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192 Telkom Annual Report 2009 Notes to the consolidated annual financial statements (continued) for the three years ended March 31, 2009 15. DEFERRED REVENUE AND DEFERRED EXPENSES 2007 2008 2009 Rm Rm Rm Deferred revenue 3,004 3,721 2,711 Non-current deferred revenue 1,021 1,128 997 Current portion of deferred revenue 1,983 2,593 1,714 Deferred expenses 557 583 55 Non-current deferred expenses 270 221 55 Current portion of deferred expenses 287 362 – Included in non-current deferred expenses and revenue for the financial year end March 31, 2008 and 2007 is Vodacom unactivated starter packs. 16. FINANCE LEASE RECEIVABLES The Group provides voice and non-voice services to its customers, which make use of router and PABX equipment that is dedicated to specific customers. The disclosed information relates to those arrangements which were assessed to be finance leases in terms of IAS17. Total < 1 year 1 – 5 years > 5 years Rm Rm Rm Rm 2009 Minimum lease payments Lease payments receivable 360 142 219 – Unearned finance income (85) (33) (53) – Present value of minimum lease payments 275 109 166 – Lease receivables 275 109 166 – 2008 Minimum lease payments Lease payments receivable 452 196 256 – Unearned finance income (80) (30) (50) – Present value of minimum lease payments 372 166 206 – Lease receivables 372 166 206 – 2007 Minimum lease payments Lease payments receivable 312 110 202 – Unearned finance income (66) (22) (44) – Present value of minimum lease payments 246 88 158 – Lease receivables 246 88 158 –
Telkom Annual Report 2009 193 Notes to the consolidated annual financial statements (continued) for the three years ended March 31, 2009 2007 2008 2009 Rm Rm Rm 17. DEFERRED TAXATION (1,123) (1,374) (1,068) Opening balance (587) (1,123) (1,374) Transferred to disposal group – – 281 Income statement movements (516) (219) 164 Temporary differences (515) (331) (152) (Underprovision)/overprovision prior year (1) 53 (138) Capital gains taxation asset – – 454 Change in taxation rate – 59 – Business combinations (16) (65) (137) Foreign currency translation reserve and foreign equity revaluation (4) 33 (2) The balance comprises: (1,123) (1,374) (1,067) Capital allowances (3,325) (3,841) 3,210) Provisions and other allowances 1,719 2,008 1,416 Taxation losses 113 276 – Capital gains taxation asset – – 454 STC taxation credits 370 183 273 Deferred taxation balance is made up as follows: (1,123) (1,374) (1,067) Deferred taxation assets 593 605 756 Deferred taxation liabilities (1,716) (1,979) (1,823) Unutilised STC credits 2,958 1,830 2,730 Secondary taxation on companies (STC) is provided for a rate of 10% on the amount by which dividends declared by Telkom exceeds dividends received. The deferred taxation asset is raised as it is probable that it will be utilised in future. The asset will be released as a taxation expense when dividends are declared. The deferred taxation asset represents STC credits on past dividends received that are available to be utilised against dividends declared. The deferred taxation asset also includes deferred taxation on temporary differences arising on investments that were classified as held for sale in the period as well as STC credits on past dividends received. 18. INVENTORIES 1,093 1,287 1,974 Gross inventories 1,275 1,535 2,165 Write-down of inventories to net realisable value (182) (248) (191) Inventories consist of the following categories: 1,093 1,287 1,974 Installation material, maintenance material and network equipment 811 895 1,051 Merchandise 282 392 923 Write-down of inventories to net realisable value 182 248 191 Opening balance 102 182 248 Transferred to disposal group – – (50) Charged to selling, general and administrative expenses 154 164 167 Inventories written-off (74) (98) (174) Inventory levels as at March 31, 2009, 2008 and 2007 have increased due to the accelerated roll-out of the Next Generation Network required to improve customer service, and the acquisition of merchandise for the W-CDMA roll-out.
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We are... one of Africa’s largest
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Telkom shareholding as at March 31,
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Grow profitable revenue through wir
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600 500 400 300 200 100 0 07 08 09
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The telecommunications industry Con
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egulation that stipulated standard
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a - Euros a - Euros a - Euros 0.25
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ated management team with experienc
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The regulatory environment The regu
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On target for 2010 Telkom Annual Re
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Online impairments, the fixed-line
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• Remodelling - reaching for new
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in this annual report has been upda
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Capital expenditure for the Group i
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More than100 years of combined tele
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Management team Telkom Annual Repor
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Telkom Annual Report 2009 33 Age at
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uild a partnership with communities
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Customers: Through our Customer Cen
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• Interfacing with the media Whil
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Partnering with Human Resources Gro
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The members’ resignations and app
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Share dealings In line with JSE Lis
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NYSE rules Telkom practice Telkom A
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the codes of conduct and ethics tha
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Telkom Annual Report 2009 51 Enterp
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provider, we practice a risk manage
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egulate the business of dealers in
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addressing a number of significant
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There was a major Over the past dec
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payment policy that facilitates the
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Headcount movement Compensation and
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• Accelerated development of wome
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14,500 union members participated i
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were admitted to the university in
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ole in exposing students to the rea
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Sick leave indices • We saved R2
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These will be augmented by another
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Some of the key deliverables are:
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Fittingly, the initiative was launc
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Sponsorships Sponsorships continue
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Item Comment and reference Governan
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espond to competitive challenges Pe
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Operational review History and deve
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service. All costs including instal
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Traffic was adversely affected in b
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Telkom’s focus on bringing new in
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esponse of the CDMA operators to ou
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MWEB Africa On April 21, 2009, we a
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VPN model that allows other service
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services and also to support Telkom
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Telkom’s fixed-line voice busines
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Results of operations The Telkom Gr
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EBITDA can be reconciled to operati
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Telkom Annual Report 2009 109 Finan
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Fixed-line operating revenue increa
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The following table sets forth info
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Interconnection revenue Year ended
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Telkom Annual Report 2009 117 Fixed
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Fixed-line payments to other networ
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Service fees increased in the year
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Vodacom’s operating revenue from
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our fixed-line business, which were
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Vodacom’s selling, general and ad
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The increase in other operating rev
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commercial paper bills, as well as
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The following table sets forth our
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challeng Consolidated financial sta
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138 Telkom Annual Report 2009
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140 Telkom Annual Report 2009 Direc
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346 VOTING AND PROXIES Ordinary sha
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Notes Telkom Annual Report 2009 1.
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