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Group |
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Company |
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31 March
2020
Rm |
31 March
2020
Rm |
| Total interest-bearing debt |
10 866 |
12 005 |
10 866 |
12 005 |
| Non-current interest-bearing debt |
10 173 |
10 105 |
10 173 |
10 105 |
| Local debt |
9 135 |
9 184 |
9 135 |
9 184 |
| Foreign debt |
1 038 |
921 |
1 038 |
921 |
| Current portion of interest-bearing debt |
693 |
1 900 |
693 |
1 900 |
| Local debt |
693 |
1 900 |
693 |
1 900 |
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Bond |
– |
250 |
– |
250 |
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Commercial paper bills |
– |
600 |
– |
600 |
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Other loans* |
693 |
1 050 |
693 |
1 050 |
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| * |
Other loans relate to loans from Absa, Standard Bank and Future Growth. These are local bank loans. |
| Total interest-bearing debt is made up as follows: |
10 866 |
12 005 |
10 866 |
12 005 |
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(a) Local debt |
9 828 |
11 084 |
9 828 |
11 084 |
| Telkom debt instruments |
9 828 |
11 084 |
9 828 |
11 084 |
| Name, maturity, rate p.a., nominal value |
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| TL22, 2021, 7.938% |
– |
250 |
– |
250 |
| TL23, 2022, 5.332% |
592 |
592 |
592 |
592 |
| TL24, 2022, 9.04% (fixed) |
423 |
423 |
423 |
423 |
| TL25, 2024, 9.57% (fixed) |
835 |
835 |
835 |
835 |
| TL26, 2024, 5.642% |
400 |
400 |
400 |
400 |
| TL27, 2023, 5.192% |
500 |
500 |
500 |
500 |
| TL28, 2025, 9.28% (fixed) |
1 000 |
1 000 |
1 000 |
1 000 |
| TL29, 2025, 5.482% |
500 |
500 |
500 |
500 |
| TL30, 2024, 5.11% |
877 |
877 |
877 |
877 |
| TL31, 2026, 5.32% |
623 |
623 |
623 |
623 |
| TL32, 2027, 5.292% |
1 000 |
1 000 |
1 000 |
1 000 |
| Commercial paper bill, 2020, 7.242% |
– |
600 |
– |
600 |
| Export Credit Agency (ECA) loan, 2022 – 2030, 9.3% |
– |
773 |
– |
773 |
| Export Credit Agency (ECA) loan, 2022 – 2030, 6.142% |
907 |
– |
907 |
– |
| Export Credit Risk Agreement – insurance premium (unamortised cost) |
(94) |
(104) |
(94) |
(104) |
| Loans, 2021 – 2026, 4.4% – 5.6% |
2 265 |
– |
2 265 |
– |
| Loans, 2020 – 2026, 6.1% – 8.417% |
– |
2 815 |
– |
2 815 |
| Total interest-bearing debt is made up of R10 866 million debt at amortised cost |
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| (31 March 2020: R12 005 million debt at amortised cost). Finance costs accrued on |
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| debt are included in trade and other payables. |
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| Other loans are repayable quarterly and have maturities ranging from 2021 to 2026. |
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| The ECA loan is repayable quartely from 2022 to 2030. |
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| The floating debts are priced based on the three-month JIBAR plus a margin. |
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| (b) Foreign debt |
1 038 |
921 |
1 038 |
921 |
| Telkom |
1 038 |
921 |
1 038 |
921 |
| Maturity, rate p.a., nominal value |
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| ECA ZAR loan: 2022 – 2030, 9.3% |
907 |
772 |
907 |
772 |
| Euro: 2022 – 2025, 0.14% (2020: 0.14%), €7.6 million (2020: €7.6 million) |
131 |
149 |
131 |
149 |
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| Included in non-current and current debt is: |
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| Debt guaranteed by the South African Government |
131 |
149 |
131 |
149 |
During the year under review, R268 million (31 March 2020: R8 660 million) debt was raised for Group and Company. R1 400 million (31 March 2020: R6 950 million) debt was repaid for Group and Company.
The Company may issue or re-issue locally registered debt instruments in terms of the Post Office Amendment Act 85 of 1991. The borrowing powers of the Company are set out as per note 22.
Interest-bearing debt
Interest-bearing debt is at amortised cost and finance costs accrued on debt are included in trade and other payables. The debts are unsecured but limits the Group's ability to create encumbrances on revenue or assets and secure any indebtedness without securing the outstanding debts equally and rateably with such indebtedness.
Debt covenants applicable to Telkom loans require the following for the Group:
- Net debt to EBITDA of at least 3:1
- EBITDA to finance charges of at least 3.5:1
During the year, no non-compliance with the requirements of the covenants were noted.
Repayments/refinancing of the current portion of interest-bearing debt
The repayment of the current portion of interest-bearing debt of R693 million (31 March 2020: R1 900 million) for Company and Group as at 31 March 2021 is expected to be repaid from available cash, operational cash flow or the issue of new debt instruments.
Management believes that sufficient funding facilities will be available at the date of repayment. |