7.2.3 Non-current interest-bearing loans
GROUP
2020
R’m
2019
R’m
Interest-bearing loans 670 1 002
The cash flow movement is R6 million. Reconciling items include a R350 million decrease due to a reclassification to current
interest-bearing loans during the year and a R24 million increase from the KLK Landbou Ltd business combination,
refer to 6.2. (2019: Movements in financial liabilities only consist of cash flow items.)
THE GROUP HAS THE FOLLOWING NON-CURRENT INTEREST-BEARING LOANS:
• A facility of R650 million with Nedbank, effective from 29 May 2015. The facility was fully utilised on 29 May 2015. This
loan is repayable as a balloon payment on 1 June 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 loans.
• The loan of R2 million is payable by JD Implemente (Pty) Ltd to the Tomlinson Family Trust. This loan is interest free, has
no fixed repayment terms and is unsecured.
• A mortgage loan of R9 million and instalment sale agreements of R15 million is payable by KLK Landbou Ltd. The
long-term portion of these loans amount to R18 million. The mortage 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 mortage registration as well as a cession of the short-term insurance policy to
the value of R19 million. The instalment sale agreements from Standard Bank of SA Ltd and Wesbank Ltd carries interest
at rates linked to the prime lending rate of banks and prime plus one, and is repayable in monthly instalments which
include interest and is secured by the underlying plant and equipment to the value of R15 million.
7.2.4 Bank overdraft
GROUP
COMPANY
2020
R’m
2019
R’m
2020
R’m
2019
R’m
Bank overdraft utilised 129 31 20 31
The company has an overdraft facility of R50 million.
The group’s bank overdraft relates to Carpe Diem Raisins (Pty) Ltd’s (subsidiary of KLK Landbou Ltd). The overdraft has a
limit of R135 million, and is secured by KLK Landbou Ltd’s loan account, Carpe Diem Raisins (Pty) Ltd’s debtors, its shortterm
insurance policy and Van der Colff Beleggings (Pty) Ltd’s loan account, a non-controlling shareholder.
33
SENWESBEL ANNUAL FINANCIAL STATEMENTS 2020 Senwesbel Limited Reg no: 1996/017629/06