ANNUAL REPORTS

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Financial and development investment overview continued Development expenditure The Bank allocated R518,9 million (2009/10: R550,2 million) to development expenditure, directly through the transfer to the Development Fund (used in Siyenza Manje and for other grants), and indirectly for research and development and the Targeted Infrastructure Programme. This expenditure represented 60,8% (2009/10: 66,9%) of sustainable earnings for the year, as shown in the table below. Expenditure on development initiatives, 2006/07 to 2010/11 In thousands of rand 5-year average 2010/11 2009/10 2008/09 2007/08 2006/07 Profit from operations 1 074 000 332 114 875 228 1 586 120 1 293 764 1 282 772 Add back: (203 519) 521 263 (52 470) (636 284) (537 217) (312 888) – Foreign exchange and financial (gains)/losses (262 221) 456 071 (119 922) (718 752) (583 512) (344 991) – Technical assistance grants 58 702 65 192 67 452 82 468 46 295 32 102 Sustainable earnings 870 480 853 377 822 758 949 836 756 547 969 883 Add back: Development expenditure included in sustainable earnings 115 610 170 002 141 949 127 401 68 202 70 494 Distributable surplus 986 090 1 023 379 964 707 1 077 237 824 749 1 040 377 Total development expenditure (401 201) (518 993) (550 173) (464 151) (248 169) (224 519) DBSA direct development expenditure included in sustainable earnings (187 848) (235 194) (209 402) (249 673) (142 372) (102 596) Cost of Targeted Infrastructure Programme (51 721) (85 410) (72 872) (65 273) (19 832) (15 218) Research expenditure (60 681) (84 592) (69 077) (62 128) (48 370) (39 240) Capacity deployment and development expenditure* (16 743) – – (39 805) (27 876) (16 036) Technical assistance grants (58 702) (65 192) (67 452) (82 468) (46 295) (32 102) Application of grant to Development Fund (213 353) (283 799) (340 771) (214 477) (105 796) (121 923) Capacity building grants (83 633) (69 799) (120 122) (101 049) (59 846) (67 349) Siyenza Manje costs (86 626) (123 615) (136 980) (93 983) (36 397) (42 156) Other capacity deployment and development expenditure (43 094) (90 385) (83 668) (19 445) (9 554) (12 418) Surplus available for growth 584 889 504 386 414 535 613 086 576 580 815 858 Development expenditure as % of distributable surplus 40,7 50,7 57,0 43,1 30,1 21,6 Development expenditure as % of sustainable earnings 46,1 60,8 66,9 48,9 32,8 23,1 * Transferred to the Development Fund. 32 DBSA DBSA | ANNUAL | ANNUAL REPORT REPORT 2010/11 2010/11
R million Operating and development expenses, 2006/07 to 2010/11 1 800 1 600 1 400 1 200 1 000 800 600 400 200 0 2006/07 2007/08 2008/09 2009/10 2010/11 Operating expenses Development expenditure Surplus available for growth Financial position Total assets grew marginally (by 5,2%) to R47,4 billion (2009/10: R45,1 billion), with the main contributors, development loans and equity investments, growing by 14,8% and 9,9% respectively. Growth of the balance sheet, 2006/07 to 2010/11 R million 50 000 45 000 40 000 35 000 30 000 25 000 20 000 15 000 10 000 5 000 0 2006/07 2007/08 2008/09 2009/10 2010/11 Total assets Development loans Liquidity and other assets Equities Key financial indicators 2010/11 Variance 2009/10 R million % R million Loans and equity disbursements 8 336 1 8 257 Total assets 47 397 5,2 45 056 Development loans 37 845 14,8 32 969 Equity investments 3 478 9,9 3 165 Net interest income 1 642 0,7 1 631 Net foreign exchange (loss) (57) (261) Net (loss)/gain from financial assets and liabilities (399) 381 Operating expenses 758 (5,9) 716 Impairment charge 229 (0,4) 228 Sustainable earnings 853 3,7 823 Profit before distributions (grants and transfer to Development Fund) 397 (57,9) 943 Debt-to-equity ratio (excluding callable capital) (%) 161,1 148,5 Debt-to-equity ratio (including callable capital) (%) 87,7 95,2 Net interest income margin (%) 45,8 45,3 Cost to income (%) 41,2 40,5 Return on average assets (%) 0,7 2,3 Return on average equity (%) 1,9 5,5 Net interest income over average interest-bearing assets (%) 4,0 4,3 33 DBSA | ANNUAL REPORT 2010/11 DBSA | ANNUAL REPORT 2010/11 33
Page 1 and 2: A ANNUAL REPORTS 2010/11 DBSA | ANN
Page 3 and 4: BANK Financier, advisor, partner, i
Page 5 and 6: DBSA ANNUAL REPORT CHALLENGES resul
Page 7 and 8: What is the Development Bank of Sou
Page 9 and 10: Financial performance overview 5-ye
Page 11 and 12: “. . . the Bank is harnessing its
Page 13 and 14: 4. Mr ANDREW BORAINE (52) Chief Exe
Page 15 and 16: GOVERNOR‘S FOREWORD 9 DBSA | ANNU
Page 17 and 18: “In line with our renewed compact
Page 19 and 20: The Moses Kotane Community Water Su
Page 21 and 22: LETTERS TO THE STAKEHOLDERS | GOVER
Page 23 and 24: Newly renovated OR Tambo Internatio
Page 25 and 26: “ Economic growth and job creatio
Page 27 and 28: Board, while disbursements yielded
Page 29 and 30: other countries not hard hit by rec
Page 31 and 32: Kuzuku reserve
Page 33 and 34: Estimated impact on household incom
Page 35 and 36: OPERATIONAL REPORTS | development i
Page 37: Development investment A record lev
Page 41 and 42: Equity investments comprise equitie
Page 43 and 44: Cost-to-income ratio, 2006/07 to 20
Page 45 and 46: Excluding the refinancing of money
Page 47 and 48: Operating environment Drivers of in
Page 49 and 50: Points of engagement Traditional ap
Page 51 and 52: The total value of loans disbursed
Page 53 and 54: Value of approvals per sector, 2010
Page 55 and 56: projects to upgrade and expand exis
Page 57 and 58: infrastructure master plan for the
Page 59 and 60: entails a win-win partnership with
Page 61 and 62: Similarly, the m6 million Project P
Page 63 and 64: esponsive economic infrastructure n
Page 65 and 66: and Growth Network”. The conferen
Page 67 and 68: The Board reports on performance an
Page 69 and 70: DBSA decision-making structure Boar
Page 71 and 72: Directors’ remuneration policy Th
Page 73 and 74: In addition to building internal ca
Page 75 and 76: The DBSA’s enterprise-wide risk m
Page 77 and 78: • Non-compliance with applicable
Page 79 and 80: Annual financial statements Content
Page 81 and 82: Report of the Audit Committee for t
Page 83 and 84: Report on other legal and regulator
