CEC | Release of 2014 annual report
The Directors of Copperbelt Energy Corporation PLC (“CEC”) are pleased to announce the release of the annual report for the year ended 31 December 2014. Below is an extract from the Executive Chairman’s Statement.
Chairman’s Statement
I am delighted to share with you the performance, in the financial year 2014, of our Company, Copperbelt Energy Corporation Plc (CEC Plc) and its associated businesses – together, the Copperbelt Energy Group (the Group).The financial and operational performance details presented in this report cover CEC Plc, CEC Africa Investments Limited (CEC Africa), Realtime Technology Africa Alliance Limited (Realtime) and CEC Liquid Telecommunication Limited (CEC Liquid Telecom)…
Group Health, Safety, Environmental and Social (HSES) performance
Significant strides were made in the area of maintaining safe and healthy environments and practices for our staff and larger communities in all our entities. There is now in place a Group HSES function to ensure consistency and standardization of practice across the Group. Equally of note is the alignment of existing environmental and social management systems to international standards, particularly the International Finance Corporation’s Performance Standards. This proactive decision speaks much about the Group’s commitment not only to HSES practices but also to the attainment of the highest possible industry standards…
Operational performance
Performance across the Group was positive, with CEC Plc substantially growing the international wheeling and international power trading business streams and increasing revenue earned therefrom. While energy sales to mining customers witnessed a marginal decline and the domestic wheeling stream posted a reduction owing to ZESCO Limited’s system reconfiguration, overall performance was satisfactory and both these areas are expected to rebound in the near to medium-term…
Financial performance
The Group posted positive key financial ratios, in the main, with turnover (USD581m) and gross profit (USD87m) increasing over 2013. Despite AEDC recording increased turnover for the year, it posted an EBIDTA loss, which largely contributed to the Group’s net loss of USD164m for the year…
Outlook
Going into 2015, our expectations as a Group will be to continue on the growth trajectory set for each unit and as a composite. Consolidating the gains recorded in 2014 and forging new opportunities, both in Zambia and internationally, to ensure a sustained rich pipeline of projects and viable operating assets continues to be our goal…
Hanson Sindowe
Chairman
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