AGRIBEL HOLDINGS LTD FINANCIAL REVIEW 2021
7.2.2 Current interest-bearing loans GROUP 2021 2020 R ' m R ' m Short-term loans 3 859 3 426 Commodity finance 52 41 Total 3 911 3 467 Non-cash flow movements include a R650 million increase due to a reclassification from non-current interest-bearing loans during the year ( group and company ) and a R735 million increase from the Suidwes Holdings ( Pty ) Ltd and Hinterland Holdings ( Pty ) Ltd business combinations ( group ) ( refer to note 6.2 ). ( 2020 : Non-cash flow movements include a R350 million increase due to a reclassification from non-current interestbearing loans during the year ( group and company ) and a R3 million increase from the KLK Landbou Ltd business combination ( group ) ( refer to note 6.2 )). Short-term loans Absa Bank Ltd : As continuing security for Senwes ’ current facilities with Absa Bank Ltd (“ Absa ”), all rights and interest to producer debtors and their underlying security have been ceded and pledged to Absa . The Absa loan is renewable annually , and the current facilities bear interest at a sub-prime linked rate , capitalised on a monthly basis . Senwes has an Absa facility of R4 billion available , and at year end R3,01 billion had been utilised ( 2020 : R3,07 billion ).
Hinterland Holdings ( Pty ) Ltd has a R500 million seasonal prime lending facility available of which R181 million has been utilised . The facility bears interest at a prime linked rate with no fixed terms of repayment and is secured by the following : i - A limited guarantee by Senwes Limited for an amount of R100 million supported by a cession of loan account . ii - A limited guarantee by Hinterland SA ( Pty ) Ltd for an amount of R500 million supported by a cession of loan account and a general notarial bond for an amount of R250 million over movable assets . iii - A limited guarantee by Hinterland Fuels ( Pty ) Ltd for an amount of R12 million supported by a cession of loan account . iv - A limited guarantee by Hinterland Securities ( Pty ) Ltd for an amount of R500 million supported by a first continuing coverage mortgage bond for an amount of R580 million over the properties owned by Hinterland Holdings ( Pty ) Ltd .
Nedbank Ltd : A facility of R650 million with Nedbank , effective from 29 May 2015 . The facility had been fully utilised on 29 May 2015 . This loan is repayable as a balloon payment on 31 May 2021 and bears interest at a sub-prime-linked rate . Interest is paid on a monthly basis , therefore only the capital amount will be repayable at the end of the term . Assets ( silos ) with a market value of R2,1 billion , set as the value of security at the bank , and carrying amount of R340 million serve as security for the above-mentioned long-term loan . Short-term portion of KLK Landbou Ltd ' s interest-bearing borrowings :
Refer to note 7.2.3 for a description of the terms and conditions relating to the respective borrowings . The short-term portion amounts to R6 million ( 2020 : R6 million ). Short-term portion of Agrinet ( Pty ) Ltd ' s interest-bearing borrowings : Refer to note 7.2.3 for a description of the terms and conditions relating to the respective borrowings . The short-term portion amounts to R10 million .
Commodity finance : The carrying value of the finance approximates the fair value of the underlying commodities . Commodities which are pledged as security are reflected in note 12 . Commodity finance bears interest at a sub-prime-linked rate and is capitalised monthly .
34 AGRIBEL ANNUAL FINANCIAL REVIEW 2021 Agribel Holdings Limited Reg nr : 1996 / 017629 / 06