ESKOM HOLDINGS SOC LIMITED - Eskom is not restructuring its debt

Eskom is not restructuring its debt

Eskom Holdings SOC Limited
JSE Code: BIESKM
Date 04 July 2018


MEDIA STATEMENT


Eskom is not restructuring its debt

Wednesday, 04 July 2018: Eskom notes with concern recent media reports which
incorrectly suggest the company plans to restructure or extend its debt.

“We remain committed to executing our approved borrowing programme” said Andre
Pillay, Group Treasurer at Eskom. “Eskom plans to raise an amount of R72-billion in the
current financial year, of which 23% (R16.4-billion) has already been secured, and the
company is at advanced stages of ensuring that the funding requirement for the current
financial year is fulfilled in a timely manner.”

Eskom is working on a new corporate plan which will provide direction on how the
company is expected to look going forward and what its role will be in both the domestic
and continental energy markets. The review of the corporate plan is expected to be
completed by the end of this year.

As far as the job cuts are concerned, Eskom is currently looking into various options of
reducing its cost base, which includes optimising its operational expenditure and capital
investment programme which are anticipated to yield a net cost reduction of R100 billion
over the next five years.

Staff turnover during the 2016/17 financial year was approximately 4%, driven largely by
resignations, retirements and dismissals. Eskom has not entered into any discussions with
the trade unions and other stakeholders about job cuts. Plans are underway to continue to
engage the unions in ways of optimising the performance of the current workforce.



ENDS




Issued by: Eskom Media Desk
Tel:       +27 11 800 3304/3343/3378/6050/6103
Fax:       086 664 7699
Email:     mediadesk@eskom.co.za

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