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194 Telkom Annual Report 2009 Notes to the consolidated annual financial statements (continued) for the three years ended March 31, 2009 2007 2008 2009 Rm Rm Rm 19. TRADE AND OTHER RECEIVABLES 7,303 8,986 5,980 Trade receivables 6,557 7,695 4,698 Gross trade receivables 6,792 7,985 5,022 Impairment of receivables (235) (290) (324) Prepayments and other receivables 746 1,291 1,282 Impairment allowance account for receivables 235 290 324 Opening balance 290 235 290 Charged to selling, general and administrative expenses 153 300 368 Receivables written-off (208) (245) (334) Refer to note 13 for detailed credit risk analysis. 20. OTHER FINANCIAL ASSETS AND LIABILITIES Other financial assets consist of: 259 614 1,202 Held-to-maturity Repurchase agreements – – 1,046 At fair value through profit or loss 259 614 156 Bills of exchange 98 – – Interest rate swaps 16 9 4 Forward exchange contracts 145 589 152 Other financial assets – 16 – Repurchase agreements Telkom manages a portfolio of repurchase agreements in the South African capital and money markets, with a view to generating additional investment income on the favourable interest rates provided on these transactions. Interest received from the borrower is based on the current market related yield. There were no repurchase agreements held at March 31, 2008 and 2007. Bills of exchange The fair value of bills of exchange has been calculated at with reference to the Bond Exchange of South Africa quoted prices. Other financial liabilities consist of: (229) (1,290) (228) Non-current portion of other financial liabilities Other (36) – – Put option at fair value through profit or loss Current portion of other financial liabilities – (919) – At fair value through profit or loss (193) (371) (228) Put option at fair value through profit or loss (125) (198) – Interest rate swaps (26) – (72) Forward exchange contracts (42) (173) (156)
Telkom Annual Report 2009 195 Notes to the consolidated annual financial statements (continued) for the three years ended March 31, 2009 2007 2008 2009 Rm Rm Rm 21. NET CASH AND CASH EQUIVALENTS 308 (208) 1,282 Net cash and cash equivalents attributable to continuing operations 308 (208) 1,804 Cash shown as current assets 749 1,134 1,931 Cash and bank balances 649 664 1,361 Short-term deposits 100 470 570 Credit facilities utilised (441) (1,342) (127) Net cash and cash equivalents attributable to disposal groups – – (522) Cash at banks and short-term deposits attributable to disposal groups – – 580 Credit facilities utilised – – (1,102) Undrawn borrowing facilities 8,658 7,565 6,237 The undrawn borrowing facilities are unsecured, when drawn bear interest at a rate that will be mutually agreed between the borrower and lender at the time of drawdown, have no specific maturity date and are subject to annual review. The facilities are in place to ensure liquidity. At March 31, 2009, R3,000 million of these undrawn facilities were committed by Telkom. Borrowing powers To borrow money, Telkom’s directors may mortgage or encumber Telkom’s property or any part thereof and issue debentures, whether secured or unsecured, whether outright or as security for debt, liability or obligation of Telkom or any third party. For this purpose the borrowing powers of Telkom are unlimited, but are subject to the restrictive financial covenants of the loan facilities indicated on note 28.
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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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142 Telkom Annual Report 2009 Conso
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244 Telkom Annual Report 2009 Notes
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346 VOTING AND PROXIES Ordinary sha
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Notes Telkom Annual Report 2009 1.
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