Interim financial results: Eskom not out of the woods yet

first_img AFD and Eskom commit to a competitive electricity sector Previous articleThe African Power Elites 2018Next articleAbout Armcoil Afrika ESI Africa RELATED ARTICLESMORE FROM AUTHOR Finance and Policy Africa’s largest power utility announced its interim financial results today reporting that Eskom’s interim profits were down 34% to R6 billion.Currently under investigation for corruption, corporate governance concerns and under new management via its recently appointed board members, the utility’s financial results are worrying.Interim financial results in shortInterim profits down 34% to R6 billion.Secured 54% of funding for 2017/18 financial year.R9 billion of liquid assets versus R30 billion a year earlier.Net cash from operations sits at R22 billion comapred to R32 billion a year earlier.Eskom says 5.23% tariff increase for 2019 FY will have negative impact on group liquidity.Further capital expansion activities will not be engaged after Kusile Power Station completion.The current economic climate and sovereign credit rating was taken into account in assessing ability to raise funds.Citing declining sales and higher finance costs, the interim chief financial officer, Calib Cassim, reported the results for the six months to end-September, which shows Eskom’s interim revenue declined 2% to R95.5bn, while its after-tax profit plunged 34% to R6.3bn from R9.5bn in the matching period.Read the full report hereWho said what?Eskom’s interim Group Chief Executive, Phakamani Hadebe, said poor leadership was the primary reason behind Eskom’s corporate governance lapses and weak financial position.Eskom’s board chairman, Jabu Mabuza, places corporate governance and financial sustainability among the key issues that the company will be focusing on going forward.Eskom reported current assets of R71.4bn, which failed to cover its current liabilities of R74.2bn, prompting auditors SizweNtsalubaGobodo to include an emphasis of matter warning creditors that Eskom’s current liabilities outstripped its current assets by R2.8bn.Besides the emphasis of matter, SizweNtsalubaGobodo alerted creditors that it had reported a list of irregularities to the Independent Regularity Board for Auditors.Notably this included former chief financial officer Anoj Singh approving a three-month guarantee on behalf of Eskom for the Gupta family’s colliery Tegeta and former CEO Brian Molefe’s retirement agreement.Other irregularities flagged by SizweNtsalubaGobodo included Eskom’s contracts with McKinsey and Trillian, which are being investigated by the parliamentary inquiry into the utility’s governance.Cassim advised that the company remains hopeful of turning its liquidity position around but “is not yet out of the woods from a financial perspective”.Featured image: Stock UNDP China, CCIEE launch report to facilitate low-carbon developmentcenter_img Low carbon, solar future could increase jobs in the future – SAPVIA Generation BRICSlast_img read more

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Ravenglass railway to host Oktoberfest

first_imgRavenglass and Eskdale Railway has launched a brand new Oktoberfest event, and is encouraging coach and group tour planners to take a look.From 21-29 October, the event will celebrate German locos, food and musical entertainment, with two German Krauss-built steam engines in attendance.“The Oktoberfest event is sure to be a huge draw not only for narrow gauge enthusiasts, but for others who want to enjoy a packed day out at the railway,” says R&ER Marketing Manager, Lisa Braithwaite.“We shall be announcing other parts of the programme over the coming months, but already have some amazing German locos visiting us for our German extravaganza. This gives group tour operators and coach companies something exciting and new to include within an itinerary, or run as a day trip.“Added to this, enthusiasts will be able to see the Ravenglass & Eskdale Railway Preservation Society-owned ‘Train From Spain’, now called Whillan Beck, which we know has been the source of much interest within the steam world fraternity for the last few years, as the loco has undergone restoration.”Groups can be booked for travel only, or for travel plus morning coffee, snacks, hot food or afternoon tea. Contact [email protected] or visit ravenglass-railway.co.uklast_img read more

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Mahaut man dead after disappearing at Macoucherie

first_img Share 503 Views   no discussions Share Tweet Police have commenced investigations into the circumstances surrounding the death of 67 year old Edmund David Bazil from Mahaut. According to a report from Police Public Relations Officer, Inspector Pelham Jno. Baptiste a report was made to police at about 4:30 p.m. on Sunday December 10, 2017. “Bazil and a friend were at the Macoucherie River cleaning a motor vehicle when Bazil went missing and could no be located a search was carried out and eventually a report was made to the police,” he said. Bazil’s body was fished out of the Macoucherie River about 7:30 a.m. on Monday 11 December 2017 and was officially pronounced dead by a medical doctor. Inspector Jno. Baptiste added that a coroner inquest will be convened.center_img Sharing is caring! FeaturedLocalNews Mahaut man dead after disappearing at Macoucherie by: Dominica Vibes News – December 11, 2017 Sharelast_img read more

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