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SELCo - Abridged Audited Financial Statements for the year ended 30 June 2004
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`)
ABRIDGED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2004
BALANCE SHEET
as at 30 June 2004
COMPANY GROUP
2004 2003 2004 2003
R R R R
ASSETS
Non-current assets 12 112 324 6 101 538 18 354 465 5 844 099
Amount owing by Group
companies 3 975 279 - - -
Property, plant and - - 2 457 741 5 273 179
equipment
Investment property - 9 300 000 -
Deferred tax - - - 570 920
Investments 4 505 726 6 101 538 3 061 000 -
Loan Receivable 3 631 319 - 3 535 724 -
Current assets 1 316 505 - 10 608 798 6 497 292
Inventories - - 501 736 656 372
Trade and other
receivables 1 316 505 - 9 963 275 5 543 696
Cash and cash
equivalents - - 143 787 297 224
Total assets 13 428 829 6 101 538 28 963 263 12 341 391
EQUITY AND
LIABILITIES
Capital and reserves 7 469 807 6 093 813 15 723 236 4 935 469
Issued capital 10 162 796 8 846 292 10 162 796 8 846 292
Non-distributable
reserve 16 115 16 115 7 839 969 253 899
Accumulated loss (2 709 104) (2 768 594) (2 279 529) (4 164 722)
Non-current
liabilities
Borrowings 3 387 737 - 4 776 391 2 833 615
Current liabilities 2 571 285 7 725 8 463 636 4 572 307
Amount owing to Group
companies 2 437 000 - - -
Bank overdraft 41 999 - 5 451 -
Trade and other
payables 7 829 7 725 6 298 149 3 536 253
Current portion of
borrowings 84 457 1 400 628 1 036 054
Deferred tax - - 759 408 -
Total equity and
liabilities 13 428 829 6 101 538 28 963 263 12 341 391
INCOME STATEMENT
for the year ended 30 June 2004
COMPANY GROUP
2004 2003 2004 2003
R R R R
Gross revenue - - 27 087 705 22 501 806
Cost of sales - - (13 032 254) (11 228 200)
Gross profit - - 14 055 451 11 273 606
Other Income 1 002 522 1 694 690 3 491 573 1 694 770
Operating costs (764 329) (2 183 443) (13 651 120) (11 497 763)
Operating profit /
(loss) 238 193 (488 753) 3 895 904 1 470 613
Interest received - - 524 56 985
Finance costs 178 703 - (680 907) (693 451)
Profit/(loss) before
taxation 59 490 (488 753) 3 215 521 834 147
Taxation - - (1 330 328) (262 069)
Profit/(loss) after
taxation 59 490 (488 753) 1 885 193 572 078
Earnings per share 5,88 cent 1,93 cent
Headline earnings per
share 6,30 cent 1,93 cent
STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2004
Share Share Non Accumu- Total
capital premium distribu- lated loss R
GROUP R R table R
reserve
R
Balance at July 2002 386 476 7 031 505 455 669 (4 736 800) 3 136 850
Net profit for the
year - - - 572 078 572 078
Issue of share
capital 1 110 489 333 936 - - 1 444 425
Cancellation of share
capital (16 115) - 16 115 - -
Goodwill on
acquisition of - - - (217 885)
subsidiary (217 885)
Balance at 30 June
2003 1 480 850 7 365 441 253 899 (4 164 722) 4 935 468
Net profit for the
year - - - 1 885 193 1 885 193
Revaluation of
Investment Property - - - 7 586 070
7 586 070
Issue of share
capital 1 319 244 92 347 - - 1 411 591
Repurchase of shares (52 826) (42 261) - - (95 087)
Balance at 30 June
2004 2 747 268 7 415 527 7 839 969 (2 279 529) 15 723 236
CASH FLOW STATEMENT
for the year ended 30 June 2004
COMPANY GROUP
2004 2003 2004 2003
R R R R
Cash flows from
operating activities (1 256 911) (496 026) 2 836 838 (234 468)
Cash generated
by/(utilised) in
operating activities (1 078 208) (496 026) 3 517 221 401 998
Interest received - - 524 56 985
Interest paid (178 703) - (680 907) (693 451)
Cash flows from
investing activities (6 010 786) (948 399) (6 619 580) (3 053 478)
Property, plant and
equipment acquired - - (24 154) (1 850 013)
Proceeds on disposal of
property, plant and
equipment - - 1 299 -
Proceeds from Loans - - (3 535 725) -
Loans repaid by
subsidiaries 1 595 812 496 027 - -
Subsidiaries acquired - (1 444 426) - (1 203 465)
Investment in subsidiary - - (3 061 000) -
Loan to subsidiary (3 975 279) - - -
Loan to related party (3 631 319) - - -
Cash flows from
financing activities 7 225 698 1 444 425 3 623 854 514 171
Proceeds from issue of
