[LISTEN] Three areas we’re focusing on: security, additional government funding to fix infrastructure & getting additional locomotives: follow_transnet CEO Portia Derby on SAfm Market Update with Ryk_van_Niekerk Transnet rail logistics podcast
RYK VAN NIEKERK: Transnet announced financial results for its fiscal year to the end of March 2022 this afternoon. I just want to mention first that the financial statements are unqualified, which means that the Auditor-General thinks they are an accurate reflection of the group’s financial position. The Auditor-General qualified the company’s four previous set of financial statements due to, among other things, irregular expenditure related to state capture.
No, because, as we’ve been at great pains to say, that’s an accounting profit. We don’t have cash yet. We’ve been at great pains, even talking to our own workers, and saying, look, it’s an improvement and at least it helps us deal with the gearing, but until we get cash and real hard cash, we are still in a bit of a tight spot going forward. But as soon as the situation changes I think we will continue, because it is important – as a company owned by a government.
I’ll answer you in two ways. One, we put in the presentation what we regard as [the risk] that we face, and then I’ll come to having raised these risks, what are the priorities that we think are absolutely crucial to help deal with the risks? This issue of liquidity – and liquidity is, when all is said and done, cash in the bank – is crucial. And that means that we have to drive revenue. We’ve done, we think, as much as we can possibly do really on the cost side.
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