Chief Financial Officer’s review
A comparison of actual operating results against adjusted budget is illustrated below:
Capital budget
Capital additions for the year ended 31 March 2017 amount to R9.8 million (2016: R10 million) versus
the adjusted budget of R10.5 million resulting in a positive variance of R700 000or 6.5 per cent.
Comparison of capital expenditure against adjusted budget
2017
R million
Capital acquisitions
Actual
9.8
Budget
Variance
10.5
0.7
Variance
%
6.5
FINANCIAL POSITION
Summary statement of financial position
R million
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net assets
2017
222.0
37.8
259.8
99.2
7.0
106.2
153.6
2016
187.8
35.5
223.3
78.9
5.8
84.7
138.6
2015
192.4
32.1
224.6
107.2
5.9
113.1
111.5
2017
2016
% change % change
18.2
(2.4)
6.6
10.3
16.4
(0.6)
25.7
(26.4)
21.8
(2.1)
25.4
(25.1)
10.8
24.3
Net assets
The financial position of the organisation as at 31 March 2017 reflects
positive net assets of R153.6 million (2016: R138.6 million). The growth
in net assets is underpinned by an adequate financial performance for
the year under review. The accumulated surplus is used for working
capital and the future acquisition of administrative buildings.
153
SALGA ANNUAL REPORT
2016/17