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kengen full year profit up 3.3%
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murchr
#41 Posted : Wednesday, November 05, 2014 6:07:45 AM
Rank: Elder


Joined: 2/26/2012
Posts: 15,979
Kenya Electricity Generating Company (KenGen) has postponed its Sh15 billion rights issue until the first quarter of next year as it waits for a firm commitment from the government, which is the majority shareholder.
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Gatheuzi
#42 Posted : Wednesday, November 05, 2014 6:58:06 AM
Rank: Veteran


Joined: 8/16/2009
Posts: 994
murchr wrote:
Kenya Electricity Generating Company (KenGen) has postponed its Sh15 billion rights issue until the first quarter of next year as it waits for a firm commitment from the government, which is the majority shareholder.


Good for the stock. The price was so suppressed to make the issue successful.

I was sure the gvt was broke, in fact I expected them to agree on a dillution of their stake.
Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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VituVingiSana
#43 Posted : Wednesday, November 05, 2014 8:05:34 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,056
Location: Nairobi
Gatheuzi wrote:
murchr wrote:
Kenya Electricity Generating Company (KenGen) has postponed its Sh15 billion rights issue until the first quarter of next year as it waits for a firm commitment from the government, which is the majority shareholder.


Good for the stock. The price was so suppressed to make the issue successful.

I was sure the gvt was broke, in fact I expected them to agree on a dillution of their stake.
Debt conversion to Equity. No dilution.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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sumber
#44 Posted : Wednesday, November 05, 2014 11:05:10 AM
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Joined: 10/12/2011
Posts: 7
Off cause is EPS is diluted when debt is converted to equity owing to increase in number of shares
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The optimist
#45 Posted : Wednesday, November 05, 2014 11:20:12 AM
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Joined: 6/14/2010
Posts: 520
Location: Nairobi
sumber wrote:
Off cause is EPS is diluted when debt is converted to equity owing to increase in number of shares

I guess @VVS meant to say no dilution to gvt's stake.
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VituVingiSana
#46 Posted : Wednesday, November 05, 2014 11:20:42 AM
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Joined: 1/3/2007
Posts: 18,056
Location: Nairobi
sumber wrote:
Off cause is EPS is diluted when debt is converted to equity owing to increase in number of shares
I meant no dilution of GoK's stake. That said re: EPS ... Debt to Equity = Interest to Dividends. Generally the Dividend Yield is much lower than Interest Cost.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Gatheuzi
#47 Posted : Wednesday, November 05, 2014 2:24:55 PM
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Joined: 8/16/2009
Posts: 994
VituVingiSana wrote:
Gatheuzi wrote:
murchr wrote:
Kenya Electricity Generating Company (KenGen) has postponed its Sh15 billion rights issue until the first quarter of next year as it waits for a firm commitment from the government, which is the majority shareholder.


Good for the stock. The price was so suppressed to make the issue successful.

I was sure the gvt was broke, in fact I expected them to agree on a dillution of their stake.
Debt conversion to Equity. No dilution.

I had missed the debt conversion part but you are right. Government's loan will be converted to equity if they agree to that. Then the other shareholders will raise the 15b.
Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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Gatheuzi
#48 Posted : Wednesday, November 05, 2014 2:31:45 PM
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Joined: 8/16/2009
Posts: 994
Coming back to the government's loans to KenGen, from the 2013 financial's it seems that they are government guaranteed loans i.e. sources from international banks's such as Japan Bank for Intern Cooperation and Kreditanstalt Fur Wiederaufbau-Kindarum.

Are these the loans that are being converted to Equity, because in that case government will have to take care of interest payments. This will imply an additional direct burden to the treasury which could partly explain the delay. They have to change some of the debt covenants directly with the international institutions as well.
Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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innovator
#49 Posted : Wednesday, November 05, 2014 4:27:12 PM
Rank: Member


Joined: 7/24/2010
Posts: 236
Location: nairobi
Gatheuzi wrote:
VituVingiSana wrote:
Gatheuzi wrote:
murchr wrote:
Kenya Electricity Generating Company (KenGen) has postponed its Sh15 billion rights issue until the first quarter of next year as it waits for a firm commitment from the government, which is the majority shareholder.


Good for the stock. The price was so suppressed to make the issue successful.

