Directors' Report and Financial Statements 31 March ... - Precision Air

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PRECISION AIR SERVICES PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2012 PRECISION AIR SERVICES PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2012 Group Group Company Company 31-Mar-12 31-Mar-11 31-Mar-12 31-Mar-11 TZS ‘000 TZS ‘000 TZS ‘000 TZS ‘000 23 INTEREST BEARING LOANS AND BORROWINGS Average Interest rate Maturity Secured Bank term loans Kenya Commercial Bank Limited-US$ 8.88% 30.10.2011 - 770,682 - 770,682 Citibank International Plc-US$ 4.28% 2008 - 2022 160,793,273 168,175,596 160,793,273 168,175,596 Kenya Commercial Bank Limited-US$ (Hangar Loan) 9.00% 30.08.2015 6,007,255 3,637,357 6,007,255 3,637,357 Stanbic Tanzania Ltd-US$ (Caravan) 5.50% 31.12.2012 2,485,253 901,252 2,485,253 901,252 Stanbic Tanzania Ltd-US$ 5.50% 31.12.2012 1,857,232 2,273,570 1,857,232 2,273,570 171,143,012 175,758,457 171,143,012 175,758,457 Unsecured term loan Other -Ground handling - US$ 7.50% 30.03.2012 204,901 1,217,751 - - 171,347,913 176,976,208 171,143,012 175,758,457 Secured Bank overdrafts Kenya Commercial Bank - US$ 9.00% on demand 3,355,211 3,688,283 3,355,211 3,688,283 Stanbic Bank (T) Limited - US$ 9.50% on demand 6,810,551 5,030,221 6,810,551 5,030,221 10,165,761 8,718,504 10,165,761 8,718,504 54 DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 31 MARCH 2012
PRECISION AIR SERVICES PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2012 Grand total Interest Bearing loans and borrowings 181,513,675 185,694,712 181,308,774 184,476,961 Non-Current Interest bearing loans and borrowings 148,707,735 155,136,749 148,707,735 155,136,748 Current Interest bearing loans and borrowings 32,805,940 30,557,963 32,601,039 29,340,213 181,513,675 185,694,712 181,308,774 184,476,961 The movement in secured term loans is as follows: At the beginning of the year 176,976,208 99,945,646 175,758,457 99,945,646 Additional loans received 7,454,941 86,983,330 7,454,941 84,855,849 Translation loss through cashflow hedging reserve 10,095,867 14,543,635 10,095,867 14,543,635 Repaid in the year (23,179,103) (24,496,403) (22,166,253) (23,586,672) At the end of the year 171,347,913 176,976,208 171,143,012 175,758,457 As at year end, the overdraft facilities were fully utilised. As at year end, the following term loan facility was undrawn: * Kenya Commercial Bank (Hangar loan-USD 5,794,973) 1,903,069 4,757,198 1,903,069 4,757,198 ** Stanbic Bank (Short term enhanced loan-US$ 1,300,000) 378,420 209,375 378,420 209,375 ** Stanbic Bank (Short term revolving loan -US$ 700,000) 210,977 152,832 210,977 152,832 DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 31 MARCH 2012 55
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Directors' Report and Financial Statements 31 March ... - Precision Air

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