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Opinion: Denel is Dead, Long Live Denel Capabilities

Opinion: Denel is Dead, Long Live Denel Capabilities
defenceweb.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from defenceweb.co.za Daily Mail and Mail on Sunday newspapers.

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Auditor-General continues to push for accountability

69% materially did not comply with legislation;
Only 36% fully complied with supply chain management;
Irregular expenditure amounted to R54.34 billion; there was however missing or incomplete information so the full amount is not known;
21 auditees received disclaimed or adverse opinions on their financial statements;
The financial health of departments “continued to be alarmingâ with many problems, including insufficient funds to settle liabilities and 87% of departments having claims against them totalling R147.12 billion â¦ âcontinuing [the] trend of using next yearâs budget to pay current yearâs expenses and claimsâ;
55 (29%) public entities incurred expenditure in excess of revenue; and
44% of public entities do not comply with supply chain management legislation. ....

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Slight improvement in SOE audits is 'nothing to celebrate'

MONEYWEB
app instead?
Slight improvement in SOE audits is ‘nothing to celebrate’
AG releases report into audit outcomes of national and provincial departments as well as the entities under their control.
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Auditor-General says irregular expenditure accumulated over many years and not yet âdealt withâ stood at more than R262bn at year-end. Image: Moneyweb
Earlier this month, South African Airways’ (SAA’s) business rescue practitioners Siviwe Dongwana and Les Matuson told parliament’s Standing Committee on Public Accounts (Scopa) that the airlineâs 15-month-long business rescue process has been successful.
Dongwana and Matuson said the airline is now âsolvent and liquidâ following over a decade of loss-making and mismanagement. ....

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Moderate loss for Denel Aeronautics in last financial year

defenceWeb
Written by Guy Martin -
A Rooivalk hovers outside Denel s premises in Kempton Park.
Denel Aeronautics recorded a R61 million loss in the 2019/20 financial year on revenue of R770 million.
For the previous financial year, the division made a R17 million profit, according to the latest Denel annual report.
Exiting the aerostructures business is set to save Denel hundreds of millions of rands per year. According to the annual report, exiting Denel’s aerostructures manufacturing business, which was expected to be largely concluded by the end of July 2020, resulted in an annualised savings benefit of R260 million.
As part of the exit and winding up of Denel Aerostructures, the Ribs Spars and Sword work package for the Airbus A400M Atlas transport was successfully transferred in September 2019, along with two work packages for other customers. ....

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