2012 Integrated report - Sappi

US$ million 2012 2011
20. Interest-bearing borrowings
Secured borrowings
– Mortgage and pledge over trade receivables and certain assets
(refer note 24 for details of encumbered assets) 1,783 1,929
– Capitalised lease liabilities (refer to note 24 for details of encumbered assets) 21 37
Total secured borrowings 1,804 1,966
Unsecured borrowings 815 772
Total borrowings (refer to note 29.2) 2,619 2,738
Less: Current portion included in current liabilities (261) (449)
Total non-current interest-bearing borrowings 2,358 2,289
The repayment profile of the interest-bearing borrowings is as follows:
Payable in the year ended September:
2012 449
2013 261 201
2014 446 1,111
2015 119 6
2016 83 62
2017 (September 2011: thereafter) 517 909
Thereafter 1,193
2,619 2,738
Capitalised lease liabilities
Finance leases are primarily for buildings and, plant and equipment. Lease terms generally range from five to ten years with options to make
early settlements or renew at varying terms. At the time of entering into capital lease agreements, the commitments are recorded
at their present value using applicable interest rates. The aggregate amounts of minimum lease payments and the related imputed interest
under capitalised lease contracts payable in each of the next five financial years and thereafter are as follows:
Minimum
lease
payments
2012 2011
Interest
Present value
of minimum
lease
payments
Minimum
lease
payments
Interest
Present value
of minimum
lease
payments
Payable in the year ended
September:
2012 19 (4) 15
2013 13 (2) 11 14 (2) 12
2014 5 (1) 4 5 (1) 4
2015 6 – 6 7 (1) 6
Total future minimum
lease payments 24 (3) 21 45 (8) 37
sappi Integrated Report 2012 135