SLO - Southern Electricity Company - Trading statement
SLO
SLO
SLO - Southern Electricity Company - Trading statement
Southern Electricity Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/006894/06)
Share code: SLO ISIN: ZAE000041919
("SELCo" or "the company")
TRADING STATEMENT
In terms of paragraph 3.4 (b) of the Listings Requirements of the JSE
Limited, a listed company is required to issue a trading statement as
soon as it is satisfied that a reasonable degree of certainty exists that
the financial results for the period to be reported on next will differ
by at least 20% from the financial results of the previous corresponding
period.
SELCo anticipates reporting a trading loss for the six months ended 31
December 2007 ranging between R3.8 million and R4.5 million. The loss is
attributable to the Board`s decision to impair the company`s investment
in ENMo (a company set up in Mozambique for the execution of an
electricity generation, distribution and sale concession) as a result of
the unilateral revocation of the concession by the Government of
Mozambique. The Board wishes to emphasise that the loss is in no way
related to the day to day operations of the company and that, but for
this unexpected and unsubstantiated action of the Government of
Mozambique, the company would have expected to show earnings and headline
earnings of between 0.60 cents and 0.70 cents per share (a 50% to 60%
increase). Furthermore, by impairing the investment, the company is not
abandoning any claims which it may have in this regard.
The loss per share is expected to range between 6.9 cents and 8.2 cents
compared to the corresponding period`s earnings and headline earnings per
share of 0.30 cents. Headline earnings are not affected and will exceed
the corresponding period`s headline earnings by between 50% and 60%.
The financial information on which this trading statement is based has
not been reviewed or reported on by the company`s auditors. The results
for the six months ended 31 December 2007 are expected to be published on
or about 28 February 2008.
Johannesburg
18 January 2008
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 18/01/2008 17:20:03 Produced by the JSE SENS Department.
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