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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2010
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
(Continued)
2010 2009
$ $
14. Borrowings
Amounts payable within:
One year 3,095 3,846
Two years 1,990 3,184
Three years 1,940 1,835
Four years 1,020 1,958
Five and more years – 1,027
8,045 11,850
Current portion (3,095) (3,846)
4,950 8,004
Borrowings comprise:
• A ten (10) year loan with an outstanding balance of $6.5 million (2009: $8.1 million), taken by the parent
company carrying rates of interest of 6%, fixed for the first five years and variable over the remaining five
years. At the end of 2010 the rate of interest was 5.5% (2009: 7.85%). The security for this loan is a first charge
on the fixed and floating assets of Readymix (West Indies) Limited.
• Medium term loans, with aggregate outstanding balance of $0.057 million (2009: $1.0 million), taken by
Premix & Precast Concrete Incorporated, which bears a rate of interest of 9.7% (2009: 9.7%), and is secured
by a charge over the fixed and floating assets of the company and a guarantee from Readymix (West Indies)
Limited.
• Finance leases which are included in borrowings at their net present values amounting to $1.5 million
(2009:$2.8 million) bear interest at approximately 7% (2009:7%).
As discussed further in Note 26, the ultimate parent company, Trinidad Cement Limited (TCL), has commenced
negotiations with the majority of the TCL Group lenders for a re-profiling of the Group’s debt portfolio. This
process when completed may alter the terms of the debt as described above.
Finance leases
Future minimum lease payments under these finance leases are as follows:
2010 2009
$ $
Amounts payable within:
One year 1,378 1,502
After one year but not more than five years 169 1,548
Total minimum lease payments 1,547 3,050
Less amounts representing interest charges (84) (258)
Present value of minimum lease payments 1,463 2,792
31
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