| |
| |
|
|
|
GROUP |
|
COMPANY |
|
| |
|
|
|
2005 |
|
2004 |
|
2005 |
|
2004 |
|
| |
|
|
|
|
|
Restated |
|
|
|
Restated |
|
| |
|
|
|
Rm |
|
Rm |
|
Rm |
|
Rm |
|
23.
|
INTEREST-FREE BORROWINGS
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured loans |
|
|
|
|
|
|
|
|
|
|
|
Daun & Cie AG |
|
|
– |
|
6,7 |
|
– |
|
6,7 |
|
|
F S Fehrer GmbH |
|
|
2,3 |
|
3,1 |
|
– |
|
– |
|
|
Alam Brothers |
|
|
0,8 |
|
– |
|
– |
|
– |
|
|
Operating lease liability |
|
|
6,6 |
|
6,9 |
|
– |
|
– |
|
|
|
|
|
9,7 |
|
16,7 |
|
– |
|
6,7 |
|
|
Less: current portion |
|
|
(3,8) |
|
(7,7) |
|
– |
|
(6,7) |
|
|
|
|
|
5,9 |
|
9,0 |
|
– |
|
– |
|
|
The loan from Daun & Cie AG had no fixed terms of repayment. |
|
The loan from F S Fehrer GmbH is repayable at the discretion of Feltex Holdings (Pty) Limited. The loan from Alam Brothers has no fixed terms of repayment. |
|
The lease liability arose on the adoption of Circular 7/2005 issued by the South African Institute of Chartered Accountants. Due to changes in the interpretation of the accounting standard regarding operating leases with fixed escalation clauses in the lease agreement, lease payments are now recognised as an expense on a straight-line basis over the lease term. The adoption of this interpretation resulted in the recognition of the non-current interest-free liability, representing the difference between lease payments made to date and the straight-line charges recognised in the income statement. |
