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 200836 New standards, amendments and interpretations (CONTINUED)IFRIC 13 Customer Loyalty ProgrammesThe interpretation clarifies the application of IAS 18 to customer loyalty programmes. The interpretation requires anentity that grants loyalty award credits to allocate some of the initial proceeds from the initial revenue-generatingtransaction to the award credit as a liability (entity’s obligation to provide award). The award is accounted for as aseparate revenue generating transaction. The interpretation is effective for annual periods commencing on or after 1 July2008.The group has no customer loyalty programmes currently and the interpretation will have no effect on the group.IFRIC 14 IAS 10 The Limit on a Defined-benefit Asset, Minimum Funding Requirements and their InteractionThe interpretation addresses the implication of minimum funding requirements on the recognition of a defined-benefitobligation. The interpretation is effective for annual periods commencing on or after 1 January 2008.The group will adopt the interpretation on its effective date. Currently, the group’s defined-benefit plan is not fundedfrom separate plan assets. No effect is anticipated on adoption of the interpretation.106
EASTERN CAPE DEVELOPMENT CORPORATION 2007/08CONSOLIDATED ANNUAL FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 MARCH 2008SUPPLEMENTARY INFORMATION1 SubsidiariesCorporationName of SubsidiaryIssued sharecapitalRPercentageshareholdingShares at costless provisionRIndebtednessless provisionR’0002008ConsolidatedTDC Property Investments (Pty) LtdTransdev Properties (Pty) LtdCentre for Investment and Marketing in the Eastern Cape (CIMEC)Cimvest (Pty) LtdTranskei Share Investment Company LimitedAIDC Development Centre Eastern Cape (Pty) LtdTransido (Pty) LtdUmtata Small Industries Complex (Pty) LtdEast London Industrial Development Zone (Pty) LtdWindsor Hotel (Pty) LtdEastern Cape Marketing Authority (Pty) Ltd4,0002,000-120232,7571001,330,2004001,0001002100100100100987510010074100100-2,000--26,069,01675--74010023,454(3,769)10,564(4,893)(47,961)2,0017,048--462126,071,933 (33,093)2007ConsolidatedTDC Property Investments (Pty) LtdTransdev Properties (Pty) LtdCentre for Investment and Marketing in the Eastern Cape (CIMEC)Cimvest (Pty) LtdQ-Mec Koi Farm (Pty) LtdTranskei Share Investment Company LimitedAIDC Development Centre Eastern Cape (Pty) LtdTransido (Pty) LtdUmtata Small Industries Complex (Pty) LtdEast London Industrial Development Zone (Pty) LtdWindsor Hotel (Pty) LtdEastern Cape Marketing Authority (Pty) Ltd4,0002,000-120120232,7571001,330,2004001,0001002100100100100100987510010074100100-2,000---25,989,64375--7401,00024,04518011,081(3,864)-(48,168)5,0008,530--38-25,993,460 (23,158)Non-consolidation of equity interests exceeding 50%Certain of the Group’s equity investments have not been included in the consolidated annual financial statements asthe Group does not exercise any control over their operations. The entities affected are Coega Development Corporation(Proprietary) Limited, Magwa Enterpise Tea (Proprietary) Limited and TIDC (Association incorporated under section 21)Ikhala Aloe has not been consolidated as the shareholding was only acquired as security and the company’s financialinformation is not material to the Group.Entities which were not equity-accountedCertain equity investments in which the Group holds 20% or more of the equity have not been equity accounted as theinvestments were only acquired to protect loan advances. The entities affected are Border Copiers and S&P Kareedow.Availability of informationA subsidiary, Windsor Hotel (Proprietary) Limited, and an associate, Bushman Sands Developments (Proprietary)Limited, have been consolidated on the basis of limited information due to financial statements for the year ended 31March 2008 not being available.Share certificatesThe corporation currently does not hold share certificates to substantiate its shareholding in one of its subsidiariespending the resolution of certain legal and administrative matters. The subsidiary affected is Transdev (Proprietary)Limited.107
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HUMAN RESOURCES MANAGEMENT2007/08 A
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INVESTMENT PROMOTION2007/08 ANNUAL
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DEVELOPMENT SUPPORT SERVICES2007/08
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PHOTOGRAPH: The Automotive Supplier
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2007 / 2008 Annual Report - Eastern Cape Development Corporation

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