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BUSINESS MODEL
AND STRATEGIC
OBJECTIVES
LEADERSHIP
GOVERNANCE
OPERATING
PERFORMANCE
SHAREHOLDERS’
INFORMATION AND
ADMINISTRATION
FINANCIAL
PERFORMANCE
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
143
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2014
3.
FINANCIAL RISKS (continued)
Liquidity risk (continued)
These facilities bear certain debt covenants. The Group has not been placed in breach in respect of these
covenants. The Group has pledged certain securities in respect of these facilities. Refer to notes 9, 11 and 12.
The Company and a subsidiary company issued a cross surety in respect of an overdraft facility in the
amount of R19.85 million (2013: R19.85 million) in favour of FNB, a division of FirstRand Bank Limited
(FNB). This facility was unutilised as at 31 May 2013 and 31 May 2014. In addition, the Company and
four of its subsidiaries issued a cross surety in the amount of R1.7 million in respect of credit card facilities
granted by FNB.
The table below analyses the Group’s non-derivative financial liabilities into relevant maturity groupings
based on the remaining period at the statement of financial position date to the contractual maturity date.
The amounts disclosed in the table are the contractual undiscounted cash flows.
Maturity of financial liabilities
Less than
one month
or on
demand
R’000
More than
one month
but not
exceeding
one year
R’000
Payable in:
More than
one year
but not
exceeding
two years
R’000
More than
two years
but not
exceeding
five years
R’000
More than
five years
R’000
2014
Non-interest-bearing borrowings
12 437
—
—
—
—
Interest-bearing borrowings
2 653
—
—
—
—
Trade and other payables*
1 580 441 1 258 679
46 408
4 482
—
Total
1 595 531 1 258 679
46 408
4 482
—
2013
Non-interest-bearing borrowings
12 017
—
—
— —
Interest-bearing borrowings
1 980
—
—
— —
Trade and other payables*
907 800 1 452 762
22 301
570
—
Total
921 797 1 452 762
22 301
570
—
* Trade and other payables exclude non-financial instruments, being VAT and certain amounts included within accruals and
sundry creditors.