|
|
| Company |
|
|
| Gross carrying amount |
|
Impairment allowances |
|
Net carrying amount |
| At 31 December |
Note |
2020
Rm |
2019
Rm |
| 2020
Rm |
2019
Rm |
| 2020
Rm |
2019
Rm |
| Indebtedness by subsidiaries |
|
|
|
|
|
|
|
| |
| Non-current |
| 1 297 |
7 000 |
|
|
|
| 1 297 |
7 000 |
| Interest-bearing loans receivable |
10.3.2 |
1 297 |
7 000 |
|
|
|
| 1 297 |
7 000 |
| Current |
| 12 073 |
5 134 |
| (153) |
(62) |
| 11 920 |
5 072 |
| Interest-bearing loans receivable |
10.3.2 |
6 041 |
60 |
|
|
|
| 6 041 |
60 |
| Non-interest-bearing loans receivable1 |
10.3.2 |
425 |
421 |
| (72) |
(62) |
| 353 |
359 |
| Interest-bearing treasury facilities receivable |
10.3.2 |
4 887 |
4 038 |
|
|
|
| 4 887 |
4 038 |
| Indebtedness by subsidiaries2 |
6.2.3 |
720 |
615 |
| (81) |
|
| 639 |
615 |
|
| |
|
| |
|
| |
|
| Total indebtedness by subsidiaries |
| 13 370 |
12 134 |
| (153) |
(62) |
| 13 217 |
12 072 |
| Indebtedness to subsidiaries |
|
|
|
|
|
|
|
| |
| Current |
| (16 071) |
(13 900) |
|
|
|
| (16 071) |
(13 900) |
| Non-interest-bearing loans payable |
12.1.7 |
(8 672) |
(8 452) |
|
|
|
| (8 672) |
(8 452) |
| Interest-bearing treasury facilities payable |
12.1.7 |
(7 399) |
(5 448) |
|
|
|
| (7 399) |
(5 448) |
|
| |
|
| |
|
| |
|
| Total indebtedness to subsidiaries |
| (16 071) |
(13 900) |
|
|
|
| (16 071) |
(13 900) |
| Net indebtedness to subsidiaries |
| (2 701) |
(1 766) |
| (153) |
(62) |
| (2 854) |
(1 828) |
| 1 |
The impairment allowances on non-interest-bearing loans receivable relate to the following subsidiaries which have been fully impaired: |
| |
– Colonna Properties Proprietary Limited R1 million (2019: R1 million) |
| |
– Exxaro Mountain Bike Academy NPC R16 million (2019: R16 million) |
| |
– Gravelotte Iron Ore Company Proprietary Limited R49 million (2019: R45 million) |
| |
A further R6 million (2019: nil) impairment allowance has been recognised on non-interest-bearing loans receivable of other subsidiaries. |
| 2 |
The impairment allowance on indebtedness by subsidiaries relates to ECC R81 million (2019: nil). |
Terms and conditions of indebtedness
Non-interest-bearing loans
The loans are unsecured, have no repayment terms and are repayable on demand.
Interest-bearing treasury facilities
Treasury facilities are unsecured, have no repayment terms and are repayable on demand. Interest is charged at money market rates.
Indebtedness (trade related)
Certain subsidiaries are charged corporate service fees which are repayable within 30 days.
Interest-bearing loans receivable
Interest-bearing loans receivable, and their redemption profiles, comprise:
|
| Company |
|
| Acquisition loans
receivable1 |
|
Back-to-back loans
receivable2
| |
Net carrying
amount |
| At 31 December |
2020
Rm |
2019
Rm |
| 2020
Rm |
2019
Rm |
| 2020
Rm |
2019
Rm |
| Back-to-back loans receivable |
|
|
|
|
|
|
| |
| Exxaro Coal Proprietary Limited |
|
|
| 7 150 |
7 060 |
| 7 150 |
7 060 |
| Acquisition loans receivable |
|
|
|
|
|
|
| |
| Exxaro Community NPC |
137 |
|
|
|
|
| 137 |
|
| Exxaro ESOP SPV |
51 |
|
|
|
|
| 51 |
|
| Total unsecured loans |
188 |
|
| 7 150 |
7 060 |
| 7 338 |
7 060 |
| Summary by financial year of redemption: |
|
|
|
|
|
|
| |
| Less than six months |
|
|
| 41 |
60 |
| 41 |
60 |
| Six to 12 months |
|
|
| 6 000 |
|
| 6 000 |
|
| Between one and two years |
|
|
| 411 |
2750 |
| 411 |
2 750 |
| Between two and three years |
|
|
| 55 |
3607 |
| 55 |
3 607 |
| Between three and four years |
|
|
| 643 |
|
| 643 |
|
| Between four and five years |
|
|
|
| 643 |
| |
643 |
| More than five years |
188 |
|
|
|
|
| 188 |
|
| Total unsecured loans |
188 |
|
| 7 150 |
7 060 |
| 7 338 |
7 060 |
| 1 |
Acquisition loans receivable |
| |
The acquisition loans receivable are unsecured, are repayable by no later than 10 years of the loan being granted and bear interest at a rate of 70% of Prime Rate. |
|
| 2 |
Back-to-back loans receivable |
| |
The back-to-back loans receivable have similar terms as agreed with external lenders (excluding the project financing) except for interest, which is charged based on 3-month JIBAR plus a margin. Refer note 12.1.4 for detailed terms and conditions of the external borrowings, excluding the project financing. |
|
| |
The fixed margin percentage on the back-to-back loans is summarised as follows: |
| |
Revolving credit facility: 3.80% (2019: 3.80%) |
| |
Bullet term loan facility: 3.40% (2019: 3.40%) |
| |
Amortised term loan facility: 4.00% (2019: nil) |
| |
Bond R357 million: 1.65% (2019: 1.65%) |
| |
Bond R643 million: 1.89% (2019: 1.89%) |
|
