Release of FY2012 abridged results
In compliance with the requirements of the Securities Act and the Listing Rules of the Lusaka Stock Exchange, Copperbelt Energy Corporation PLC announces the audited results for the year ended 31st December 2012 (Full Year Results).
Below is a brief extract from the results announcement:-
Financial highlights for the year 2012
- Group turnover 39% increase
- Gross profit 46% increase
- Net Profit after Tax and Interest – 14% increase
- Equity 21% increase
- Total Assets 7% increase
- Earnings per share 14% increase
Financial Report
Significant issues worth noting as the financials are presented:
- Currency of reporting – this is the first full year that CEC is publishing its financials in Zambian Kwacha, having previously maintained financial records in US Dollar. In June 2012, the Government of the Republic of Zambia issued legislation stipulating that all domestic transactions should be conducted in Zambian Kwacha….
- Investment in CEC Liquid – in 2011, the Company, held a 100% shareholding in CEC Liquid. Consequently, the five months operations were consolidated as a 100% subsidiary. During 2012, Liquid Telecommunications of Mauritius fulfilled their obligations under the joint venture agreement with the Company and CEC Liquid is
now a 50% Joint Venture company with the Company and Liquid Telecommunications each owning 50% shares…
Significant events subsequent to the reporting date
- On 1st January 2013, the Republic of Zambia rebased its currency by 1,000. As a consequence of this, the value of the Company’s authorised share capital, which was K140,000,000.00 (14 ngwee per share) as at 31st December 2012 was reduced to K140,000.00 (0.00014 ngwee) as at 1st January 2013…
- The Company incorporated an investment company, CEC Africa Investments Limited, which will hold shares for the various interests the Company is pursuing in international projects. The company is currently a 100% subsidiary of the Company…
Future Prospects
The Company is well positioned as a developer of infrastructure in Africa and respected in the region for its skills in designing and operating transmission systems. The Company envisions itself as an emerging independent power generating company with some strategic generating projects in the pipeline…
Dividends Proposed and Paid
During the year, dividends of ZMK56.09 billion were proposed and paid, which represented a dividend of K56.09 per share.
By Order of the Board
Julia C Z Chaila (Mrs.)
Company Secretary
To download the FY2012 results announcement please click on the link below.
