DashboardDebt & Funding
Capital Structure
R72.3bn funding base,
disciplined and laddered.
Total borrowings R35.5bn · blended cost ~9.2% · FX exposure R4.6bn (7.2%) · 72% DMTN programme utilisation.
Total Borrowings
8.9%
R35.5bn
From R32.6bn (FY24)
Blended Cost
45bp
9.2%
Weighted avg · -45bp YoY
DMTN Outstanding
R36bn
R50bn authorised · 72% utilised
FX-Denominated
R4.6bn
USD + EUR · 7.2% of total
Funding mix
Sources — FY2025
R72.3bn total funding base
DMTN ProgrammeR36bn · 50%
Govt CapitalR12.8bn · 18%
Bilateral/MultiR8.4bn · 12%
Commercial BanksR6.2bn · 9%
Retained EarningsR4.8bn · 7%
OtherR2.1bn · 3%
Fixed rate
45%
R29.3bn · avg 9.5%
Floating rate
55%
R35.8bn · JIBAR + 65bp
DMTN
Investor profile
R36bn outstanding
Pension Funds32%
Asset Managers24%
Banks18%
Insurance14%
Retail8%
Other4%
DMTN headroom
R14bn
R50bn authorised · 72% utilised
Cost trend
Blended COF
vs repo & prime · 5Y
Each 25bp repo cut saves ~R22m annually · Sensitivity: +100bp = +R355m interest expense.
Maturity
Repayment ladder
Weighted avg 2.8 years
Refinancing wall: R8.2bn FY26/27DMTN provides R14bn rollover headroom
FX Exposure
Foreign currency debt
R4.6bn · 7.2% of total
USD
$240mR4.3bn
@ R17.86/$ · If R20: +R600m
EUR
€14mR280m
@ R19.42/€ · If R22: +R40m
Hedging position · 42% hedged
Forward contractsR1.2bn (26%)
Cross-currency swapsR0.6bn (13%)
Natural hedgeR0.2bn (4%)
UnhedgedR2.6bn (57%)
Sensitivity
Rand depreciation
ZAR/USD scenarios
| ZAR/USD | FX Debt | Impact | Risk |
|---|---|---|---|
| R16.00 | R4.18bn | -R420m | Positive |
| R17.86 | R4.6bn | Base | Spot |
| R19.00 | R4.89bn | +R290m | Low |
| R20.00 | R5.15bn | +R550m | Moderate |
| R22.00 | R5.66bn | +R1,060m | Elevated |
Every R1/$ depreciation adds ~R260m to FX liability.