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EAPC profit warning
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Insurgent
#31 Posted : Wednesday, October 06, 2010 1:58:16 PM
Rank: User

Joined: 8/6/2010
Posts: 594
mwanahisa wrote:
The Oafs made a loss of Kshs 292 million. Forex losses actually declined to 451 million from 837 mil last year. But just to show you that they do not have a handle on the business, operating profits slumped to Kshs 90 mil from 1.25 billion. No dividend. AWFUL set of results. I worry for KenGen.
Mwnahisa, Why KenGen?


"One man gives freely, yet gains even more; another withholds unduly, but comes to poverty. A generous man will prosper; he who refreshes others will himself be refreshed." Rev Canon Karanja.
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mwanahisa
#32 Posted : Wednesday, October 06, 2010 2:08:05 PM
Rank: Elder

Joined: 6/2/2008
Posts: 1,438
KenGen also has Yen denominated loans. I think this is covered by our electricity bills so perhaps not as much of a concern there. But remember they also have the 25 Billion infrastructure bond with interest at 12.5% - works out to Kshs 3.125 B a year.

Since the bond issue, I am only aware of the Ngong Hills 5 MW wind power having come on stream. My power bills have not increased so much so I am not sure whether the interest on the Infrastructure bond is being charged onto our electricity consumption as yet.
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bartum
#33 Posted : Wednesday, October 06, 2010 2:08:18 PM
Rank: Veteran

Joined: 8/11/2010
Posts: 1,011
Location: nairobi
Insurgent wrote:
mwanahisa wrote:
The Oafs made a loss of Kshs 292 million. Forex losses actually declined to 451 million from 837 mil last year. But just to show you that they do not have a handle on the business, operating profits slumped to Kshs 90 mil from 1.25 billion. No dividend. AWFUL set of results. I worry for KenGen.
Mwnahisa, Why KenGen?

@mwanahisa its the japanese Yen dominated loans for kengen
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guru267
#34 Posted : Wednesday, October 06, 2010 2:23:54 PM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
mwanahisa wrote:
KenGen also has Yen denominated loans. I think this is covered by our electricity bills so perhaps not as much of a concern there. But remember they also have the 25 Billion infrastructure bond with interest at 12.5% - works out to Kshs 3.125 B a year.

Since the bond issue, I am only aware of the Ngong Hills 5 MW wind power having come on stream. My power bills have not increased so much so I am not sure whether the interest on the Infrastructure bond is being charged onto our electricity consumption as yet.


@mwanahisa there was no plan to get anything online by 2010... i think the earliest will be 2013
Mark 12:29
Deuteronomy 4:16
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Gordon Gekko
#35 Posted : Wednesday, October 06, 2010 2:27:41 PM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
Look at the cashflow report. Cash from operations - real cash before being adulterated or sanitized by forex losses/gains, depreciation, provisions, gain/losses on sale of land, lorries etc. A massive drop from 1.9B to 440,000. That is a disaster. Surely, with their 12% holding, can't Lafarge offer some advice?
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mwanahisa
#36 Posted : Wednesday, October 06, 2010 2:39:59 PM
Rank: Elder

Joined: 6/2/2008
Posts: 1,438
guru267 wrote:
mwanahisa wrote:
KenGen also has Yen denominated loans. I think this is covered by our electricity bills so perhaps not as much of a concern there. But remember they also have the 25 Billion infrastructure bond with interest at 12.5% - works out to Kshs 3.125 B a year.

Since the bond issue, I am only aware of the Ngong Hills 5 MW wind power having come on stream. My power bills have not increased so much so I am not sure whether the interest on the Infrastructure bond is being charged onto our electricity consumption as yet.


@mwanahisa there was no plan to get anything online by 2010... i think the earliest will be 2013


Check the PIBO information memorandum. There were a number of projects slated to be commsioned this calendar year:

Tana Development - April 2010 (20 MW)
Olkaria II 3rd Unit - May 2010 (30 MW)
Kipevu Thermal - Dec 2010 (120 MW)

I haven't heard zip on any of these.
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passiveinvestor
#37 Posted : Thursday, October 14, 2010 10:21:17 AM
Rank: Member

Joined: 12/8/2006
Posts: 104
passiveinvestor wrote:
I have it on good authority that the board stated that they would hedge the exposure and that besides that the GOK would absorb the FX losses on the loan.

Hmmmm....guess my sources were right on this...shame about the operating profits though! I'll see what this was all about!
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kizee1
#38 Posted : Thursday, October 14, 2010 10:33:42 AM
Rank: Member

Joined: 9/29/2010
Posts: 679
Location: nairobi
they know wat needs to be done
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mwanahisa
#39 Posted : Thursday, October 14, 2010 11:25:56 AM
Rank: Elder

Joined: 6/2/2008
Posts: 1,438
Only reason the price did not fall massively is simply because there's not enough supply and most of the folks who hold the 6% free float are guys who can be able to wait it out. This share is one of those at the top of my scrap heap.

Can you imagine the total dividend in the last 5 yeas has been Kshs 6.50? In 2 of the last 5 years they have simply done away with the dividend. TERRIBLE!
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