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2007 / 2008 Annual Report - Eastern Cape Development Corporation

2007 / 2008 Annual Report - Eastern Cape Development Corporation

2007 / 2008 Annual Report - Eastern Cape Development Corporation

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EASTERN CAPE DEVELOPMENT CORPORATION <strong>2007</strong>/08NOTES TO THECONSOLIDATED ANNUAL FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 MARCH <strong>2008</strong>28 ContingenciesThe <strong>Corporation</strong> has exposure to litigation of R 1.3 million (<strong>2007</strong>: R 1.2 million) against it. The legal claims are expectedto be settled in the course of the next twelve months.29 CommitmentsAuthorised capital expenditureAlready contracted for but not provided for• Purchase of sharesTranskei Share Investment Company• Loans approved not yet disbursedThis committed expenditure will be financed from existing cash resources.<strong>2008</strong>R’0001,29128,608Group<strong>2007</strong>R’0001,29512,522<strong>2008</strong>R’000<strong>Corporation</strong>1,29128,608<strong>2007</strong>R’0001,29512,522Operating leases - as lessee (expense)Minimum lease payments due• within one year• in second to fifth year inclusive3,0508,0031,4758262,5997,5901,024-11,053 2,301 10,189 1,024Operating lease payments represent rentals payable by the group for certain of its office properties, office equipmentand cellular phones. Leases related to office properties and office equipment are negotiated for an average term of fiveyears. Leases related to cellular phones are negotiated for an average term of two years. All rentals are incurred undernon cancellable operating leases. No contingent rent is payable.30 Comparative figuresCertain comparative figures have been reclassified to conform with changes in presentation in the current year. Theeffects of the reclassification are as follows:Balance sheetDeferred tax assetInvestments in associatesLoans to subsidaries and associatesInventoriesTrade and other receivablesCurrent tax receivableCash and cash equivalentsRetirement benefit obligationDeferred income - non-current liabilityDeferred tax liabilityCurrent tax payableTrade and other payablesDeferred income - current liability-------------1,194(287)35(88)(611)5942(9,656)(534,190)(1,152)34810,956534,190--------------------------Income statementRevenueInvestment incomeOther incomeGrant incomeOperating expenses-----(10,687)10,233557(557)(386)-----(10,233)10,233(150)150-96

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