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Notes to the consolidated annual financial statements l Note 30
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| Rm | Rm | Rm | |||||||||
| 30. | CONTINGENT LIABILIATIES | ||||||||||
| Bills, lease and hire-purchase agreements discounted with recourse, other guarantees and claims | 1 688 | 1 440 | 1 316 | ||||||||
| Buyback and repurchase commitments not reflected on the statement of financial position | 288 | 131 | 161 |
| The related assets are estimated to have a value at least equal to the repurchase commitment.
The group has given guarantees to the purchaser of the coatings Australian business relating to environmental claims. The guarantees are for a maximum period of eight years up to July 2015 and are limited to the sales price received for the business. Freeworld Coatings Limited is responsible for the first AUD5 million of any claim in terms of the unbundling arrangement. There are no material contingent liabilities in joint venture companies. The equipment failure reported by a customer in the 2012 integrated report and the 2013 interim report has been substantially rectified and following negotiations with the suppliers and the contractor we do not expect any additional material loss to the company. |
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