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Highlights |
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- capital expenditure (including interest capitalised) for
the year was R24 764 million, which is in line
with the target for the year. This is significantly higher
than the R17 707 million spent in 2007
- in February 2008, Eskom announced that an additional
45 million tons of coal would be procured over
a two-year period to supply power stations
with additional coal for their normal burn, as
well as to rebuild the stockpile to the targeted
20-day level. By the year end, contracts for
37 million tons had been concluded
- some 168 538 electrification connections were made in
the year, exceeding the target by 8 217
- employment equity, gender and disability targets have
been exceeded
- a significant contribution has been made to black
economic empowerment by spending
R25,45 billion
against a target of R18,96 billion, or 67% of discretionary
spend
- procurement savings from the strategic sourcing initiative
for the financial year were
R3,1 billion, against the target
of R1,5 billion
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Lowlights |
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- unplanned outages leading to load shedding caused major
disruptions to all sectors of the economy
- altogether 17 Eskom employees and 12 contract workers
died during the past year
- Eskom achieved only eight out of 17 targets in the
shareholder compact. Financial efficiency and technical
performance were impacted by the increase in primary
energy costs and poor plant performance
- the net reserve margin has decreased to about 8%,
compared to an internationally accepted margin of 15%
- the level of coal stockpiles increased to an average
of 13 days at 31 March 2008, still short of the target of
20 days
- sales growth was 2,9% in 2008, a drop from 4,9% in
2007
- the return on assets was severely impacted by the
large increase in primary energy costs and high capital
expenditure
- primary energy costs (mainly coal and diesel) increased
from R13 040 million in 2007 to
R18 314 million in 2008
while new sales only amounted to 2,9%
- the amount of electricity debtors over 75 days amounted
to R1 978 million
(2007: R1 446 million)
- the impairment provision for trade and other receivables
increased from R1 533 million in 2007 to R1 877 million
- the debt:equity ratio (including long-term provisions)
weakened during the review period to
0,30 for the
group
- 2 177 people left the employ of Eskom during the year,
attributable to normal attrition including retirements,
deaths and resignations. During the same period
4 385 new staff members were recruited, resulting in a
net increase of 2 208 in staff numbers
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Comparison to international power companies |
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