RNS Number:0985O
ZCCM Invs.Hldgs PLC
29 July 2003
ENCLOSURE 3
ZCCM Investments Holdings Plc
Incorporated in the Republic of Zambia
Directors' Quarterly Summary
incorporating Financial Results
for the quarter ended 31 March 2003
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 (Resigned in December 2002)
Deputy Governor - Operations
Bank of Zambia
Dr D H Kalyalya (Appointed with effect from 5 December 2002)
Deputy Governor - Operations
Bank of Zambia
Mr E Mutale
General Secretary
Mineworkers' Union of Zambia
Company Secretary
W S Musama
1
Management Committee
General Manager
Vacant
Company Secretary
W S Musama Acting Chairman
Technical Investments Manager
J M D Patterson
Finance and Investments Manager
Z Zekko
Legal Investments Manager
J K Kaite
Technical Investments Officer
W K Katoto
Financial Analyst
K K Mulaisho Committee Secretary
Environmental Manager
J Makumba
2
ZCCM INVESTMENTS HOLDINGS PLC
and subsidiary companies
DIRECTORS' QUARTERLY SUMMARY
ZCCM-IH group Sales of K24,722 million were achieved during the quarter ended
31 March 2003 compared to K59,937 million at March 2002. There was a also a
reduction in group operational expenditure of K35,924 million as recorded during
the quarter.
A net operating loss of K11,202 millon was incurred in the quarter, compared to
K38,407 million loss last year. However, exchange losses amounting to
K207,552 million were recorded on an account of the Kwacha's depreciation during
the quarter. The loss after tax for the quarter was K197,807 million compared to
K66,086 million last year.
The Government of the Republic of Zambia (GRZ) announced during the quarter
under review that it had commenced negotiations for the sale of Roan Antelope
Mining Corporation of Zambia Plc (In Receivership) with Messrs J & W of
Switzerland. Furthermore, it was announced by GRZ in May 2003 that Sterlite
Industries Limited of India had been awarded preferred bidder status as a
prospective equity partner into Konkola Copper Mines Plc (KCM). As a result
ZCCM-IH, GRZ, Zambia Copper Investments Ltd (ZCI) and KCM will now enter into
detailed negotiations with Sterlite Industries Ltd.
Subsequent to the quarter end under review, Dr M W Lewanika and Mr G P Mukala,
Permanent Secretary, Ministry of Mines and Minerals Development and Permanent
Secretary, Ministry of Energy and Water Development have replaced Mr S Mpishi
and Dr A C J Sichinga, respectively, on the Company Board of Directors.
By Order of the Board
W S Musama
Company Secretary
ZCCM INVESTMENTS HOLDINGS PLC
GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 31 MARCH 2003
QUARTER ENDED QUARTER ENDED
31 MAR '03 31 MAR '02
notes K' million K' million
------------ ------------
Sales 1 24,722 59,937
Cost of 2 (35,924) (98,344)
sales
Operating (11,202) (38,407)
profit/(loss)
Other 2,832 19,754
income
Exchange gain (207,552 ) (41,010)
/(loss)
Environmental (2,350) (4,903)
expenses
Interest 12,042 (1,572)
reversal/
(charge)
Interest 453 291
income
Dividend 10,761
receivable
Royalty on (359) (110)
minerals
Profit/(loss) (195,375) (65,957)
before
taxation
Income tax (2,432) (129)
Retained (197,807) (66,086)
profit/(loss)
Notes:
1 & 2 Represents
revenue /sales
and
administrative
costs/cost of
sales for
the
Company and its subsidiaries.
3 The exchange
rates applied
are :
March 2003 :US$=
K4912
March 2002 :US$=K3967
December 2002 :US$=K4368
ZCCM
INVESTMENTS
HOLDINGS
PLC
GROUP BALANCE SHEET As at 31 Mar As at 31 Mar
'03 '02
K' million K' million
Current assets
Bank & cash 70,966 40,827
Inventories 48,513 53,014
Metal debtors 0 99,168
Other debtors 190,682 149,329
-------------- -----------
Total current assets 310,161 342,338
Current liabilities
Creditors
Local 61,333 122,570
Overseas 106,119 33,362
Provisions 312,546 249,636
Taxation 9,864 2,845
Bank overdraft 0 118
-------------- -----------
Total current liabilities 489,862 408,531
Net current assets/(liabilities) (179,701) (66,193)
Long term receivables 112,984 329,294
Investments 472,080 192,232
Fixed assets 33,624 256,238
Long term borrowings (1,241,106) (1,627,578)
Grants/others (4,010) (94,385)
Subordinated loan (865,445) (865,445)
-------------- -----------
Total Net Liabilities (1,671,574) (1,875,837)
-------------- -----------
Financed by:
Share capital 909 893
Reserves (1,672,483) (1,876,730)
-------------- -----------
Total shareholders' funds (1,671,574) (1,875,837)
-------------- -----------
ZCCM INVESTMENTS HOLDINGS PLC
GROUP CASH FLOW STATEMENT
Quarter ended Quarter ended
31 Mar '03 31 Mar '02
K' million K' million
Operating activities
Cash received from customers 33,073 28,278
Cash paid to suppliers and employees (42,070) (42,573)
------- ---------
Net cash generated from operating activities (8,997) (14,295)
Interest received 753 308
Interest paid 4 (182)
Taxation paid (3,682) (475)
------- ---------
(2,933) (349)
Net cashflow from operating activities (11,930) (14,644)
Investing activities
Purchase of fixed assets (6,897) (12,964)
Proceeds from sale of fixed assets 59 4,720
Proceeds from sale of operating units 201 6,858
------- ---------
(6,637) (1,386)
Financing activities
Long term borrowings received 32,560 19,832
Long term borrowing paid (21,714) -
Grants 10,655 2,235
------- ---------
Net cashflow from investing activities 21,501 22,067
Dividend received 9,921 -
------- ---------
31,422 22,067
Net cash inflow/(outflow) for period 12,855 6,037
Cash balances at start of period
Cash and bank balances 58,046 27,581
Bank overdrafts 0 (323)
------- ---------
58,046 27,258
Cash balances at end of period
Cash and bank balances 70,911 33,413
Bank overdrafts 10 (118)
------- ---------
70,911 33,295
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
Fax Numbers 260 (02) 245363
245364
245473
E-mail:corporate@zccm-ih.com.zm
7
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