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$Furnace refractory erosion - Mintek$

FINANCIAL STATEMENTS AND NOTES 2007NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2007Where the outcome of the contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred and probablyrecoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs willexceed total contract revenue, the expected loss is immediately recognised as an expense to the income statement. deductible in other years and it further excludes items that are not taxable or tax deductible. The company’s liability for current tax is calculated usingtax rates that have been enacted or substantively enacted by the balance sheet date.available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary differencesarise from the initial recognition (other than a business combination) of other assets and liabilities in a transaction that affects neither the taxableDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interest in jointventures, except where the company is not able to control the reversal of the temporary difference and it is probable that the temporary differencewill not reverse in the foreseeable future.The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable thatDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax iswith in equity.Deferred tax assets and liabilities are off-set when there is a legally enforceable right to set off current tax assets against current tax liabilities andwhen they relate to income tax levied by the same taxation authority and the company intends to settle its current tax assets and liabilities on a netbasis. Irregular expenditure means expenditure incurred in contravention of, or not in accordance with, a requirement of any applicable legislation,including:- The PFMA; or,- Any provincial legislation providing for procurement procedures in that provincial government.Fruitless and wasteful expenditure means expenditure that was made in vain and could have been avoided had reasonable care been exercised. Allirregular, fruitless and wasteful expenditure is charged against income in the period in which it is incurred.1.22 Financing costsFinancing costs are recognised in the income statement in the period in which they are incurred.this regard.annual report 200770
FINANCIAL STATEMENTS AND NOTES 2007NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2007GROUPMINTEK2007 2006 2007 2006R R R R2. REVENUEGovernment grantsState Grant 104,120,123 95,508,772 104,120,123 95,508,772Less:Grants received for projects started before year end but not completed – – – – Add:Grant received in prior year for projects completed this year – – – – – – – –Commercial incomeContract research 147,868,051 109,099,645 147,868,051 109,880,895Manufactured products 6,281,941 11,659,357 6,281,941 11,659,357Service income 27,627,810 32,331,773 27,627,810 32,331,773Material sales 8,950,938 7,130,364 8,950,938 7,130,364Royalty income 4,296,875 784,993 2,604,167 784,9933. COST OF SALES299,145,738 256,514,904 297,453,030 257,296,154Staff costs 180,063,646 156,364,750 180,063,646 156,364,750Consumables 35,276,814 33,921,978 35,276,814 33,921,978General running expenses 44,177,053 45,277,850 44,173,933 45,277,850Theft and fraud costs 1,800,579 – 1,800,579 –Repairs and maintenance 8,273,802 5,847,596 8,273,802 5,847,596Bad debts written off 6,066,250 – 6,066,250 –Provision for bad debts (6,064,249) 749.503 (6,064,249) 749,5034. OTHER OPERATING INCOME269,593,895 242,161,677 269,590,775 242,161,677Operating IncomeLibrary services 141,114 137,913 141,114 137,913Breach of contract 58,772 351,723 58,772 351,723Bursary learnerships 1,526,281 3,895,852 1,526,281 3,895,852Commission 467 26,651 467 26,651Conferences 3,500 1,491,139 3,500 1,491,139<strong>Mintek</strong> cafeteria 628,580 712,467 628,580 712,467Sundry income 1,441,667 209,063 1,441,557 209,063Bad debts recovered 6,000 4,168,421 6,000 4,168,421Refund from Skills Development levies 162,984 – 162,984 -–Other 80,269 137,889 240,171 200,0924,049,634 11,131,118 4,209,536 11,193,321Rental income - properties 1,959,640 1,604,068 1,959,640 1,604,068Investment PropertyRental income 1,461,212 1,528,731 1,461,212 1,528,731Fair value adjustment 2,941,266 3,898,196 2,941,266 3,898,1964,402,478 5,426,927 4,402,478 5,426,92710,411,752 18,162,113 10,571,654 18,224,3165. INVESTMENT INCOMEFinancial income 9,684,028 7,476,604 9,684,028 7,476,604Loans to subsidiary – – 1,329,589 813,178Loans to associates 1,329,589 813,178 – –Interest earned: bank balances 333,281 822,553 333,281 822,553Interest earned: staff debtors 200,898 704,690 200,898 704,690Fair value interest on debtors 495,546 – 495,546 –Long-term debtors 420,557 – – –12,463,899 9,817,025 12,043,342 9,817,02571annual report 2007
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MINTEKANNUALREPORT2007
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MINTEKANNUAL REPORT2007CONTENTSMint
Page 5 and 6:
THE MINING VALUE CHAINTechnologies
Page 7 and 8:
CHAIRMAN’S REVIEWI am pleased to
Page 9 and 10:
Mr Harold Motaung, and new members
Page 11 and 12:
CEO’S REPORTAs a result of the ph
Page 13 and 14:
income grew frommillion in 2006/07,
Page 15 and 16:
of the Mineral Development Branch a
Page 17 and 18:
Organisational perspective Measure
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TECHNICAL REVIEWGOLD INDUSTRYAuTEK
Page 21 and 22: expected to be complete by the four
Page 23 and 24: of ore types and concentrate compos
Page 25 and 26: vast resources of iron, vanadium, a
Page 27 and 28: partitioned into several operating
Page 29 and 30: The recent interest shown in this t
Page 31 and 32: oute to remove the quartz and hemat
Page 33 and 34: COMMERCIALACTIVITIESMintek’s comm
Page 35 and 36: Heap leaching of nickel lateritesHe
Page 37 and 38: CAPITAL EQUIPMENTA 125 kilogram per
Page 39 and 40: MINERAL POLICYAND SUSTAINABLEDEVELO
Page 41 and 42: REACHAt the beginning of 2006, MESU
Page 43 and 44: KGABANE JEWELLERY INITIATIVEThe Kga
Page 45 and 46: PEOPLEHUMAN CAPITAL MANAGEMENTMinte
Page 47 and 48: management, relationships, and lega
Page 49 and 50: Science, engineering and technology
Page 51 and 52: Jourdan PP. Links with Domestic Ind
Page 53 and 54: ANNUALFINANCIAL STATEMENTSFOR THE Y
Page 55 and 56: INTERNAL CONTROLMintek maintains in
Page 57 and 58: AUDIT COMMITTEE REPORTThe Audit Com
Page 59 and 60: DIRECTORS’ REPORTThe directors ta
Page 61 and 62: REPORT OF THE AUDITOR-GENERALREPORT
Page 63 and 64: OTHER REPORTING RESPONSIBILITIESRep
Page 65 and 66: FINANCIAL STATEMENTS AND NOTES 2007
Page 71: FINANCIAL STATEMENTS AND NOTES 2007
Page 87 and 88: AfDB - African Development BankAMI
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