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 200815 Retirement BENEFIT obligation (CONTINUED)Changes in present valueOpening balancePost-retirement medical benefits included in employee cost expenseContributions paid2008R’0009,6561,280(180)Group2007R’0008,6531,174(171)2008R’000Corporation9,6561,280(180)2007R’0008,6531,174(171)10,756 9,656 10,756 9,656Past service (accrued) liabilityPrincipal actuarial assumptionsHealth care costs inflationDiscount rate usedPresent value of accrued liabilityActive membersCAWMs liability8.00%9.00%11,2952,7975.75%7.75%7,3622,2948.00%9.00%11,2952,7975.75%7.75%7,3622,29414,092 9,656 14,092 9,656Future service liabilityPrincipal actuarial assumptionsHealth care costs inflationDiscount rate usedAccrued liabilityActive membersCAWMs liability8.00%9.00%8,672-5.75%7.75%5,750-8.00%9.00%8,672-5.75%7.75%5,750-8,672 5,750 8,672 5,75016 Deferred incomeNon-current liabilitiesCurrent liabilities675,689188,643534,19091,915-37,495-25,688864,332 626,105 37,495 25,688Analysis per group companyEastern Cape Development CorporationEast London Industrial Development Zone (Proprietary) Limited37,495826,83725,688600,41737,495-25,688-864,332 626,105 37,495 25,688Analysis of movement in deferred income East London IndustrialDevelopment Zone (Proprietary) LimitedBalance at beginning of yearGrants receivedInterest on grant fundsOutput VAT on grants receivedReleased to incomeAdjustments600,417316,8507,736(38,911)(56,176)(3,079)272,383387,282-(29,909)(45,090)15,751826,837 600,417 - -------------Government grants deferred to the extent that they are unspent92
EASTERN CAPE DEVELOPMENT CORPORATION 2007/0817 Trade and other payablesAccrued bonusAccrued expensesAccrued leave payProvision for penalties and interestDeposits receivedOther payablesTrade payablesVAT payable2008R’0001,5527135,4484501,31618,33425,8515,201Group2007R’0001,6236435,146450-25,56520,6289,4862008R’000Corporation1,0724404,033--17,0156054682007R’0001,1103774,124--14,3236778,91858,865 63,541 23,633 29,529Provision for penalties and interestThe provision for penalties and interest on income tax represents management’s best estimate of the potentialliability of certain subsidiaries where there is uncertainty whether applications for exemption from income tax will besuccessful.18 Project grants19 RevenueProject grants 143,787 159,097 137,610 152,920Details of the project grants are presented in Annexure 3Rendering of servicesRental incomeInterest received - loans advanced4,43367,21921,3214,36052,21319,513-50,89021,321-49,25119,51392,973 76,086 72,211 68,76420 Operating lossOperating profit for the year is stated after accounting for the following:Operating leases chargesPremises• Contractual amountsEquipment• Contractual amountsProfit on sale of property, plant and equipmentProfit (loss) on sale of investment propertyLoss on recognition of financial instrumentsImpairment on property, plant and equipmentDepreciation on property, plant and equipmentEmployee costsResearch and developmentImpairment on loans to group companiesImpairment on loans advancedImpairment on trade and other receivablesDirect property operating expenditure1,7438821,1742,4241,9317751,8591,9002,625 3,598 2,706 3,7591843(142)1413,95475,8541,08874021,47119,45740,08811(2,717)-(3,419)9,23274,295174(1,342)16,67316,97042,898-833(142)-2,58453,922-2,98821,47119,84138,498-(2,717)--2,49656,167-8,03016,67316,87128,49993
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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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2007 / 2008 Annual Report - Eastern Cape Development Corporation

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