Damning e-toll information leaked by source: Outa

Cash vs invoiced revenues. More crucially Ms Mulder admitted (despite
contradictory wording) the users of the e-roads had since the commencement of open
road tolling in December to have only paid “R250.8 million as at 28 February 2014”.
This was way below the amount claimed by Mr Alli of “R300 million per month”. She
also said that “Revenue of R953 million has been recorded” but acknowledged that
“the revenue represents the nominal value of transactions, excluding VAT. The values
have not been adjusted in terms of International Financial Reporting Standards (IFRS)
which requires the amount to be fair valued and impaired, if applicable. The values are
therefore subject to change during the financial year end process, and will still be
reviewed by the Auditor-General for accuracy and completeness. No provision for bad
debt has been included.”
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What I said at the time as well. This is quite damning. They are engaging investors on the above basis, and this amounts to fraud if they continue to bandy about these numbers as factual. These figures have been recorded as revenue without impairment and without provision for bad debt. You cannot record it as revenue on this basis, and you therefore cannot engage investors on this basis. IFRS states that impairment losses (trade and finance) are recognised as expenses, yet Sanral's own CFO chose strategically to ignore this crucial aspect entirely, as well as make no provisions for bad debt, which is financial mismanagement in my eyes, as there is considerable public backlash.

You quite simply cannot record the outstanding trade receivables entirely as revenue...

The equation yields 77% of revenue as a still to be collected debt.
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In other words they have overstated their revenue by 77%. To the public, and to investors. BTW, these investors are currently being asked to loan Sanral more money so that phase 2 can begin AND in order to repay debt that they incurred during phase 1...

Then on 19th March a media release quoting the CFO of Sanral Ms Inga Mulder stated
that “The progress in registering vehicles have also been above expectations, being 1
242 317 at the end of February.
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This is because Sanral are automatically registering alternate users with an account once the plate is recognised. When you "register" you are actually simply obtaining details to an account that Sanral already opened for you. This became clear when the VPC centre debacle took place on mybb, when House attempted to get mybroadband users to "register" on VPC's site and to pay their bills.

So using this metric to hoodwink the public, and to hoodwink potential bond investors should also amount to financial impropriety on the part of the Sanral executives tasked to perform their duties in good faith and with financial diligence. As an SOC they are bound by law to interact in good faith with investors and the public. They are clearly not doing so...

More can be found in this thread - http://mybroadband.co.za/vb/showthr...-know-about-E-Tolls-The-important-information

And I stand by every word of it...
 
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DJ... said:
In other words they have overstated their revenue by 77%. To the public, and to investors. BTW, these investors are currently being asked to loan Sanral more money so that phase 2 can begin AND in order to repay debt that they incurred during phase 1...
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I think its worse than that. Overstating their revenue by 77% would be having actual revenues of R100 but stating it as R177. What Sanral has done is stated revenues as being R100 when R77 of that is debt that they have not yet collected (and probably never will).

So something has to give, and Sanral knows it. The public has shown them the finger. But we warned them, we said it was too much. Now SA is in a lot of debt to Kapsch, which could have been avoided if not for the ANC's greed.
 
Their vat bill is going to hurt them badly. R126m vat is owed on R900m invoiced - and they've only collected double that in total.
 
Sinbad said:
Their vat bill is going to hurt them badly. R126m vat is owed on R900m invoiced - and they've only collected double that in total.
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No matter how they look at it, there is money they are receiving. They have nothing to loose. And they have a nice large control room too.

The problem is only going down with force. Sitting back saying a non violent protest will do anything is stupid because they are still receiving funds no matter what.

Things need to get hot
 
Their cash flow would be really tight because of their VAT. Most companies would be required to submit VAT201 returns every 2 months. Because of their high turnover, SANRAL would be required to submit VAT returns on a monthly basis.
 
I think that everyone who has given SANRAL their credit card, or even debit card details should be very worried as there is a question over their PCI certification. And the government is dancing around this issue.
 
… bully politicians, and business people and do not act in the interests of the country’.
Click to expand...

No sht. Government don't care about business/SA/People... only for their own pockets.
 
TelkomUseless said:
No sht. Government don't care about business/SA/People... only for their own pockets.
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Our courts proved they don't care. Zuma from the outset has deployed his cadres in these sectors, like Moegeng or whatever his name is!
 
Ancalagon said:
Now SA is in a lot of debt to Kapsch, which could have been avoided if not for the ANC's greed.
Click to expand...

Actually, if you read the full report, KTC is crying victim as well. Apparently they have not yet collected any revenue because the performance indicators set by SANRAL has them paying penalties and most of the revenue is now set to be collected outside of the 7-day grace period (which would benefit KTC) by the VPC (which benefits SANRAL exclusively) and at a much higher rate...
 
Leadership

If you have leaders that do not care how they live, these appoint officials who do not care how they officiate. It takes many wise people a lot of hard work and a lot of time to undo the harm caused by just a few greedy and corrupt people - and yet we have every institution of government being populated by these people. There is an endless supply of such cadres.
 
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The people have spoken with their wallets, now something has to give...

I suspect that the first court case will only be after the elections. This will be interesting because the money borrowed for the e roads was taken from the magistrates 'pension fund'
 
Juice said:
Actually, if you read the full report, KTC is crying victim as well. Apparently they have not yet collected any revenue because the performance indicators set by SANRAL has them paying penalties and most of the revenue is now set to be collected outside of the 7-day grace period (which would benefit KTC) by the VPC (which benefits SANRAL exclusively) and at a much higher rate...
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Now that is interesting....

I expected the VPC collections to be mostly going to KTC, and not SANRAL.
 
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