COPPERBELT ENERGY CORPORATION PLC Annual Report 2009
COPPERBELT ENERGY CORPORATION PLC Mission We are committed to: Supply reliable energy and high quality services to meet our cus
COPPERBELT ENERGY CORPORATION PLC Corporate Profile History and Operations The Copperbelt Energy Corporation Plc (CEC) is a Zam
COPPERBELT ENERGY CORPORATION PLC Contents Chairman’s Report Managing Director Operations’ Report Managing Director for Corpora
COPPERBELT ENERGY CORPORATION PLC Chairman’s Report I am delighted to report an encouraging performance for the business for th
COPPERBELT ENERGY CORPORATION PLC Business Performance Highlights Copper prices exhibited a downward trend from the last quarte
COPPERBELT ENERGY CORPORATION PLC Business Environment Of particular concern to the Company was the low copper price, and how o
COPPERBELT ENERGY CORPORATION PLC attended by Government departments and agencies represented in the province; concerned indivi
COPPERBELT ENERGY CORPORATION PLC Corporate Governance and conducted itself above reproach by ensuring compliance to the Lusaka
COPPERBELT ENERGY CORPORATION PLC Managing Director Operations’ Report Managing Director Operations’ Report Power System Perfor
COPPERBELT ENERGY CORPORATION PLC requirements of the Frontier Mine (supplied by SNEL utilizing the CEC network), ZESA in Zimba
COPPERBELT ENERGY CORPORATION PLC network where transformer capacity will need to be reinforced. The power factor correction pr
COPPERBELT ENERGY CORPORATION PLC Various other projects are at a developmental stage. Customer Relations Good relationships we
COPPERBELT ENERGY CORPORATION PLC Managing Director for Corporate Development & CFO’s Report Managing Director for Corporate De
COPPERBELT ENERGY CORPORATION PLC The ESIA encompassed a thorough review of the impact of the proposed project on the local com
COPPERBELT ENERGY CORPORATION PLC The migration towards cost reflective tariffs in the region is expected to ensure that the in
COPPERBELT ENERGY CORPORATION PLC for property and $103.2m for primary transmission equipment. The increase has been reflected
COPPERBELT ENERGY CORPORATION PLC Operational / Financial Highlights Load 600 500 400 300 Load 70 60 50 40 30 No of Days 20 10
COPPERBELT ENERGY CORPORATION PLC Earnings Per Share 1.40 1.20 1.00 0.80 0.60 EPS in Cents 0.40 0.20 2005 2006 2007 Year 2008 2
COPPERBELT ENERGY CORPORATION PLC Director’s Report The Directors have pleasure in submitting to the shareholders their report
COPPERBELT ENERGY CORPORATION PLC In addition to its planned capital expenditure for the maintenance, renewal and refurbishment
COPPERBELT ENERGY CORPORATION PLC CEC’s electrical installations. The Company continued to put in place stringent security meas
COPPERBELT ENERGY CORPORATION PLC Industrial Relations A sound industrial relations climate continued to prevail in the Company
COPPERBELT ENERGY CORPORATION PLC in the Electric and Electronic Department of the University of Zambia was completed at a cost
COPPERBELT ENERGY CORPORATION PLC Statement on Corporate Governance for the year ended 31 December 2009 Statement on Corporate
COPPERBELT ENERGY CORPORATION PLC and the internal audit function. The Audit Committee reviewed and endorsed the CEC Financial
COPPERBELT ENERGY CORPORATION PLC Statement of Directors’ Responsibilities Section 164 (6) of the Companies Act 1994 Cap 388 of
COPPERBELT ENERGY CORPORATION PLC Report of the Independent Auditors to the members of Copperbelt Energy Corporation Plc Report
COPPERBELT ENERGY CORPORATION PLC Statement Of Comprehensive Income for the year ended 31 December 2009 Notes Revenue Cost of s
COPPERBELT ENERGY CORPORATION PLC Statement of Changes In Equity for the year ended 31 December 2009 Share capital US$’000 Bala
COPPERBELT ENERGY CORPORATION PLC Statement of Financial Position as at 31 December 2009 Notes ASSETS Non-current assets Proper
COPPERBELT ENERGY CORPORATION PLC Statement Cash flow for the year ended 31 December 2009 Cash flow from operating activities P
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statement - 31 December 2009 1. The Company Copperbelt Energy PLC is a
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 2. Principal accounting poli
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 2. Principal accounting poli
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 2. Principal accounting poli
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 2. Principal accounting poli
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 2. Principal accounting poli
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) Principal accounting policie
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 2. Principal accounting poli
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 2. Principal accounting poli
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) (a) (b) (c) (d) the classifi
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 4. Management of financial r
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 2009 US$’000 2008 US$’000 16
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 2009 US$’000 2008 US$’000 11
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 12. Earnings per share The c
Notes to the Financial Statements - 31 December 2009 (Continued) 13. Property, plant and equipment (a) Summary Cost/valuation A
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 13. Property, plant and equi
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 2009 US$’000 2008 US$’000 15
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 2009 US$’000 2008 US$’000 16
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 20. Interest bearing loans A
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 2009 Capital payment US$000