share capital 1 316 504 1 444 425 1 316 504 1 444 425
Net loans raised /
(repaid) 5 909 194 - 2 307 350 (930 254)
Decrease in cash and
cash equivalents (41 999) - (158 888) (2 773 775)
Cash and cash
equivalents at beginning
of the year - - 297 224 3 070 999
Cash and cash
equivalents at end of
the year (41 999) - 138 336 297 224
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
General
The audited results have been prepared in accordance with the Statements of
Generally Accepted Accounting Practice of South Africa. The accounting
policies adopted remains consistent with those applied in the financial
statements for the year ended 30 June 2003.
Audited results
SELCo`s results for the year ended 30 June 2004 have been audited by the
Company`s auditors, SAB&T Incorporated, Chartered Accountants (S.A.),
Registered Accountants and Auditors. Their unqualified audit opinion is
available for inspection at SELCo`s registered address.
Overview
We are pleased to present our second Annual Report since the reverse listing
of SELCo and are encouraged by the performance and current standing of the
Company.
Review of the Business
SELCo`s business focus is to obtain concessions to manage and distribute
electricity, in terms of which we purchase electricity in bulk from a utility
and resell it to consumers. In doing so, we are responsible for network
maintenance and rehabilitation, billing, revenue collection and customer
service. While this is a relatively new business in Africa, mainly because of
the tight control that Governments and existing parastatals exercise, it is
encouraging to see more and more opportunities arising. This we attribute to
the fact that parastatals and stakeholders are beginning to see the value that
private enterprise can add to their Electricity Supply Industry.
SELCo`s business and philosophy is not one of short term profits but rather
one of a long term sustainable business where revenue is guaranteed for
periods in excess of 10 years at relatively low risk.
Our growth objectives are twofold - first, to build a quality brand through
delivering continuity and quality of electricity at affordable tariffs in a
transparent manner, and second, to increase the number of concessions held by
us based on our track record, having the advantage of probably being the first
successful private distributor in Southern Africa.
The supply of quality products and efficient services has always been a
catalyst for growth. We have had the opportunity to substantiate our unique
business model and as a result we are one of the few companies able to offer
references and practical experience in this business, which is creating
interest and opening up new prospects for us.
Review of Results
The Namibian operating entity has been the major contributor to our earnings
and we are pleased to report positive headline earnings of 6.30 cents per
share. There has also been a substantial increase in non-distributable
reserves and investments.
SELCo currently has revenue streams in Namibian Dollars (Rands) from its
Namibian operations and United States Dollars from Mozambique.
Priorities
We, as Chairman and Chief Executive Officer of the Board, believe SELCo has
delivered positive results, substantiating previous claims to the industry`s
potential. We envisage continued private sector participation, which will
give Selco an opportunity to increase the number of concessions we manage.
For and behalf of the board
Dr I K Amuah
Chairman
C F Bosch
Chief Executive Officer
Directors
Dr I K Amuah*, C F Bosch, I Bosch, B Hlongwa*, P H Jacobs,
F K Sekandi*, F Ueckermann*, A van Zyl, MK Mohlala*.
* Non-executive
Company Secretary
E A Steyn
Registered office
156 Kleine Street, New Muckleneuk, Pretoria
PO Box 73130, Lynnwood Ridge, Pretoria 0040
Transfer Secretary
Ultra Registrars (Pty) Ltd, 5th Floor, 11 Diagonal Street, Johannesburg 2001
PO Box 4844, Johannesburg 2000
Sponsor: Bridge Capital Services (Pty) Limited
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