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CSIR ANNUAL REPORT 2010/11
Notes to the Annual Financial Statements
for the year ended 31 March 2011
8INTEREST IN JOINT VENTURES AND ASSOCIATES
GROUP
CSIR
2011 2010 2011 2010
R’000 R’000 R’000 R’000
Cost of investments less impairment losses 1 1 1 1
Loans to joint ventures and associates 33 937 33 937 33 937 33 937
Share of post-acquisition losses (18 463) (18 582) - -
15 475 15 356 33 938 33 938
Impairment of joint ventures and associates (14 056) (13 869) (32 562) (32 439)
1 419 1 487 1 376 1 499
The loans to joint ventures and associates are interest free, unsecured and have no fi xed terms of repayment.
Agreements have been entered into between the CSIR and certain joint ventures and associates to subordinate the loans
made to those joint ventures and associates. The subordination agreements will remain in force for as long as the
liabilities of the relevant joint ventures or associates exceed their assets, fairly valued.
Details of the joint ventures and associates at 31 March 2011 are as follows:
Name of
joint venture/
associate
Place of
incorporation
Portion of
ownership
interest
Portion of
voting
power
held
Principal
activity
Carrying value
2011 2010
R’000 R’000
Financial
year-end
Joint ventures
Sera (Pty) Ltd South Africa 50% 50% Commercialisation
and licensing of
patents
14 056 13 869 31 March
Ellipsoid Technology
(Pty) Ltd
South Africa 50% 50% Development of
encapsulation
technology
1 419 1 487 31 March
Associates
Eyeborn (Pty) Ltd South Africa 26% 26% Holding, licensing
and exploitation of
intellectual property
technology
- - 31 March
15 475 15 356
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