Millicom - Jaarverslag.com

26 Borrowings continued
g) Analysis of borrowings by maturity The total amount repayable at December 31, 2005 and 2004 is as follows:
Corporate Operations Total Corporate Operations Total
2005 2005 2005 2004 2004 2004
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Due within:
One year 322,214 95,821 418,035 65 88,446 88,511
One to two years – 45,511 45,511 384,239 48,302 432,541
Two to three years – 31,587 31,587 – 37,861 37,861
Three to four years – 27,756 27,756 – 18,975 18,975
Four to five years 200,000 15,091 215,091 – 15,373 15,373
Due after five years 550,000 338 550,338 550,000 4,229 554,229
Total repayable 1,072,214 216,104 1,288,318 934,304 213,186 1,147,490
Unamortised difference between carrying amount and nominal amount (55,283) (412) (55,695) (32,604) (473) (33,077)
Total debt, net 1,016,931 215,692 1,232,623 901,700 212,713 1,114,413
h) Guarantees In the normal course of business, Millicom has issued guarantees to secure some of the obligations of some of its operations under bank and supplier
financing agreements. The tables below describe the outstanding amount under the guarantees and the remaining terms of the guarantees as of December 31, 2005
and 2004. Amounts covered by bank guarantees are recorded in the consolidated balance sheets under the caption “Other debt and financing” and amounts covered
by supplier guarantees are recorded under the caption “Trade payables” or “Other debt and financing” depending on the terms and conditions.
As of December 31, 2005:
Bank and other
financing guarantees (i) Supplier guarantees (ii) Total
Outstanding Maximum Outstanding Maximum Outstanding Maximum
exposure exposure exposure exposure exposure exposure
Terms (US$’000) (US$’000) (US$’000) (US$’000) (US$’000) (US$’000)
Zero to one year 6,863 110,618 7,206 7,536 14,069 118,154
One to three years 17,521 17,521 15,798 15,798 33,319 33,319
Three to five years 29,446 42,242 – – 29,446 42,242
More than five years – – – – – –
Total 53,830 170,381 23,004 23,334 76,834 193,715
As of December 31, 2004:
Bank and other
financing guarantees (i) Supplier guarantees (ii) Total
Outstanding Maximum Outstanding Maximum Outstanding Maximum
exposure exposure exposure exposure exposure exposure
Terms (US$’000) (US$’000) (US$’000) (US$’000) (US$’000) (US$’000)
Zero to one year – 2,000 2,702 2,702 2,702 4,702
One to three years 23,248 23,248 9,290 9,290 32,538 32,538
Three to five years 3,753 3,753 – – 3,753 3,753
More than five years 4,092 10,000 – – 4,092 10,000
Total 31,093 39,001 11,992 11,992 43,085 50,993
(i) The guarantee ensures payment by the Group’s company guarantor of outstanding amounts of the underlying loans in the case of non payment by the obligor.
(ii) The guarantee ensures payment by the Group’s company guarantor of outstanding amounts of the underlying supplier financing in the case of non payment by the obligor.
The Group’s share of total debt and financing secured by either pledged assets, pledged deposits issued to cover letters of credit or guarantees issued by the
Company is $445.8 million (2004: $514.0 million).
The total interest charged for the year is $143.7 million (2004: $108.5 million; 2003: $135.1 million).
Also included in “Other debt and financing” is $0.6 million (2004: $1.1 million) in respect of finance leases (note 35).
i) $100 million credit facility On June 29, 2005 Millicom International Operations B.V., Millicom’s wholly-owned subsidiary entered into a $100 million revolving
credit facility (“$100 million facility”) for a one year period with a term out option of an additional year. This facility has been guaranteed by Millicom.
The $100 million facility bears interest at LIBOR plus 2.5% and has a commitment fee of 1% on any undrawn balance. As at December 30, 2005 there had been
no drawdowns on this facility.
Millicom Annual Report and Accounts 2005 65