Annual Report - JD Group

Notes to the Group annual financial statements continued
48
2004 2003
Rm Rm
17. Non-distributable reserves
Made up as follows:
Foreign currency translation reserve (2) (12)
Revaluation of shares issued pursuant to the acquisition of Profurn 139 139
137 127
18. Interest bearing liabilities
Bank borrowings 717 889
Finance lease liabilities 592 448
1 309 1 337
Payable within one year reflected under
current liabilities (362) (506)
These have been classified as liabilities held to maturity and are carried at amortised cost.
Bank borrowings are secured by a negative pledge of trade receivables of R6 394 million (2003: R6 592 million).
The interest rates per annum are:
2004:
– on R150 million: variable rate linked to prime, fixed at 2,98% for the period to 30 September 2004;
– on R40 million: variable rate linked to jibar, fixed at 9,42% for the period to 30 September 2004;
– on R217 million: variable rate linked to jibar, fixed at 3,21% for the period to 1 October 2004;
The above are repayable in bi-annual instalments of capital and interest of approximately R144 million each.
– on R174 million: fixed at 10,69% for the period to 24 November 2008;
– on R130 million: variable rate linked to jibar, fixed at 9,15% for the period to 24 November 2004;
The above are repayable in quarterly instalments of capital and interest of approximately R25 million each.
– on R6 million: variable rate linked to prime, currently at 14,25%, repayable in equal monthly instalments,
to be fully repaid by no later than 15 December 2004.
2003:
– on R233 million: variable rate linked to prime, fixed at 9,06% for the period to 1 March 2004;
– on R60 million: variable rate linked to jibar, fixed at 12,62% for the period to 1 December 2003;
– on R319 million: variable rate linked to jibar, fixed at 8,75% for the period to 1 October 2003;
The above were repayable in bi-annual instalments of capital and interest of approximately R144 million each.
947 831
– on R240 million: variable rate linked to prime, currently at 11,60%, repayable by no later than 15 September 2004; and
– on R37 million: variable rate linked to prime, currently at 15,25%, repayable in equal monthly instalments,
to be fully repaid by no later than 15 December 2004.
Finance lease liabilities are secured by certain intellectual property and fixed assets. Finance lease liabilities bear
interest at effective rates of 13,81% to 15,64% (2003: 15,64%) per annum and are repayable in bi-annual instalments of
capital and interest of approximately R81 million (2003: R61 million) each.