Interfront 2024 Annual Report

A B C D FINANCIAL INFORMATION International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2024 NOTES TO THE FINANCIAL STATEMENTS Figures in rand 2024 2023 Risk management (continued) Financial assets exposed to credit risk at year‑end were as follows: Financial instrument 2024 2023 Cash and cash equivalents 29 740 368 52 158 925 Receivables from exchange transactions 41 384 220 11 294 635 Market risk Interest rate risk The entity’s interest rate risk arises from amounts held in short‑term cash balances. The entity’s income and operating cash flows are substantially independent of changes in market interest rates in relation to these balances. Cash flow interest rate risk Financial instrument Current interest rate Due in less than a year Due in one to two years Due in two to three years Due in three to four years Due after five years Receivables from exchange transactions 11.75% 41 384 220 – – – – Cash in current banking institutions 11.75% 29 740 368 – – – – Payables from exchange transactions 11.75% 12 397 509 – – – – Operating lease obligation 11.75% 2 930 969 1 725 818 733 647 – – Foreign exchange risk The entity provides services to one international customer and is exposed to foreign exchange risk arising from currency exposures, primarily with respect to the Euro. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities. The entity does not currently hedge foreign exchange fluctuations. Foreign currency exposure at the statement of financial position date Current assets Receivables from exchange transactions (amount in EURO) 330 000 – Liabilities Payables from exchange transactions (amount in USD) 522 – Exchange rates used for the conversion of foreign items were: EURO 20.34 USD 18.85