SABC’s financial year loss of R622m is somewhat less terrible than 2017’s figure
But auditor-general Kimi Makwetu asserts that he cannot offer an audit opinion on whether the SABC can be considered a going a concern
The SABC made a loss of R622m in the year to end-March, an improvement on the restated loss of R1bn the previous year. Revenue for the year according to the public broadcaster’s annual report tabled in parliament on Monday came in at R6.6bn (R6.5bn in 2017) against a budget of R7.3bn with an operational loss of R635bn (R1.1bn) being posted. Current assets exceeded current liabilities by R291m at the end of the financial year, and the entity was "commercially insolvent as it was not able to pay its debts as an when they came due", auditor-general Kimi Makwetu said in his report, which is included in the annual report. At the end of the financial year the SABC had cash of R131m and owed trade creditors more than R500m, with creditors having to wait an average of 205 days to be paid. Makwetu issued a disclaimer — the worst possible opinion — on the financial statements of the corporation as he said there was insufficient audit evidence on which to base an audit opinion. Makwetu was als...
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