In accordance with Section 3.4(b) of the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of the Copperbelt Energy Corporation Plc (“CEC” or “the Company”) hereby advises the Shareholders of CEC that the Earnings Per Share (“EPS”) for the twelve months ended 31st December 2020 is expected to be approximately 54% lower than that for the twelve months ended 31st December 2019.
The movement in EPS is primarily attributed to the provision of impairment loss on trade receivables in compliance with IFRS 9. The impairment loss provision for 2020 is 61% higher than in 2019 and attributed to the Konkola Copper Mines Plc payment default.
Shareholders are, therefore, advised that the information contained in this trading statement has not been reviewed or reported on by the external auditors of the Company.
The Company expects its results for the twelve months ended 31st December 2020 to be released on SENS and published in the local media on or about 06th April 2021. Accordingly, Shareholders are advised to exercise caution when dealing in the Company’s securities until the publication of the results.
By order of the Board
Julia C Z Chaila (Mrs)