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218 Telkom Annual Report 2009 Notes to the consolidated annual financial statements (continued) for the three years ended March 31, 2009 37. UNDRAWN BORROWING FACILITIES AND GUARANTEES 37.1 Rand denominated facilities and guarantees Telkom has general banking facilities of R6,226 million. The facilities are unsecured, when drawn bear interest at a rate linked to prime, have no specific maturity date and are subject to annual review. R3,000 million of these undrawn facilities were committed. 37.2 Foreign denominated facilities and guarantees 2007 2008 2009 Guarantor Details Beneficiary Rm Rm Rm Telkom SA Limited Punctual payment and performance by Various US$3 million – 23 26 Africa Online under the Trade Finance (2008: Facility Agreement to various banks US$3 million) First Bank of Nigeria plc Guarantee on lending facility from Export Nortel Networks US$18 million – 147 171 (on behalf of Multi-links Bank of Canada to Nortel Networks for Canada (2008: Telecommunications the purchase of Telecommunications US$18 million) Limited) equipment phases – 9a, 9b, 9c and 9d Zenith Bank plc (on Guarantee payment to Gilat Satcom Gilat Satcom US$0.1 million – 1 1 behalf of Multi-links Limited in respect of interconnect Limited (2008: Telecommunications Limited) service (standby letter of credit) US$0.1 million) Zenith Bank plc (on Support the bid award of the contract NCC US$0.1 million – 1 1 behalf of Multi-links for the submission of the proposal to (2008: Telecommunications provide wire to Nigerian Telecommuni- US$0.1 million) Limited) cations Services Zenith Bank plc (on Issued in favour of Huawei Technology Huawei US$31 million – 250 294 behalf of Multi-links Investment Company Limited for the Technology (2008: Telecommunications supply of core telecommunications Investment US$31 million) Limited) services Company Limited Zenith Bank plc (on Issued in favour of Huawei Technology Huawei US$11 million – 88 104 behalf of Multi-links Investment Company Limited for the Technology (2008: Telecommunications supply of core telecommunications Investment US$11 million) Limited) services Company Limited – 510 597 Disposal group Rand denominated facilities and guarantees The Group exposure is 50% of the following items: Vodacom has Rand denominated credit facilities totalling R15,675 million with R12,335 million utilised as at March 31, 2009. The facilities that are uncommitted can also be utilised for loans to foreign entities and are subject to review at various dates (usually on an annual basis). Certain of the facilities are still subject to the Group’s final acceptance.
37. UNDRAWN BORROWING FACILITIES AND GUARANTEES (continued) 37.2 Foreign denominated facilities and guarantees Rand denominated facilities and guarantees (continued) Telkom Annual Report 2009 219 Notes to the consolidated annual financial statements (continued) for the three years ended March 31, 2009 2007 2008 2009 Guarantor Details Beneficiary Rm Rm Rm Vodacom (Proprietary) All guarantees individually less than Various 3 2 2 Limited R2 million Vodacom Service All guarantees individually less than Various 3 3 2 Provider Company R2 million (Proprietary) Limited Vodacom Service Guarantee in respect of receipt of SA Insurance 27 32 35 Provider Company independent intermediaries of premiums Association (Proprietary) Limited on behalf of short-term insurers and for benefit Lloyd’s underwriters, and relating to short-term insurance business carried on in RSA. Renewable annually of insurers Smartcom (Proprietary) Guarantees for salary bank account Various 3 – – Limited and debit orders Cointel VAS (Proprietary) Guarantees for operating lease Various 1 – – Limited and debit orders Vodacom (Proprietary) Limited Letter of undertaking in respect of land Attorneys 7 17 33 Vodacom Properties No.2 (Proprietary) Limited Lease guarantees Various – – 3 44 54 75 The Group exposure is 50% of the following items: Vodacom Congo (RDC) s.p.r.l. has various facilities of US$31 million which was fully utilised as at March 31, 2009. Vodacom International Limited has a revolving term loan of US$180 million which was fully utilised at March 31, 2009. Vodacom Lesotho (Proprietary) Limited has overdraft facilities with various banks of M25 million of which M13 million was utilised at March 31, 2009. Vodacom Tanzania Limited has medium-term loans for US$47 million and TZS54,000 million of which US$40 million and TZSNil was utilised at March 31, 2009. Foreign currency term facilities are predominantly US Dollar based, at various maturities and are utilised for bridging and short-term working capital needs. 2007 2008 2009 Guarantor Details Beneficiary Rm Rm Rm Vodacom Group Guarantees issued for the obligation of Standard Bank US$180 million 1,312 1,463 1,735 (Proprietary) Limited Vodacom International Limited’s term plc and RMB (2008: loan facility*# International US$180 million; (Dublin) Limited 2007: US$180 million) 1,312 1,463 1,735 * Foreign denominated guarantees amounting to R1,735 million (2008: R1,463 million; 2007: R1,312 million) issued in support of Vodacom Congo (RDC) s.p.r.l. are included as liabilities in the disposal group held for sale. # The Group is in compliance with the covenants attached to the term loan facility. Companies within the Group have provided the following guarantees: Vodacom (Proprietary) Limited provides an unlimited guarantee for borrowings entered into by Vodacom Group (Proprietary) Limited.
