|
Rm |
2011 |
|
2010 |
|
2009 |
|
|
|
|
|
|
|
17. |
Borrowings |
|
|
|
|
|
|
In terms of the articles of association of Vodacom Group Limited, the borrowing powers of the Company are unlimited. |
|
|
|
|
|
|
Non-current |
|
|
|
|
|
|
Interest bearing borrowings (Note 17.1) |
7 273 |
|
9 780 |
|
8 310 |
|
Non-interest bearing borrowings (Note 17.2) |
7 |
|
6 |
|
6 |
|
|
7 280 |
|
9 786 |
|
8 316 |
|
Current |
|
|
|
|
|
|
Interest bearing borrowings (Note 17.1) |
2 347 |
|
2 803 |
|
7 875 |
|
Non-interest bearing borrowings (Note 17.2) |
436 |
|
436 |
|
– |
|
|
2 783 |
|
3 239 |
|
7 875 |
| 17.1 |
Interest bearing borrowings |
|
|
|
|
|
|
Dark Fibre Africa (Pty) Limited |
26 |
|
– |
|
– |
|
The Group leases access transmission links under finance
leases. These leases bear interest at a fixed interest rate of
6.71% and lease payments are made monthly over a lease
term of 15 years per link. The finance lease liability is secured
by the lessor's title to the leased assets (Note 9). |
|
|
|
|
|
|
The Standard Bank of South Africa Limited/Rand Merchant Bank |
1 354 |
|
2 532 |
|
– |
|
The loan with a nominal value of R1 341 million
(2010: R2 500 million) was utilised to settle the loan from
Standard Bank Plc and RMB International (Dublin) Limited and
for general corporate requirements. It bears interest, payable
quarterly, at JIBAR plus 2.15%, is ultimately repayable on
24 July 2012 and is collateralised by guarantees provided in the
Group. During the year
R1 159 million of the loan was repaid. |
|
|
|
|
|
|
Citibank syndicated loans |
799 |
|
640 |
|
386 |
|
These loans with nominal values of US$60 million
(2010: US$47 million; 2009: US$40 million) and
TZS86 628 million (2010: TZS54 000 million) were utilised
to refinance existing borrowings, for capital expenditure
and for general corporate requirements. They bear interest,
payable quarterly, at LIBOR plus 2.0% on US$40 million
(2010: US$47 million; 2009: US$40 million), LIBOR plus 3.5%
on US$20 million, the reference treasury bill rate plus 2.25%
on TZS46 278 million (2010: TZS54 000 million) and the
reference treasury bill rate plus 3.0% on TZS40 350 million.
The loans are repayable in six remaining equal bi-annual
instalments with the last instalment due on 16 December 2013.
The loans are secured by an asset debenture, granted
by Vodacom Tanzania Limited, and a mortgage over certain
property (Notes 9 and 10). |
|
|
|
|
|
|
Absa Bank Limited capital facility |
– |
|
– |
|
2 991 |
|
The loan with a nominal value of R3 000 million was utilised
as bridge funding for the Gateway acquisition. It bore interest,
payable quarterly, at JIBAR plus 1.5% up to 10 June 2009, 1.75%
up to 10 September 2009 and 2.0% up to 10 December 2009,
on which date it was repaid. The loan was collateralised by
guarantees provided in the Group. |
|
|
|
|
|
|
Royal Bafokeng Holdings (Pty) Limited |
– |
|
– |
|
401 |
|
The loan with a nominal value of R378 million was granted
to Lisinfo 209 Investments (Pty) Limited, the special purpose
entity that holds Royal Bafokeng Holdings (Pty) Limited's
interest in Vodacom (Pty) Limited. In 2009 it bore interest
at the R157 bond rate plus 5.0%, during 2010 it became
non-interest bearing. The loan has no fixed terms of
repayment and is unsecured
(Note 17.2). |
|
|
|
|
|
|
Absa Bank Limited |
1 242 |
|
1 242 |
|
1 246 |
|
The loan with a nominal value of R1 250 million was utilised
to refinance existing borrowings, for capital expenditure
and working capital requirements. It bears interest,
payable quarterly, at JIBAR plus 1.25%, is repayable on
30 September 2011 and is unsecured. |
|
