Pick n Pay Group of Companies financial statements
notes to the group financial statements
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Pick n Pay Stores Group |
Pick n Pay Holdings Group |
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52 weeks 1 March 2015 Rm |
52 weeks 2 March 2014 Rm |
52 weeks 1 March 2015 Rm |
52 weeks 2 March 2014 Rm |
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21. |
BORROWINGS |
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21.1 |
Secured and unsecured borrowings |
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Secured |
784.3 |
784.9 |
784.3 |
784.9 |
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Secured loan in respect of property with a carrying value of R64.5 million (2014: R65.6 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.
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41.7 |
50.3 |
41.7 |
50.3 |
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Secured loan in respect of property with a carrying value of R544.6 million (2014: R559.3 million) (note 10). Interest is payable every six months in arrears at a fixed rate of 8.8% per annum. The capital is repayable on 29 June 2015.
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250.0 |
250.0 |
250.0 |
250.0 |
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Secured loan in respect of property with a carrying value of R544.6 million (2014: R559.3 million) (note 10). Interest is payable every six months in arrears at a fixed rate of 8.9% per annum. The capital is repayable on 28 August 2016.
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400.0 |
400.0 |
400.0 |
400.0 |
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Finance leases in respect of vehicles with a carrying value of R103.6 million (2014: R93.9 million) (note 10) held under finance lease agreements bearing interest at prime bank rate less 2% and payable monthly in arrears over a four-year period (note 21.2). At the end of the lease period the Group has the option to either refinance or settle the lease and take ownership of the asset. Lease agreements do not contain any escalation or penalty clauses.
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92.6 |
84.6 |
92.6 |
84.6 |
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Unsecured |
— |
700.0 |
— |
700.0 |
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Unsecured three-month corporate paper, issued under our Domestic Medium Term Note Programme. The notes were repaid on 29 June 2014 and carried variable interest rates of 17 to 22 basis points above the three-month Jibar rate which averaged 5.7% per annum (2014: three-month Jibar averaged 5.7% per annum). |
— |
700.0 |
— |
700.0 |
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Total borrowings at end of period |
784.3 |
1 484.9 |
784.3 |
1 484.9 |
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Less: Current portion (repayable within one year) |
(291.5) |
(737.8) |
(291.5) |
(737.8) |
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Non-current portion (repayable after one year) |
492.8 |
747.1 |
492.8 |
747.1 |
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21.2 |
Finance lease commitments |
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At end of period finance lease rentals are payable as follows: |
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Cash flows within one year |
31.8 |
31.2 |
31.8 |
31.2 |
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Capital repayments |
29.7 |
29.1 |
29.7 |
29.1 |
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Interest |
2.1 |
2.1 |
2.1 |
2.1 |
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Cash flows within two to five years |
60.8 |
59.4 |
60.8 |
59.4 |
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Capital repayments |
56.8 |
55.5 |
56.8 |
55.5 |
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Interest |
4.0 |
3.9 |
4.0 |
3.9 |
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Total cash flows |
92.6 |
90.6 |
92.6 |
90.6 |
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Consisting of: |
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Capital repayments |
86.5 |
84.6 |
86.5 |
84.6 |
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Interest |
6.1 |
6.0 |
6.1 |
6.0 |
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