Page 55 - SABN AR 2021

2021
R’000
3 451
6. Prepayments
Prepayments
Prepayments consists mostly of capital expenditure deposits required at the time of placing the order with the supplier.
7. Cash and cash equivalents
Cash and cash equivalents consists of: Short-term deposits
Bank balances
Cash on hand
8. Share capital
Authorised
30 500 000 ordinary shares of R2 each
Issued
Ordinary
9. Shareholder’s loan
Subordinated loan
2020
R’000
17 971
705 804
10 463
209
716 476
596 968 1 050 198 598 216
61 000 61 000
742 000
61 000
61 000
742 000
The loan is interest-free and is repayable within three days after receiving a written demand from the SARB. The SABN has the option of converting the outstanding balance into share capital as an alternative to the repayment. Claims by third party creditors will have a preferred ranking to the subordinated loan.
10. Post-employment benefits
The SABN provides the following post-employment benefits to its employees:
Carrying value
Post-employment medical benefits Post-employment group life benefits
Non-current liabilities Current liabilities
10.1 Post-employment medical benefits
179 403 5 226
184 629
(173 950) (10 679)
(184 629)
199 027
6 433
205 460
(194 500)
(10 960)
(205 460)
Post-employment medical benefits are provided to retired staff in the form of subsidised medical aid premiums. This benefit has been closed to all new employees at the SABN since 2003. A provision for the liability has been raised; this covers the total liability, that is, the accumulated post-employment medical benefit liability at 31 March 2021.
South African Bank Note Company (RF) Proprietary Limited
Annual Report 2021
55