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26
SUBSEQUENT EVENTS
26.1 Satellite Application Centre (SAC)
In terms of the South African National Space Agency Act, Act No 36 of 2008, the South African National Space
Agency (SANSA) was established as a separate public entity, the Executive Authority of which is the Minister of Science
and Technology.
Pursuant to the said Act, all rights, obligations, assets and liabilities acquired or incurred by the Satellite Applications
Centre (SAC) are, by agreement, transferred to SANSA as from 1 April 2011 and similarly all employees of the former
SAC are transferred to SANSA.
Profit attributable to SAC is as follows:
Revenue 85 573
Employees’ remuneration (23 701)
2011
R’000
Operating expenses (58 424)
Profi t for the year 3 448
Assets and liabilities attributable to SAC are as follows:
Assets
Non-current assets 17 965
Property, plant and equipment 17 965
Current assets 20 344
Trade and other receivables 4 036
Inventory and contracts in progress 192
Bank balances and cash on hand 16 116
Total assets 38 309
Equity and liabilities
Reserves 25 693
Retained earnings 25 693
Current liabilities 12 616
Advances received 4 930
Trade and other payables 7 686
Total equity and liabilities 38 309
165 ANNUAL FINANCIAL STATEMENTS