| for the year ended 31 March 2008 |
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| The directors submit their report for the year ended 31 March 2008. |
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| 1. |
GENERAL REVIEW |
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Main business and operations |
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At the core of Pebble Bed Modular Reactor (Pty) Limited’s (PBMR) 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 supplier of safe, standardised nuclear energy systems, fuel and life-cycle support. |
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Financial results |
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The operating results and state of affairs of the Company are fully set out in the attached annual financial statements. |
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Year under review |
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The year under review is fully covered in the Chairman’s and the Chief Executive’s reviews. Which appear within this website. |
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| 2. |
SHARE CAPITAL |
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The authorised and issued share capital of the Company remained unchanged during the year under review. Details appear within this website click here to view |
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| 3. |
DIVIDENDS |
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No dividends were proposed or declared to shareholders during the year ended 31 March 2008 (Rnil: 31 March 2007). |
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| 4. |
DIRECTORS |
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Biographical notes of the current directors and executive members withing this website click here to view. Details of directors and executive members’ remuneration appear on notes26 click here to view. |
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| 5. |
CHANGES IN DIRECTORATE |
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A total of five new directors were appointed and five resigned during the financial year under review. Details of appointments and resignations appear witihin this website. |
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| 6. |
COMPANY SECRETARY AND REGISTERED OFFICE |
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The secretary of the Company is Mr DO Mosito and his address and that of the registered office are as follows: |
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| Business address |
Pebble House |
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1279 Mike Crawford Avenue |
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Centurion |
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0046 |
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| Postal address |
PO Box 9396 |
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Centurion |
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0046 |
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| 7. |
HOLDING COMPANY |
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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). Effective control is not exercised by Eskom Holdings Limited but in terms of a cooperation agreement between Eskom Holdings Limited (“Eskom”), the Industrial Development Corporation of South Africa Limited, Westinghouse Electric Company LLC and PBMR. Under the terms of the cooperation agreement, 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. |
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| 8. |
SUBSIDIARIES |
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Details of the Company’s investment in principal subsidiaries are set out in note 4. Consolidated financial statements have not been prepared as all the subsidiaries were dormant during the period under review. |
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| 9. |
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) |
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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 year under review. |
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| 10. |
EVENTS SUBSEQUENT TO BALANCE SHEET DATE |
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Since year-end to the date of this report, no matters of a material nature or circumstance have occured which could have a material influence on the financial state of the Company. |
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| 11. |
AUDITORS |
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KPMG Inc. will continue in office in accordance with section 270(2) of the Companies Act and the Public Finance Management Act of 1999, as amended. |
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