2019 Integrated Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2019 140 | PPS INTEGRATED REPORT 2019 16. BORROWINGS Group Carrying amount and fair value 2019 2018 R’000 R’000 Amortised cost Mortgage loans (Secured) 135 635 147 168 Minority shareholder loans in PPS Property Fund Trust (Unsecured) 30 609 26 520 Total borrowings 166 244 173 688 Current 25 838 24 602 Non-current 140 406 149 086 Mortgage loans bear interest at between prime less 0.5% and prime less 1% and are payable over the period to 2026. Minority shareholder loans in PPS Property Fund Trust carry interest at prime less 1%. These loans are payable between 31 October 2022 and 6 March 2029. 17. DEFERRED TAX Group 2019 2018 R’000 R’000 Deferred tax assets: Provisions 83 987 70 280 Tax losses carried forward 86 411 73 999 End of year 170 398 144 279 Deferred tax liabilities: Unrealised gains on investments 125 834 54 138 Unrealised gains on land and buildings revaluation 11 811 3 324 End of year 137 645 57 462 Current asset 83 987 70 280 Non-current asset 86 411 73 999 Non-current liability 137 645 57 462 The tax rate applied to unrealised gains on land and buildings revaluation was increased from 12% (recovery through sale) to 30% (recovery through use) in 2019.