Non-current liabilities Borrowings Total liabilities Net assets

Transcription

1 STATEMENT OF FINANCIAL POSITION Current assets Cash and cash equivalents Short term portion of intermediary loans Receivables Prepayments Taxation Non-current assets Receivables from intermediaries Investments in intermediaries Property, plant and equipment Intangible assets Total assets Liabilities Current liabilities Trade creditors Current portion of long term borrowings Provisions Employee benefits 15 - Non-current liabilities Borrowings Total liabilities Net assets Represented by Grant capital KFW Grant Department of Human Settlements Grant Retained earnings Total equity

2 Statement of Comprehensive Income Interest from lending operations Other income Disposal of fixed assets 12 (13) Bad debts recovered Investment Interest Total income Operating expenses (36 920) (23 434) Compensation of employees 29 (17 559) (10 569) Salaries and wages (15 683) (8 823) Social contributions (1 876) (1 746) Goods and services (5 682) (5 451) Agency and outsourced services (1 178) (989) Communication (728) (769) Computers (269) (262) Consultants (388) (661) Lease payments (876) (877) Repairs and maintenance (22) (9) Training and staff development (456) (296) Travel and subsistence (948) (791) Other (817) (797) Other expenses (13 679) (7 414) Depreciation (186) (180) Amortisation (26) (13) Impairment provisions 20 (13 467) (7 221) Profit before interest and taxation Interest paid (9 780) (10 087) Profit before taxation Taxation 34 - (18 164) Fair value adjustment of associates Profit after taxation

3 CASHFLOW STATEMENT Cash flows from operating activities Receipts Revenue Repayments of loans Interest Payments ( ) ( ) Compensation of Employees 29 (11 910) (11 811) Goods and Services (4 724) (4 362) Disbursements ( ) ( ) Interest and Rent on land (10 421) (10 935) Other payments - (103) Net cash flows from operating activities 35 ( ) Cash flows from investing activities Purchase of assets (55) (96) Proceeds from sale of assets 23 (14) Sundry income Net cash flows from investing activities Cash flows from financing activities Repayment of borrowings (3 417) (3 089) Net cash flows from financing activities (3 417) (3 089) Net increase/(decrease) in cash and cash equivalents ( ) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

4 Statement of Comparison to Budget Revenue from exchange transactions Actual Budget Variance 31 March 17 R000 R000 R000 % Explanation of material variance % Other income % Disposal of fixed assets Dividends % An intermediary declared a dividend that RHLF did not budget for Investment Interest % Higher interest rates together with starting the year with more cash than budgeted Total income % Interest paid (9 780) (9 570) (210) -2.2% Operating expenses (35 604) (27 767) (7 837) 28.2% Accommodation (902) (1 358) % Better lease terms were achieved than budgeted. Consulting, legal and audit (1 565) (1 347) (218) -16.2% Debtors provisions (12 150) (5 043) (7 107) 140.9% Communications and IT (567) (635) % Legal fees were incurred due to issues around the NPC status of RHLF. The intermediaries found the year challenging and had higher than expected write offs. Depreciation (212) (878) % A new system to assist small clients was not procured in a previous year, but the depreciation and amortisation was budgeted as a result of the timing of decisions. Employee costs (17 559) (14 923) (2 636) 17.7% An unbudgeted retention scheme was implemented during the year to ensure employees remained on board until after the merger Marketing and workshops (430) (743) % Due to time constraints as employees focused on the merger there was lower attendance at conferences Printing and stationery (372) (448) % Travel and entertainment (948) (1 776) % Due to time constraints as employees focued on the merger there was less travel to sign up new intermediaries Other (898) (616) (282) -45.8% Training costs were higher than budgeted as employees sought to improve their qualifications Profit before taxation % Taxation % Fair value adjustment of % associates Net Profit % 65

5 Statement of Changes in Net Assets Contributed Capital KFW at 31 March 2017 Contributed Capital Department of Human Settlements Accumulated Surplus Net Assets R000 R000 R000 R000 Balance at 31 March Balance at 01 April Surplus for the period Balance at 31 March Balance at 01 April Surplus for the period Balance at 31 March