I made reference in an earlier post to income overtaking expenses .... so with the comfort of a quiet Friday evening with a SA red, I thought I'd have a look at another SA producer, Beach Petroleum, and try and make sense of SSN's IMO inordinate audit/accounting expense. Now I know we have to have dual listing compliance, but this does my head in.
So to compare incomparables:
Beach Petroleum BPT reports incomes of $700M in 2013
from a myriad of countries, compliance, FOREX, and complicated tax implications:
Yet BPT audit fees for 2013 with PriceWaterhouseCoopers PWC was:
So how about another dual listed company: Maverick MAD. Their audit fees for 2013:
Back to the thread: SSN. Their audit fees from the same PWC as Beach:
On top of that, DR is a company secretary/accountant employee who in 2013 received compensation of $154,709 (2012 $220,830) for what I understand is a shared 50% role.
Nuh. I don't get it. Perhaps someone can enlighten me.
(but thanks to HC for such an easy site now to support factual posts!)
SSN Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
