ECIC IR 2023

ANNUAL Financial Statements for the year ended 31 March 2023

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D

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2

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1

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E X P O R T C R E

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A S

C

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D I

F

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N

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U

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A

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C

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Notes to the Financial Statements

30. Retirement benefits Defined contribution plan

The Corporation contributes to the Sanlam Umbrella Fund, which is a defined contribution plan registered in terms of the Pension Funds Act, 1956. Membership is compulsory for all full time employees. As with all defined contribution funds, the liabilities equal the assets at all times and therefore no actuarial valuation is required.

2023 R’000 8 303

2022 R’000 7 483

The total contribution for the year

31. Commitments Operating leases

2023 R’000

2022 R’000

Minimum lease payments due – within one year

122

3 516

The lease payments are exclusive of VAT. There are no material commitments entered into during the current financial year.

32. Related parties Relationships Related party balances Identity of related parties

The Corporation has a related party relationship with its shareholder, fellow government entities and its directors and executive officers. The sole shareholder is the government of South Africa through the Department of Trade, Industry and Competition ( the dtic ). Transactions with key management personnel Details of directors’ emoluments are disclosed in note 33. Key management personnel for purposes of related party information are defined as directors. Government guarantee In terms of Export Credit and Foreign Investments Insurance Act 1957, as amended, the Government of South Africa acts as a guarantor for the liabilities of the Corporation. Since inception, the Corporation has not called on this Government Guarantee.

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