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SUN INTERNATIONAL ANNUAL REPORT ’10
202
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June
10. BORROWINGS (continued)
Interest rates
Year end interest rates are as follows:
Redeemable preference shares 6.7% 7.4%
V&A loan 8.3% 8.3%
Overdraft – 9.0%
Weighted average 7.3% 9.6%
As at 30 June 2010, interest rates on 56% (2009: 56%) of the company’s borrowings were fixed.
23% (2009: 100%) of these fixed borrowings were for periods longer than 12 months. The interest
rates other than on the V&A loan, approximate those currently available to the group in the market.
A change of 1% in interest rates at the reporting date would have (decreased)/increased profit before
tax by the amounts shown below. This analysis assumes that all other variables remain constant. The
analysis is performed on the same basis for 2009.
Increase of 1% (9) (10)
Decrease of 1% 9 10
A register of non current loans is available for inspection at the registered office of the company.
11.
The company’s borrowings are not restricted by its articles of association.
DERIVATIVE FINANCIAL INSTRUMENT
Interest rate swap – cash flow hedge 19 36
Current portion (refer note 12) (19) (30)
2010
Rm
2009
Rm
– 6
12.
Refer to note 29 in the group financial statements.
ACCOUNTS PAYABLE AND ACCRUALS
Financial instruments
Accrued expenses 24 38
Current portion of derivative financial instrument 19 30
Loan from subsidiary 28 156
Other payables 31 24
The fair value of accounts payable and accruals approximate their carrying value.
102 248