RNS Number:1504D
ZCCM Invs.Hldgs PLC
30 October 2002
ZCCM Investments Holdings Plc
Incorporated in the Republic of Zambia
Directors' Quarterly Summary
incorporating Financial Results
for the quarter ended 30 June 2002
DIRECTORS
Mr G K Chibuye (Non-Executive)
Chairman of the Board
Mr B Nonde
Secretary to the Treasury
Ministry of Finance and National Planning
Mr S Mpishi
Permanent Secretary
Ministry of Mines & Minerals Development
Dr A Mwenda
Deputy Governor - Operations
Bank of Zambia
Ms J Mapoma
Permanent Secretary
Ministry of Energy & Water Development
Company Secretary
W S Musama
Management Committee
General Manager
M Shandavu Chairman
Company Secretary
W S Musama
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
ZCCM INVESTMENTS HOLDINGS PLC
and subsidiary companies
ZCCM INVESTMENTS HOLDINGS PLC
DIRECTORS' QUARTERLY SUMMARY
ZCCM-IH Group sales of K86 347 million achieved during the quarter ended 30 June
2002 represented sales growth of 44% on the previous quarter sales of K59 937
million.
However, due to poor commodity market fundamentals and the subsequent charge for
the impairment of assets, an increased group operational expenditure of K200 594
million was recorded during the quarter ended 30 June 2002. Consequently, a net
loss of K230 069 million was incurred against the previous quarter loss of
K66 086 million.
The Company increased its shareholding in Konkola Copper Mines plc (KCM), to 42%
following the exit of Anglo American Corporation, the International Finance
Corporation, and CDC Capital Partners, as per the restructuring of KCM that was
completed on 17 September 2002.
Since the end of the quarter under review, Mr D S Diangamo and Dr A C J
Sichinga, Secretary to the Treasury - Ministry of Finance and National
Planning, and Permanent Secretary - Ministry of Energy and Water Development,
respectively, have replaced Mr B Nonde and Ms J Mapoma, on the Company Board of
Directors.
By Order of the Board
W S Musama
Company Secretary
Lusaka
October 2002
ZCCM INVESTMENTS HOLDINGS PLC
GROUP PROFIT/(LOSS) ACCOUNT FOR THE QUARTER ENDED 30 JUNE 2002
QUARTER ENDED 12 MONTHS TO
30 JUNE '02 30 JUNE '02
notes K Million K Million
Sales 1 86,347 281,040
Cost of sales 2 (200,594) (511,726)
Operating profit/(loss) (114,247) (230,686)
Other income 3 15,343 70,414
Exchange gain/(loss) (109,618) (171,763)
Environmental expenses (3,649) (17,712)
Impairment of Investments 4 (11,875) (11,875)
Interest charge (13,491) (36,249)
Interest income 679 2,147
Dividend receivable 10,003 17,358
Royalty on minerals (368) (1,048)
Profit/(loss) before taxation (227,223) (379,414)
Income tax (2,846) (4,591)
Retained profit/(loss) (230,069) (384,005)
Notes:
1 & 2 Represents revenue/sales and adminstrative cost/cost of sales for the
Company and its subsidiaries. Group sales are higher in this quarter
due to improved sales at Smelterco (aproximately three times the
sales of the second quarter).
Other income includes sale of shares at Kansanshi Mines Plc by
ZCCM IH plc.
3 Other income includes interest on Konkola Copper Mines Deferred debt
of K 8,000 million and a refund from the Belgian social security
authority, of K 3,450 million.
4 Investment impairment charge arose from the revaluation of investments
in Mopani Copper Mines Plc and Chambishi Metals Plc following the
impairment adjustments effected by the two associate companies on
their asset bases.
5 The exchange rates applied are:
June 2002 :US$=K4516
March 2002 :US$=K3967
December 2001 :US$=K3800
September 2001 :US$=K3754
June 2001 :US$=K3733
ZCCM INVESTMENTS HOLDINGS PLC
GROUP BALANCE SHEET As at 30 June '02 As at 30 June '01
K million K million
Current assets
Bank & cash 55,060 34,091
Inventories 28,924 44,352
Metal debtors 0 108,568
Other debtors 113,952 68,368
Total current assets 197,936 255,379
Current liabilities
Creditors
local 137,892 65,627
Overseas 18,915 17,173
Provisions 63,310 263,815
Taxation 4,693 2,027
Bank overdraft 0 172
Total current liabilities 224,810 348,814
Net current assets/(liabilities) (26,874) (93,435)
Long term receivables 381,892 309,987
Investments 251,396 150,033
Fixed assets 412,723 128,304
Long term borrowings (2,066,609) (1,342,500)
Grants/others (110,326) (93,088)
Subordinated loan (865,445) (865,445)
Total Net Liabilities (2,023,243) (1,806,144)
Financed by:
Share capital 893 893
Reserves (2,024,136) (1,807,037)
Total shareholders' funds (2,023,243) (1,806,144)
ZCCM INVESTMENTS HOLDINGS PLC
GROUP CASH FLOW STATEMENT
Quarter ended 12 months to
30 June '02 30 June '02
K Million K Million
Operating activities
Cash received from customers 153,856 361,954
Cash paid to suppliers and employees (456,760) (747,987)
Net cash generated from operating activities (302,904) (386,033)
Interest received 308 2,529
Interest paid (182) (382)
Taxation paid (93) (1,602)
33 545
Net cashflow from operating activities (302,871) (385,488)
Investing activities
Purchase of fixed assets (64,731) (158,824)
Proceeds from sale of fixed assets 10,403 22,673
Proceeds from sale of shares in subsidiary - 6,858
Net cashflow from investing activities (54,328) (129,293)
Financing activities
Long term borrowings received 397,474 541,903
Long term borrowing paid (27,712) (27,712)
Short term borrowings received - -
Short term borrowings paid - -
Grants 3,087 8,996
Net cashflow from investing activities 372,849 523,187
Dividend received 6,483 13,103
Net cash inflow/(outflow) for period 22,133 21,509
Cash balances at start of period
Cash and bank balances 33,413 34,091
Bank overdrafts (118) (172)
33,295 33,919
Cash balances at end of period
Cash and bank balances 55,428 55,428
Bank overdrafts - -
55,428 55,428
CORPORATE LOCATIONS
Registered Office UK Registrars
Mukuba Pension House CAPITA IRG Plc
First Floor Bourne House
5309 Dedan Kimathi Road 34 Beckenham Road
PO 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
Fax No. 001 212 648 5104/5
Kitwe Office
Investments House
Kantanta Street
PO Box 20172
Kitwe
Tel Numbers 260 (02) 245008
245117
245118
245054
245160
245155
245319
245324
Fax 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
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