G
Groen_en_Goud
Guest
The Annual General Meeting of SA Rugby Union has given Oregan Hoskins the mandate to lead the organisation for the next two years.
Hoskins won the majority vote in a contest with the incumbent, Brian Van Rooyen, in a poll among the 14 SA Rugby Union’s Provinces today.
The electorate has elevated former Vice-President Mike Stofile to the next level â€" he is now Deputy President. He won the contest against the Golden Lion’s Mark Alexander. Western Province’s Koos Basson is now Vice-President, having vanquished Blue Bull’s Bobby Fick and Rautie Rautenbach, of the Falcons in a closely-contested vote.
In his acceptance speech, Hoskins expressed his sincere thanks to the out-going President, and committed himself to working closely with the Provinces. “I am indebted to the 14 Provinces for their support and confidence in my leadership.â€
The AGM also confirmed that SA Rugby Union has made a profit for the year-end December 31, 2005.
The income statement for the year reflects a net profit of R6.4 million, after tax. The amount is a significant turnaround from the R12.8 million loss incurred in the fifteen months ended 31 December 2004 - of which R7.8 million was attributable to certain abnormal items.
Group reserves reached R38 million at 31 December 2005, which includes R28 million in cash and short-term investments.
The improvement in operating results was achieved largely through tighter control over expenditure.
The group’s overall financial position has been further strengthened through the successful objection to assessments raised by the Receiver of Revenue to the value of R28 million, regarding Value Added Tax in respect of certain broadcasting rights income earned in previous years, as noted in the group’s 2004 financial statements as a contingent liability.
However, provision has been made, as a prior year adjustment, for an amount of R3.4 million, in respect of taxes underprovided for the 2001 and 2002 tax years.
With a new broadcasting contract and ongoing sponsorship contracts in place, SA Rugby expects to achieve at least similar profit in 2006.
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courtesy of www.sarugby.net
Hoskins won the majority vote in a contest with the incumbent, Brian Van Rooyen, in a poll among the 14 SA Rugby Union’s Provinces today.
The electorate has elevated former Vice-President Mike Stofile to the next level â€" he is now Deputy President. He won the contest against the Golden Lion’s Mark Alexander. Western Province’s Koos Basson is now Vice-President, having vanquished Blue Bull’s Bobby Fick and Rautie Rautenbach, of the Falcons in a closely-contested vote.
In his acceptance speech, Hoskins expressed his sincere thanks to the out-going President, and committed himself to working closely with the Provinces. “I am indebted to the 14 Provinces for their support and confidence in my leadership.â€
The AGM also confirmed that SA Rugby Union has made a profit for the year-end December 31, 2005.
The income statement for the year reflects a net profit of R6.4 million, after tax. The amount is a significant turnaround from the R12.8 million loss incurred in the fifteen months ended 31 December 2004 - of which R7.8 million was attributable to certain abnormal items.
Group reserves reached R38 million at 31 December 2005, which includes R28 million in cash and short-term investments.
The improvement in operating results was achieved largely through tighter control over expenditure.
The group’s overall financial position has been further strengthened through the successful objection to assessments raised by the Receiver of Revenue to the value of R28 million, regarding Value Added Tax in respect of certain broadcasting rights income earned in previous years, as noted in the group’s 2004 financial statements as a contingent liability.
However, provision has been made, as a prior year adjustment, for an amount of R3.4 million, in respect of taxes underprovided for the 2001 and 2002 tax years.
With a new broadcasting contract and ongoing sponsorship contracts in place, SA Rugby expects to achieve at least similar profit in 2006.
--------
courtesy of www.sarugby.net
