4TH QUARTER RESULTS
29 October 2003 - 1:49AM
UK Regulatory
RNS Number:3970R
ZCCM Invs.Hldgs PLC
28 October 2003
ZCCM Investments Holdings Plc
Incorporated in the Republic of Zambia
Directors' Quarterly Summary
incorporating Financial Results
for the quarter ended 30 June 2003
DIRECTORS
Mr G K Chibuye (Non-Executive)
Chairman of the Board
Mr D S Diangamo (Withdrawn 14 August 2003)
Acting Secretary to the Treasury
Ministry of Finance and National Planning
Dr S Musokotwane (Appointed Permanent Alternate
Acting Secretary to the Treasury Director to Mr D S Diangamo
Ministry of Finance and National Planning with effect from 24 July 2003)
Mr S Mpishi (Withdrawn 24 July 2003)
Permanent Secretary
Ministry of Mines & Minerals Development
Dr M W Lewanika (Appointed 24 July 2003)
Permanent Secretary
Ministry of Mines & Minerals Development
Dr A C J Sichinga (Withdrawn 24 July 2003)
Permanent Secretary
Ministry of Energy & Water Development
Mr G P Mukala (Appointed 24 July 2003)
Permanent Secretary
Ministry of Energy & Water Development
Dr D H Kalyalya
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
Environmental Manager
J Makumba
Financial Analyst
K K Mulaisho Committee Secretary
2
ZCCM INVESTMENTS HOLDINGS PLC
And its subsidiary companies
DIRECTORS' QUARTERLY SUMMARY
The sale of Smelterco and the restructuring of KCM during the financial year
have continued to positevely impact on the group's financial results for the
quarter as compared to June 2002. Consequently, any comparison with last year's
figures needs to take this into account.
ZCCM -IH Group sales of K29,790 million were achieved for the quarter ended 30
June 2003 compared to K86,347 million for the quarter ended June 2002. There was
a reduction in the group operational expenditure to K73,500 million during the
quarter compared to K200,594 million for the quarter ended June 2002.
A net operating profit of K59,011 million was recorded this quarter against a
loss of K227,352 million in the quarter ended June 2002. The main source of this
profit was the exchange gains of K92,063 million arising from the write off of a
huge forex denominated liability to ZESCO Limited by way of a GRZ debt swap.
Subsequent to the quarter end, the Chibuluma South mine project was approved by
GRZ and the construction of the powerline to Kansanshi was awarded to ZESCO
Limited.
ZCCM INVESTMENTS HOLDINGS PLC
GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 30 JUNE 2003
QUARTER ENDED QUARTER ENDED
30 JUN '03 30 JUN '02
notes K' million K' million
------------ ------------
Sales 1 29,790 86,347
Cost of sales 2 (73,500) (200,594)
Operating (43,710) (114,247)
profit/(loss)
Other income 3,376 15,343
Exchange gain/ 92,063 (109,618)
(loss)
Environmental (674) (3,649)
expenses
Impairment of -
Investments
Impairment of (11,875)
Investments
Interest 892 (13,491)
reversal/
(charge)
Interest 4,076 679
income
Dividend 5,853 10,003
receivable
Royalty on (433) (368)
minerals
Profit/(loss) before 61,443 (227,223)
taxation
Income tax (2,432) (129)
Retained profit 59,011 (227,352)
/(loss)
ZCCM INVESTMENTS HOLDINGS PLC
GROUP BALANCE SHEET As at 30 June As at 30 June
'03 '02
K' million K' million
Current assets
Bank & cash 70,887 55,428
Inventories 34,948 28,924
Metal debtors 0 0
Other debtors 271,053 113,584
------------- -------------
Total current assets 376,888 197,936
Current liabilities
Creditors
local 80,502 137,892
Overseas 0 18,915
Provisions 287,600 63,310
0
Taxation 4,223 4,693
Bank overdraft 0 0
------------- -------------
Total current liabilities 372,325 224,810
Net current assets/ 4,563 (26,874)
(liabilities)
Long term receivables 112,985 381,892
Investments 472,081 251,396
Fixed assets 41,147 412,723
Long term borrowings (1,320,222) (2,066,609)
Grants/others (4,678) (110,326)
Subordinated loan (865,445) (865,445)
------------- -------------
Total Net Liabilities (1,559,569) (2,023,243)
------------- -------------
Financed by:
Share capital 909 893
Reserves (1,560,478) (2,024,136)
------------- -------------
Total shareholders' funds (1,559,569) (2,023,243)
------------- -------------
5
ZCCM INVESTMENTS HOLDINGS PLC
GROUP CASH FLOW STATEMENT
Quarter Quarter ended
ended
30 Jun '03 30 Jun '02
K' million K' million
Operating activities
Cash received from 7,111 153,856
customers
Cash paid to suppliers and employees (14,728) (456,760)
---------- ----------
Net cash generated from operating (7,617) (302,904)
activities
Interest received 4,126 308
Interest paid (56) (182)
Taxation paid (3,111) (93)
---------- ----------
959 33
Net cashflow from operating activities (6,658) (302,871)
Investing activities
Purchase of fixed assets (3,937) 64,731
Proceeds from sale of fixed 1 10,403
assets
Proceeds from sale of operating units 0 -
---------- ----------
(3,936) 75,134
Financing activities
Long term borrowings 4,501 397,474
received
Long term borrowing paid 0 (27,712)
Short term borrowings 0 -
received
Short term borrowings paid 0
Grants 1,198 3,087
---------- ----------
Net cashflow from investing activities 5,699 372,849
Dividend received 5,853 6,483
---------- ----------
11,553 379,332
Net cash inflow/(outflow) for period 957 22,133
Cash balances at start of period
Cash and bank balances 69,380 33,413
Bank overdrafts 0 (118)
---------- ----------
69,380 33,295
Cash balances at end of period
Cash and bank balances 70,337 55,428
Bank overdrafts 0 -
---------- ----------
70,337 55,428
6
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 , 10101 Zambia Kent BR3 4TU
Tel Numbers UK
260 (01) 221023 /220351/220654/ 228833 Tel No. 0208 639 2000
Fax Numbers 020 01 221057 Fax No. 020 8658 3430
E-mail:corporate@zccm-ih.com.zm
Depository for American Shares
JP Morgan Chase & Co
Wall Street
New York, NY 10260-0060
United States of America
Tel No. 001 212 648 3207
Fax No. 001 212 648 5104/5
Kitwe Office
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
This information is provided by RNS
The company news service from the London Stock Exchange
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