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 200821 Auditors’ remuneration2008R’000Group2007R’0002008R’000CorporationFees - for audit services 1,599 1,176 1,376 96822 Investment revenue2007R’000Dividend revenueAssociates - Local 101 2,099 44 2,053Interest revenueBankInvestment income98531,1582,74920,212-32,5296,24416,32932,143 22,961 32,529 22,57332,244 25,060 32,573 24,62623 Fair value adjustments through profit or lossInvestment property 56,448 62,303 49,870 60,64324 Finance costsInterest expenseLate payment of tax2,628441,9352372,850-1,935-2,672 2,172 2,850 1,93525 TaxationCapitalisation of borrowing costsThe group did not incur any finance charges on qualifying assets and accordingly borrowing costs capitalised during theyear amount to R Nil (2007: R Nil).Major components of tax expenseCurrentLocal income tax - current period 912 674 - -DeferredOriginating and reversing temporary differencesArising from prior period adjustments68552(117)48- -737 (69) - -1,649 605 - -94
EASTERN CAPE DEVELOPMENT CORPORATION 2007/0825 Taxation (continued)Reconciliation of the tax expenseReconciliation between accounting profit and tax expense.Accounting profitTax at the applicable tax rate of 29% (2007:29%)2008R’00054,20215,719Group2007R’00025,5307,4042008R’000Corporation37,91510,9952007R’00015,0534,365Tax effect of adjustments on taxable incomeChange in rate of taxOther temporary differencesFair value gains not subject to capital gains taxExempt income(8)27(627)(13,462)-(104)(9)(6,686)---(10,995)---(4,365)1,649 605 - -The Corporation has been granted exemption from South African normal taxation in terms of Section 10(1)(cA)(i) of theIncome Tax Act.Certain subsidiaries have applied for exemption from South African normal taxation, to which no response has beenreceived from the South African Revenue Service. A provision for taxation has been raised in those subsidiaries wheretax exemption is not expected to be obtained.26 Cash generated from / (used in) operationsProfit before taxationAdjustments for:Depreciation and amortisation(Profit) / loss on sale of assetsIncome from equity accounted investmentsDividends receivedInterest receivedFinance costsFair value adjustmentsMovements in retirement benefit assets and liabilitiesImpairment allowance for doubtful advances and debtsGain on release from debtProvision for doubtful performance guaranteesLoss on recognition of financial assetsChanges in working capital:InventoriesTrade and other receivablesTrade and other payablesDeferred income54,20213,968(843)(1,469)(101)(52,359)2,672(56,448)1,28043,154(2,949)(1,486)14243(22,128)(4,678)238,22725,5315,8142,717(1,622)(2,099)(42,369)2,172(62,303)1,17432,393-(91)-2444,253(28,334)320,42037,9152,584(833)-(44)(52,745)2,850(49,870)1,28045,786-(1,486)142-(21,157)(5,899)11,80815,0532,4962,717-(2,053)(41,980)1,935(60,643)1,17441,664-(91)--(1,027)(11,069)1,670211,227 257,900 (29,669) (50,154)27 Tax paidBalance at beginning of the yearCurrent tax for the year recognised in income statementBalance at end of year(3,401)(912)3,922(3,332)(674)3,401------(391) (605)95
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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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PHOTOGRAPH: Citrus, chicory, vegeta
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2007 / 2008 Annual Report - Eastern Cape Development Corporation

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