|
|
|
|
|
Nedbank Limited and Absa Bank Limited |
3 721 |
|
3 724 |
|
3 738 |
|
The loan with a nominal value of R3 750 million was utilised
to refinance existing borrowings, for capital expenditure
and working capital requirements. It bears interest,
payable quarterly, at JIBAR plus 1.5%, is repayable on
30 September 2013 and is unsecured (Note 29.4.1.2). |
|
|
|
|
|
|
Momentum Group Limited and Futuregrowth Asset Management (Pty) Limited |
447 |
|
447 |
|
449 |
|
The loan with a nominal value of R450 million was utilised
to refinance existing borrowings, for capital expenditure
and working capital requirements. It bears interest,
payable quarterly, at JIBAR plus 1.5%, is repayable on
30 September 2013 and is unsecured. |
|
|
|
|
|
|
Old Mutual Specialised Financing (Pty) Limited and Minervois Trading No. 2 (Pty) Limited |
992 |
|
994 |
|
998 |
|
The loan with a nominal value of R1 000 million was utilised
to refinance existing borrowings, for capital expenditure
and working capital requirements. It bears interest,
payable quarterly, at JIBAR plus 1.8%, is repayable on
30 September 2015 and is unsecured (Note 29.4.1.2). |
|
|
|
|
|
|
Asset Backed Arbitraged Securities (Pty) Limited |
– |
|
1 000 |
|
1 000 |
|
The Group issued promissory notes with a nominal value
of R1 000 million and the funds were utilised to refinance
existing borrowings, for capital expenditure and working
capital requirements. The notes bore interest, payable
quarterly, at JIBAR plus a fixed credit margin of 0.4% and
a floating funding margin between 0.33% and 0.40%
(2010: 0.35% and 0.40%; 2009: 0.22% and 0.50%), were
repaid during the year and were unsecured. |
|
|
|
|
|
|
Mirambo Limited |
124 |
|
136 |
|
192 |
|
The loan with a nominal value of US$18 million was provided
to Vodacom Tanzania Limited ('VTL'). It bears interest, payable
quarterly, at LIBOR plus 5.0%. The loan shall be repaid by
approval of at least 60.0% of the shareholders of VTL and
is unsecured. |
|
|
|
|
|
|
Standard Bank Plc and RMB International (Dublin) Limited |
– |
|
– |
|
1 735 |
|
The loan provided to Vodacom International Limited with a
nominal value of US$180 million was utilised for capital
expenditure. It bore interest, payable quarterly, at LIBOR plus
0.35%, was repaid on 26 July 2009 and was collateralised by
guarantees provided in the Group. |
|
|
|
|
|
|
The Standard Bank of South Africa Limited |
45 |
|
118 |
|
176 |
|
The loans were used to purchase and are collateralised
by various land and buildings (Note 9). They bear interest
at an effective interest rate of 13.4% per annum.
Repayments are made bi-annually and the loans will be
settled by 1 September 2011. |
|
|
|
|
|
|
FirstRand Bank Limited |
116 |
|
204 |
|
324 |
|
The loans were used to purchase and are collateralised by
various land and buildings (Note 9). They bear interest at
fixed effective interest rates of between 12.1% and 16.9%
per annum. Repayments are made monthly, quarterly
or bi-annually with residual payments of R38 million
(2010: R68 million; 2009: R145 million). The loans will
be settled within two years
(Note 29.4.1.2). |
|
|
|
|
|
|
Congolese Wireless Network s.p.r.l. |
250 |
|
273 |
|
356 |
|
The loan with a nominal value of US$37 million, forms part
of the capital structure of Vodacom Congo (RDC) s.p.r.l.,
bears interest at 4.0% per annum and is repayable at the
discretion of the shareholders and simultaneously in
proportion to their shareholding. |
|
|
|
|
|
|
Bank borrowings classified as financing activities |
489 |
|
1 266 |
|
2 183 |
|
Other loans |
15 |
|
7 |
|
10 |
|
|
9 620 |
|
12 583 |
|
16 185 |
