2005/2006 - SANParks

2005South African National ParksNOTES TO THE ANNUAL FINANCIAL STATEMENTSfor the year ended 31 March 200631 March 2006R’00031 March 2005R’000The loan was repaid with a fi nal payment of R25,740 million on30 September 2005. (2005 -The loan was repayable in 83 equal monthlyinstalments of R0,358 million from 1 October 2004 with a fi nal instalment ofR0,286 million. The interest rate applicable was prime less 4%, subject toa minimum rate of 7.5%. At 31 March 2005 the interest rate was 7.5%.)(ii) The commercial development IDC long-term loan was entered into fordevelopment of new infrastructure to a total value of R35 million.The loan is repayable in 119 equal monthly instalments of R0,292 millioncommencing 1 October 2006 with a fi nal instalment of R0.252 million.The loan bears interest at prime less 2.5% (At 31 March 2006 the interestrate was 8% (2005 - 8.5%)) subject to a minimum rate of 7.5%.The IDC loans are guaranteed by a notarial bond over movable assetsas detailed in Note 9 (i).(iii) Lease obligations are secured by moveable assets which revert tothe lessor in the event of default as detailed in Note 9 (ii). The leaseobligations bear interest varying between 8,2% and 8.5% (2005 - 8.5%and 9.4% ) per annum.(iv) The unsecured registered stock loan bears interest at 16,90% per annumand the capital was repayable on 31 December 2005. This loan was usedto fund the erection of tourism facilities inside national parks.In terms of section 66(3)(c) of the Public Finance Management Act, 1999(Act No. 1 of 1999), as amended, South African National Parks may onlythrough the Minister of Finance borrow money or, in the case of the issue ofa guarantee, indemnity or security, only through the Minister of Labour, actingwith the concurrence of the Minister of Finance. In terms of section 32.1.1 ofthe Treasury Regulations, South African National Parks may borrow moneyfor bridging purposes with the approval of the Minister of Finance, subject tocertain conditions.Maturity of long-term borrowingsWithin 1 year 1,752 10,296Between 1 and 5 years 14,016 29,448After 5 years 19,232 25,95835,000 65,702126