Rurelec Regulatory News (RUR)

26 Mar 2007 17:01

Rurelec PLC26 March 2007 Rurelec PLC ("Rurelec" or "the Company") Correction of announcement released at 16.12 hrs on 26th March 2007. The amount of one time foreign exchange adjustments was incorrectly stated asUS$ 700,000. This should read US$ 913,000. The remainder of the announcement is accurate and listed below. Empresa Guaracachi SA Releases Preliminary Results for Year Ended 31 January 2006 GCH 11 Turbine Completes Synchronisation at Full Load and is now Due to Enter Service 26th March, 2007 Rurelec PLC announces that its Bolivian power generation subsidiary, EmpresaGuaracachi SA ("Guaracachi") has today announced its preliminary results for theyear ended 31st December 2006. Rurelec PLC owns 50.001 per cent. ofGuaracachi. The shares of Guaracachi are listed on the Bolsa Boliviana deValores. In the twelve months ended 31st December 2006, Guaracachi recorded auditedprofits after tax of US $7.2 million on revenues of US $31.3 million. Based onthese results, the Board of Guaracachi is recommending to its shareholders adividend of US $6.87 million. The dividend attributable to Rurelec PLC will beUS $3 million after deduction of Bolivian witholding taxes at the rate of 12.5per cent. The figure of US $7.2 million was after deductions of some US $913,000of one time foreign exchange adjustments and a contribution of just over US$258,000 to the new Dignity Tariff. The Dignity Tariff is a system of subsidiesfor Bolivia's poorest users of electricity which was pioneered by Guaracachiearly in 2006, working in partnership with the Government of Bolivia and allother participants in Bolivia's electricity sector. This is the last year in which Guaracachi's Bolivian accounts will be reportedunder Bolivian GAP. In future, Bolivia is expected to move progressively toimplement IFRS. Rurelec PLC already reports its consolidated results underIFRS. The Board of Rurelec expects to announce its own preliminary consolidatedresults for the twelve months ended 31st December 2006 by the end of April2007. These results will include consolidated audited accounts for bothGuaracachi and Energia del Sur SA in Argentina. In view of the fact thatGuaracachi constitutes a significant part of the balance sheet of Rurelec PLC,and given that these results are due to be released today in La Paz and SantaCruz de la Sierra to Guaracachi's minority shareholders, Rurelec PLC and itsfinancial advisers Daniel Stewart have decided to release the results on a simultaneous basis in London on the grounds that they constitute price sensitiveinformation. At the same time, the Board of Rurelec PLC is pleased to announcethat Guaracachi's newest turbine in Bolivia of 71 MW has successfully completedsynchronisation tests under full load. This General Electric 6FA gas turbine isexpected to enter full commercial service later this week. It was successfulinaugurated in Bolivia at a formal ceremony held on 13th March 2007. Speakingat the inauguration, Bolivia's Minister of Public Works was quoted as follows:"Many people think that we want to destroy the private sector. (But) theGovernment actually needs to work hand in hand with this country's privatecompanies." For further information please contact: 020 7793 5610 Peter Earl, CEO, Rurelec PLCPaul Shackleton, Daniel Stewart 020 7776 6550 This information is provided by RNS The company news service from the London Stock Exchange