorandum of Incorporation the borrowing powers of the group are unlimited.

For further disclosures refer to note 40.