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 20083 Property, plant and equipment (CONTINUED)Reconciliation of property, plant and equipment - Group - 2007LandBuildings and infrastructurePlant and machineryFurniture and fixturesMotor vehiclesOffice equipmentIT equipmentOther equipmentOpeningbalance17,153209,775699071573883,901881Additions-380,035-3052731072,091204Transfers anddisposals(232)(191,220)(7)---(6)(18)Depreciation Impairment loss Total-(6,298)(20)(225)(53)(172)(2,007)(459)-3,433-(4)(7)(2)(1)-16,921395,725429833703213,978608233,231 383,015 (191,483) (9,234) 3,419 418,948Reconciliation of property, plant and equipment - Corporation - 2008LandBuildingsFurniture and fixturesMotor vehiclesOffice machinery and equipmentIT equipmentOther equipmentOpeningbalance3,00012,186466591502,656397Additions Transfers Depreciation Total-781545-453638265935------(299)(230)(25)(111)(1,720)(199)3,26513,60378134841,29920618,914 1,742 1,200 (2,584) 19,272Reconciliation of property, plant and equipment - Corporation - 2007LandBuildingsFurniture and fixturesMotor vehiclesOffice machinery and equipmentIT equipmentOther equipmentOpeningbalance3,00011,274528832603,454549Additions Disposals Depreciation Total-1,194104-20793169-----(5)(13)-(282)(166)(24)(130)(1,586)(308)3,00012,186466591502,65639719,148 2,280 (18) (2,496) 18,9144 Investments in subsidariesGroupCorporation2008R’0002007R’0002008R’0002007R’000Investments in subsidiaries at costImpairment of investments in subsidiaries27,405(1,334)27,402(1,334)26,071 26,068Details of the Corporations subsidiaries are disclosed in Annexure 1.86
EASTERN CAPE DEVELOPMENT CORPORATION 2007/085 Investments in associatesReconciliation of carrying amount 2008R’000Investments in associates at costShare of associates’ earnings since acquisitionShare of associates’ losses since acquisitionGroup5,6543,440(3,000)2007R’0005,6541,972(3,000)2008R’000Corporation3,000--2007R’0003,000--6,094 4,626 3,000 3,000Bushmans Sands Development (Proprietary) LimitedAssetsLiabilitiesRevenueLoss for the period22,95869,83616,998(12,344)29,14269,83649,929(14,998)22,95869,83616,998(12,344)22,95869,83649,929(14,998)Unrecognised lossesUnrecognised share of losses for the yearAccumulated unrecognised share or losses(2,469)(10,130)(3,000)(7,727)(2,469)(10,130)(3,000)(7,727)The above information is based on the unaudited financial statements of Bushman Sands Developments (Proprietary)Limited and its wholly owned subsidiary, Bushman Sands Hospitality (Proprietary) Limited, for the year ended 30September 2007. The Group holds a 20% (2007: 20%) interest in the associate.Holiday Inn TranskeiAssetsLiabilitiesRevenueProfit for the period18,2036,47726,1383,00614,5945,87424,3803,311--------The above information is based on the management accounts of Transkei Holiday Inn for the year ended 31 March 2008.The Group holds a 49% (2007: 49%) interest in the associate of which 9% (2007: 9%) is held by the Corporation.6 Loans to / (from) subsidiaries and associatesSubsidiariesEastern Cape Marketing Authority (Proprietary) LimitedCentre for Investment and Marketing in the Eastern CapeUnsecured loan bearing interest at 10.76% per annum with no fixed terms of repayment.Cimvest (Proprietary) LimitedQ-Mec Koi Farm (Proprietary) LimitedTransido (Proprietary) LimitedUmtata Small Industries Complex (Proprietary) LimitedTranskei Share Investment Company LimitedTDC Property Investments (Proprietary) LimitedTransdev Properties (Proprietary) LimitedUnsecured loan bearing interest at 16% per annum with no fixed terms of repayment.Windsor Hotel (Proprietary) LimitedAutomotive Industrial Development CentreMagwa Enterprise Tea (Proprietary) LimitedSubtotalImpairment of loans to subsidiaries-----------3,3453,345(18)--------------110,564(4,893)-82,051384(47,961)3,704(3,769)4622,0013,34545,889(77,653)-11,081(3,864)1,07982,033382(48,167)4,0451804605,000-52,229(75,387)Total loans to / (from) subsidiaries 3,327 - (31,764) (23,158)87
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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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2007 / 2008 Annual Report - Eastern Cape Development Corporation

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