ANNUAL REPORTS

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Financial and development investment overview continued The strength and quality of the loan book remain acceptable; the percentage of the non-performing loan book is 4,2% (2009/10: 4,9%), as shown in the figure below. Sector split of loan book, 31 March 2011 Quality of the loan book, 31 March 2011 40 000 20 35 000 18 R million 30 000 25 000 20 000 15 000 10 000 5 000 0 2006/07 2007/08 2008/09 2009/10 2010/11 Development loans Non-performing loans (%) 16 14 12 10 8 6 4 2 0 Percentage Entrepreneurial 4% Manufacturing 3% Mining 3% Tourism 1% Communications 7% Education 3% Energy 15% Residential facilities 6% Development funds 3% Roads and drainage 19% Sanitation 3% Community facilities 9% Health 2% Water 13% Agriculture 1% Transportation 8% 34 DBSA DBSA | ANNUAL | ANNUAL REPORT REPORT 2010/11 2010/11
Equity investments comprise equities that have a developmental impact, are strategically positioned in areas where the Bank has experience and are with similar development institutions. These investments are in two broad categories: private equity funds and direct equity investments. The value of the equity portfolio increased by R313 million to R3,5 billion as at 31 March 2011 (31 March 2010: R3,2 billion). The movement is attributed to: • Disbursements of R671 million during the year • Repayments of R118 million • Capital returned of R57 million • Foreign exchange loss of R92 million • Fair value adjustment loss of R204 million The debt-to-equity ratio (excluding callable capital) ended the year at 161,1% (2009/10: 148,5%). This ratio is influenced by the disbursement levels, which are funded mainly from the borrowings for the year. The prudential limit, set at 250%, now allows callable capital to be included in the equity component of the ratio. Financial performance The net interest income margin (net interest income over interest income) is managed at 45,8% (2009/10: 45,3%). A higher level of debt is required to support the Bank’s future disbursements; increasing the gearing levels of the Bank is likely to see a corresponding move in the net interest income margin to progressively lower levels. The reduction in short-term interest rates, together with the increased cost of borrowing due to the decline in liquidity in the market, further contributes to the lower margin. Net foreign exchange and revaluation loss of financial assets and liabilities R million Hedging Funding Loans and customer foreign currency accounts Lending business Equity Capital market Forex and revaluations Net interest income Total gains/ (losses) Foreign exchange gains/(losses) 17,9 342,7 (324,9) 35,7 (92,9) – (57,2) – (57,2) Revaluation of currency hedging derivatives (36,0) – – (36,0) – – (36,0) 75,0 39,0 Net foreign currency effects (18,1) 342,7 (324,9) (0,3) (92,9) – (93,2) 75,0 (18,2) Capital market instruments – – – – – (4,8) (4,8) – (4,8) ZAR interest hedging derivatives (70,4) – – (70,4) – – (70,4) 214,0 143,6 Investment and funding – (83,5) – (83,5) (204,1) – (287,6) – (287,6) Other revaluation gains and losses (70,4) (83,5) – (153,9) (204,1) (4,8) (362,8) 214,0 (148,8) Total foreign exchange and revaluation gains and losses (88,5) 259,2 (324,9) (154,2) (297,0) (4,8) (456,0) 289,0 (167,0) 35 DBSA | ANNUAL REPORT 2010/11 DBSA | ANNUAL REPORT 2010/11 35
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 and 38: Development investment A record lev
Page 39: R million Operating and development
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
Page 89 and 90: 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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ANNUAL REPORTS

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