Our approach is to ensure that our experienced teams with industry expertise, deep market knowledge and entrepreneurial creativity continue to manage all capitals deployed for value creation and sustaining in the short and long term.
We are operating in an economic environment heavily constrained by domestic and global challenges which impact on our business performance. The global economic slowdown in major economies including the Southern African region requires that the Group continues to take appropriate measures as well as explores alternative opportunities for improvement.
We are committed to building a resilient Group of businesses that will continue to create and deliver sustainable value for our shareholders and stakeholders. Our approach is to ensure that our experienced teams with industry expertise, deep market knowledge and entrepreneurial creativity continue to manage all capitals deployed for value creation and sustaining in the short and long term.
DEFINED CONTRIBUTION PENSION PLAN
Our pension schemes are managed through self-administered defined contribution pensions for qualifying employees. We manage the Innscor Africa Limited Pension Fund, National Foods Pension Fund and Colcom Pension Fund under the Group. Compulsory external schemes comprised of the National Social Security Authority Scheme, Workers Compensation Insurance Fund and the Catering Industry Pension Fund. The total contributions to the schemes for the year is presented below:
Valued Added Statement 2017
|Economic Value Generation||Unit||2017||2016|
|Other Income and Interest||US$||4,527,464||5,905,253|
|Equity Accounted Earnings||US$||6,223,551||4,760,760|
|Economic Value Distribution||Unit||2017||2016|
|Other Operating Costs||US$||(81,622,545)||(83,600,705)|
|Staff Costs and benefits||US$||(66,088,198)||(72,183,166)|
|Impairment and related charges||US$||(9,908,385)||(1,708,921)|
|Depreciation and Amortisation||US$||(15,289,432)||(15,974,415)|
|Providers of Capital||US$||(6,233,574)||(6,127,835)|
|Provisions for Taxes||US$||(7,940,188)||(8,523,652)|
*Value Generated is derived from Revenue less Costs of generating the revenue
PAYMENTS TO GOVERNMENT
Our payments to Government are through taxes, licences and fees paid by our operations. Below is a summary of taxes paid by continuing operations:
|Corporate Tax – Associates||US$||1,084,357||1,148,496|
|Corporate Tax – Subsidiaries||US$||6,562,720||11,548,556|
|Value Added Tax (VAT)||US$||6,624,349||5,855,393|