 |
| |
| |
|
|
|
Group |
|
|
|
Company |
| (All amounts in Sri Lanka Rupees
millions) |
|
2004 |
|
2003 |
|
2004 |
|
2003 |
 |
| Current (due within one year) |
|
|
|
|
|
|
|
|
| Bank overdrafts |
|
141 |
|
25 |
|
– |
|
– |
| Government borrowings |
|
769 |
|
2,353 |
|
769 |
|
2,353 |
| Bank borrowings and others |
|
3,180 |
|
4,830 |
|
1,263 |
|
2,486 |
| Debentures |
|
375 |
|
375 |
|
375 |
|
375 |
| |
|
|
|
|
|
|
|
| |
|
4,465 |
|
7,583 |
|
2,407 |
|
5,214 |
| |
|
|
|
|
|
|
|
| Non-current (due after one year) |
|
|
|
|
|
|
|
|
| Government borrowings |
|
3,386 |
|
8,709 |
|
3,386 |
|
8,709 |
| Debentures [Note (a)] |
|
– |
|
375 |
|
– |
|
375 |
| Bank borrowings and others |
|
7,049 |
|
4,439 |
|
2,250 |
|
3,192 |
| US$ 100 million Notes |
|
10,470 |
|
– |
|
10,470 |
|
– |
| |
|
|
|
|
|
|
|
| |
|
20,905 |
|
13,523 |
|
16,106 |
|
12,276 |
| |
|
|
|
|
|
|
|
| Total borrowings |
|
25,370 |
|
21,106 |
|
18,513 |
|
17,490 |
| |
|
|
|
|
|
|
|
| (a) |
The redemption of debentures is 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 |
| (All amounts in Sri Lanka
Rupees millions) |
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
| Total borrowings |
|
|
|
|
|
|
|
|
| - at fixed rates |
|
14,610 |
|
13,267 |
|
14,469 |
|
13,216 |
| - at floating rates |
|
10,760 |
|
7,839 |
|
4,044 |
|
4,274 |
| |
|
|
|
|
|
|
|
| |
|
25,370 |
|
21,106 |
|
18,513 |
|
17,490 |
| |
|
|
|
|
|
|
|
The currency exposure of the borrowings of the Company at the
Balance Sheet date was as follows:
| |
|
|
|
Group |
|
|
|
Company |
| (All amounts in Sri Lanka
Rupees millions) |
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
| Foreign currency |
|
15,092 |
|
5,678 |
|
13,984 |
|
5,678 |
| Local currency |
|
10,278 |
|
15,428 |
|
4,529 |
|
11,812 |
| |
|
|
|
|
|
|
|
| |
|
25,370 |
|
21,106 |
|
18,513 |
|
17,490 |
| |
|
|
|
|
|
|
|
|
| |
|
|
Group/Company |
| |
|
2004 |
2003 |
|
| Average effective interest rates |
|
|
|
|
| - Bank overdrafts |
|
11% |
|
11% |
| - Domestic bank borrowings |
|
8.28% |
|
14% |
| - Foreign bank borrowings |
|
5.17% |
|
5.56% |
| - Government borrowings |
|
11.59% |
|
12.74% |
| Debentures |
|
|
|
|
| - Fixed (annually) |
|
14.50% |
|
14.50% |
| - Fixed (quarterly) |
|
14.00% |
|
14.00% |
| - Floating |
|
13% - 16% |
|
13% - 16% |
| - US$ 100 million Notes |
|
6.875% |
|
– |
| Maturity of non-current borrowings: |
|
|
|
|
| |
|
|
|
Group |
|
|
|
Company |
| (All amounts in Sri Lanka Rupees
millions) |
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
| Between 1 and 2 years |
|
6,466 |
|
8,517 |
|
3,412 |
|
7,270 |
| Between 3 and 5 years |
|
13,795 |
|
3,684 |
|
12,050 |
|
3,684 |
| Over 5 years |
|
644 |
|
1,322 |
|
644 |
|
1,322 |
| |
|
|
|
|
|
|
|
| |
|
20,905 |
|
13,523 |
|
16,106 |
|
12,276 |
| |
|
|
|
|
|
|
|
| (b) |
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 2004 is Rs. 4,155 million
(2003 - Rs. 11,061 million). Exchange fluctuations on repayments
of these
loans are borne by the Government. |
| |
|
| (c) |
Certain Government re-lent loans amounting to Rs. 331 million
(2003 - Rs. 354 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. |
| |
|
| (d) |
The Government has guaranteed third party loans amounting
to Rs. 3,473 million (2003 - Rs. 5,486 million).
Total value of loans that have neither been guaranteed nor secured
is Rs. 41 million (2003 - Rs. 115 million). |
| |
|
| (e) |
The majority of the loans require SLTL to submit audited financial
statements among other matters to the lenders within the stated
periods of the calendar year end, and to maintain adequate accounting
records in accordance with generally accepted accounting principles. |
| (f) |
The Directors believe the Company will have sufficient finances
available to meet its present commitments. |
| |
|
| (g) |
Rs. 5,233 million out of proceeds from the USD 100 million
bond was utilised to settle Government borrowings. |
| |
|
| |
|
| |
|
|
|
|
