3. PPECB Annual Report 2009-2010

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statement of financial performanceNotes2010R2009RRevenue 11 145,405,530 134,880,025Other income 12 7,195,2917,843,810Employee compensation and benefits 13, 18 (93,226,892) (89,884,988)Operating expenses 13 (39,814,939) (35,463,922)Operating surplus19,558,99017,374,925Finance cost 14 (18,542)(16,598)Surplus for the year 19,540,448 17,358,327cash flow statementNotes2010R2009RCash flow from Operating Activities 16,008,389 21,145,993Net cash generated by operations 17 10,715,345 14,923,449Interest received 5,311,5866,239,142Interest paid (18,542)(16,598)Cash Flow from Investment Activities (18,063,420) (22,235,923)Purchase of property, vehicles and equipment (1,069,654) (4,057,474Proceeds on disposal of property, vehicles and equipment 186,6601,517Increase in investments held to maturity (17,180,426) (18,179,966)Financing activities --Increase in Cash and Equivalents (2,055,031) (1,089,930)Cash and Equivalents at Beginning of Year 25,182,127 26,272,057Cash and Equivalents at End of Year 8 23,127,096 25,182,12772PPECB | annual report | 2009 - 2010
notes to the financial statements1 General InformationPPECB (The Board) is a statutory organisation which conductsits business in terms of the Perishable Products Export ControlAct 9 of 1983. The Board also operates as an assignee forthe Department of Agriculture, Forestry and Fisheries underthe requirements of the Agricultural Product Standards Act119 of 1990.PPECB is a Section 3A Public Entity in terms of the PublicFinance Management Act of 1999. The registered office is45 Silverboom Avenue, Plattekloof, Cape Town.2 Summary of Significant Accounting PoliciesThe principal accounting policies applied in the preparationof these financial statements are set out below. These policieshave been consistently applied to all the years presented,unless otherwise stated.2.1 Basis of PreparationThe financial statements have been prepared in accordancewith the effective South African Standards of GenerallyRecognised Accounting Practices (GRAP) issued by theAccounting Standards Board.The financial statements have been prepared under thehistorical cost convention, as modified by the revaluation ofland and buildings, financial assets and financial liabilitiesheld at fair value.The preparation of financial statements in conformity withSouth African Standards of Generally Recognised AccountingPractices (GRAP) requires the use of certain critical accountingestimates. It also requires management to exercise itsjudgement in the process applying its accounting policies.The areas requiring a higher degree of judgementor complexity or areas where assumptions and estimatesare significant to the financial statements are set out innote 4.a) Standards, amendments and interpretations effective in 2010.GRAP 09,GRAP 13,GRAP 14,GRAP 17,GRAP 19,Revenue from exchange transactionsLeasesEvents after the reporting dateProperty, plant and equipmentProvisions, Contingent Liabilities andContingent AssetsIAS 32 (AC125), Financial instruments: Presentation -amendedb) Standards, amendments and interpretations effective in2010 but not relevant.Certain new accounting standards, interpretations andamendments have been published that are mandatory foraccounting periods beginning on or after 1 April 2009 or laterperiods but which the Board has not adopted. None of thesenew standards, interpretations and amendments, as set outbelow, are deemed relevant to the Board's operations.GRAP 04, The Effects of changes in Foreign Exchange RatesGRAP 05, Borrowing costsGRAP 06, Consolidated financial statementsGRAP 07, Investment in associatesGRAP 08, Interest in joint venturesGRAP 10, Financial Reporting in Hyperinflationary EconomiesGRAP 11, Construction ContractsGRAP 12, InventoriesGRAP 16, Investment propertyGRAP 100, Non-current assets held for sale anddiscontinued operationsGRAP 101, AgricultureGRAP 102, Intangible AssetsIFRIC 13, Customer Loyalty ProgrammesIFRS 3, Business combinations - revisedIFRS 6, Exploration for and Evaluation of Mineral ResourcesIAS 12 (AC 102), Income TaxesPPECB | annual report | 2009 - 2010 73
Page 4 and 5:
our visionA Partner in Global Compe
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highlightsfinancial highlightsFinan
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The PPECB Cold Chain monitoring fun
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usinessoverviewcontentsHistoric Tim
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Historic Timeline1926 - 20101926192
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strategic intentPPECB is committed
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executiveoverviewcontentsBoard of D
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eport by thechairpersonElaine Alexa
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executive committee2009 / 2010Luvuy
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20PPECB | annual report | 2009 - 20
Page 24 and 25: StrategicObjectiveKeyPerformanceInd
Page 34 and 35: eport by thechief financial officer
Page 36 and 37: sustainabilityreportcontentsEthics
Page 38 and 39: the ppecb brandPPECB acts as an ind
Page 40 and 41: 38PPECB | annual report | 2009 - 20
Page 42 and 43: Agri-Export Technologist ProgrammeP
Page 44 and 45: technologyTechnology enables the PP
Page 46 and 47: operationalreportcontentsStatutory
Page 48 and 49: statutory operations overviewThe fo
Page 50 and 51: the monitoring of product temperatu
Page 52 and 53: Active stakeholder engagement resul
Page 54 and 55: value added servicesPPECB’s Value
Page 56 and 57: corporategovernancecontentsRisk Man
Page 58 and 59: Top 5 RisksPPECB Discloses its Top
Page 60 and 61: structureThis corporate governance
Page 62 and 63: The Risk Management CommitteeThe Ro
Page 64 and 65: controlsInternal ControlInternal co
Page 66 and 67: annualfinancialstatements31 March 2
Page 68 and 69: independent auditor’s reportINDEP
Page 70 and 71: directors’ reportIntroductionThe
Page 72 and 73: statement of changes in net assetsN
Page 76 and 77: c) Standards, interpretations and a
Page 78 and 79: of the Board's activities. Revenue
Page 80 and 81: The Board's exposure to concentrate
Page 82 and 83: 2010R2009RDurban - Portion 1 of Erf
Page 84 and 85: 5.5 Temporary Idle Assets and Asset
Page 86 and 87: 8 Cash and Cash EquivalentsCash at
Page 88 and 89: 13 Expenses by NatureEmployee expen
Page 90 and 91: 20 Actual Income and Expenditure co
Page 92 and 93: world cup tickets expenditure sched
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3. PPECB Annual Report 2009-2010

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