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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 15 356 144
8INTEREST IN JOINT VENTURES AND ASSOCIATES (continued) The following are details of the signifi cant joint ventures’ and associates’ assets, liabilities, income and expenses: JOINT VENTURES GROUP ASSOCIATES GROUP 2011 2010 2011 2010 R’000 R’000 R’000 R’000 Current assets 28 229 30 020 16 113 Non-current assets 22 593 1 076 - - Current liabilities 42 564 366 16 113 Non-current liabilities 48 232 67 874 - - Income 1 775 1 834 142 245 Expenses 3 752 2 367 142 245 9INTEREST IN SUBSIDIARIES CSIR 2011 2010 R’000 R’000 Shares at cost less impairment losses 5 108 5 003 Indebtedness 21 088 22 526 - by subsidiaries 37 727 39 165 - impairment of loans (16 639) (16 639) 26 196 27 529 Details disclosed in Addendum A. The loans to subsidiaries are interest free, unsecured and have no fi xed terms of repayment. Agreements have been entered into between the CSIR and certain subsidiaries to subordinate the loans made to those subsidiaries. The subordination agreements will remain in force for as long as the liabilities of the relevant subsidiaries exceed their assets, fairly valued. 145 ANNUAL FINANCIAL STATEMENTS
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ANNUAL REPORT 2010/11
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5AUDIT REPORT 106 Report of the Aud
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contribution to the pursuit of scie
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engagement with all its stakeholder
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focuses on establishing new develop
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Nanotechnology, specifi cally nanos
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Infrastructure and associated opera
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uilt environment Getting to grips I
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uilt environment The Port of Doha,
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uilt environment Locally, the South
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The changing security environment p
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defence & security placed close tog
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defence & security recalled per tar
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defence & security communication an
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The demand for energy in South Afri
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energy required by the heliostat to
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For many South Africans, limited ac
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health group has hosted and trained
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health these devices now enables re
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The importance of manufacturing in
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industry advanced manufacturing can
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industry advanced manufacturing CSI
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industry advanced manufacturing tra
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industry advanced manufacturing tec
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industry advanced manufacturing One
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With its 495 000 workers and R162 b
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industry mining elimination of sili
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The natural environment is both an
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natural environment • South Afric
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natural environment is strongly rec
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natural environment Oceanography; B
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The CSIR’s work in information an
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ict The research has been documente
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ict The VOs are encouraged through
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ict allow engineers to make adjustm
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ict development and implementation
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Currently, marine research vessels
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ict their long-term athlete develop
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Publication equivalents allocated t
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Archibald S, Scholes RJ, Roy DP, Ro
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De Lange WJ, Wise RM, Forsyth GG, N
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Kumar R, Yakubu MK, Anandjiwala RD.
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405(12), p.2659-2663. Mishra SB, Mi
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Phasha MJ, Ngoepe PE, Chauke HR, Pe
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Van den Bergh F, Engelbrecht AP. 20
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J John MJ, Thomas S. 2010. Cellulos
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Wright C. 2010. Children’s sight
Page 95 and 96: CORPORATE GOVERNANCE 93
Page 97 and 98: are fairly presented in conformity
Page 99 and 100: CSIR. All subsidiary companies are
Page 101 and 102: CSIR Board Members (1 April 2010 -
Page 103 and 104: CSIR leadership team The CSIR manag
Page 105 and 106: Meetings 7 October 2010 24 March 20
Page 107 and 108: Report of the Audit and Risk Commit
Page 109 and 110: the fi nancial position of the Coun
Page 111 and 112: Role in the National System of Inno
Page 113 and 114: to accessing each other’s researc
Page 115 and 116: Table 2: Building and transforming
Page 117 and 118: The CSIR achieved outstanding perfo
Page 119 and 120: Significant progress was made in 20
Page 121 and 122: B Five-year review of income and ex
Page 123 and 124: 121 EXECUTIVE REPORT
Page 125 and 126: ANNUAL FINANCIAL STATEMENTS 123
Page 127 and 128: Statements of financial position as
Page 129 and 130: Statements of cash flows for the ye
Page 131 and 132: 1 PRINCIPAL ACCOUNTING POLICIES (co
Page 133 and 134: 1PRINCIPAL ACCOUNTING POLICIES (con
Page 141 and 142: 3OPERATING PROFIT GROUP The net ope
Page 143 and 144: 6PROPERTY, PLANT AND EQUIPMENT 2011
Page 145: 6PROPERTY, PLANT AND EQUIPMENT (con
Page 149 and 150: 13 DEFERRED TAx ASSET GROUP Balance
Page 151 and 152: 18 RETIREMENT BENEFITS OF EMPLOYEES
Page 153 and 154: 19 REMUNERATION OF BOARD MEMBERS, D
Page 155 and 156: 20 CONTINGENT LIABILITIES AND FACIL
Page 157 and 158: 22 FINANCIAL INSTRUMENTS (continued
Page 163 and 164: 23 RECONCILIATION OF OPERATING PROF
Page 165 and 166: 25 RELATED PARTY TRANSACTIONS (cont
Page 167 and 168: 26 SUBSEQUENT EVENTS 26.1 Satellite
Page 169 and 170: Interests of the CSIR Net indebtnes
Page 171 and 172: 169 2010 FIFA SOCCER WORLD CUP
Page 173 and 174: ACCESS Applied Centre for Climate a
Page 175 and 176: Printed on Hi-Q Titan Plus environm
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