DENEL doubles it's loss to R1,6Bn

[Gunship]

ARMS manufacturer Denel conceded yesterday it had understated last year’s losses of R850m by almost 50%, attributing the discrepancy to “unexpected expenditures” .

Denel has been technically insolvent for more than a year, and has been surviving on a R1bn government guarantee for its funding requirements since July. It has also asked the state for another R5bn lifeline.

FULL STORY HERE (http://www.businessday.co.za/articles/topstories.aspx?ID=BD4A103718)

[pointer41]

Now, filling in my late tax return, I am really in a good mood.:mad:

Best all!

[Gunship]

I see the (late) Mining tycoon Mr Kebble did not fill his in for 11 years ... :E

maybe we are all wrong (uhmm those that fill in that little form) :E

[lambert]

Wonder how much Aristide's personal ex-pilot is costing "us" in his indispensible role than no other South African could do (fly, speak French, negotiatiate, blah, blah)?

Bet he will get a great severance package when Denel is liquidated.

[Gunship]

Again a can of worms that was opened in PPRUNE .. I wonder if the high and allmighty get to read PPRUNE between overseas trips and "possible sales".

I just HAD the highest respect for the old ATLAS .. well DENEL .. sadly fading rapidly :hmm:

[Gunship]

Parastatal arms manufacturer Denel on Monday posted a R106bn loss for the financial year ended March 31.

"As Denel's chief executive, Shaun Liebenberg, revealed in Parliament last month, the group posted an after tax loss of R1604.4m (2004: R377.5m loss) on gross revenues of R3784.2m (2004: R4442.2m).

This was announced at its annual general meeting (AGM) in Pretoria today," Denel said in a statement.

Although Denel anticipated the red ink, preliminary figures earlier in the year indicated a much smaller loss.

FULL REPORT HERE (http://www.fin24.co.za/articles/default/display_article.asp?Nav=ns&ArticleID=1518-24_1834189)

[4HolerPoler]

How very African:

The State-owned arms company Denel, which suffered a net loss of R1.37bn in 2005/06, paid its chief executive officer Shaun Liebenberg a whopping R6.2m package - about six times the president of South Africa's annual package. The annual report has noted that "major contributions to this year's (poor) financial performance were mainly the failure to achieve the sales target, inventory build-up in relation to sales, increases in provision for contract losses, provision for restructuring and low production at certain plants resulted in an under recovering of labour." The Denel annual report tabled in parliament on Monday noted that the turnover was down to R2.7bn from R3.5bn the previous year. The net loss, however, was down slightly from R1.56bn in 2005.

Liebenberg was appointed chief executive officer to replace Victor Moche in June last year. Liebenberg earned R6.254m including remuneration of R2.58m, allowances of R250 000 rand, a "performance bonus" - to quote the report - of R3.125m and contributions to his medical aid and pension of R297 00. His predecessor received a "loss of office" - golden handshake of R3.65m including R207 000 for the two months into the financial year as a remuneration payment, R33 000 in allowances and R26 000 in contributions to his medical aid and pension. The annual report stated that Denel's capital and reserves were restored to just over R600 million during the 2006 financial year largely due to a government capital injection of two billion rand in March this year. Denel issued 447.3 million shares at R1 each at a premium of R1.55bn.

[Beta Light]

Come on guys, don’t be so selfish, keep filling those tax returns, we have to pay those S.A.A. salaries remember. I’ve been told it is in the interest of aviation as a whole!
NOT

Goed om jou weer hier te sien Guns, kan nie spiral sonder top cover ! Err, no sorry bubba - check out the date. Sadly Guns no longer frequents this site. 4HP

:ok: