COMPANY COMMENT
Tiger Brands report vies with matric spin
If you have difficulty working your way through the spin around the release of the 2016 matric results, it might be advisable to stay clear of Tiger Brands’ integrated annual report
Apart from the external-locus-of-control tone of chunks of the report, it does contain a commendable amount of useful information. That is until you come to the section on board evaluation. Then, rather like the country’s matric results, it is difficult to know how the participants performed. London-listed Petra Diamonds issued an interesting document late in December, detailing its payments to governments in various jurisdictions. Petra has grown enormously in little more than a decade by buying unloved diamond mines from De Beers, and one would anticipate the largest receiver of funds from Petra would be the South African government. However, it is Tanzania, where Petra has the opencast Williamson mine, also a former De Beers mine. It has paid $8.9m to governments in 2016 in tax, mining and licences, royalties and infrastructure. About $5.8m went to Tanzania and $2.9m to SA, while $144,000 went to the Netherlands. No corporate tax was paid in SA. Floating royalties generated $1.47...
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