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CSIR ANNUAL REPORT 2010/11 Notes to the Annual Financial Statements for the year ended 31 March 2011 22 FINANCIAL INSTRUMENTS (continued) 22.1 Market risk (continued) GROUP 2011 2010 R’000 R’000 Variable rate instruments: Carrying amount Financial assets: Call deposits 261 289 193 724 Financial assets: Bank balances 179 663 87 764 440 952 281 488 Sensitivity analysis An increase of 100 basis points in interest rates at the reporting date would have increased equity and profi t and loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis for 2010. Variable rate instruments 4 410 2 815 A decrease of 100 basis points would have had the equal but opposite effect to the amounts shown above. 22.2 Credit risk Credit risk is the risk of fi nancial loss to the Group if a customer or counterparty to a fi nancial instrument fails to meet its contractual obligations, and arises principally from the Group’s bank balances and deposits, trade and other receivables and loans to joint ventures, associates and subsidiaries. Trade and other receivables and loans to joint ventures, associates and subsidiaries Trade and other receivables and loans to joint ventures, associates and subsidiaries are presented net of impairment losses. Credit risk with respect to trade receivables is limited due to the large number of customers comprising the Group’s customer base and their dispersion across different industries and geographical areas. Accordingly, the Group does not have a signifi cant concentration of credit risk. The carrying amounts of fi nancial assets included in the statement of fi nancial position represent the Group’s exposure to credit risk in relation to these assets. The Group does not have any signifi cant exposure to any individual customer or counterparty. Bank balances and deposits The Group’s bank balances and cash are placed with high credit, quality fi nancial institutions. Guarantees Refer to note 20 for details on bank guarantees issued with respect to facilities. 156
22 FINANCIAL INSTRUMENTS (continued) 22.2 Credit risk (continued) GROUP 2011 2010 R’000 R’000 Exposure to credit risk The carrying amount of fi nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: Held-to-maturity investments: - Current fi xed deposits 567 795 518 115 Other cash and cash equivalents: - Call deposits 261 289 193 724 - Bank balances 179 663 87 764 - Cash on hand and cash deposits 656 379 Loans and receivables: - Trade and other receivables 118 509 128 752 - Contracts in progress less provision for losses 85 713 76 868 1 213 625 1 005 602 The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was: Local public 76 253 71 173 Local private 727 22 611 International 15 772 19 063 92 752 112 847 The Group’s most signifi cant customers are government institutions. 157 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
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CORPORATE GOVERNANCE 93
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are fairly presented in conformity
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CSIR. All subsidiary companies are
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CSIR Board Members (1 April 2010 -
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CSIR leadership team The CSIR manag
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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 and 146: 6PROPERTY, PLANT AND EQUIPMENT (con
Page 147 and 148: 8INTEREST IN JOINT VENTURES AND ASS
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: 22 FINANCIAL INSTRUMENTS (continued
Page 161 and 162: 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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