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 2009 US$’000 2008 US$’000 4,
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 23. Deferred employee benefi
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 23. Deferred employee benefi
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 25. Related party transactio
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) company pays salaries and pr
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 26. Financial instruments (c
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 26. Financial instruments (c
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 26. Financial instruments (c
COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statements - 31 December 2009 (Continued) 26. Financial instruments (c
COPPERBELT ENERGY CORPORATION PLC Directors Hanson Sindowe Executive Chairman Member: Audit Committee Directors Helen Tarnoy No
COPPERBELT ENERGY CORPORATION PLC CEC Management Team Hanson Sindowe Executive Chairman Neil Croucher Managing Director – Opera
Corporate Contact Information OPERATIONS HEAD OFFICE Copperbelt Energy Corporation PLC 23rd Avenue P O Box 20819 Nkana East Kit
COPPERBELT ENERGY CORPORATION PLC
COPPERBELT ENERGY CORPORATION PLC 66
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Annual Re
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COPPERBELT ENERGY CORPORAT
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COPPERBELT ENERGY CORPORATION PLC Mission We are committed to:
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COPPERBELT ENERGY CORPORATION PLC Corporate Profile History and
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COPPERBELT ENERGY CORPORATION PLC Contents Chairman’s Report Ma
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COPPERBELT ENERGY CORPORATION PLC Chairman’s Report I am deligh
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COPPERBELT ENERGY CORPORATION PLC Business Performance Highligh
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COPPERBELT ENERGY CORPORATION PLC Business Environment Of parti
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COPPERBELT ENERGY CORPORATION PLC attended by Government depart
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COPPERBELT ENERGY CORPORATION PLC Corporate Governance and cond
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COPPERBELT ENERGY CORPORATION PLC Managing Director Operations’
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COPPERBELT ENERGY CORPORATION PLC requirements of the Frontier
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COPPERBELT ENERGY CORPORATION PLC network where transformer cap
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COPPERBELT ENERGY CORPORATION PLC Various other projects are at
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COPPERBELT ENERGY CORPORATION PLC Managing Director for Corpora
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COPPERBELT ENERGY CORPORATION PLC The ESIA encompassed a thorou
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COPPERBELT ENERGY CORPORATION PLC The migration towards cost re
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COPPERBELT ENERGY CORPORATION PLC for property and $103.2m for
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COPPERBELT ENERGY CORPORATION PLC Operational / Financial Highl
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COPPERBELT ENERGY CORPORATION PLC Earnings Per Share 1.40 1.20
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COPPERBELT ENERGY CORPORATION PLC Director’s Report The Directo
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COPPERBELT ENERGY CORPORATION PLC In addition to its planned ca
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COPPERBELT ENERGY CORPORATION PLC CEC’s electrical installation
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COPPERBELT ENERGY CORPORATION PLC Industrial Relations A sound
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COPPERBELT ENERGY CORPORATION PLC in the Electric and Electroni
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COPPERBELT ENERGY CORPORATION PLC Statement on Corporate Govern
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COPPERBELT ENERGY CORPORATION PLC and the internal audit functi
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COPPERBELT ENERGY CORPORATION PLC Statement of Directors’ Respo
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COPPERBELT ENERGY CORPORATION PLC Report of the Independent Aud
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COPPERBELT ENERGY CORPORATION PLC Statement Of Comprehensive In
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COPPERBELT ENERGY CORPORATION PLC Statement of Changes In Equit
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COPPERBELT ENERGY CORPORATION PLC Statement of Financial Positi
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COPPERBELT ENERGY CORPORATION PLC Statement Cash flow for the y
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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Notes to the Financial Statements - 31 December 2009 (Continued
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Notes to the Financial Statem
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COPPERBELT ENERGY CORPORATION PLC Directors Hanson Sindowe Exec
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COPPERBELT ENERGY CORPORATION PLC CEC Management Team Hanson Si
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Corporate Contact Information OPERATIONS HEAD OFFICE Copperbelt
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COPPERBELT ENERG
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