2nd Quarter Results
15 April 2003 - 4:42AM
UK Regulatory
RNS Number:0363K
ZCCM Invs.Hldgs PLC
14 April 2003
ZCCM Investments Holdings Plc
Incorporated in the Republic of Zambia
Directors' Quarterly Summary
incorporating Financial Results
for the quarter ended 31 December 2002
DIRECTORS
Mr G K Chibuye (Non-Executive)
Chairman of the Board
Mr D S Diangamo
Acting Secretary to the Treasury
Ministry of Finance and National Planning
Mr S Mpishi
Permanent Secretary
Ministry of Mines & Minerals Development
Dr A C J Sichinga
Permanent Secretary
Ministry of Energy & Water Development
Dr A Mwenda
Deputy Governor - Operations
Bank of Zambia
Mr E Mutale
General Secretary
Mineworkers' Union of Zambia
Company Secretary
W S Musama
Management Committee
General Manager
M Shandavu Chairman
Company Secretary
W S Musama
Technical Investment Manager
J M D Patterson
Finance and Investment Manager
Z Zekko
Legal Investment Manager
J K Kaite
Technical Investment Officer
W K Katoto
Financial Analyst
K K Mulaisho Committee Secretary
Environmental Manager
J Makumba
ZCCM INVESTMENTS HOLDINGS PLC
and subsidiary companies
DIRECTORS' QUARTERLY SUMMARY
The sale of one of the subsidiaries, Smelterco, during the last quarter has had
a significant impact on the Group's current consolidated financial figures.
Consequently, any comparison with last year's figures needs to take this into
account.
ZCCM-IH Group sales of K44 525 million were achieved during the quarter ended 31
December 2002 compared to K41 461 million at December 2001. However, an
increased group operational expenditure of K51 777 million was recorded during
the quarter, compared to K46 405 last year.
A net operating loss of K7 252 million was incurred in the quarter, as against
K4 944 million loss last year. However, exchange gains amounting to K70 094
million were recorded on account of the Kwacha appreciation at the close of the
quarter. During the quarter, Dividends of K5 372 million were received from an
associate company, Copperbelt Energy Corporation. The profit after tax for the
quarter was K66 234 million, compared to K767 million last year.
Subsequent to quarter end, Zambia Privatisation Agency advised that the
privatisation of Ndola Lime Company Limited will now proceed with the aim of
attracting a Strategic Equity Partner with a 30% stake. This is as a result of
the rejection of all the three bids received, as they were deemed commercially
and technically unacceptable and did not fully address the privatisation
objectives.
Bids for a shareholding interest in KCM by a strategic equity partner, submitted
by 28 February 2003 and evaluated by the Financial Advisors, Standard Bank
London, have been reviewed by the shareholders during March 2003.
Ms A O Chifungula, Acting Secretary to the Treasury, was appointed as a
Permanent Alternate Director to the Secretary to the Treasury after the end of
the quarter under review.
By Order of the Board
W S Musama
Company Secretary
Lusaka
14 April 2003
ZCCM INVESTMENTS HOLDINGS PLC
GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 31 DEC 2002
QUARTER ENDED QUARTER ENDED
31 DEC '02 31 DEC '01
notes K' million K' million
Sales 1 44,525 41,461
Cost of sales 2 (51,777) (46,405)
Operating profit/(loss) (7,252) (4,944)
Other income 7,440 30,723
Exchange gain/(loss) 70,093 (15,029)
Environmental expenses (3,562) (2,773)
Interest charge (3,322) (7,901)
Interest income 341 1,435
Dividend receivable 5,372
Royalty on minerals (444) (275)
Profit/(loss) before taxation 68,666 1,236
Income tax (2,432) (469)
Retained profit/(loss) 66,234 767
Notes:
1 & 2 Represents revenue /sales and administrative costs/cost
of sales for the Company and its subsidiaries.
3 The exchange rates applied are :
June 2002 :US$=K4516
December 2002 :US$=K4368
December 2001 :US$=K3800
ZCCM INVESTMENTS HOLDINGS PLC
GROUP BALANCE SHEET
As at 31 Dec '02 As at 31 Dec '01
K' million K' million
Current assets
Bank & cash 58,355 26,439
Inventories 43,646 49,174
Metal debtors 0 109,788
Other debtors 253,259 105,305
Total current assets 355,260 290,706
Current liabilities
Creditors
local 56,806 91,061
Overseas 38,374 18,441
Provisions 286,814 259,757
Taxation 10,977 864
Bank overdraft 0 323
Total current liabilities 392,971 370,446
Net current assets/(liabilities) (37,711) (79,740)
Long term receivables 123,154 315,400
Investments 449,409 218,213
Fixed assets 31,668 308,577
Long term borrowings (1,563,587) (1,490,523)
Grants/others (2,508) (93,758)
Subordinated loan (865,445) (865,445)
Total Net Liabilities (1,865,020) (1,687,276)
Financed by:
Share capital 909 893
Reserves (1,865,929) (1,688,169)
Total shareholders' funds (1,865,020) (1,687,276)
ZCCM INVESTMENTS HOLDINGS PLC
GROUP CASH FLOW STATEMENT
Quarter ended Quarter ended
30 Dec '02 30 Dec '01
K' million K' million
Operating activities
Cash received from customers 22,073 113,667
Cash paid to suppliers and employees (43,099) (134,162)
Net cash generated from operating activities (21,026) (20,495)
Interest received 305 1534
Interest paid (63) (18)
Taxation paid (137) (475)
105 1,041
Net cashflow from operating activities (20,921) (19,454)
Investing activities
Purchase of fixed assets (3,168) (43,241)
Proceeds from sale of fixed assets 58 682
Proceeds from sale of operating units 0 -
(3,110) (42,559)
Financing activities
Long term borrowings received 27,274 23,683
Long term borrowing paid (1,960) -
Grants 0 3,674
Net cashflow from investing activities 25,314 27,357
Dividend received 10,301 -
35,615 27,357
Net cash inflow/(outflow) for period 11,584 (34,656)
Cash balances at start of period
Cash and bank balances 46,772 63,428
Bank overdrafts 0 (1,874)
46,772 61,554
Cash balances at end of period
Cash and bank balances 58,356 27,221
Bank overdrafts 0 (323)
58,356 26,898
CORPORATE LOCATIONS
Registered Office UK Registrars
Mukuba Pension House CAPITA IRG Plc
First Floor Bourne House
5309 Dedan Kimathi Road 34 Beckenham Road
P O Box 30048 Beckenham
LUSAKA Kent BR3 4TU
Lusaka, 10101, Zambia England
Tel Numbers 260 (01) 221023 Tel No. 020 8639 2000
220351 Fax No. 020 8658 3430
220654
228833 Depository for American Shares
Fax Numbers 260 (01) 221057 JP Morgan Chase & Co
220449 60 Wall Street
220727 New York, NY 10260-0060
United States of America
E-mail:corporate@zccm-ih.com.zm
Tel No. 001 212 648 3207
Kitwe Office Fax No. 001 212 648 5104/5
Investments House
Kantanta Street
P O Box 20172
Kitwe
Tel Numbers 260 (02) 245008
245117
245118
245054
245160
245155
245319
245322
Numbers 260 (02) 245363
245364
245473
E-mail:corporate@zccm-ih.com.zm
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GUUWCCUPWGQC