RNS Number:5979J
ZCCM Invs.Hldgs PLC
27 September 2006
ZCCM Investments Holdings Plc
Incorporated in the Republic of Zambia
Directors' Quarterly Summary
incorporating Financial Results
for the quarter ended 30 June 2006
DIRECTORS
Mr G K Chibuye (Non-Executive)
Chairman of the Board
Mr C Evans Chibiliti
Director
Mr L Nkhata
Director
Mr G P Mukala
Director
Dr D H Kalyalya
Director
Mr E Mutale
Director
Mrs L I Ng'andwe
Director
Management Committee
General Manager
Vacant
Company Secretary
Mr W S Musama Acting Chairman
Technical Investments Manager
Mr J M D Patterson
Finance and Investments Manager
Mr Z Zekko
Legal Investments Manager
Mr J K Kaite
Technical Investments Officer
Mr W K Katoto
Environmental Manager
Mr J Makumba
Financial Analyst
Mr K K Mulaisho Committee Secretary
ZCCM INVESTMENTS HOLDINGS Plc
and its subsidiary companies
DIRECTORS' QUARTERLY SUMMARY
The Group achieved a turnover of K22,165 million during the quarter ended 30
June 2006 compared to K41,465 million at June 2005. The apparent reduction in
turnover over the two quarters was as a result of the effect of the appreciation
of the kwacha on the turnover of Ndola Lime Limited (a 100% subsidiary) which is
dollar-denominated. In addition, AHC Mining Municipal Services Limited (AHC
MMS) a wholly owned subsidiary of the company and a discontinued operation, was
not consolidated into the group. The Group operational expenditure was K25,146
million compared to K39,473 million last year.
A net retained loss of K51,088 million was recorded in the quarter, compared to
last year's loss of K24,615 million. The loss reported was mainly on account of
the exchange movements.
During the quarter, investments increased by K 52,934 million (US$15 million),
being the second and final investment installment into the Lumwana Copper Mine
through a purchase of some 7% equity stake in Equinox Minerals Limited
The transfer of AHC MMS, during the last quarter has had a significant impact on
the Group's current consolidated financial figures. Its shareholding was
finally transferred to the respective district councils on the Copperbelt on 19
January 2006. Consequently, any comparison with last year's figures needs to
take this into account.
Subsequent to the quarter end, Dr B Nsemukila, Permanent Secretary, Ministry of
Energy and Water Development and Mr O M Munyenyemba, General Secretary of the
Mineworkers' Union of Zambia, were appointed as Directors of the Company
replacing Messrs G P Mukala and E Mutale respectively, who retired.
By order of the Board
W S Musama
Company Secretary
Lusaka
26th September 2006
ZCCM INVESTMENTS HOLDINGS PLC
GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 30 JUNE 2006
QUARTER ENDED QUARTER ENDED
30 June 2006 30 June 2005
notes K' million K' million
------------ ------------
Turnover 2 22,165 41,465
Cost of Turnover 3 (25,146) (39,473)
Operating profit/ (2,980) 1,992
(loss)
Other income 2,579 4,121
Exchange gain/(loss) (46,035) 5,733
Environmental (3,188) (9,882)
expenses
Interest charge (1,477) (142)
Interest income 1,824 1,645
Dividend receivable 853 2,631
Royalty on minerals (443) (471)
Exceptional Item 4 (27,760)
Profit/(loss) before taxation (48,867) (22,133)
Income tax (2,221) (2,482)
Retained profit/(loss) (51,088) (24,615)
Notes:
1 The financial statements to 30 June 2005 include AHC MMS, a discontinued
operation, while the figures for 30 June 2006 relate only to ZCCM-IH
and Ndola Lime
2 & 3 Represents revenue /sales and administrative costs/cost of sales for the
Company and its subsidiaries.
4 Exceptional item relates to Mukuba Pensions as a result of an actuarial
valuation report conducted on behalf of the participating employees in
the Mukuba Pension Scheme
5 The exchange rates applied are :
30 June 2006 US$ = K3,582
30 June 2005 US$ = K4,698
ZCCM INVESTMENTS HOLDINGS PLC
GROUP BALANCE SHEET As at 30 June As at 30 June
2006 2005
K' million K' million
Current assets
Bank & cash 83,287 79,610
Inventories 34,552 22,547
Other debtors 305,132 309,995
--------------- ---------------
Total current assets 422,971 412,152
Current liabilities
Creditors (48,158) (50,485)
Provisions (309,931) (320,776)
Taxation (2,529) (4,540)
Bank overdraft (4,426) 0
--------------- ---------------
Total current liabilities (365,044) (375,801)
Net current assets 57,927 36,351
Long term receivables 16,430 65,464
Investments 472,418 368,662
Fixed assets 13,246 110,133
Long term borrowings (977,658) (1,266,824)
Grants/others 0 (28,337)
Subordinated loan (865,445) (865,445)
--------------- ---------------
Total Net Liabilities (1,283,082) (1,579,996)
--------------- ---------------
Financed by:
Share capital 893 893
Grant reserves 3,038 0
Reserves (1,287,012) -1,580,889
--------------- ---------------
Total shareholders' funds (1,283,082) (1,579,996)
--------------- ---------------
ZCCM INVESTMENTS HOLDINGS PLC
GROUP CASH FLOW STATEMENT
Quarter ended Quarter ended
30 JUNE '06 30 JUNE '05
K' million K' million
Operating activities
Cash received from customers 23,972 9,391
Cash paid to suppliers and employees (11,258) (7,288)
---------- ------------
Net cash generated from operating 12,714 2,103
activities
Interest received and other operating 4,142 6,932
income
Interest paid (497) (220)
Taxation paid (1,030) (2,248)
---------- ------------
2,615 4,464
Net cashflow from operating activities 15,329 6,567
Investing activities
Purchase of investment and fixed assets (54,203) (8,721)
Proceeds from sale of fixed assets 256 0
---------- ------------
(53,947) (8,721)
Financing activities
Long term borrowings received 3,666 8,563
Long term borrowing paid 846 (502)
Long term receivables collected 48,000 0
Short term borrowings paid (973) 0
Grants 4 8,923
---------- ------------
Net cashflow from investing activities 51,543 16,984
Dividend received 232 0
---------- ------------
51,775 16,984
Net cash inflow for period 13,156 14,830
Cash balances at start of period
Cash and bank balances 70,786 64,780
Bank overdrafts (5,081) 0
---------- ------------
65,705 64,780
Cash balances at end of period
Cash and bank balances 83,287 79,610
Bank overdrafts (4,426) 0
---------- ------------
78,861 79,610
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
England
Tel Numbers 260 (01) 221023
220351
220654 Tel No. 020 8639 2000
228833
Fax Numbers 260 (01) 221057 Fax No. 020 8658 3430
220449
220727
E-mail:corporate@zccm-ih.com.zm
Depository for American Shares
JP Morgan Chase & Co
60 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) 245018
245054
245142
245126
245320
Fax Numbers 260 (02) 222638
222639
222640
E-mail:corporate@zccm-ih.com.zm
This information is provided by RNS
The company news service from the London Stock Exchange
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