| Group | |||
| 2013 | 2012 | ||
| Rm | Rm | ||
| 22. | BORROWINGS | ||
| 22.1 | Secured and unsecured borrowings | ||
| Secured | 804.0 | 814.5 | |
| Secured loan in respect of property with a carrying value of R70.0 million (2012: R72.3 million) (note 10) bearing interest at a fixed rate of 11.4% and payable monthly in arrears over a 15-year period, ending on 28 October 2018. | 58.0 | 64.8 | |
| Secured loan raised to fund property development. The loan is secured by property with a carrying value of R579.3 million (2012: R597.9 million) (note 10). The directors’ valuation of the property at 3 March 2013 is R1 012.7 million. Interest is payable every 6 months in arrears at a fixed rate of 8.8% p.a. The capital is repayable on 29 June 2015. | 250.0 | 250.0 | |
| Secured loan raised to fund property development. The loan is secured by property with a carrying value of R579.3 million (2012: R597.9 million) (note 10).The directors’ valuation of the property at 3 March 2013 is R1 012.7 million. Interest is payable every 6 months in arrears at a fixed rate of 8.9% p.a. The capital is repayable on 18 August 2016. | 400.0 | 400.0 | |
| Finance leases in respect of vehicles with a carrying value of R97.3 million (2012: R101.7 million) (note 10) held under finance lease agreements bearing interest at prime bank rate less 2% and payable monthly in arrears over a 4-year period (refer note 22.2). At the end of the lease period the Group has the option to refinance or settle the lease and take ownership of the asset. Lease agreements do not contain any escalation or penalty clauses. | 96.0 | 99.7 | |
| Unsecured | 400.0 | 650.0 | |
| Unsecured 3-month corporate paper, issued under our Domestic Medium Term Note Programme, to fund capital projects. The notes are repayable on 23 May 2013 and carry an average interest rate linked to Jibar of 5.5% p.a. (2012: 5.8% p.a.) | 400.0 | 400.0 | |
| Unsecured loan raised to fund property development. The loan bore interest at a fixed rate of 9.6%. Interest was payable every 6 months in arrears. The capital was repaid on 3 September 2012. | — | 250.0 | |
| Total debt at end of period | 1 204.0 | 1 464.5 | |
| Less: Current portion (repayable within 1 year) | (431.5) | (693.3) | |
| Non-current portion (repayable after 1 year) | 772.5 | 771.2 | |
| 22.2 | Finance lease commitments | ||
| At end of period finance lease rentals are payable as follows: | |||
| Within 1 year | |||
| Capital repayments | 23.8 | 36.5 | |
| Interest | 3.6 | 5.5 | |
| Cash flows | 27.4 | 42.0 | |
| Within 2 to 5 years | |||
| Capital repayments | 72.2 | 63.2 | |
| Interest | 5.1 | 4.4 | |
| Cash flows | 77.3 | 67.6 | |
| Total cash flows | 104.7 | 109.6 | |
| Capital repayments | 96.0 | 99.7 | |
| Interest | 8.7 | 9.9 | |