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 200835 Categories and fair value of financial instruments (CONTINUED)Financial liabilities by category - Group - 2008Interest bearing borrowingsTrade and other payablesAmortisedcost19,08458,865Total CarryingAmount19,08458,865Total 77,949 77,949Financial liabilities by category - Group - 2007Interest bearing borrowingsTrade and other payablesAmortisedcost20,50563,541Total CarryingAmountTotal 84,046 84,046Financial assets by category - Corporation - 2008InvestmentsLoans advancedTrade and other receivablesCash and cash equivalentsDesignatedat fair valuethroughprofit or loss---304,110Held tomaturity60,680---Loans andreceivables-108,25614,322-Available forsale financialassets82,770---20,50563,541Total CarryingAmount143,450108,25614,322304,110Total 304,110 60,680 122,578 82,770 570,138Financial assets by category - Corporation - 2007InvestmentsLoans advancedTrade and other receivablesCash and cash equivalentsDesignatedat fair valuethroughprofit or loss---288,120Held tomaturity54,389---Loans andreceivables-101,88813,032-Available forsale financialassets4,700---Total CarryingAmount59,089101,88813,032288,120Total 288,120 54,389 114,920 4,700 462,129Financial liabilities by category - Corporation - 2008Interest bearing borrowingsTrade and other payablesAmortisedcost19,08423,634Total CarryingAmountTotal 42,717 42,717Financial liabilities by category - Corporation - 2007Interest bearing borrowingsTrade and other payablesAmortisedcost20,50529,52919,08423,634Total CarryingAmountTotal 50,034 50,03420,50529,529102
EASTERN CAPE DEVELOPMENT CORPORATION 2007/0835 Categories and fair value of financial instruments (CONTINUED)35.2 Fair value of financial instrumentsCarryingAmount2008 2007Fair valueCarryingAmountFair valueGroup R’000 R’000 R’000 R’000Financial assetsInvestments- Fixed term investments- Other investments- Listed shares at fair value- Unlisted shares at fair value- Unlisted shares at costLoans advancedTrade and other receivablesCash and cash equivalents48,78911,89172375,0007,770108,26934,733435,29048,78911,89172375,000-Refer 35.3.4Refer 35.3.1435,29043,49410,8957308213,879101,90029,178347,05343,49410,895730--Refer 35.3.4Refer 35.3.1347,053722,465 571,693 537,950 402,172Financial liabilitiesInterest bearing borrowingsTrade and other payables19,08458,865Refer 35.3.4Refer 35.3.120,50563,541Refer 35.3.4Refer 35.3.177,949 - 84,046 -CorporationFinancial assetsInvestments- Fixed term investments- Other investments- Unlisted shares at fair value- Unlisted shares at costLoans advancedTrade and other receivablesCash and cash equivalents48,78911,89175,0007,770108,25614,322304,11048,78911,89175,000-Refer 35.3.4Refer 35.3.1304,11043,49410,8958213,879101,88813,032288,12043,49410,895--Refer 35.3.4Refer 35.3.1288,120570,138 439,790 462,129 342,509Financial liabilitiesInterest bearing borrowingsTrade and other payables19,08423,633Refer 35.3.4Refer 35.3.120,50529,529Refer 35.3.4Refer 35.3.142,717 - 50,034 -35.3 Determination of fair value35.3.1 Financial instruments with short-term maturitiesAt year end the carrying amounts of cash and cash equivalents, accounts receivable and accounts payableapproximated their fair values due to the short-term maturities of these assets and liabilities.35.3.2 Unlisted shares carried at fair valueDuring the year, the Corporation’s investment in Singisi Forest Products was revalued to its fair value of R 75 million.The fair value was determined with reference to an offer to purchase the equity instruments and a subsequent valuationperformed by an independent external firm of accountants and auditors.103
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HUMAN RESOURCES MANAGEMENT2007/08 A
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PHOTOGRAPH: Alicedale, home to the
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INVESTMENT PROMOTION2007/08 ANNUAL
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PHOTOGRAPH: The Mercedes Benz South
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DEVELOPMENT SUPPORT SERVICES2007/08
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2007 / 2008 Annual Report - Eastern Cape Development Corporation

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