Total losses through criminal conduct amounted to R Procurement processes also often flouted Public Finance Management Act prescripts as in the previous year. The qualified audit report places bilateral and syndicated loans amounting to R This has raised uncertainty over whether Transnet is at risk of not meeting the going concern test.
A Transnet statement on August 16 said letters of intention to place on suspension were served on Transnet CEO Siyabonga Gama, engineering chief executive Thamsanqa Jiyane and executive manager Lindiwe Mdletshe for possible misconduct.
There was good corporate governance, which was described. Ambitious growth targets had been set, but it was noted that the volumes had not been moved in the last year because of unavailability of the correct volumes of iron ore from the mines, and shortage of coal. The capital investment was R16 billion, to replace existing capacity and to expand further capacity for growth. The major challenges included the global slowdown, energy costs and availability, and the cost of steel.
The financial statements were presented in detail, showing a net profit of R6. The post retirement benefit obligations were described, and the surplus in the Fund in , the ex gratia payment, and the increases were explained. The balance sheet was strong, and significant amounts of capital would be spent for growth.
The interventions in the area of human resources were described, and it was noted that there was a six year comprehensive plan for sustainable growth, with the aim of having 13 skilled individuals over the next five years.
Each of these addressed the main focus, the achievements and the specific projects that were being undertaken. Members asked questions on the five-year plan, the breakdown of total assets, what interventions were to be made in respect of freight rail, how Transnet ensured that it was competitively priced, and asked for a copy of the report from the World Bank that had ranked South Africa 20th in the world for ports and rail.
Specific questions were also asked around freight rail, and the interventions put in place. Further enquiries were made on line items on the balance sheet, procurement, the retention strategies for staff, the contributions to the agricultural sector, the cost of loans, and the tender process for scrap metal, and Transnet was requested by the Committee to submit a written report on the last matter within two weeks.
It retained Duncan Dock and the container terminal. Members asked what claims Transnet were likely to make against the Sunday Times, and noted that a submission was to be handed in concerning the pension funds, and what was being done about the plight of the Transnet pensioners. He stated that the pace at which a business was turned around and how far it could go was determined by what was inherited, and this in turn depended upon what might be termed hardware - the physical assets - and software — the people — attached to a business.
He stated that it was important that the organisation and its tasks became unified. Lessons could be learned about planning and coordination, where business had to be looked at in an integrated fashion.
Under capital and financial efficiency, it showed a strong balance sheet and appropriate gearing which enabled them to lend money. With regards to operating efficiency and effectiveness, the operating margin improved due to costs being addressed.
Infrastructure investments and development showed correlation between budget and actual capital spending. In moving forward, their focus was shifted towards growth.
An extensive exercise was conducted with all employees of Transnet around the culture and values of the organization, and to reinforce the mission and the vision of the company. That was supported by a culture Charter which focused on the software of the company. She felt that there was sufficient progress from a turnaround strategy to growth.
The growth strategy rested on four pillars; namely, business, re-engineering, strategic balance sheet management, corporate governance and risk management and human capital. The turnaround strategy was about ground efficiency and stabilising the finances of the company. In terms of operational efficiencies, there was an increase in what was transported with regard to rail, ports and pipelines.
There was an upward trend but there needed to be more volumes moving. Ms Ramos also stated that with regard to freight rail business, there was a massive increase in spending on maintenance. Historically not much was spent on maintenance. Capital expenditure for the year was R15,78 billion.
There were strict systems of corporate governance in place. The growth strategy that was being pursued focused on increasing volumes, new customer services and development. The business was being run more on an integrated level as well as a network level. The growth targets for volume that were set for the next five years were ambitious.
The reason why the volume target was not achieved was because iron ore volumes were not available from the mines, and there were shortages in coal. In terms of capital investment, in the amount was R2 billion, and by this had risen to R16 billion.
That capital investment was split to replace existing capacity and to expand capacity for volume growth. Ms Ramos said that the business faced major risks and challenges, such as trying to expand in a middle of a global slowdown.
Energy costs were also an issue, since oil and electricity had increased in price and scarcity. One of the other costs that had gone up very significantly was the cost of steel.
Revenue increased by That referred to external revenue, which comprised the services outside the Transnet Group. Operating expenses increased by 7. According to Mr Wells, that amount reflected good cost control. At the beginning of the current year, MTN shares were sold for nearly R5, 7 billion, which resulted in Transnet not having to borrow significantly. The net profit for the year was R6, billion. In terms of the balance sheet, the total assets of Transnet were worth nearly R billion.
Mr Wells then spoke about the post retirement benefit obligations. In , there was a deficit in the Transnet second defined benefit fund. That fund was not part of Transnet. In , it had a significant surplus. Transnet also contributed R million as an ex gratia payment, in terms of which every pensioner had received a one-off increase. The minimum pension amount would be R8 per year. The balance sheet was at its strongest, and significant amounts of capital would be spent for growth, which would require planning and commitment.
