TIDMZCC
RNS Number : 6471H
ZCCM Invs.Hldgs PLC
22 June 2013
ZCCM INVESTMENTS HOLDINGS PLC
ZCCM INVESTMENTS HOLDINGS Plc
and its Subsidiaries
DIRECTORS' INTERIM SUMMARY
For the six months period ended 31 March 2013 (compared with the
period ended 31 March 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 31(st) March
2013.
The Group achieved a turnover of ZMW141.5 million during the six
month period ended 31 March 2013 which was 13% above the turnover
of ZMW 124.9 million for the six months to 31 March 2012. The
turnover for Ndola Lime Company Limited (NLC) increased by 16% to
ZMW107.5 million (2012: ZMW 92.5 million) 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.
Total Dividend income earned was ZMW 8.9 million (2012:ZMW23.3
million). Dividends were earned from Chibuluma Mines Plc (ZMW 5.5
million) and Copperbelt Energy Corporation Plc (ZMW 3.4
million).
Interest earned from placements and fixed deposits during the
period under review amounted to ZMW 25.2 million (2012: ZMW 9.1
million). Management fee income was ZMW 3.8 million (2012: ZMW 2.8
million).
The cost of turnover increased to ZMW 139.2million (2012: ZMW
95.7million). The increase was due to increased production activity
at NLC and a corresponding increase in production costs.
The Group's operating profit for the period under review was
ZMW2.3 million (2012: ZMW 29.2 million). The reduction was largely
because of an increase in the cost of turnover at NLC on account of
higher maintenance costs of plant and machinery. The retained
profit for the period under review was ZMW204.9million(2012:ZMW
332.9milion).The reduction was mainly on account of a combination
of lower share of profits from Associate Companies and lower
exchange gains realized during the period.
The share of profits of Associate Companies declined by 19% over
the six month period to ZMW 201.0 million(2012:ZMW 247.0 million)
mainly due to a decline in total revenues on account of effects of
a reduction in global metal prices. Copper prices continued to
decline from US$ 8,061 per tonne in October 2012 to US$7 540 per
tonne as at end of March 2013.
In September 2012 the Government of the Republic of Zambia (GRZ)
gave approval for the conversion of all or part of the GRZ debt
owed by ZCCM-IH amounting to ZMW 1.9 billion (approximately
US$352.5 million ) into Equity through a rights issue. As at 31(st)
March 2013 implementation modalities involving the appointment of
the Lead Financial advisors had progressed. As part of this
exercise a valuation of ZCCM-IH and its Investments is underway to
ascertain the appropriate fair value of ZCCM-IH shares. The whole
exercise is expected to be completed by 30(th) September 2013.
In December 2012, the Board of ZCCM-IH resolved to restructure
the Environmental department by incorporating Misenge Environmental
and Technical Services Limited (METS), a separate company to be
owned 100% by ZCCM-IH. The objective of the restructuring was to
allow ZCCM-IH to be more focused on investment activities while
METS would provide environmental management services to ZCCM-IH
including taking over all outstanding and future environmental
obligations for ZCCM-IH. METS would also provide environmental
management services to other clients. METS officially commenced its
operations on 1 February 2013.
On 11 February 2013, ZCCM-IH and Konkola Copper Mines (KCM) Plc
entered into a Settlement Agreement pursuant to which certain
outstanding payments owed by KCM to ZCCM-IH and certain contingent
amounts payable in each case, under the then existing Price
Participation arrangements which dated back to March 2000 were
settled. The Price Participation Agreements (PPAs) were
concurrently terminated. Under the Settlement Agreement, US$46.3
million is required to be paid by KCM in instalments to ZCCM-IH on
or before 31 August 2013, and a further US$73.4 million (in
instalments) on or before 30 September 2016.
On 20 February 2013, GRZ announced the cancellation of the Small
Scale Mining Licences issued to Collum Coal Mining Industries
Limited (Collum) in Sinazongwe situated in the Southern Province of
Zambia. Following the cancellation of these Licences, ZCCM-IH
applied for and acquired the licences to enable mining operations
of the Coal Mine to continue until such a time that a strategic
investor was found. As at 31(st) March 2013 ZCCM-IH had
commissioned the Government Valuation Department to conduct a
valuation of the Assets, the basis of which it would enter into
negotiations with the owners of Collum for the purchase and
transfer of assets to enable the mine to recommence operations.
Subsequent to this date, ZCCM-IH incorporated Nkandabwe Coal Mine
Limited, a 100% subsidiary, to operate the Mine.
Albidon Zambia Ltd (Albidon) was placed under Care and
Maintenance during the period under review so as to maintain the
investment at Munali. On 28 March 2013, the Board of Albidon
announced that Jin Tuo Investment Limited (a wholly owned
subsidiary of Jinchuan Group Resources Holdings Limited which is
itself a majority shareholder of Albidon Limited) had proposed to
acquire 100 per cent of the Company at a cash price per share of
US$0.0025. The proposal would be made to all shareholders other
than the Jinchuan Group via a Statutory Merger pursuant to the
British Virgin Islands Business Companies Act 2004 (as
amended).
The Mine development works at Lubambe Copper Mine (Formerly
Konkola North Copper Project) were completed ahead of schedule and
the first copper concentrate was produced in October 2012.
NLC continued with the rehabilitation of the plant as part of
the recapitalization project of the company. The Electrostatic
Precipitator on the Rotary Kiln was re-commissioned and a new dust
abatement unit on the Vertical Kiln was installed and is at
commissioning stage. ZCCM-IH provided an additional loan of ZMW 132
million for the completion of the recapitalization project .The
commissioning of the project is targeted for December 2013.
By Order of the Board
C Chabala
Company Secretary
20 June 2013
ZCCM-IH COMPREHENSIVE GROUP INCOME STATEMENT FOR THE SIX MONTHS
ENDED 31 MARCH 2013
SIX MONTHS SIX MONTHS
ENDED ENDED
31 March 2013 31 March 2012
Consolidated Consolidated
Income ZMW ZMW
Sales 107,480,615 92,472,291
Dividends 8,860,000 23,337,360
Interest Earned 25,178,940 9,061,910
141,519,555 124,871,561
Cost of turnover (139,194,762) (95,637,411)
Operating profit/(loss) 2,324,793 29,234,150
Exchange (loss)/gain 9,743,072 57,902,315
Environmental expenses (2,182,770) (1,375,164)
Interest charge (1,754,442) (1,911,413)
Royalty on minerals (6,284,363) (3,184,217)
Other income 3,958,840 5,786,364
Share of Profit of
Associate Companies 200,991,074 247,021,003
Profit before taxation 206,796,204 333,473,038
Income tax (1,919,161) (536,112)
Retained profit 204,877,043 332,936,926
ZCCM-IH GROUP STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH
2013
Consolidated Consolidated
31 March 2013 31 March 2012
ZMW ZMW
Assets Employed
Non current assets 5,099,840,744 4,880,510,292
Current assets 1,774,669,433 1,426,154,127
Total Assets 6,874,510,177 6,306,664,419
Equity and liabilities
Shareholders funds 3,901,664,001 3,706,382,143
Non current liabilities 570,405,190 304,943,857
Current liabilities 2,402,440,986 2,295,338,419
Total Equity and liabilities 6,874,510,177 6,306,664,419
This information is provided by RNS
The company news service from the London Stock Exchange
END
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