Chief Financial Officer’s review
In terms of solvency the organisation is solvent with a solvency ratio of 4.6 per cent (2016: 4.2 per
cent) indicating an adequate asset coverage rate of 23 times (2016: 25 times).
Also refer to the Accounting Authority’s going concern assessment included in the report of the
Accounting Authority.
Summary statement of financial position
R million
Cash and cash equivalents
Other current assets
Investment property
Property, plant and equipment
Other non-current assets
Deposits
Total assets
Other current liabilities
Unspent conditional grants and receipts
Provisions
Deferred revenue
Current liabilities
Non-current liabilities
Total net assets
2017
130.3
91.7
8.3
27.8
0.7
1.0
259.8
74.2
10.0
14.8
-
99.1
7.0
153.6
2016
120.2
67.6
8.3
25.5
0.6
1.0
223.2
66.5
1.3
11.1
-
78.8
5.8
138.6
2017
2016
2015
% change % change
154.4
8.4
(22.2)
37.9
35.7
78.1
6.6
0.4
25.0
23.9
9.1
6.8
0.6
2.4
5.4
1.0
(1.5)
1.1
224.5
16.4
(0.6)
96.3
11.7
(31.0)
1.8
672.8
(27.8)
7.1
34.0
56.6
2.1
-
(100.0)
107.2
25.7
(26.5)
5.9
21.8
(2.1)
111.5
10.8
24.3
Current assets
Current assets increased by 18.2 per cent to R222.0 million (2016:
R187.8 million).
The increase is largely due to an increase in trade and other receivables by
32.2 per cent to R89.3 million and cash and cash equivalents by 8.4 percent
to R 130.3 million.
Included in other current assets is trade and other receivables of which
receivables from exchange transactions are R66.9 million and receivables
from non-exchange transactions are R22.4 million.
In terms of liquidity, the current ratio is positive and exceeds current liabilities resulting in a ratio of
224 percent (2016: 238 percent).
Non-current assets
Non-current assets grew by 6.6 per cent to R37.8 million (2016: R35.5 million) as a result of investment
in operating capital.
Capital expenditure
R million
Capital acquisitions
2017
9.8
2016
10.0
2015
2017
2016
% change % change
7.5
(1.4)
33.1
Asset additions for the period inclusive of intangible assets amounts to R9.8 million (2016: R10.0 million)
which aligns with the organisation’s operational needs.
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