I was sure the gvt was broke, in fact I expected them to agree on a dillution of their stake.
Debt conversion to Equity. No dilution.

I had missed the debt conversion part but you are right. Government's loan will be converted to equity if they agree to that. Then the other shareholders will raise the 15b.

This would amount to the government taking advantage of a depressed stock from its citizenly. They sold the same share at sh 11.00 6years ago, now its below sh10.00
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madebe
#50 Posted : Thursday, November 06, 2014 4:39:35 PM
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Joined: 10/7/2010
Posts: 251
Location: nairobi
Can anybody post the full annual report???
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Gatheuzi
#51 Posted : Friday, November 07, 2014 12:17:52 PM
Rank: Veteran


Joined: 8/16/2009
Posts: 994
madebe wrote:
Can anybody post the full annual report???


Check out here.
Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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VituVingiSana
#52 Posted : Friday, November 07, 2014 7:24:38 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,056
Location: Nairobi
Gatheuzi wrote:
Coming back to the government's loans to KenGen, from the 2013 financial's it seems that they are government guaranteed loans i.e. sources from international banks's such as Japan Bank for Intern Cooperation and Kreditanstalt Fur Wiederaufbau-Kindarum.

Are these the loans that are being converted to Equity, because in that case government will have to take care of interest payments. This will imply an additional direct burden to the treasury which could partly explain the delay. They have to change some of the debt covenants directly with the international institutions as well.
Of the (I think) 136n in loans/debt, I believe there is 15bn of loans from GoK. In the grand scheme, taking on an additional 15bn in debt is not a huge problem/concern as long as KenGen can pay a dividend as well as provide capital appreciation for a future sale of the shares.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#53 Posted : Saturday, November 08, 2014 8:50:17 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
@Gatheuzi;
Do you have a downloadable format.
Reading in the link provided is hectic;the writings are too small.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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muimi
#54 Posted : Saturday, November 08, 2014 10:56:34 PM
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Joined: 11/8/2014
Posts: 1
In 2013 profit after tax was high due to capital allowances from Sangoro(Kshs 5.3b), Kindaruma (Kshs 6.8b) and Rigs (Kshs 4.3b).
In 2014 there has been massive capital investment in Olkaria 1 & 4 , wellheads and Ngong Hills wind (20.4 MW). Do these projects qualify for capital allowances?
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sparkly
#55 Posted : Sunday, November 09, 2014 8:18:03 AM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
muimi wrote:
In 2013 profit after tax was high due to capital allowances from Sangoro(Kshs 5.3b), Kindaruma (Kshs 6.8b) and Rigs (Kshs 4.3b).
In 2014 there has been massive capital investment in Olkaria 1 & 4 , wellheads and Ngong Hills wind (20.4 MW). Do these projects qualify for capital allowances?

Yes they do. 100% at Ngong hills and 150% at Naivasha
Life is short. Live passionately.
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Gatheuzi
#56 Posted : Monday, November 10, 2014 6:54:12 AM
Rank: Veteran


Joined: 8/16/2009
Posts: 994
Ericsson wrote:
@Gatheuzi;
Do you have a downloadable format.
Reading in the link provided is hectic;the writings are too small.

@Ericsson, sorry I don't have one for now. AfricanFinancialswebsite only gives viewing rights but not downloadable. Seems KenGen gave them a softcopy before posting one to their own website.
Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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Akenyan2014
#57 Posted : Monday, November 10, 2014 9:15:42 AM
Rank: Member


Joined: 5/6/2014
Posts: 268
Location: Nairobi, Kenya
Gatheuzi wrote:
Ericsson wrote:
@Gatheuzi;
Do you have a downloadable format.
Reading in the link provided is hectic;the writings are too small.

@Ericsson, sorry I don't have one for now. AfricanFinancialswebsite only gives viewing rights but not downloadable. Seems KenGen gave them a softcopy before posting one to their own website.


@Ericsson, that document is quite legible. It initially opens a small window with minute font but when you click on a page it toggles to a full screen readable format, check out that.
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Ericsson
#58 Posted : Tuesday, December 09, 2014 10:40:46 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
http://www.msn.com/en-za...wer-projects/ar-BBgxcjy

Company on an aggressive expansion strategy.The rights issue iko wapi.Hela tutawapatia returns za faida na mgao tukule from the projects
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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