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We are... one of Africa’s largest
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Telkom shareholding as at March 31,
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Grow profitable revenue through wir
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600 500 400 300 200 100 0 07 08 09
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The telecommunications industry Con
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egulation that stipulated standard
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a - Euros a - Euros a - Euros 0.25
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ated management team with experienc
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The regulatory environment The regu
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On target for 2010 Telkom Annual Re
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Online impairments, the fixed-line
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• Remodelling - reaching for new
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in this annual report has been upda
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Capital expenditure for the Group i
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More than100 years of combined tele
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Management team Telkom Annual Repor
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Telkom Annual Report 2009 33 Age at
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uild a partnership with communities
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Customers: Through our Customer Cen
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• Interfacing with the media Whil
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Partnering with Human Resources Gro
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The members’ resignations and app
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Share dealings In line with JSE Lis
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NYSE rules Telkom practice Telkom A
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the codes of conduct and ethics tha
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Telkom Annual Report 2009 51 Enterp
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provider, we practice a risk manage
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egulate the business of dealers in
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addressing a number of significant
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There was a major Over the past dec
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payment policy that facilitates the
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Headcount movement Compensation and
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• Accelerated development of wome
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14,500 union members participated i
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were admitted to the university in
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ole in exposing students to the rea
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Sick leave indices • We saved R2
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These will be augmented by another
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Some of the key deliverables are:
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Fittingly, the initiative was launc
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Sponsorships Sponsorships continue
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Item Comment and reference Governan
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espond to competitive challenges Pe
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Operational review History and deve
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service. All costs including instal
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Traffic was adversely affected in b
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Telkom’s focus on bringing new in
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esponse of the CDMA operators to ou
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MWEB Africa On April 21, 2009, we a
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VPN model that allows other service
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services and also to support Telkom
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Telkom’s fixed-line voice busines
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Results of operations The Telkom Gr
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EBITDA can be reconciled to operati
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Telkom Annual Report 2009 109 Finan
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Fixed-line operating revenue increa
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The following table sets forth info
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Interconnection revenue Year ended
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Telkom Annual Report 2009 117 Fixed
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Fixed-line payments to other networ
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Service fees increased in the year
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Vodacom’s operating revenue from
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our fixed-line business, which were
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Vodacom’s selling, general and ad
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The increase in other operating rev
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commercial paper bills, as well as
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The following table sets forth our
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challeng Consolidated financial sta
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138 Telkom Annual Report 2009
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140 Telkom Annual Report 2009 Direc
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142 Telkom Annual Report 2009 Conso
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144 Telkom Annual Report 2009 Conso
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146 Telkom Annual Report 2009 Notes
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338 Telkom Annual Report 2009 Share
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344 Telkom Annual Report 2009 Notic
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346 VOTING AND PROXIES Ordinary sha
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Notes Telkom Annual Report 2009 1.
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