Note 21

NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS – NOTE 21

		2016 R’000	2015 R’000
21.	LONG-TERM BORROWINGS
	Unsecured
	C&F Agency – India ⁽¹⁾	–	4 989
	Secured
	Nedbank ⁽²⁾	500 000	500 000
	Stannic – Critical Care Owner Driver Companies ⁽³⁾	–	11 398
	Stanbic – Ghana ⁽⁴⁾	–	10 639
		500 000	527 026
	Less: Current portion included in short-term borrowings	–	(13 273)
		500 000	513 753

⁽¹⁾	These unsecured loans bear interest at rates varying between 7.5% and 9.0% per annum and are repayable upon termination of C&F Agency contracts in India.
⁽²⁾	secured loan, bearing interest at JIBAR* plus 176 basis points. Interest is payable quarterly in arrears and the capital is due for repayment in December 2018. During the prior year a voluntary repayment of R500 million was made out of surplus cash resources. The shares in wholly-owned South African companies in the Group are pledged as security for this loan. Financial covenants, including a Net debt: EBITDA ratio and interest cover ratio are applicable over this loan and have been complied with during the year.
⁽³⁾	These secured loans incurred interest at 60 basis points below the Prime lending rate** and were repayable over a period of 60 months, but were settled in April 2016. The Group preferred to provide direct assistance to the Critical Care owner drivers in order to qualify for additional Enterprise and Supply Development spend for BBBEE.
⁽⁴⁾	This secured loan bears interest at the Stanbic Bank Base Rate (***) + 400 basis points and is repayable within 12 months.

Property, plant and equipment were pledged as security for this loan. Refer to note 10.

Loans (1) and (4) have been transferred to assets held-for sale during the current year. Refer to note 2.2.

*	JIBAR – Johannesburg Interbank Agreed Rate. On 30 June 2016: 7.30% (2015: 6.133%)
**	Prime lending rate on 30 June 2016: 10.50% (2015: 9.25%)
*******	Stanbic Bank Base Rate (Ghana) on 30 June 2016: 23.07% (2015: 25.10%)

	Unsecured loans at fixed interest rates R'000	Secured loans at variable interest rates R'000	Total R'000
2016
Capital repayment on loans
– payable within 12 months	–	–	–
– payable within 12 to 24 months	–	–	–
– payable thereafter	–	500 000	500 000
	–	500 000	500 000
Interest payment on loans*
– payable within 12 months	–	45 300	45 300
– payable within 12 to 24 months	–	45 300	45 300
– payable thereafter	–	22 650	22 650
	–	113 250	113 250
2015
Capital repayment on loans
– payable within 12 months	–	13 273	13 273
– payable within 12 to 24 months	–	2 473	2 473
– payable thereafter	4 989	506 291	511 280
	4 989	522 037	527 026
Interest payment on loans*
– payable within 12 months	449	41 103	41 552
– payable within 12 to 24 months	449	39 571	40 020
– payable thereafter	898	59 892	60 790
	1 796	140 566	142 362

* Interest repayments have been calculated using the interest rates at the reporting dates.

NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS – NOTE 21