Page 85 and 86: Performance information Balanced Sc
Page 87 and 88: Balanced Scorecard perspective: Sus
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Name Position Period During the yea
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Income statement for the year ended
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Hedging reserve Reserve for general
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Accounting policies for the year en
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Held-to-maturity financial assets H
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A hedging relationship exists where
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Reversals of impairment An impairme
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1.7 Share capital and reserves 1.7.
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The valuation techniques in (b) and
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1.13.4 Short-term employee benefits
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Notes to the annual financial state
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Investment Banking Treasury Reconci
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4. Financial liabilities by categor
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in thousands of rand 2011 Restated
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in thousands of rand 2011 18. Inves
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in thousands of rand 2011 22. Home
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24. Fair value hierarchy disclosure
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Valuations Land The land constitute
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in thousands of rand 2011 33. Share
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40. Related parties The DBSA is one
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Total 2011 R* 2010 Performance ince
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45. Non-current assets held-for-sal
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1-2 years 2-3 years 3-4 years 4-5 y
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Foreign currency exchange rate (FX)
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1-2 years 2-3 years 3-4 years 4-5 y
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The DBSA has structured the respons
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Note that the contractual liquidity
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(b) Other receivables in thousands
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For the purposes of calulating this
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BACKLOGS Implementer DEVELOPMENT FU
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FINANCIAL OVERVIEW What is the DBSA
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the Department of Rural Development
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“The Fund’s targeted programmes
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6. Mr AnDREw BORAIne (52) Chief Exe
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Managing Director’s report The So
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Managing Director’s report contin
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Divisional executive management 1.
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Operations overview The DBSA Develo
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Operations overview continued Measu
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Operations overview continued Numbe
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Operations overview continued Finan
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Operations overview continued The D
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Operations overview continued Agenc
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Operations overview continued Infra
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Operations overview continued • I
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Operations overview continued Coast
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Operations overview continued Integ
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Operations overview continued Ngang
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Operations overview continued Devel
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Operations overview continued As a
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Corporate governance The DBSA Devel
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Risk management The DBSA Developmen
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FINANCIAL OVERVIEW Annual financial
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Report of the Audit Committee for t
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Directors’ report for the year en
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Directors’ GOVERNOR‘S report FO
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Directors’ report continued for t
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Directors’ report continued for t
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Statement of financial position as
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Statement of changes in funding res
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Accounting policies for the year en
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The goal of sustainable development
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Keiskammahoek
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Sustainability report continued (GR
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Sustainability report continued Gov
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Sustainability report continued The
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Sustainability report continued Eco
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Sustainability report continued Pro
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234 Notes
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