Notes to the consolidated annual financial statements l Note 18 18. Borrowings   In terms of the memorandum of incorporation of Vodacom Group Limited, the borrowing powers of the Company are unlimited.   Rm 2016   2015     Non-current           Interest bearing borrowings (Note 18.1) 26 658   20 308     Current           Interest bearing borrowings (Note 18.1) 1 848   4 915     Non-interest bearing borrowings (Note 18.2) 436   436       2 284   5 351   18.1 Interest bearing borrowings           Vodafone Investments Luxembourg s.a.r.l. 24 256   21 201     During the current year, two additional loans, with a combined nominal value of R6 000 million were raised. R2 000 million was utilised to settle short-term overnight borrowings; R1 000 million was utilised to repay existing borrowings and the remainder was utilised to refinance an existing loan that was repayable in March 2016, thereby extending the repayment date to 22 March 2019 with a new fixed interest rate of 9.39%.           The loans with a combined nominal value of R24 100 million are unsecured, bear interest payable quarterly between JIBAR plus 1.15% and 1.50% and a fixed interest rate of 8.64%, have repayment terms between three and seven years and are ultimately repayable between 24 November 2017 and 28 September 2020.           Dark Fibre Africa (Pty) Limited, Link Africa (Pty) Limited And Metrofibre Networx (Pty) Limited 1 527   1 395     The Group leases access transmission links under finance leases. These leases bear interest at a fixed interest rate of 6.71% and lease payments are made monthly over a lease term of 15 years per link. The finance lease liability is secured by the lessor’s title to the leased assets (Note 9).           The Standard Bank of South Africa Limited 1 102   911     These loans with nominal values of US$35 million and US$40 million were raised in favour of Vodacom Congo (RDC) SA to finance capital expenditure and working capital requirements and to repay short-term borrowings. The loans bear interest payable quarterly at three-month LIBOR plus 2.45% and LIBOR plus approximately 3.10% respectively, have a five-year term and are ultimately repayable on 2 October 2019 and 12 December 2019 respectively. The Group has issued guarantees for these borrowings (Note 26).           Old Mutual Specialised Financing (Pty) Limited and Minervois Trading No. 2 (Pty) Limited –   999     The loan with a nominal value of R1 000 million was utilised to refinance existing borrowings, for capital expenditure and working capital requirements. It bore interest, payable quarterly, at JIBAR plus 1.8%, was repaid on 30 September 2015 and was unsecured (Note 31.4.1.2).           Balance carried forward 26 885   24 506     Mirambo Limited 9   11     The loan with a nominal value of US$18 million was provided to Vodacom Tanzania Limited. In the prior years the nominal value of the loan was converted to equity. The remaining portion of the loan bears interest, payable quarterly, at LIBOR plus 5.0%. The loan shall be repaid in the next financial year.           Congolese Wireless Network s.a.r.l. 886   706     The loan with a nominal value of US$37 million, forms part of the capital structure of Vodacom Congo (RDC) SA, bears interest at 4.0% per annum and is repayable at the discretion of the shareholders and simultaneously in proportion to their shareholding.           Bank borrowings classified as financing activities 685   –     Other loans 41   –       28 506   25 223     The aggregate fair value, if determinable, of interest bearing borrowings with a carrying amount of R27 620 million (2015: R24 517 million) amounts to R27 507 million (2015: R24 280 million). Where the fair value could be determined by using the discounted cash flow method, with a discount rate based on market-related interest rates, the discount rate varied between 8.6% and 9.5% (2015: 6.3% and 8.8%) for rand-denominated borrowings and between 3.5% and 4.3% (2015: 2.7% and 4.9%) for foreign-denominated borrowings.   Maturity of finance lease liabilities:   Rm  0 – 1 year     2 – 5 years     5+ years        2016                       Future minimum lease payments payable  189     757     1 305        Future finance costs  (102)    (341)    (281)       Present value of minimum lease payments payable  87     416     1 024        2015                       Future minimum lease payments payable  166     662     1 257        Future finance costs  (92)    (314)    (284)       Present value of minimum lease payments payable  74     348     973       Interest rate and currency of interest bearing borrowings:   Rm Total   Floating rate   Fixed rate     2016               Currency               South African rand 25 825   20 288   5 537     United States dollar 2 681   1 269   1 412       28 506   21 557   6 949     2015               Currency               South African rand 23 595   21 201   2 394     United States dollar 1 628   921   707       25 223   22 122   3 101     Rm 2016   2015   18.2 Non-interest bearing borrowings           Royal Bafokeng Holdings (Pty) Limited 436   436       436   436     Due to the absence of repayment dates, fair value is not determinable.