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Group five-year review
   
   
 
 
  Unit  2008 
(12 months)
2007 
(12 months)
2006 
(12 months)
20051 
(15 months)
2003 
(12 months)
Funding and resources            
Key financial figures            
Total assets Rm  171 181  143 312  128 286  110 027  99 499 
Total equity Rm  64 738  58 357  50 371  46 947  42 841 
Total equity and liabilities Rm  171 181  143 312  128 286  110 027  99 499 
Electricity revenue – local Rm  42 000  37 874  34 223  39 842  30 646 
Electricity revenue – international Rm  1 971  1 515  1 290  1 381  972 
Group revenue Rm  44 448  40 068  36 052  43 207  32 948 
Net fair value gain on embedded derivatives Rm  (143) 4 305  1 318  –  – 
Net fair value loss on other derivatives Rm  (684) (862) (182) (99) (283)
Finance income Rm  2 933  2 884  2 783  3 936  4 024 
Finance cost Rm  (4 721) (4 232) (4 521) (5 447) (5 328)
Profit before tax Rm  1 314  9 450  6 647  7 686  5 276 
Income tax expense – current Rm  (128) (1 394) (1 594) (182) (118)
Income tax expense – deferred Rm  333  (1 118) (528) (2 131) (1 741)
Profit for the period Rm  974  6 476  4 641  5 411  3 417 
Cash generated from operations Rm  7 371  15 666  13 292  15 515  13 535 
Net cash from operating activities Rm  7 655  13 954  12 346  15 302  13 451 
Net cash used in investing activities Rm  (24 322) (16 908) (9 003) (5 345) (3 311)
Net cash from/(used in) financing activities Rm  18 018  2 267  (1 368) (8 873) (11 915)
Financial ratios            
Earnings protection (profitability indicators)            
Return on total assets 3,32  7,83  9,06  12,74  9,97 
Return on average equity 1,58  11,91  9,54  12,05  8,48 
Total operating expenditure/revenue8 80,59  70,48  67,15  65,26  64,84 
Net pre-tax interest coverage ratio  1,32  3,71  2,82  2,69  2,17 
EBITDA interest coverage ratio  2,81  4,17  4,00  4,16  3,48 
Liquidity ratio  1,42  1,42  1,28  1,57  1,12 
Solvency ratio  1,61  1,69  1,65  1,74  1,76 
Cash flow protection (cash flow adequacy indicators)            
Funds from operations/average total debt  %  14,02  29,42  32,05  46,81  43,43 
Funds from operations/capex 31,47  82,53  37,13  286,29  406,25 
Funds from operations/net interest coverage 3,04  9,17  6,77  9,70  9,96 
Capital structure            
Debt:equity ratio  0,13  (0,05) 0,01   0,00  0,08 
Debt:equity (including long-term provisions) ratio  0,30  0,14  0,22  0,17  0,29 
Interest cover ratio  1,58  3,03  3,76  5,50  4,30 
Credit ratings and outlook Outlook  Rating         
Standard and Poor’s            
– Foreign currency CreditWatch 
Negative 
BBB+  BBB+/ 
Stable 
BBB+/ 
Stable 
BBB/ 
Stable 
BBB/ 
Stable 
– Local currency CreditWatch 
Negative 
A-  A-/Stable  A-/Stable  A-/Stable  A-/Positive 
Moody’s            
– Foreign currency Possible 
Downgrade 
A2  A2/Stable  A2/Stable  Baa1/Stable  Baa1/Stable 
– Local currency Possible 
Downgrade 
A1  A1/Stable  A1/Stable  A3/Stable  A3/Stable 
FitchRatings            
– Foreign currency –  –  –  –  –  – 
– Local currency Negative  A/Stable  A/Stable  A-/Stable  A-/Stable 
Other            
Average selling price of electricity2  cents per kWh  19,45 18,06 17,01 16,04 16,05
Average total cost of electricity sold cents per kWh  18,9 16,09 14,25 14,25 13,61
Employees number  35 404    32 674   31 548   31 475   31 972   
Value created per employee R000  454    775   679   808   578   
Productivity improvement/(decline) for electricity business (9,00)3 1,90 (2,10)3 1,80 2,50
Employment equity 66,40 63,00 60,10 57,90 56,30
Gender equity 34,80 33,30 31,80 28,90 27,80
People with disabilities 3,30 2,80 2,50 2,00 1,40
Training cost Rm  784 748 543 518 505
Eskom bursars Number  5 368 5 136 2 163 1 568 1 850
 
 
1 Represents, unless indicated otherwise, the 15-month period from 1 January 2004 to 31 March 2005.
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 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 Calculated for the period 1 April 2004 to 31 March 2005.
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.
9 Total operating expenditure is before net finance cost, fair value (loss)/gain and taxation.
10 Expenditure by the Eskom Development Foundation only.
11 Amounts spent on the Eskom public scholarship programme are now reported under skills development.
 
     
 
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