Page 4 - SABN AR 2021

Scope of the Annual Report
The Annual Report of the South African Bank Note Company (RF) Proprietary Limited (SABN/Company) for the financial year ended 31 March 2021 covers the activities and performance of the Company.
This Annual Report aims to provide the SABN’s shareholder, namely the South African Reserve Bank (SARB), with a transparent, balanced and holistic view of the Company’s performance for the period under review. It highlights the successes, opportunities, risks and material issues faced by the SABN in the normal course of its business as well as its governance, social and environmental responsibilities.
In compiling the report, the SABN considered the Companies Act 71 of 2008 (Companies Act) and the International Financial Reporting Standards (IFRS).
This Annual Report has been reviewed and approved by the SABN Board of Directors (Board).
Corporate profile
The SABN is a banknote and security printing company that produces banknotes for the SARB,1 of which it is a wholly owned subsidiary. The SABN is located in Pretoria, which is situated in the Gauteng Province in the Republic of South Africa.
When the decision was made in 1958 to print the South African banknotes domestically rather than abroad, as was the practice at the time, the SARB and a British banknote printer, Bradbury Wilkinson, established the SABN as a joint venture company, with the sole objective of printing banknotes for South Africa. A suitable factory premises for printing banknotes was built in Pretoria and the domestic production of banknotes commenced in 1961, the same year that South Africa became a republic and adopted the rand as its currency. The shareholding of Bradbury Wilkinson in the joint venture company was subsequently taken over, and in 1969 the SABN became a wholly owned subsidiary of the SARB.
Vision
The purpose-led vision of the SABN is:
We serve the nation by providing competitively priced quality banknotes to contribute to the economic well-being of South Africans.
In order to deliver on its purpose-led vision, the SABN has developed the following overall strategic intent for 2025:
Optimise and grow production to supply
1.5 billion quality banknotes
at internationally competitive prices.
To meet its shareholder’s expectations and deliver on the strategic intent, the following value proposition has been defined:
We ensure the availability and quality of South African banknotes at internationally competitive prices.
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South African Bank Note Company (RF) Proprietary Limited
1
In terms of the South African Reserve Bank Act 90 of 1989, the SARB may, subject to the provisions of section 14 (i) make banknotes or cause banknotes to be made; (ii) coin coins or cause coins to be coined; (iii) issue banknotes and coins, or cause banknotes and coins to be issued, for use in the Republic; (iv) make, or cause to be made, banknotes to be issued for use in another State, and coin, or cause to be coined, coins to be so issued; and (v) destroy banknotes and coins or cause them to be destroyed.
Annual Report 2021
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