Download the Annual report 2011 - Unisa

UNISA ANNUAL REPORT 2011
Table 6: Consolidated statement of comprehensive income
¹ Includes earmarked funding of R275.635 million (2009: R279.643 million)
² Includes earmarked funding expenses of R287.189million (2010: R269.643 million)
³ Includes earmarked funding expenses of R127.322 million (2010: R128.550 million) for Teaching and Research Development
4 Includes earmarked funding expenses of R6.157 million (2010: R5.233 million) for Strategic Projects, R148.313 million (2010: R151.093
million) for Teaching and Research Development and R5.397 million (2010: R2.430 million) for staff restructuring
During the year under review the following transfers
were made to reserves:
Business continuity reserve R13.9 million
New buildings reserve R9.3 million
Renewal & replacement of
buildings reserve R9.3 million
Maintenance reserve R9.3 million
ICT renewal reserve R4.7 million
2011 2010 2009 2008 2007
R’000 R’000 R’000 R’000 R’000
Total revenue 4 652 785 ¹ 4 299 313 ¹ 3 602 721 ¹ 3 000 047 ¹ 2 942 283
State subsidies & grants 1 801 537 ¹ 1 607 194 ¹ 1 360 546 ¹ 1 211 494 ¹ 1 057 446
Tuition fee & other revenue 2 181 896 1 828 607 1 536 759 1 389 577 1 192 523
Total expenditure 4 012 848 ² 3 501 628 ² 3 212 306 ² 2 800 356 ² 2 563 285
Personnel costs 2 472 076 ³ 2 231 920 ³ 2 010 106 ³ 1 655 146 ³ 1 575 462
Operating expenses 1 224 213 4 1 154 076 4 1 003 554 4 1 044 915 4 910 776
Analysis of ratios
Table 7: Important financial ratios
Conclusion
Despite some challenges in 2011, Unisa has maintained
and improved its financial position and sustainability.
With its history of good corporate governance and continuous
record of unmodified auditors’ reports, the university
deserves its reputation for sound financial
planning, management and reporting.
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The balances of reserve accounts at the end of 2011
were as follows:
Business continuity reserve R919 million
New buildings reserve R598 million
Renewal & replacement of
buildings reserve R301 million
Maintenance reserve R42 million
ICT renewal reserve R33 million
These reserves are matched with investments.
2011 2010 2009 2008 2007
Current ratio 6.43:1 5.51:1 4.82:1 4.95:1 4.61:1
Quick ratio 6.31:1 5.38:1 4.73:1 4.87:1 4.55:1
Cash ratio
Surplus margin as a percentage of
6.04:1 5.07:1 4.56:1 4.54:1 4.26:1
total revenue
Subsidies and grants as a percentage
13.78% 18.55% 10.84% 6.66% 10.88%
of total revenue
Tuition fee and other revenue as a
32.54% 30.69% 37.77% 40.38% 35.94%
percentage of total revenue
Personnel costs as a percentage
46.89% 42.53% 42.66% 46.32% 40.53%
of total expenditure
Operating expenses as a percentage
61.60% 68.05% 62.6% 59.00% 61.46%
of total expenditure 30.51% 32.96% 31.24% 37.31% 35.53%
Free cash flow R210 772 R631 080 R114 708 R19 269 (R64 140)