RAND WATER ANNUAL REPORT 2023

Consolidated Annual Financial Statements for the year ended 30 June 2023 Notes to the Consolidated Annual Financial Statements (Continued) Interest‑bearing borrowings relate to unsecured bonds issued by the Group under its ZAR10 billion Domestic Medium Term Note (DMTN) programme to the amount of R4.38 billion as at 30 June 2023. It includes two Sustainability Linked Bonds* issued by the Group. These bonds are listed on the Johannesburg Stock Exchange.

* Sustainability Linked Bonds contains a step down margin of 0.05%, on the 30 June 2023 and 30 June 2025, for the attainment of Key Performance Indicators and Targets.

During the current financial year, all contractual obligations were met by the Group in respect of interest bearing borrowings.

Figures in Rand thousand Issued unsecured notes

Maturity

Nominal Interest Rate %

Type

2023

2022

2021

RW23

10 Dec 23

9,51

Fixed rate

1 231 000 1 231 000 1 231 000

RW28

10 Dec 28

10,245

Fixed rate

1 439 000 1 439 000 1 439 000

RWL26

30 Jun 26

10,750

Floating rate

586 000 586 000 586 000

RWL28

30 Jun 28

9,705

Fixed rate

579 000 579 000 579 000

RW31

30 Jun 31

10,685

Fixed rate

544 000 544 000 544 000

Unamortised costs

5 986 4 710 4 384 986 4 384 355 4 383 710 5 355

16. Lease liability

Minimum lease payments due Balance at 1 July

172

1 551

4 321

172

1 551

4 321

Additions

2 316 (309) 2 179

268

-

2 316 (309) 2 179

268

-

Capital

(1 647)

(2 770)

(1 647)

(2 770)

Balance at 30 June

172

1 551

172

1 551

Present value of minimum lease payments due ‑ within one year 614

172

1 551

614

172

1 551

‑ in second to fifth year inclusive

1 565 2 179

-

-

1 565 2 179

-

-

172

1 551

172

1 551

Non‑current liabilities

1 565

-

-

1 565

-

-

Current liabilities

614

172 172

1 551 1 551

614

172 172

1 551 1 551

2 179

2 179

The Group leases high volume printers and office space under the finance leases. The leases run for periods of three years, with an option to renew the lease at the end of the lease term. Lease payments are subject to an annual escalation to reflect market rentals. None of the leases include contingent rentals.

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