TIDMZCC
RNS Number : 2772U
ZCCM Invs.Hldgs PLC
24 December 2012
ZCCM INVESTMENTS HOLDINGS PLC
ZCCM INVESTMENTS HOLDINGS Plc
And its subsidiary
DIRECTORS' INTERIM SUMMARY
For the six months period ended 30(th) September 2012
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 announces the
unaudited results for the six months period ended 30(th) September
2012.
The Group achieved a turnover of K375,833 million during the six
month period ended 30(th) September 2012 which was 58% below the
turnover of K891, 764 million for the six months to 30(th)
September 2011. During the six months period ended 30(th) September
2011 the high turnover was influenced by the sale of ZCCM-IH shares
in Equinox Minerals Limited (Equinox) which transaction resulted in
a capital gain of K699, 137 million.
However, turnover for Ndola Lime Company Limited increased by
17% to K111, 120 million for the period ended 30(th) September 2012
from K95, 136 million achieved at the end of 30(th) September 2011.
The increase in turnover was as a result of improved production
levels following the successful repair of the electrostatic
precipitator at the beginning of 2012.
Dividends amounting to K232, 723 million were earned from
Kansanshi Mine Plc (K196, 688 million), Konkola Copper Mines Plc
(K26, 835 million), Chibuluma Mine Plc K2,200 million and
Copperbelt Energy Corporation (K7, 000 million).
In addition, interest earned from placements and fixed deposits
during the period amounted to K3, 637 million. Management fees of
K5, 078 million were earned from Chibuluma Mine Plc and Lubambe
Copper Mine Limited.
The cost of turnover increased to K120, 265 million for the
period to 30(th) September 2012 from K106, 484 million for the
corresponding period to 30 September 2011. This was due to
increased production activity at Ndola Lime Company Limited and a
corresponding increase in production costs.
The operating profit for the period under review of K255,568
million, was K529,712 million (68%) lower than that for the same
period last year. This again was largely because during the period
ended 30 September 2011 operating profit included the gain on sale
of shares in Equinox. The retained profit for the period under
review of K374, 363 million was K686, 013 million (65%) lower than
that for the same period last year for the same reason.
The profitability of Associate Companies declined by 12% over
the six month period on account of the combined effects of a
decline in total revenues resulting from the effects of a reduction
in metal prices. However, dividends from Associate Companies
increased from K 87, 346 million during the six months ended 30
September 2011 to K232 724 million as at 30 September 2012.The
above indicated factors had the combined effect of reducing the
Group's share of profits of Associate Companies from K371, 430
million as at 30 September 2011 to K131,373 million for the six
months period to 30 September 2012.
The Implementation of the 300 MW Thermal Power Plant Project at
Maamba Collieries was progressing according to schedule and is
expected to be completed in June 2014.
The Mine development works at Lubambe Copper Mine (Formerly
Konkola North Copper Project) was ahead of implementation schedule
with production expected to commence during the third quarter of
the year.
Ndola Lime Company Limited continued with the rehabilitation of
the plant as part of the recapitalisation project of the company.
The project is progressing well and is expected to lower unit costs
and strengthen production capacity upon completion.
To strengthen corporate governance, ZCCM-IH adopted a new policy
for the appointment of representative directors intended to tap
best talent to represent ZCCM-IH on the Boards of Directors of its
Investee Companies. To this effect new ZCCM-IH's representative
directors were appointed on the Boards of Investee Companies in
September 2012.
By Order of the Board
C Chabala
Company Secretary
20(th) December 2012
ZCCM INVESTMENTS HOLDINGS PLC
COMPREHENSIVE GROUP INCOME STATEMENT FOR THE SIX MONTHS PERIOD
ENDED 30 SEPTEMBER 2012
Six Months Ended Six Months Ended
30 Sept 2012 30 Sept 2011
Consolidated Consolidated
Income K' million K' million
Sales 111, 120 95, 136
Dividends 232, 723 87, 346
Interest Earned 16, 111 10, 146
Investment disposal 15, 879 699, 136
375, 833 891, 764
Cost of turnover (120, 265) (106 484)
Operating profit/(loss) 255, 568 785, 280
Exchange (loss)/gain (5, 064) (11, 958)
Environmental expenses (825) (1, 554)
Interest charge (2, 317) (1, 961)
Royalty on minerals (6, 565) (2, 854)
Other income 5, 951 12, 221
Associate Companies Share of Profit 131, 373 371, 430
Profit/(loss) before taxation 378, 121 1, 150, 604
Income tax (3, 758) (90, 228)
Retained profit/(loss) 374, 363 1, 060, 376
Group Balance Sheet as at 30 September 2012 2011
K' million K' million
Assets Employed
Non current assets 1, 510, 183 615, 412
Current assets 1, 613, 289 2, 041, 701
Total Assets 3, 123, 472 2, 657, 113
Equity and liabilities
Shareholders funds (209, 743) (610, 941)
Non current liabilities 2, 594, 650 2, 610, 709
Current liabilities 738, 565 657, 345
Total Equity and liabilities 3, 123, 472 2, 657, 113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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