Note 21

NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS l NOTE 21

		2014 Rm	2013 Rm
21.	Interest-bearing borrowings
	Long-term
	– Loans secured by mortgage bonds over fixed property	96	93
	– Liabilities under capitalised finance leases	211	173
	– Instalment sale creditors secured by assets	20	50
	– Corporate bonds listed on the Bond Exchange of South Africa	5 837	4 330
	– IPL 4 – matured in March 2014		1 533
	– IPL 5 – maturing in September 2015	500	500
	– IPL 6 – maturing in September 2017	1 536	1 536
	– IPL 7 – maturing in April 2018	762	761
	– IPL 8 – maturing in October 2020	1 525
	– IPL 9 – maturing in May 2021	756
	– IPL 10 – maturing in May 2021	758
	– Syndicated bank term loan – maturing in September 2016	3 467	3 257
	– Bilateral loan – maturing in November 2018	1 080
	– Revolving credit facility term loan – maturing in March 2021	1 500
	– Unsecured loans	128	337
		12 339	8 240
	Short-term
	– Unsecured loans, call borrowings and bank overdrafts	1 601	1 633
	– Commercial paper	604	695
	Total borrowings at amortised cost	14 544	10 568
	Less: Current portion of interest-bearing borrowings	2 697	4 995
	Long-term borrowings	11 847	5 573

Interest rate analysis	Current year effective rates (%)	2014 Rm	2013 Rm
Fixed
– Mortgage bonds, capitalised finance leases and instalment sale creditors	3,0 - 7,0	245	154
– Capitalised finance leases	16,0		28
– Corporate bonds – IPL 4	9,1		1 533
– Corporate bonds – IPL 6	9,8	1 536	1 536
– Corporate bonds – IPL 10	9,4	758
– Syndicated bank term loan	3,1 - 3,5	2 480	2 618
– Unsecured loans	2,0 - 6,0	116	30
– Bilateral loan - maturing in November 2018	2,5	1 080
Variable linked
– Mortgage bonds, capitalised finance leases and instalment sale creditors	8,0 - 10,0	82	134
– Corporate bonds – IPL 5	7,1 - 7,7	500	500
– Corporate bonds – IPL 7	6,6 - 7,2	762	761
– Corporate bonds – IPL 8	6,7 - 7,5	1 525
– Corporate bonds – IPL 9	7,4 - 7,5	756
– Syndicated bank term loan	1,4 - 2,6	987	639
– Revolving credit facility term loan – maturing in March 2021	7,3 - 7,4	1 500
– Unsecured loans	4,0 - 9,0	230	207
– Floorplan – Unsecured loans	4,0 - 11,0	731	696
– Commercial paper	5,3 - 5,9	604	695
– Notice loans	5,0 - 5,5		142
– Call borrowings	4,5 - 7,5	583	867
– Bank overdrafts	1,7 - 6,0	69	28
		14 544	10 568

Capitalised finance leases	More than five years Rm	One to five years Rm	Less than one year Rm	2014 Rm	2013 Rm
Total minimum lease payments	61	107	75	243	196
Amounts representing finance charges		(7)	(25)	(32)	(23)
Present value of minimum lease payments	61	100	50	211	173

Summary of long-term borrowings by currency and year of redemption or repayment	2019 and onwards Rm	2018 Rm	2017 Rm	2016 Rm	2015 Rm	2014 Rm	2013 Rm
SA rand	4 550	2 298	1	523	1 395	8 767	6 333
British pound					204	204	176
Euro	291	353	3 009	772	537	4 962	3 525
Australian dollar	13	1	1	1	429	445	452
Other	3	3	12	16	132	166	82
	4 857	2 655	3 023	1 312	2 697	14 544	10 568

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 carrying value of assets encumbered
Details of encumbered assets	2014 Rm	2013 Rm	2014 Rm	2013 Rm
Property, plant and equipment (refer to note 6)		29		32
Transport fleet (refer to note 7)	310	249	399	274
Vehicles for hire (refer to note 8)	18	39	23	48
Inventories (refer to note 12)	427	452	417	435
	755	769	839	789

Borrowing facilities	2014 Rm	2013 Rm
Total facilities established	13 401	10 870
Less: Utilised	6 698	4 990
Unutilised borrowing capacity	6 703	5 880

In terms of the memorandum of incorporation the borrowing powers of the Group are unlimited.

For interest-rate swap arrangements and futher disclosures refer to , , and .