AGRIBEL HOLDINGS LTD FINANCIAL REVIEW 2021
7.2.3 Non-current interest-bearing loans GROUP
COMPANY 2021 2020 2021 2020 R ' m R ' m R ' m R ' m Interest-bearing loans 415 670 325 -
The cash flow movement is an outflow of R20 million ( group ) and Rnil ( company ). Reconciling items include a R650 million decrease due to a reclassification to current interest-bearing loans during the year ( group and company ) and a R90 million increase from the Suidwes Holdings ( Pty ) Ltd business combination ( group ) ( refer to note 6.2 ). ( 2020 : The cash flow movement was R6 million group and Rnil ( company ). Reconciling items include a R350 million decrease due to a reclassification to current interest-bearing loans during the year ( group and company ) and a R24 million increase from the KLK Landbou Ltd business combination ( group ) ( refer to note 6.2 ).
The group has the following non-current interest-bearing loans : Grindrod Bank During the current year , a loan of R323 million was received from Grindord Bank in order to purchase the Senwes Ltd shares held by Grindrod Trading Holdings ( Pty ) Ltd . The loan bears interest at a prime linked rate and has no fixed payment terms . JD Implemente ( Pty ) Ltd A loan of R2 million is payable to the Tomlinson Family Trust . This loan is interest free , has no fixed repayment terms and is unsecured . The company also has a financing agreement with Wesbank to the amount of R1 million . The loan bears interest at a prime-linked rate . KLK Landbou Ltd A mortgage loan of R6 million and instalment sale agreements of R12 million is payable by KLK Landbou Ltd . The long-term portion of these loans amount to R12 million . The mortgage loan from Standard Bank of SA Ltd carries interest at rates linked to the prime lending rate of banks and is repayable in monthly instalments , which include interest and is secured by the property mortgage registration as well as a cession of the shortterm insurance policy to the value of R19 million . The instalment sale agreements from Standard Bank of SA Ltd and Wesbank Ltd carry interest at prime-linked rates , and are repayable in monthly instalments which include interest and are secured by the underlying plant and equipment to the value of R12 million . Agrinet ( Pty ) Ltd
A First National Bank ( FNB ) mortgage bond of R85 million is repayable by Agrinet ( Pty ) Ltd over a period of five years and bears interest at a subprime-linked rate . The long-term portion of the loan amount to R75 million .
7.2.4 Bank overdraft GROUP
COMPANY
2021 2020 2021 2020
R ' m R ' m R ' m R ' m Bank overdraft 523 129 50 20 The company has an overdraft facility of R50 million which has been fully utilised during the current year . The group has the following additional bank overdrafts : Senwes Ltd A temporary overdraft facility of R1 billion is available with Nedbank ( R350 million utilised ). The temporary overdraft facility bears interest at a subprime linked rate and is paid on a monthly basis . The temporary overdraft facility will be settled in full on 30 June 2021 from proceeds of a new long term loan to be entered into by Senwes and Nedbank . Agrinet ( Pty ) Ltd
Agrinet ( Pty ) Ltd has an available overdraft facility of R90 million ( R72 million utilised ), bears interest at a sub-prime linked rate and is secured by inventory , margined at 60 % up to maximum extendable amount of R60 million and the remainder to be secured by good ceded debtors , margined at 55 %, with an extendable amount of R30 million . Carpe Diem Raisins ( Pty ) Ltd ( subsidiary of KLK Landbou Ltd ) The bank overdraft of R51 million at First Rand Bank has a limit of R135 million , and is secured by a general notarial bond registered over movable assets , plant and equipment and inventory ; cession of KLK Landbou Ltd ' s loan account , Carpe Diem Raisins ( Pty ) Ltd ' s debtors , a short-term insurance policy and Van der Colff Beleggings ( Pty ) Ltd ' s loan account ( non-controlling shareholder ).
Agribel Holdings Limited Reg nr : 1996 / 017629 / 06 AGRIBEL ANNUAL FINANCIAL REVIEW 2021
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