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288 <strong>Telkom</strong> Annual Report 2009 Notes to the annual financial statements (continued) for the three years ended March 31, 2009 13. FINANCE LEASE RECEIVABLES The Company 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 certain customer 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 345 135 210 – Unearned finance income (80) (30) (50) – Present value of minimum lease payments 265 105 160 – Lease receivables 265 105 160 – 2007 Minimum lease payments Lease payments receivable 273 92 181 – Unearned finance income (66) (21) (45) – Present value of minimum lease payments 207 71 136 – Lease receivables 207 71 136 –
Notes to the annual financial statements (continued) for the three years ended March 31, 2009 <strong>Telkom</strong> Annual Report 2009 289 2007 2008 2009 Rm Rm Rm 14. DEFERRED TAXATION (990) (1,347) (198) Opening balance (469) (990) (1,347) Income statement movements (521) (357) 1,149 Temporary differences (520) (412) 1,255 Capital allowances (467) (446) (310) Provisions and other allowances (94) 191 199 Capital gains taxation asset – – 1,279 Secondary taxation credits raised/(utilised) 41 (157) 87 Underprovision prior year (1) – (106) Change in taxation rate – 55 – The balance comprises: (990) (1,347) (198) Capital allowances (2,527) (2,870) (3,181) Provisions and other allowances 1,197 1,340 1,434 Capital gains taxation asset – – 1,279 STC taxation credits 340 183 270 Deferred taxation balance is made up as follows: (990) (1,347) (198) Deferred taxation assets 340 183 1,549 Deferred taxation liabilities (1,330) (1,530) (1,747) Unutilised STC credits 2,718 1,830 2,700 Secondary taxation on companies (STC) is provided for at a rate of 10% on the amount by which dividends declared by the Company 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 tax on capital gains tax (CGT) base cost of the Vodacom Group (Proprietary) Limited and Swiftnet (Proprietary) Limited (Swiftnet) investments that will be utilised against the future CGT liability on the Vodacom and Swiftnet transactions. It is considered probable that these credits will be utilised in the future. The asset will be released as a taxation expense when dividends are declared and when the CGT liability arises. The deferred taxation liability increased mainly due to the increase in the difference between the carrying value and taxation value of assets, as a result of the change in the estimate of useful lives of assets.
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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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144 Telkom Annual Report 2009 Conso
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146 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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