TIDMZCC
RNS Number : 9736X
ZCCM Invs.Hldgs PLC
17 January 2014
ZCCM INVESTMENTS HOLDINGS PLC
(Incorporated in the Republic of Zambia)
DIRECTORS' HALF-YEARLY SUMMARY FOR THE PERIOD ENDED 30 SEPTEMBER
2013
ZCCM INVESTMENTS HOLDINGS PLC
ZCCM INVESTMENTS HOLDINGS Plc
And its subsidiaries
DIRECTORS' INTERIM SUMMARY
For the six months period ended 30(th) September 2013
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
2013.
Financial Performance
The Group achieved a turnover of K203.7 million during the six
month period ended 30(th) September 2013 which was 46% below the
turnover of K375.8 million achieved during the six months to 30(th)
September 2012. The decline in group turnover was as a result of a
drop in dividends earned from K232.7 million during the same period
in 2012 to K45.2 million in the six months ended 30(th) September
2013. Dividends were earned from Kansanshi Mine Plc (K43 million)
and Chibuluma Mines Plc (K2 million).
Turnover for Ndola Lime Company Limited increased by 6% to K118
million for the period ended 30(th) September 2013 (September 2012:
K111 million).
Interest earned from placements and fixed deposits amounted to
K1.2 million (September 2012: K1.1 million). Other income was K3
million (September 2012: K5million).This was mainly composed of
Management fees amounting to K2.61 million (September 2012:K5
million) earned from Chibuluma Mine Plc and Lubambe Copper Mine
Limited.
The cost of turnover increased to K130 million for the period to
30(th) September 2013 (September 2012: K120 million). The operating
profit for the period under review of K73.7 million was lower than
K255.6 million earned in the same period in 2012 due to lower
dividend income earned.
The share of profits of Associate Companies declined by 26% for
the six months to 30(th) September 2013 to K97.5 million (September
2012: K131.4 million) against a backdrop of declining revenues as a
result of lower copper prices .The price of copper reduced to
US$7,300 per tonne compared to US$8,172 per tonne as at 30(th)
September 2012.
Operations and Strategic developments
On 15(th) May 2013 the shareholders of Albidon approved the
acquisition by Jin Tuo Investments limited (A wholly owned
subsidiary of Jinchuan Group Resources Holdings limited which
itself is a majority shareholder of Albidon Limited) of 100% of the
company at a cash price per share of US$0.0025. The proposal was
made to all the shareholders other than Jinchuan Group via a
statutory merger pursuant to the British Virgin Islands (BVI)
Business Companies Act 2004 (as amended). The company's' shares
will now no longer be listed on the ASX whilst Jin Tuo will be
struck off the register of companies in the BVI. ZCCM-IH has since
commenced discussions with Jinchuan to facilitate ZCCM-IH's
continued investment in Albidon Munali Nickel project.
Following the granting to ZCCM-IH of the mining licenses
previously held by Collum Coal Mining Industries Limited situated
in Southern province of Zambia ,on 3(rd) May 2013, ZCCM-IH
incorporated Nkandabwe Coal Mines Limited, a 100% wholly owned
subsidiary to operate the mine until such a time that a strategic
investor is identified.
On 12(th) April 2013 ZCCM-IH incorporated Mawe Exploration and
Technical services Limited, a wholly owned subsidiary. The company
will play a catalytic role in exploration of base metals and other
minerals, oil and gas, the development of local content and
beneficiation capabilities, small scale mining development, as well
as the provision of attendant quality mining services.
In September 2012, the Government of the Republic of Zambia
being the majority shareholder gave approval for the conversion of
all or part of the K2 billion debt owed by ZCCM-IH into equity,
through a rights issue. As part of this exercise, a valuation of
ZCCM-IH and its investments was conducted to ascertain the
appropriate value of ZCCM-IH shares. The balance sheet
restructuring exercise is expected to be completed in 2014 and
discussions with the Government to agree the terms and conditions
of the transaction are currently ongoing.
By Order of the Board
C Chabala
Company Secretary
16 January 2014
CONSOLIDATED GROUP INCOME STATEMENT FOR THE SIX MONTHS ENDED
30(TH) SEPTEMBER 2013.
SIX MONTHS ENDED SIX MONTHS ENDED
30(th) September 30(th) September
2013 2012
Consolidated Consolidated
Income K' 000 K' 000
Sales 118,409 111,120
Dividends 45,216 232,724
Interest Earned 40,035 16,109
Investment disposal 47 15,879
203,707 375,832
Cost of turnover (129,964) (120,265)
Operating profit/(loss) 73,743 255,567
Exchange (loss)/gain (1,191) (5,064)
Environmental expenses (80) (825)
Interest charge (1,473) (2,317)
Royalty on minerals (6,482) (6,565)
Other income 3,026 5,951
Share of Associate Companies'
Profit 97,458 131,373
Profit/(loss) before taxation 165,001 378,120
Income tax (1,538) (3,758)
Retained profit/(loss) 163,463 374,362
GROUP STATEMENT OF FINANCIAL POSITION AS AT 30(th) SEPTEMBER
2013
30(th) September 30(th) September
2013 2012
K' 000 K' 000
Assets Employed
Non - current assets 5,840,871 4,732,100
Current assets 1,667,205 1,613,289
Total Assets 7,508,076 6,345,389
Equity and liabilities
Shareholders' funds 4,758,561 3,012,172
Non - current liabilities 229,615 573,881
Current liabilities 2,519,900 2,759,336
Total Equity and liabilities 7,508,076 6,345,389
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFIFLWFLSEFF
Zccm Investments (LSE:ZCC)
過去 株価チャート
から 6 2024 まで 7 2024
Zccm Investments (LSE:ZCC)
過去 株価チャート
から 7 2023 まで 7 2024
