| |
| |
|
|
|
|
| |
|
Group |
 |
Company |
|
|
|
|
|
| |
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
|
|
|
|
| Current
(due within one year) |
|
|
|
|
|
|
|
|
| Bank
overdrafts |
|
1 |
|
– |
|
– |
|
– |
| Government
borrowings |
|
2,626 |
|
2,782 |
|
2,626 |
|
2,782 |
|
Bank borrowings and others |
|
3,938 |
|
3,937 |
|
3,696 |
|
3,937 |
| Debentures |
|
375 |
|
375 |
|
375 |
|
375 |
|
|
|
|
|
|
|
|
|
| |
|
6,940 |
|
7,094 |
|
6,697 |
|
7,094 |
|
|
|
|
|
|
|
|
|
| Non-current
(due after one year) |
|
|
|
|
|
|
|
|
| Government
borrowings |
|
11,264 |
|
13,327 |
|
11,264 |
|
13,327 |
| Debentures
[Note (a)] |
|
750 |
|
1,125 |
|
750 |
|
1,125 |
| Bank
borrowings and others |
|
6,972 |
|
9,988 |
|
6,704 |
|
9,988 |
|
|
|
|
|
|
|
|
|
| |
|
18,986 |
|
24,440 |
|
18,718 |
|
24,440 |
|
|
|
|
|
|
|
|
|
| Total
borrowings |
|
25,926 |
|
31,534 |
|
25,415 |
|
31,534 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| (a) |
The redemption of debentures
will be in 4 equal annual instalments, commencing from 23 March
2002, two years from the initial date of allotment.
The interest rate exposure of the borrowings of the Company
was as follows: |
| |
| |
|
|
|
|
| |
|
Group |
|
Company |
|
|
|
|
|
| |
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
|
|
|
|
| Total
borrowings |
|
|
|
|
|
|
|
|
| -
at fixed rates |
|
18,445 |
|
22,507 |
|
18,445 |
|
22,507 |
| -
at floating rates |
|
7,481 |
|
9,027 |
|
6,970 |
|
9,027 |
|
|
|
|
|
|
|
|
|
| |
|
25,926 |
|
31,534 |
|
25,415 |
|
31,534 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| The currency exposure of the
borrowings of the Company at the Balance Sheet date was
as follows: |
| |
|
|
|
|
| |
|
Group |
|
Company |
|
|
|
|
|
| |
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Foreign
currency |
|
9,325 |
|
12,150 |
|
9,325 |
|
12,150 |
| Local
currency |
|
16,601 |
|
19,384 |
|
16,090 |
|
19,384 |
|
|
|
|
|
|
|
|
|
| |
|
25,926 |
|
31,534 |
|
25,415 |
|
31,534 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
Group/Company |
|
|
| |
|
|
|
|
|
2002 |
|
2001 |
|
|
| Average effective
interest rates: |
|
|
|
|
|
|
|
|
| - Bank overdrafts |
|
|
|
|
|
14.5% |
|
– |
| - Domestic Bank
borrowings |
|
|
|
|
|
14.0% |
|
17.0% |
| - Foreign Bank
borrowings |
|
|
|
|
|
5.7% |
|
6.5% |
| - Government
borrowings |
|
|
|
|
|
13.0% |
|
13.0% |
| - Debentures |
|
|
|
|
|
|
|
|
| - Fixed (annually) |
|
|
|
|
|
14.5% |
|
14.5% |
| - Fixed (quarterly) |
|
|
|
|
|
14.0% |
|
14.0% |
| - Floating |
|
|
|
|
|
13%
- 16% |
|
13%
- 16% |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Maturity of
non-current borrowings: |
|
|
|
|
|
|
|
|
| |
|
Group |
|
Company |
|
|
|
|
|
| |
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Between
1 and 2 years |
|
9,203 |
|
6,441 |
|
8,960 |
|
6,441 |
| Between
3 and 5 years |
|
6,224 |
|
11,584 |
|
6,199 |
|
11,584 |
| Over
5 years |
|
3,559 |
|
6,415 |
|
3,559 |
|
6,415 |
|
|
|
|
|
|
|
|
|
| |
|
18,986 |
|
24,440 |
|
18,718 |
|
24,440 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
The Government borrows amounts
in foreign currencies to fund the development of SLTL’s
network. These amounts have been re-lent to SLTL with
shorter repayment periods than the underlying loan. The
loan balance as at 31 December 2002 is Rs. 13,335 million
(2001 - Rs. 14,627 million). Exchange fluctuations on
repayments of these loans are borne by the Government.
SLTL bears the foreign exchange risk and the related costs
on a loan re-lent by the Government (a loan not among
the above loans), bearing interest at 10% per annum. The
balance as at
31 December 2002 was Rs. 554 million (2001 - Rs. 1,483
million).
Certain Government re-lent loans amounting to Rs. 1,086
million (2001 - Rs. 2,492 million) have been granted on
condition that at least 25%-30% of the average capital
expenditure on the related projects is funded from funds
generated internally. These projects have been completed
as at the Balance Sheet date.
The Government has guaranteed third party loans amounting
to Rs. 8,127 million
(2001 - Rs. 9,408 million).
Total value of loans that have neither been guaranteed
nor secured is Rs. 2,062 million
(2001 - Rs. 4,215 million).
The majority of the loans require SLTL to submit audited
financial statements among other matters to the lenders
within stated periods of the calendar year end, and to
maintain adequate accounting records in accordance with
generally accepted accounting principles.
The Directors believe the Company will have sufficient
finances available to meet its present
commitments. |
|
| |
|
|
|
