CEC | HY2016 earnings presentation

By Published On: September 8th, 2016Categories: Corporate announcement

The Directors of Copperbelt Energy Corporation PLC (“CEC”) presents the earnings presentation for the half year ended 30 June 2016. Below is an extract from the presentation.

Financial highlights: Zambia vs Nigeria

  • Nigerian Operations Revenue of USD202m compared to the Zambian revenue of USD155m.
  • The higher revenue is as a result of increased tariffs at AEDC Plc.
  • Zambian operations profit of USD26m. Higher profit on account of increased power trading.
  • Nigerian operations loss of USD183m mainly due to:
  • Exchange loss of USD107m for the KANN loans resulting from the depreciation of the Naira from N/$196.5 to N/$282.5.
  • Provision for bad debts of USD52m.
  • Total current liabilities for the Nigerian business includes USD259m relating to the market operator’s (MO) bill.
  • Efforts to seek senior debt for capital expenditure underway.
  • Sector liquidity shortfall negatively impacting on the operation’s ability to meet the full bill to the Market Operator.
  • Currency mismatch between the cash-flows and UBA loan obligation remains key risk.

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