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RTMC ANNUAL REPORT 2011/12

RTMC ANNUAL REPORT 2011/12. “SAFE ROADS -THE CHANGE WE WANT TO SEE”. PRESENTATION TO PORTFOLIO COMMITTEE 10-11 OCTOBER 2012 ACTING CEO: COLLINS LETSOALO. OUTLINE. RTMC Audit Journey Overall Financial Position Statement of Financial Position Statement of Financial Performance

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RTMC ANNUAL REPORT 2011/12

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  1. RTMC ANNUAL REPORT 2011/12 “SAFE ROADS -THE CHANGE WE WANT TO SEE” PRESENTATION TO PORTFOLIO COMMITTEE 10-11 OCTOBER 2012 ACTING CEO: COLLINS LETSOALO

  2. OUTLINE • RTMC Audit Journey • Overall Financial Position • Statement of Financial Position • Statement of Financial Performance • Opinion Comparatives • Emphasis of Matter • Pre-determined Objectives • Required Funding for RTMC Mandate

  3. RTMC Audit Journey

  4. Overall Financial Position • Reporting a state of technical insolvency based on material loss of 41m, mainly due to SANRAL debt write off (R26m) and intangible asset write off (R8,1m), leaving the entity with loss of R7m. • R7m - a reduction in the loss from 2009/10 loss of R72m. • Liabilities exceed assets by R203 million. • Main contributor - liability of R200 million relating to irregular use of Transaction Fees in 2009/10 financial year (uncovered and confirmed through the Ministerial Task Team, and an a matter that would resolve the going concern challenge of the Corporation when addressed).

  5. Annual Financial Report: 2011/12

  6. Annual Financial Report … Cont.

  7. Annual Financial Report … Cont.

  8. Opinion Comparison

  9. Pre-determined Objectives

  10. Emphasis of Matter

  11. Pre-determined Objectives … Cont.

  12. THANK YOUTHE RTMC SUPPORTS THE DECADE OF ACTION TO ROAD SAFETY 2011 -2020, and is a Member of the United Nations Road Safety Collaboration (UNRSC)

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