RNS Number:9139O
ZCCM Invs.Hldgs PLC
03 January 2007
ZCCM INVESTMENTS HOLDINGS PLC
_____________________________________________________________________________
Directors' Quarterly Summary
incorporating Financial Results
for the quarter ended 30 September 2006
_____________________________________________________________________________
Private and Confidential
DIRECTORS
Mr G K Chibuye (Non-Executive)
Chairman of the Board
Mr C Evans Chibiliti
Director
Mr L Nkhata
Director
Dr B Nsemukila
Director
Dr D H Kalyalya
Director
Mr O B Munyenyembe
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
ZCCM - IH Group turnover of K21,165 million were achieved during the quarter
ended
30 September 2006 compared to K30,305 million at September 2005. During the
quarter, the group recorded operational expenditure of K32,496 compared to
K32,771 million for the corresponding quarter last year.
An operating loss of K11,331 million was recorded in the quarter under review
compared to a loss of K2,466 million in the quarter ended 30 September 2005.
The retained loss of K132,254 million reported, was mainly on account of foreign
exchange losses of K132,101 million compared to a gain of K36,962 million
recorded in the corresponding quarter the previous year. The exchange rates
were K4,492/US$ and K4,228/US$ at September 2005 and September 2006
respectively. Over the quarter, the Kwacha depreciated from K3,582/US$ to
K4,228/US$, whereas it had appreciated from K4,698/US$ to K4,492/US$ in the
corresponding quarter of the previous year.
During the quarter, Mr Joseph M Chikolwa was appointed as Chief Executive
Officer of the Company.
Subsequent to quarter end, Zambia Energy Corporation replaced National Grid
Zambia B.V. and Cinergy Zambia B.V. as majority shareholders in Copperbelt
Energy Corporation plc.
By order of the Board
W S Musama
Company Secretary
Lusaka
19 December 2006
ZCCM INVESTMENTS HOLDINGS PLC
GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 30 SEPTEMBER 2006
QUARTER ENDED QUARTER ENDED
30 September 30 September
2006 2005
notes K' million K' million
------------ ------------
Turnover 1 21,165 30,305
Cost of turnover 2 (32,496) (32,771)
Operating (loss) (11,331) (2,466)
Other income 7,877 9,586
Exchange (loss)/gain (132,101) 36,962
Environmental (3,994) (3,496)
expenses
Interest charge (234) (270)
Interest income 773 787
Dividend receivable 7,610 1,168
Royalty on minerals (421) (408)
(Loss)/Profit before (131,821) 41,863
taxation
Income tax (433) (1,629)
Retained (loss)/ (132,254) 40,234
profit
Notes:
1 & 2 Represents revenue /sales and administrative costs/cost
of sales for the Company and its subsidiary
3 The exchange rates applied are :
30 September US$ = K4,492
2005
30 June 2006 US$ = K3,582
30 September US$ = K4,228
2006
ZCCM INVESTMENTS HOLDINGS PLC
GROUP BALANCE SHEET As at 30 As at 30
September 2006 September 2005
K' million K' million
Current assets
Bank & cash 70,040 43,836
Inventories 28,429 34,364
Other debtors 363,353 290,284
------------------ ------------------
Total current assets 461,822 368,484
Current liabilities
Creditors (46,995) (36,007)
Provisions (310,700) (309,160)
Taxation (5,686) (12,123)
Bank overdraft (1,882) (374)
------------------ ------------------
Total current liabilities (365,263) (357,664)
Net Current Assets 96,559 10,820
Long term receivables 19,396 100,674
Investments 473,004 449,393
Fixed assets 12,472 66,378
Long term borrowings (1,154,647) (1,319,107)
Grants/others 0 (9,006)
Subordinated loan (865,445) (865,445)
------------------ ------------------
Total Net Liabilities (1,418,660) (1,566,293)
------------------ ------------------
Financed by:
Share capital 893 893
Reserves (1,428,115) (1,570,225)
Grant reserves 8,562 3,038
------------------ ------------------
Total shareholders' funds (1,418,660) (1,566,293)
------------------ ------------------
ZCCM INVESTMENTS HOLDINGS PLC
GROUP CASH FLOW STATEMENT
Quarter ended Quarter ended
30 Sept 2006 30 Sept 2005
K' million K' million
Operating activities
Cash received from customers 3,425 36,564
Cash paid to suppliers and employees (16,125) (41,362)
---------- ----------
Net cash generated from operating activities (12,700) (4,798)
Interest received and other operting income 780 3,240
Interest paid (2,532) (398)
Taxation paid 0 (924)
---------- ----------
(1,752) 1,918
Net cashflow from operating activities (14,452) (2,880)
Investing activities
Purchase of fixed assets (128) (9,708)
Proceeds from sale of fixed assets 224 -
---------- ----------
96 (9,708)
Financing activities
Long term borrowings received 2,720 -
Long term borrowing paid (378) (544)
Grants 712 19,605
---------- ----------
Net cashflow from investing activities 3,054 19,061
Dividend received 599 -
---------- ----------
3,653 19,061
Net cash (outflow)/inflow for period (10,703) 6,473
Cash balances at start of period
Cash and bank balances 83,287 77,954
Bank overdrafts (4,426) -
---------- ----------
78,861 77,954
Cash balances at end of period
Cash and bank balances 70,040 84,427
Bank overdrafts (1,882) -
---------- ----------
68,158 84,427
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) 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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