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Southern Electricity Company Limited - Unaudited consolidated interim results
for the six months ended 31 December 2004
Southern Electricity Company Limited
(Registration Number 1997/006894/06)JSE Share Code: SLO
ISIN: ZAE000041919(`SELCo` or `the Group`)Unaudited consolidated interim results
for the six months ended 31 December 2004INCOME STATEMENT
Group
6 months 6 months 12 months
ended ended ended
31 December 31 December 30 June
2004 2003 2004
Unaudited Reviewed Audited
(R`000) (R`000) (R`000)
Gross revenue 12 433 13 342 27 087
Cost of sales (6 332) (6 584) (13 032)
Gross profit 6 101 6 758 14 055
Other income - 358 3 491
Operating costs (4 414) (5 670) (13 651)
Operating profit 1 687 1 446 3 895
Operating profit is stated
after:
Interest received 19 - 1
Finance costs (175) (275) (681)
Profit before taxation 1 531 1 171 3 215
Taxation - (817) (1 330)
Profit after taxation 1 531 354 1 885
Earnings per ordinary share 2.79 1.20 5.88
(cents)
Headline earnings/(loss) per 2.85 (0.01) 6.30
ordinary share (cents)
CASH FLOW STATEMENT
Group
6 months 6 months 12 months
ended ended ended
31 December 31 December 30 June
2004 2003 2004
Unaudited Reviewed Audited
(R`000) (R`000) (R`000)
CASH FLOW FROM OPERATING 2,763 1,715 2,839
ACTIVITIES
Cash receipts from customers 13,104 14,495 22,668
Cash paid to suppliers and (10,185) (12,505) (19,150)
employees
Cash generated by operating 2,919 1,990 3,518
activities
Interest received 19 - 1
Interest paid (175) (275) (680)
CASH FLOW FROM INVESTING - 1,712 (6,620)
ACTIVITIES
Expenditure to maintain - (2) -
operating capacity
Proceeds of disposals of - 0 1
property, plant and equipment
Proceeds of disposals of - 1,714 -
investments
Investment in subsidiary - (3,061)
Proceed from loans - - (3,536)
Property, plant and equipment - - (24)
acquired
CASH FLOWS FROM FINANCING (3,313) (2,991) 3,623
ACTIVITIES
Capital raised - - 1,316
Costs written off against - - -
capital
Loans raised - 3,387 2,307
Loans repaid (3,313) (6,378) -
(Decrease)/Increase in cash and (550) 437 (158)
cash equivalents
Cash and cash equivalents at 138 297 296
beginning of the period
Cash and cash equivalents at end (412) 734 138
of the period
BALANCE SHEET
Group
31 December 31 December 30 June
2004 2003 2004
Unaudited Reviewed Audited
(R`000) (R`000) (R`000)
ASSETS
Non-current assets 20 573 8 473 18 354
Property, plant and equipment 11 411 4 852 11 758
Other investments & loans 9 162 3 622 6 596
Current assets 10 011 6 603 10 608
Inventories 535 637 502
Receivable and prepayments 9 292 5 182 9 963
Cash and cash equivalents 184 784 143
Total assets 30 584 15 076 28 962
EQUITY AND LIABILITIES
Capital and reserves 18 168 5 288 15 723
Issued capital 10 162 8 846 10 163
Non-distributable reserve 8 754 253 7 839
Accumulated loss (748) (3 811) (2 279)
Non-current liabilities 4 157 6 137 4 776
Loans from related parties - - 2 584
Interest bearing borrowings 3 398 5 891 2 192
Deferred tax 759 246 -
Current liabilities 8 259 3 651 8 463
Trade and other payables 6 859 2 799 6 298
Bank overdraft - 49 5
Current portion of interest 1 400 803 1 401
bearing borrowings
Deferred tax - - 759
Total equity and liabilities 30 584 15 076 28 962
STATEMENT OF CHANGES IN EQUITY
Accumu-
Share Share Capital lated
capital premium reserve loss Total
(R`000) (R`000) (R`000) (R`000) (R`000)
Balance as at 1 July 1 481 7 365 253 (4 165) 4 934
2003
Net profit for the - - - 1 886 1 886
period
Issue of share capital 1 319 92 - - 1 411
Revaluation of - - 7 586 - 7 586
investment property
Repurchase of shares (53) (42) - - (95)
Balance as at 1 July 2 747 7 415 7 839 (2 279) 15 722
2004
Net profit for the - - - 1 531 1 531
period
Balance as at 31 2 747 7 415 7 839 (748) 17 253
December 2004
EARNINGS AND HEADLINE EARNINGS PER SHARE
6 Months 6 Months 12 Months
ended ended ended
31 December 31 December 30 June
2004 2003 2004
Unaudited Reviewed Audited
(R`000) (R`000) (R`000)
Profit after taxation 1,531 354 1,885
Adjustments:
Recovery of bad debt - (358) (352)
Legal fees not related to - - 179
headline results
Listing expenses 34 - 309
Headline earnings 1,565 (4) 2,021
Weighted average number of 54,945,373 29,617,000 32,060,305
ordinary shares
Earnings per ordinary share 2.79 1.20 5.88
(cents)
Headline earnings/(loss) per 2.85 (0.01) 6.30
ordinary share (cents)
COMMENTARY
NATURE OF BUSINESSSELCo`s principal business is the supply and distribution of
energy and related municipal services.
BUSINESS REVIEWTurnover has reduced as a result of our withdrawal from the
supply of the water and sanitation services in Southern Namibia. Our withdrawal
resulted in a reduction in operating costs and this has had a positive effect on
operating profits compared to the previous period.
PROSPECTSNamibiaThe Namibian operation is stable and continues to contribute
positively to the Group results. We have withdrawn from the supply of water and
sanitation services. The region`s growth is slow but stable and we are seeing
new housing developments and as a result thereof, electricity network expansion.
MozambiqueIn this period the Group has become involved in the distribution of
electricity in the Northern Inhambane Concession area in Mozambique. We have
made substantial investments in the Mozambique project. Naturally, this has
impacted on cash flow.
ACCOUNTING POLICIESThe interim results have been prepared in accordance with the
Statements of Generally Accepted Accounting Practice of South Africa and
Schedule 4 of the South African Companies Act, 1973, as amended and should be
read in conjunction with the 2004 annual financial statements. The accounting
policies adopted remain consistent with those applied in the financial
statements for the year ended 30 June 2004.
TAXATIONTaxation consists of deferred tax for the six month period ended 31
December 2004. This deferred tax has arisen as a result of temporary tax timing
differences relating to property, plant and equipment and assessed losses being
brought forward.
RELATED PARTY TRANSACTIONSDuring the period the company and its subsidiaries, in
the ordinary course of business, entered into transactions with Rural
Maintenance (Pty) Ltd, the holding company of SELCo. These transactions
resulted in a balance owing by Rural Maintenance at 31 December 2004, included
in accounts receivable.
DIVIDENDNo dividend for the six month period ended 31 December 2004 is declared.
DIRECTORSIK Amuah (Chairman)*, CF Bosch (CEO), I Bosch, B Hlongwa*, PH Jacobs,
F Sekandi*#, A van Zyl
* Non Executive
# Uganda
REGISTERED OFFICE156 Kleine StreetNew MuckleneukPretoriaPO Box 73130Lynnwood
Ridge0040
TRANSFER SECRETARIESUltra Registrars (Pty) LtdPO Box 4844, Johannesburg, 2000
COMPANY SECRETARYE.A. Steyn
SPONSORBridge Capital Services (Pty) Ltd
AUDITORSJ.S. Lambrechts Inc
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