| |
|
|
GROUP |
| |
|
|
2011
Rm |
|
|
2010
Rm |
| 17. |
Cash and cash equivalents |
|
|
|
|
|
| |
Cash and cash equivalents comprise: |
|
|
|
|
|
| |
Cash balances |
|
715.2 |
|
|
1 428.1 |
| |
Bank overdraft |
|
(362.6) |
|
|
(372.8) |
| |
Overnight bank borrowings |
|
(900.0) |
|
|
— |
| |
At 28 February |
|
(547.4) |
|
|
1 055.3 |
| |
The bank overdraft is secured by an unlimited suretyship given by the Company and certain subsidiary companies. Interest is earned on a daily basis on the net cash and cash equivalents balance through the Group’s cash management system with the bank. |
| |
Overnight bank borrowings are unsecured, carry a variable interest rate of 5.8% and can be recalled at any time. |
