ECIC IR 2023

ANNUAL Financial Statements for the year ended 31 March 2023

E

D

H

S

I

L I

N

B

2

0

A

0

T

S

1

E

E X P O R T C R E

L T D

O C

A S

C

R I

D I

F

T

A

I

N

H

S

T

U

U

R

O

A

S

N

F

C

O

E

N

C

O

O

I

R

T

P

A

O

R

Notes to the Financial Statements

The lease liabilities are secured by the related underlying assets. Future minimum lease liability repayments at 31 March 2023 were as follows:

2023 R’000 5 009 22 614 27 623 (5 250) 22 373

2022 R’000

Within one year

145

Later than one but not more than five years

-

145

Less: future finance charges

(5)

Present value of minimum lease payments

140

Reconciliation of lease liability Opening balance

140

3 396

Additions

24 003

-

Finance charges

792

67

Lease liability payments

(2 562) 22 373

(3 323)

Closing balance

140

18. Liability for interest make-up

2023 R’000

2022 R’000

At fair value through profit (loss) Liability for interest make up

516 072 564 706 The dtic offered the interest make‑up dispensation in order to allow local banks and other financiers to offer buyers of South African export goods and services financing for projects at internationally competitive rates. The IMU dispensation was administered by the Corporation on behalf of the dtic until 01 October 2016 when it took over as the principal. The approvals were obtained from the FSB, the dtic and the Minister of Finance. The fair value of the liability is determined on a discounted cash flow basis of all future IMU payments on existing agreements. The IMU payments stretch out to October 2029; hence, discounting the cash flows to allow for time value of money is appropriate. The cash flows are denominated in US Dollars, hence a US Treasury Bills Yield Curve is used and allows for credit default spread. The projected drawdown and repayment schedules used in calculating the future IMU payments, is as per the relevant loan agreement.

YOUR EXPORT RISK PARTNER

69