2007 / 2008 Annual Report - Eastern Cape Development Corporation

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EASTERN CAPE DEVELOPMENT CORPORATION 2007/08NOTES TO THECONSOLIDATED ANNUAL FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 MARCH 200832 Related partiesRelationshipsSubsidiaries Refer to Annexure 1ShareholderDepartment of Economic Development and Environmental Affairs(DEDEA)DirectorsRefer to paragraph 13 to the Director’s Report.Key management and other senior managersEastern Cape Development CorporationM.D. Matshamba (Chief Executive Officer)M. Daca (Executive Manager: Finance)C. Biermann (Executive Manager: Development Investments)East London Industrial Development Zone (Proprietary) LimitedS. Kondlo (Chief Executive Officer)N. Madyibi (Chief Financial Officer)J. Burger (Executive Manager: Technical Services)T. Gwintsa (Executive Manager: Investor Services)T. Zweni (Executive Manager: Business Development)AIDC Development Centre Eastern Cape (Proprietary) LimitedJ. Manilal (Acting Chief Executive Officer)Related party balancesSubsidiaries and associatesRelated party balances with subsidiaries and associates are disclosed in Note 6: Loans to / (from) subsidiaries andassociates.Other related partiesThe Corporation acquires equity investments in certain entities to which it has advanced loan funds as security for theseloans or as part of its investment strategy. Outstanding balances with these entities were as follows:Related Party Preference shares Other receivables Loan balance Accumulated impaimentBorder CopiersRoad Safety ApparelMagwa Tea Enterprise (Proprietary) LimitedS&P KareedouwIkhala AloesZingisi Forest Products-----3,061--3,402---6,5444325341,5361,181-(1,100)(432)(3,936)-(1,181)-3,061 3,402 10,227 (6,649)Related party transactionsSubsidiaries and associatesInterest from subsidiariesInterest received from associatesImpairment expense - loans to associatesManagement feesRent paid to subsidiaries2008R’000Group2007R’0002008R’000Corporation-2,413(772)6641,5022007R’0006,152----Details in respect of directors’ fees are disclosed in note 33 to the annual financial statements and paragraph 13 to theDirectors’ Report.98
EASTERN CAPE DEVELOPMENT CORPORATION 2007/0832 Related parties (CONTINUED)Eastern Cape Provincial Government EntitiesThe Corporation leases properties to the following Eastern Cape provincial government entities at market relatedrentals:GroupCorporation2008R’0002007R’0002008R’0002007R’000Rent billingsProvincial GovernmentEastern Cape Provincial LegislatureDepartment of Sports, Arts, Recreation and CultureDepartment of TransportDepartment of Public WorksDepartment of Health40104397616136943568145420 378Compensation to key management and other senior managersShort-term employee benefits 9,419 8,376 4,659 4,354Contributions to post employment benefit fundEmployerEmployee3,4631,8313,4111,5123,2821,7143,2501,5125,294 4,923 4,996 4,762Other related partiesThe Corporation acquires equity investments in certain entities to which it has advanced loan funds as security for theseloans or as part of its investment strategy. Transactions with these entities during the period were as follows:Related partyBorder CopiersMagwa Tea Enterprise (Proprietary) LimitedS&P KareedouwZingisi Forest Products33 Directors’ emolumentsNon-executiveInterestreceived614-79-Dividendsreceived---42Impairmentexpense(1,100)(3,936)--693 42 (5036)2008 Fees OtherexpensesFor service as directors 245 180 425Total2007 Fees OtherexpensesFor service as directors 529 512 1,041TotalFurther details in respect of director’s fees are disclosed in paragraph 13 to the Director’s Report.99
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HUMAN RESOURCES MANAGEMENT2007/08 A
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INVESTMENT PROMOTION2007/08 ANNUAL
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2007 / 2008 Annual Report - Eastern Cape Development Corporation

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