TIDMZCC
RNS Number : 1382A
ZCCM Invs.Hldgs PLC
27 March 2012
ZCCM INVESTMENTS HOLDINGS Plc
And its subsidiary
DIRECTORS' INTERIM SUMMARY
For the six month period ended 30(th) September 2011
In compliance with the requirements of the "Securities Act, Cap
354 of the Laws of Zambia" and the listing rules of the Lusaka
Stock Exchange, ZCCM Investments Holdings Plc (ZCCM-IH) announces
the unaudited results for the
six month period ended 30(th) September 2011.
The Group achieved a turnover of K891, 764 million during the
six month period ended 30(th) September 2011 which was 212% above
the turnover of K285, 896 million for the six months to 30(th)
September 2010. This was mainly as a result of a profit of K699,
137 million [proceeds of K802, 357 million (US$167, 507 million)
less cost of K103, 220 million] from the sale of shares in Equinox
Minerals Limited. However, the turnover for Ndola Lime Company
(NLC) at K105, 254 million, declined 41% from that of the same
period in 2010. This decrease was largely due to the shutdown of
the rotary kiln on account of a breakdown of the Electrostatic
Precipitator (ESP). With only the vertical kiln being operational,
there was reduced production which in turn resulted in reduced
turnover and cost of sales compared to that for the period ended
30(th) September 2010.
During the period under review, a total of K87, 346 million
(US$18, 381, 000) was received in dividends as follows:
-- K35, 860 million (US$7, 600, 000) from Kansanshi Mines Plc
-- K23, 628 million (US$5, 000, 000) from Konkola Copper Mines
-- K19, 858 million (US$4, 161, 000) from Chibuluma Mines as well as
-- K8, 000 million (US$1, 620, 000) from CEC during the period.
In addition, interest earned from treasury placements during the
period amounted to K3, 488 million, where as management fees of K1,
675 million were earned from the Government of the Republic of
Zambia (GRZ) relating to the Copperbelt Environment Project
implementation.
The cost of turnover decreased to K106, 484 million for the
period to 30(th) September 2011 from K163, 246 million for the
corresponding period to 30(th) September 2010. This was largely due
to only the vertical kiln (at NLC) being operational during the
period under review.
The operating profit for the period under review of K785, 280
million was K662, 630 million (540%) higher than that for the same
period in 2010. This was mainly as a result of the sale of shares
in Equinox Minerals Limited for the period under review. For
largely the same reason, the retained profit for the period under
review of K1, 060, 376 million was K655, 189 million (161%) higher
than that for the same period in 2010.
The Company's share of profit from Associate Companies for the
period to 30(th) September 2011 of K371, 430 million showed a
slight decrease when compared to K372, 760 million for the period
to 30(th) September 2010.
During the period under review, ZCCM-IH participated in
underwriting the Investrust Bank Plc (Investrust) Rights Issue in
September 2011 for a fee of 2 per cent. The underwriting resulted
in ZCCM-IH acquiring 10% of the ordinary shares of Investrust at a
gross amount of K7, 904 million.
The funds from the sale of shares in Equinox Minerals Limited
have since been invested in the following projects:
-- Maamba Collieries Limited as an equity contribution in order
to maintain the equity shareholding of ZCCM-IH at 35%. Maamba
Collieries Ltd is implementing an Integrated Coal Mining Project
and 300MW Thermal Power Plant Project.
-- Equity contribution in Konkola North Copper (Konnoco) project
which is a start up copper mining project. ZCCM-IH exercised an
option and obtained 20% shareholding in Konnoco, of which 5% is
free-carry while the additional 15% will require that ZCCM-IH
contributes cash to the development of the mine. The Shareholders'
Agreement, the financing agreements and services agreement relating
to Konnoco were signed by ZCCM-IH on 15(th) September 2011.
-- A shareholder loan has been disbursed to NLC in order to
facilitate the recapitalization programme. The recapitalization
project will help lower unit costs of production and strengthen
production capacity.
ZCCM-IH also made a part payment of US$ 55 million towards the
pre-privatisation loans owed to GRZ.
Events in the Euro Zone are likely to adversely impact global
commodity demand and prices. With lessons from the Global Financial
Crisis, a number of mining companies have kept a close watch on
unit production costs in order to better manage base metal price
fluctuations. ZCCM-IH is keenly observing events in the Euro Zone
and the efforts being made to address them.
By Order of the Board
C Chabala
Company Secretary
17 March 2012
ZCCM INVESTMENTS HOLDINGS
PLC
COMPREHENSIVE GROUP INCOME STATEMENT FOR THE SIX MONTHS
ENDED 30(TH) SEPTEMBER 2011
SIX MONTHS ENDED SIX MONTHS ENDED
30 SEPTEMBER 30 SEPTEMBER
2011 2010
Consolidated Consolidated
K' million K' million
Turnover 891,764 285,896
Cost of turnover (106,484) (163,246)
Operating profit/(loss) 785,280 122,650
Exchange (loss)/gain (11,958) (63,037)
Environmental expenses (1,554) (7,142)
Interest charge (1,961) (17,321)
Royalty on minerals (2,854) (2,173)
Other income 12,221 9,250
Associate Companies
Share of Profit 371,430 372,760
Profit/(loss) before
taxation 1,150,604 414,987
Income tax (90,228) (9,800)
Retained profit/(loss) 1,060,376 405,187
This information is provided by RNS
The company news service from the London Stock Exchange
END
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