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BizNews writes that the analysts at top rated money manager Allan Gray join the financial dots better than most and chief investment officer Andrew Lapping did so again during a recent roadshow.
He drew numbers from Eskom’s own annual reports to expose the extent of the mismanagement at the monopoly state-owned power utility. Lapping noted that in 2003, Eskom employed 32,000 people. Today that number stands at 47,600, up almost 50%. The average annual salary of each Eskom employee has risen from R220,000 to R785,000 – massively over the inflation rate (R400,000). But, the crunch is that Eskom’s electricity production is the same as it was in 2003. In other words, today it employs 50% more people and pays them almost double the real wages of 14 years ago. Yet they deliver the same amount of power. That’s called a productivity meltdown. So it’s no mystery why taxpayers are expected to keep coughing up billions in bailouts.
- This short report is at BizNews
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