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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) 22.4 Fair values At 31 March 2011 the carrying amount of bank balances and cash, deposits, trade and other receivables, contracts in progress and trade and other payables approximated their fair values due to the short-term maturities of these assets and liabilities. Basis for determining fair values Interest free employee loans The fair value of interest free employee loans is calculated based on the present value of future cash fl ows, discounted at the market rate of interest at the reporting date. Trade and other receivables and trade and other payables The fair value of trade and other receivables and trade and other payables is calculated based on the present value of future cash fl ows, discounted at the average return on investment rate at the reporting date. 22.5 Fair value hierarchy The table below analyses fi nancial instruments carried at fair value, by valuation method. The different levels have been defi ned as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). Level 1 Level 2 Level 3 Total 31 March 2011 Derivative fi nancial liabilities (28) (28) 31 March 2010 Derivative fi nancial liabilities (115) (115) 160
23 RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATING ACTIVITIES GROUP CSIR 2011 2010 2011 2010 R’000 R’000 R’000 R’000 Operating profit for the year before taxation 33 955 57 729 35 511 52 422 Adjusted for: Profi t on disposal of interests in subsidiaries, joint ventures and associates - (559) - - Depreciation and amortisation 42 067 42 787 41 493 42 142 Net unrealised foreign exchange loss 1 619 7 254 1 676 8 411 Net fi nance income (54 798) (71 316) (53 180) (68 769) Post-retirement medical benefi ts 909 1 013 909 1 013 Straight-lining adjustment of operating leases (148) 45 (148) 45 Leave accrual and warranty provision 3 912 7 080 3 939 8 126 Impairments/(reversals of impairments) 187 (6 944) (813) (7 252) Loss/(profi t) on disposal and write-off of property, plant and equipment 5 506 (647) 5 499 (658) Share of (profi t)/loss of joint ventures and associates (119) 214 - - Bad debt written off 544 3 558 544 3 558 Write-down of inventory to net realisable value 230 - 230 - Operating profit before changes in working capital 33 864 40 214 35 660 39 038 Decrease in trade and other receivables 10 020 13 444 6 247 38 154 Increase in inventory and contracts in progress (9 427) (4 676) (7 900) (5 692) Increase/(decrease) in advances received 134 683 (77 791) 134 683 (77 791) Increase/(decrease) in trade and other payables and provisions 76 998 (30 266) 76 799 (36 505) Net working capital changes 212 274 (99 289) 209 829 (81 834) Cash generated/(utilised) from operating activities 246 138 (59 075) 245 489 (42 796) 161 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
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Report of the Audit and Risk Commit
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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 and 158: 22 FINANCIAL INSTRUMENTS (continued
Page 159 and 160: 22 FINANCIAL INSTRUMENTS (continued
Page 161: 22 FINANCIAL INSTRUMENTS (continued
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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