ANNUAL REPORTS

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LETTERS TO THE STAKEHOLDERS | GOVERNOR’S FOREWORD Business performance overview 5-year average 2010/11 2009/10 2008/09 2007/08 2006/07 Total DBSA contribution to approvals (R million) 1 17 723 34 101 15 000 20 480 10 767 8 265 Average value per approval (R million) 168,9 509.0 110,1 87,1 87,5 50,7 Number of investment approvals in period 145 67 137 235 123 163 Disbursements (R million) 7 152 8 336 8 257 9 306 6 160 3 703 Technical assistance grants disbursed (R million) 58,7 65,2 67,5 82,5 46,3 32,1 Number of employees (excluding contractors, etc) 617 703 680 608 578 514 Net contribution per employee to disbursements (R million) 11,4 11,8 12,2 15,3 10,7 7,2 % of employment equity managers at year-end 75,3 73,8 74,6 76,9 74,0 77,1 Impact on employment (thousands of jobs) 2 27,4 22,2 31,6 31,2 32,8 19,0 Impact on GDP (R million) 3 5 531 4 503 7 242 7 387 5 341 3 183 1. Excludes technical assistance grants and terminations. 2. Based on the DBSA’s disbursements within South Africa only. 3. Based on the DBSA’s disbursements within South Africa only, at constant 2010/11 prices. 2 DBSA DBSA | ANNUAL | ANNUAL REPORT REPORT 2010/11 2010/11
Financial performance overview 5-year average 2010/11 2009/10 2008/09 2007/08 2006/07 Financial position (R million) Cash and cash equivalents 1 913 1 180 2 707 2 475 2 314 890 Financial market assets 5 059 4 159 5 521 5 321 5 078 5 217 Investment in development activities 1 31 201 41 323 36 133* 31 997 25 330 21 223 Other assets 619 736 695 589 525 548 Total assets 38 792 47 397 45 056* 40 382 33 246 27 878 Financial market liabilities 2 21 354 28 588 26 327 22 405 16 781 12 667 Other liabilities 784 896 927 741 686 673 Total liabilities 22 138 29 484 27 254 23 146 17 466 13 340 Total equity 16 654 17 913 17 802* 17 236 15 780 14 538 Financial performance (R million) Interest on development loans 2 655 3 119 3 077 2 784 2 312 1 982 Interest on investments 555 469 525 677 542 564 Total interest received 3 210 3 588 3 602 3 461 2 854 2 546 Interest expense 1 641 1 945 1 971 1 705 1 338 1 243 Net interest income 1 570 1 642 1 631 1 756 1 516 1 303 Operating income 3 1 720 1 840 1 767 1 857 1 643 1 492 Operating expense 4 640 758 716 669 556 504 Sustainable earnings 855 853 823 871 757 970 Profit for the year (before transfer to Development Fund) 1 074 332 875* 1 586 1 293 1 283 Financial ratios (%) Total capital and reserves to loans 59,9 47,3 54,0* 58,5 67,8 72,0 Long-term debt to equity 127,4 161,1 148,5 131,3 107,6 88,3 Debt to equity (including callable capital) 102,0 87,7 95,2 131,3 107,6 88,3 Cash and cash equivalents to total assets 5,0 2,5 6,0 6,1 7,0 3,2 Total capital and reserves to assets 43,9 37,8 39,5* 42,7 47,5 52,1 Financial market liabilities to investment in development activities 67,6 69,2 72,9* 70,0 66,2 59,7 Non-performing book debt as a % of total book debt 4,9 4,2 4,9 5,4 5,2 4,9 Non-performing arrears as a % of total book debt 2,2 2,1 2,3 2,2 2,1 2,3 Return on average equity 6,8 1,9 5,0* 9,6 8,5 9,2 Return on average assets 3,2 0,7 2,1* 4,3 4,2 4,7 Interest cover (times) 2,0 1,8 1,8 2,0 2,1 2,0 Net interest income margin (income statement) 5 49,2 45,8 45,3 50,7 53,1 51,2 Operating costs to income 37,1 41,2 40,5 36,0 33,8 33,8 1. Development activities include development loans and equity investments. 2. Financial market liabilities comprise medium- to long-term funding debt securities, medium- to long-term funding lines of credit, funding under repurchase agreements and derivative liabilities held for risk management. 3. Operating income excludes net foreign exchange gain/(loss), net gain from financial assets and liabilities, and impairments. 4. Operating expense comprises personnel expenses, general and administration expenses, and depreciation. 5. This ratio is calculated as net interest income (interest income less interest expense) over interest income. * Restated for prior year adjustment. 3 DBSA | ANNUAL REPORT 2010/11 DBSA | ANNUAL REPORT 2010/11 3
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: What is the Development Bank of Sou
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 and 40: R million Operating and development
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
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entails a win-win partnership with
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Similarly, the m6 million Project P
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esponsive economic infrastructure n
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and Growth Network”. The conferen
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The Board reports on performance an
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DBSA decision-making structure Boar
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Directors’ remuneration policy Th
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In addition to building internal ca
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The DBSA’s enterprise-wide risk m
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• Non-compliance with applicable
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Annual financial statements Content
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Report of the Audit Committee for t
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Report on other legal and regulator
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Performance information Balanced Sc
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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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ANNUAL REPORTS

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