|
|
2020
R'm |
| The following table summarises the Group's classification of financial instruments: |
| |
| Assets |
| |
| Fair value through profit or loss |
| |
| Derivative financial instruments (included in other assets) |
4 |
– |
| Amortised cost |
| |
| Trade and other receivables |
3 806 |
3 814 |
| Cash and cash equivalents |
2 672 |
2 279 |
| Other assets |
108 |
125 |
| Total assets |
6 590 |
6 218 |
| Liabilities |
| |
| Fair value through profit or loss |
| |
| Contingent consideration liabilities |
631 |
642 |
| Derivative financial instruments (included in other liabilities) |
9 |
53 |
| Amortised cost |
| |
| Trade and other payables |
4 231 |
3 836 |
| Interest-bearing borrowings |
12 725 |
14 214 |
| Bank overdraft |
325 |
2 181 |
| Total liabilities |
17 921 |
20 926 |
Derivative financial instruments
|
| Carrying value |
Fair value |
|
|
2020
R'm |
2020
R'm |
| Market-to-market valuation |
|
|
| |
| Non-current assets |
|
|
| |
| Interest rate swap contracts (included in other) |
4 |
– |
4 |
– |
| Total assets |
4 |
– |
4 |
– |
| Non-current liabilities |
|
|
| |
| Interest rate swap contracts (included in other) |
– |
(26) |
– |
(26) |
| Current liabilities |
|
|
| |
| Interest rate swap contracts (included in other) |
(9) |
(27) |
(9) |
(27) |
| Total liabilities |
(9) |
(53) |
(9) |
(53) |
Interest rate swap contracts
The Group enters into interest rate swap contracts to manage exposure to fluctuations in interest rates on the interest-bearing borrowings. Gains and losses on the interest rate swap contracts are recognised in profit or loss. Refer note 4.
|
| Swap 1 |
Swap 2 |
Swap 3 |
Swap 4 |
Swap 5 |
| Contract commencement date |
6 Feb 2019 |
10 Feb 2021 |
29 Mar 2021 |
30 Mar 2021 |
05 Mar 2021 |
| Maturity date |
7 Feb 2022 |
10 Feb 2023 |
29 Mar 2023 |
30 Mar 2023 |
05 Mar 2024 |
| Currency |
R'm |
R'm |
R'm |
R'm |
R'm |
| Notional amount |
500 |
300 |
300 |
200 |
500 |
| Fixed interest rate (%) |
7.23 |
4.01 |
4.51 |
4.49 |
4.65 |
| Floating interest rate (%) |
3-month JIBAR (varied between 3.33% and 3.68%) |
|
| Interest settlement terms |
Settled quarterly. |
|
During the current year, interest rate swap contracts with a total notional amount of R500 million and GBP75 million matured (2020: R2.9 billion).
Held for trading
Foreign exchange contracts (FECs)
The Group entered into United States dollar exchange contracts during the year to manage exposure to fluctuations in the rand dollar exchange rate on foreign liabilities. At 30 September 2021, there were open FECs. |