Directors’ report
for the year ended 31 March 2007 GENERAL REVIEW
At the core of Pebble Bed Modular Reactor (Proprietary) Limited’s (PBMR’s) mission is the primary long-term goal to be the first organisation that successfully commercialises pebble bed technology for the world’s energy market. Being first will be key to achieving PBMR’s vision, which is to be the preferred global provider of standardised, safe nuclear energy systems, fuel and life-cycle support.
FINANCIAL RESULTS
Full details of the financial results are set out within this website of these annual financial statements. Details appear within this website.
YEAR UNDER REVIEW
The year under review is fully covered in the Chairman’s and the Chief Executive’s reviews. Details appear within this website.
SHARE CAPITAL
The authorised and issued share capital remained unchanged during the year under review. Details appear within this website.
DIVIDENDS
No dividends were proposed or declared for the year ended 31 March 2007 (R nil: 31 March 2006).
DIRECTORS
Biographical notes of the current directors and executive members are given appear within this website. Details of directors and executive member’s remuneration appear appear within this website
CHANGES IN DIRECTORATE
A total of nine new directors were appointed and three resigned during the financial year under review. Details of appointment and resignations appear within this website
COMPANY SECRETARY AND REGISTERED OFFICE
The company’s secretary is Mr DO Mosito and his address and that of the registered office are as follows:
| OLD ADDRESS | NEW ADDRESS1 | POSTAL |
| Physical | Physical | PO Box 9396 |
| Lake Buena Vista Building | Pebble House | Centurion |
| 1267 Gordon Hood Avenue | 1279 Mike Crawford Avenue | 0046 |
| Centurion | Centurion | |
| 0046 | 0046 |
HOLDING COMPANY2
The company is owned by Eskom Enterprises Limited (incorporated in South Africa), which owns 100% of the company’s issued share capital. The ultimate holding company is Eskom Holdings Limited (incorporated in South Africa). Under the terms of the Co-operation Agreement between Eskom Holdings, Industrial Development Corporation of South Africa Limited, Westinghouse Electric Company LLC and PBMR, Eskom has the right to appoint directors to PBMR, including the Chairman of the Board, and shall appoint directors nominated by the Industrial Development Corporation of South Africa Limited and Westinghouse Electric Company LLC.
1The registered address of the company changed effective 23 July 2007.
2The Industrial Development Corporation of South Africa Limited was appointed as nominee for the Department of Trade and Industry. The Department of Trade and Industry transferred its oversight role to the Department of Public Enterprises in January 2006.
SUBSIDIARIES
Details of principal subsidiaries are shown within this website on the annual financial statements. Consolidated financial statements have not been prepared as all the subsidiaries were dormant during the period under review.
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
PBMR’s financial statements were prepared in terms of International Financial Reporting Standards. Consolidated financial statements have not been prepared as all the subsidiaries were dormant during the period under review.
EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE
Since the year-end to the date of this report, no matters of a material nature or circumstances have occurred which could have a material influence on the financial state of the company.
AUDITORS
KPMG Inc. is the auditors of the company and will continue in office in accordance with section 270(2) of the Companies Act and the Public Finance Management Act No 1 of 1999, as amended.
