Page 143 - Neal and Massy Holdings Annual Report 2012

141 forward focused
23 Borrowings (continued)
2012 2011
$ $
Group total
Bank overdrafts and other short term borrowings 22,843 20,528
Current loan instalments 765,404 708,435
788,247 728,963
Total borrowings include secured liabilities of $737,679 (2011: $317,019). Secured liabilities for discontinued operations amounted to
$378,331 (2011: $465,505). Bank borrowings are secured by the land and buildings of the Group.
The exposure of the Group’s borrowings to interest rate changes and the contractual repricing dates at the statement of financial
position dates are as follows:
2012 2011
$ $
Continuing operations:
6 months or less 4,038 4,616
6-12 months 387,192 243,445
1-5 years 695,070 790,784
Over 5 years 369,676 379,010
1,455,976 1,417,855
The carrying amount and fair value of the borrowings excluding bank overdrafts and short term borrowings are as follows:
Carrying amount Fair value
2012 2011 2012 2011
$ $ $ $
Continuing operations:
Fixed interest mortgage loans 64,625 70,076 64,625 70,076
Other secured advances 737,679 317,019 737,679 334,865
Unsecured advances 649,634 1,026,144 649,634 1,026,144
1,451,938 1,413,239 1,451,938 1,431,085
The carrying amounts of short-term borrowings and current borrowings approximate their fair value. The fair values are based on cash
flows discounted using a rate based on the borrowing rate of 6% (2011: 6%).