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Energy Africa Limited - Annual Results Expectations And Cautionary Announcement
Energy Africa Limited
Registration number : 1995/007140/06
(Incorporated in the Republic of South Africa)
JSE code: ENR ISIN code: ZAE000010427
("Energy Africa" or "the Company")
ANNUAL RESULTS EXPECTATIONS AND CAUTIONARY ANNOUNCEMENT
Energy Africa Limited is a South African-based oil and gas exploration and
production group, which is listed on the Johannesburg and Luxembourg Stock
Exchanges.
This results expectations statement and cautionary announcement is issued in
accordance with the revised JSE Securities Exchange South Africa Listings
Requirements ("Listings Requirements") which became effective on 1 September
2003.
Earnings for the year ended 31 March 2004 are expected to be substantially*
lower than the previous year. However, cash flow from operations, the more
appropriate indicator of performance for Energy Africa, is expected to be
similar to that of the previous year.
The major factor affecting earnings is the mark to market adjustment to the
valuation of the Company"s oil hedging contracts in place at 31 March 2004, as
required by IAS 39 (Financial Instruments) and the South African GAAP equivalent
AC 133. The high crude oil price ruling at 31 March 2004, when compared to the
prices at which these contracts were entered into, has given rise to a
substantial downward fair value adjustment to these hedging contracts, but no
negative cash impact in the year. These contracts are classified as economic
hedges by IAS 39 and are therefore recorded on the balance sheet at fair value.
The losses from adjusting the contracts to their fair value are recognised in
the income statement.
Excluding the above mark to market adjustment but taking into account a number
of other smaller compensating differences, the results for the year ended 31
March 2004 are expected to be proportionately in line with the results for the
six months ended 30 September 2003.
The above earnings information has not been reviewed and reported on by the
Company"s auditors. Shareholders are therefore advised to exercise caution when
dealing in the Company"s shares.
This announcement is unrelated to the Cautionary Announcement made on 26 March
2004 and related prior announcements.
Note:
* Substantially being equal to or greater than 30%, as defined in the Listing
Requirements.
15 April 2004
For more information about Energy Africa see: www.energyafrica.com
Enquiries:
Energy Africa Ltd
Rhidwaan Gasant Tel: +27 21 400 7600
College Hill
Johannes van Niekerk Tel: +27 11 447 3030
Matthew Gregorowski Tel: +44 207 4572020
Sponsor:
Merrill Lynch South Africa (Pty) Ltd
Date: 15/04/2004 05:56:03 PM Produced by the JSE SENS Department
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