Eskom   Annual Report 2008
 
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Key facts
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Group two-year review
 
   
   
   
 
  Unit  2008  2007 
Funding and resources      
Key financial figures      
Total assets Rm  171 181  143 312 
Total equity Rm  64 738  58 357 
Total equity and liabilities Rm  171 181  143 312 
Electricity revenue – local Rm  42 000  37 874 
Electricity revenue – international Rm  1 971  1 515 
Group revenue Rm  44 448  40 068 
Net fair value gain on embedded derivatives Rm  (143) 4 305 
Net fair value loss on other derivatives Rm  (684) (862)
Finance income Rm  2 933  2 884 
Finance cost Rm  (4 721) (4 232)
Profit before tax Rm  1 314  9 450 
Income tax expense – current Rm  (128) (1 394)
Income tax expense – deferred Rm  333  (1 118)
Profit for the period Rm  974  6 476 
Cash generated from operations Rm  7 371  15 666 
Net cash from operating activities Rm  7 655  13 954 
Net cash used in investing activities Rm  (24 322) (16 908)
Net cash from/(used in) financing activities Rm  18 018  2 267 
Financial ratios      
Earnings protection (profitability indicators)      
Return on total assets %  3,32  7,83 
Return on average equity %  1,58  11,91 
Total operating expenditure/revenue1 %  80,59  70,48 
Net pre-tax interest coverage ratio  1,32  3,71 
EBITDA interest coverage ratio  2,81  4,17 
Liquidity ratio  1,42  1,42 
Solvency ratio  1,61  1,69 
Cash flow protection (cash flow adequacy indicators)      
Funds from operations/average total debt  %  14,02  29,42 
Funds from operations/capex %  31,47  82,53 
Funds from operations/net interest coverage %  3,04  9,17 
Capital structure      
Debt:equity ratio  0,13  (0,05)
Debt:equity (including long-term provisions) ratio  0,30  0,14 
Interest cover ratio  1,58  3,03 
Credit ratings and outlook      
Standard and Poor’s      
– Foreign currency Rating 
Outlook 		 BBB+
CreditWatch 
Negative 		 BBB+ 
Stable 
– Local currency Rating 
Outlook 		 A- 
CreditWatch 
Negative 		 A- 
Stable 
Moody’s      
– Foreign currency Rating 
Outlook 		 A2 
Possible 
Downgrade 		 A2 
Stable 
– Local currency Rating 
Outlook 		 A1 
Possible 
Downgrade 		 A1 
Stable 
FitchRatings      
– Foreign currency   –  – 
– Local currency Rating 
Outlook 		 A 
Negative 		 A 
Stable 
Other      
Average selling price of electricity2  cents per kWh  19,453  18,063 
Average total cost of electricity sold cents per kWh  18,93  16,093 
Employees number  35 404    32 674  
Value created per employee R000  454    775  
Productivity improvement/(decline) for electricity business %  (9,00)3 1,903 
Employment equity %  66,403  63,003 
Gender equity %  34,803  33,303 
People with disabilities %  3,303  2,803 
Training cost Rm  7843  7483 
Eskom bursars Number  5 3683  5 1363 
 
1 Total operating expenditure is before net finance cost, fair value (loss)/gain and taxation.
2 Average price of electricity sold based on total sales.
3 Represents Eskom Holdings information only.
4 Volume of water consumed per unit of generated power sent out, excluding Camden and Grootvlei power stations and rain and mine water used.
5 Calculated figures based on coal characteristics and the power station design parameters. Excludes gas turbines and return-to-service power stations.
6 Expenditure by the Eskom Development Foundation only.
7 Net operating income is revenue less operating expenditure.
8 Total assets are reduced by financial market assets and interest receivable, since Eskom’s funding is managed in a single pool of financial market assets and liabilities.
   
   
 
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