SLO
SLO
SLO - SELco - 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 JSE Listings Requirements, 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 year ended 30 June 2008
ranging between R500 000 and R550 000. The loss per share is expected to range
between 0.91 cents and 1.00 cents compared to the corresponding period`s
earnings per share of 1.50 cents. Headline earnings are not affected and will
exceed the corresponding period`s headline earnings by between 370% and 380%.
This 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) resulting from the
unilateral revocation of the concession by the Government of Mozambique. The
Board wishes to emphasise that the trading 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 of between 4.65 and 4.70 cents per share (210% to
213% increase). Furthermore, by impairing the investment the company is not
abandoning any claims which it may have in this regard.
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
year ended 30 June 2008 are expected to be published on or about 19 September
2008.
Johannesburg
22 August 2008
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 22/08/2008 15:23:35 Produced by the JSE SENS Department.
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