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SUN INTERNATIONAL ANNUAL REPORT ’10
172
NOTES TO THE GROUP FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June
24. BORROWINGS
Non current
Term facilities 576 902
V&A loan 328 321
Redeemable preference shares 2 851 3 071
Lease liabilities 68 125
Vacation Club members 117 106
2010
Rm
2009
Rm
3 940 4 525
Current
Short term banking facilities 1 661 1 732
Term facilities 75 195
Redeemable preference shares 225 –
Lease liabilities 58 55
Minority shareholder loans 331 –
2 350 1 982
Total borrowings 6 290 6 507
Secured 641 1 092
Unsecured 5 649 5 415
The fair value of borrowings approximate their carrying values except for the V&A loan which has a
fair value of R364 million (2009: R353 million). The fair value has been determined on a discounted
cash flow basis using a discount rate of 10% (2009: 11%).
The carrying amounts of the borrowings are denominated in the following currencies:
6 290 6 507
US Dollar 815 912
Chilean Peso 104 –
South African Rand 5 371 5 595
Lease liabilities are secured as the rights to the leased assets revert to the lessor in the event
of default.
6 290 6 507
Net book value of property, plant and equipment encumbered by secured loans 2 148 2 292
The borrowings are repayable as follows:
6 months or less 683 140
6 months – 1 year 1 667 1 842
1 – 2 years 1 233 435
2 – 3 years 1 949 1 290
3 – 4 years 92 2 013
4 years and onwards 666 787
6 290 6 507