Key drivers of the organisation were around culture, performance management, and skills development. It had mobilized the workforce to cast 44 votes in order to develop a Culture Charter. By scoring themselves, they could identify gaps that needed to be addressed. FM has provided a semi-annual report to the City Council on the status of these process improvements since Fiscal Year TransNet Independent. Creating value through Transnet s governance structure Ethical and effective leadership and corporate citizenship Compliance with laws, codes, rules and standards.
Terminal Updates - Transnet Port Terminals. Annual report suggests Transnet s wheels are coming. PDF Annual Report - dpe. The Company offers generation, transmission, and distribution of electricity, as well as natural gas, district heating, and drinking water.
This page includes all SEC filing details as well as a list of any documents filed by Transnet. Transnet Online Integrated Report Corporate information. The San Diego Association of Governments SANDAG is the San Diego region s primary public planning, transportation, and research agency, providing the public forum for regional policy decisions about growth, transportation planning and construction, environmental management, housing, open space, energy, public safety, and binational topics.
About the Integrated Report. Operating Division Freight rail Download Transnet report reveals losses through criminal conduct. Transnet Annual Report: briefing. The Annual Financial Statements. Pillay, D. Prins and W. An SRCP report. Duca and T. A PARI report. Integrated Annual Report - famousbrands. Transnet Annual Report - Transnet Freight. Annual reports - old. Transnet Annual Results Presentation March 1. Organ transplants performed in the United States in reached a new record high for the fourth consecutive year.
The growth in overall transplants was largely driven by an increase of 9. Key sustainability focus points for Transnet capital investments: Getting more cargo on rail Local supplier industry development Skills development Energy efficiency Biodiversity protection and enhancement Safety Stakeholder engagement In July Transnet published its first Integrated Annual Report.
A half-cent countywide sales tax that helps fund regional transportation projects. Click here to view Annual Report The Board has applied its collective mind to the preparation and presentation of the integrated report and is satisfied that the report is a fair and reasonable representation of SAA s performance and prospects.
Transnet South Africa, Industrials and Manufacturing What Transnet says about its journey towards integrated reporting.
Report of the Audit Committee 2. Report of the Accounting Officer 3. Report of the Auditor-General 5. Appropriation Statement 6. The difference between the quantities of electricity to be purchased or sold overall for the production of the band according to the respectively current infeed forecast and the overall quantities of electricity that are purchased or sold for this purpose by TransnetBW GmbH on the previous day of interday spotmarket or by call-off.
Through its Rural and Farm Schools Sport Programme, the Transnet Foundation gives real opportunities to youth who fall outside the target areas of traditional sporting bodies. It aims to identify. Investor Relations Annual Results - Transnet. The Sustainability Outcomes Report.
Aug 21, Transnet has recorded its best annual financial results ever, despite reporting R million in irregular expenditure in the year to March. Performance highlights.
He stated that clients may get cheaper services but that they tended to patronise Transnet because of the efficiency of their services.
This page includes all SEC filing details as well as a list of any documents filed by Transnet. He stated further that the Ports Authority had faced the challenges of shortage in marine skills, but that a lot of effort had been put into improving training.
Prins and W. Integrated reports Page Content The external auditors are responsible for independently auditing and reporting on the financial statements in conformity with the Statements of South African Auditing Standards. She also mentioned that there were problems with the vehicle terminal in Durban because there had been the intention to extend it, but it had taken longer than usual to acquire the land from Department of Public Works.
He stated the need for strategic partnerships, which were to grow the business and grow understanding of the needs of customers, as this would help identify the skill requirements that were needed.
The table below illustrates the financial balance of the TransnetBW balancing area on a monthly basis that results from the electricity system balancing process. The net profit for the year was R6, billion. Under-pressure Transnet chief executive. She stated that there were about employees in Transnet Capital Projects. She stipulated that Transnet did not own the sea sketched in the Sunday Times map and therefore could not have sold it.
The balance sheet was strong, and appropriate gearing enabled it to lend money. The Chairperson asked Ms Ramos, with regard to the volume issue, what problems Transnet had experienced around coal.
They particularly focused on black widows of pensioners, when the pension fund of the spouse was not transferred to the widow on death. This is our primary report to our shareholders and other stakeholders.
Where relevant, restatements or changes in measurement methods are disclosed in the annual financial statements. The financial statements are prepared in accordance with International Accounting Standards as well as Statements of Generally Accepted Accounting Practice, and incorporate full and meaningful disclosure in line with Eskom s reporting philosophy. Aug 21, Transnet has recorded its best annual financial results ever, despite reporting R million in irregular expenditure in the year to March. There had been a huge increase on spending in the maintenance fields. Operating expenses increased by 7.