SANRAL - Interim Report - 2017

[LOTR]

So I see SANRAL has issued it's latest interim report, so I gave it a bit of a squizz. Found this interesting comment in the section titled "Report of the auditor-general to Parliament on SANRAL", point 7.

Material uncertainty related to going concern
7. I draw attention to note 45 to the financial statements, which indicates that the entity’s cash requirements for the next 12 months relating to toll operations is dependent on its ability to successfully raise further funding through auctions and private placements and that the board of directors has requested the Shareholder to address the impact of the poor collection rate on the Gauteng Freeway Improvement Project (e-tolls) with Cabinet to ensure the sustainability of SANRAL. As stated in note 45, these events or conditions, along with other matters as set forth in note 45, indicate that a material uncertainty exists that may cast significant doubt on the public entity’s ability to continue as a going concern. My opinion is not modified in respect of this matter.

End of the road? (excuse the pun).

Full report can be viewed here if anyone's interested.
http://www.nra.co.za/live/content.php?Session_ID=dccd89e122f2941d928c34e04d4b56ec&Category_ID=72.

 

[Dlamaqhinga]

The best thing for SANRAL would be for government to write off the Gauteng Freeway Improvement Project (e-tolls) debt and never again do e-tolls in urban road / freeways in SA.

 

[Sinbad]

"Ask the shareholder to address the impact of poor collection rate"

This means, government to crack down on non-payment.

 

[patrick123]

"Ask the shareholder to address the impact of poor collection rate"

This means, government to crack down on non-payment.

That is very likely why they sent out that spate of SMS's recently, to try and intimidate some people into paying.

Waiting impatiently for the Outa-Sanral court case to start.

 

[grok]

Pfft they'll just loan some more money and carry on as usual, a government like ours never voluntarily gives up such a lucrative chance at corruption..