TIDMZCC
RNS Number : 0662M
ZCCM Invs.Hldgs PLC
11 July 2014
ZCCM INVESTMENTS HOLDINGS PLC
ZCCM INVESTMENTS HOLDINGS Plc
and its Subsidiaries
DIRECTORS' INTERIM SUMMARY
For the six months period ended 31 March 2014
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 (LuSE), ZCCM Investments Holdings Plc (ZCCM-IH) announces
the unaudited results for the six months period ended 31(st) March
2014.
The Group achieved a turnover of K887.4 million during the six
month period ended 31(st) March 2014 which was 527% above the
turnover of K141.5 million for the six months to 31(st) March 2013.
The turnover for Ndola Lime Company Limited (NLC) decreased by 26%
to K79.1 million (2013: K 107.5 million).
Total Dividend income earned was K757.8 million (2013:K8.9
million). Dividends were earned from Kansanshi Mining Plc (K 752.3
million) and Chibuluma Copper Mines Plc (K 5.5 million).
Interest earned from placements and shareholder loans during the
period under review amounted to K48.5 million (2013: K 25.2
million). Management fee income was K6.3 million (2013: ZMW 3.8
million).
The cost of turnover increased to K149.6 million (2013: K
139.2million). This was despite a reduction in cost of sales at
NLC. The increase was largely driven by operating costs at
Nkandabwe Coal Mines Limited and Mawe Exploration and Technical
Services Limited.
The Group's operating profit for the period under review was
K737.8 million (2013: K 2.3 million). Share of profits of associate
companies was K77.8 million (2013:K204 million). As stated above a
significant dividend of K752.3 million was earned from Kansanshi
Mine. Under equity accounting dividends from associate companies
are eliminated on consolidation. As a result, the Group retained
profit for the period under review was K 277.8 million (2013: K
204.9 milion).
Copper prices continued to decline from an average of US$ 7,249
per tonne in October 2013 to US$6,670 per tonne as at end of March
2014.
The restructuring of Chambishi Metals Plc resulted in the
formation of Nkana Alloy Smelting Company Limited (Nkana Alloy) and
in April 2013 (i.e. subsequent to the period under consideration),
ZCCM-IH retained a 10% shareholding in Nkana Alloy. Nkana Alloy is
a company formed jointly by ENRC (BVI) Limited who own 90% of the
total shareholding while ZCCM-IH holds the remaining 10%. The
company was formed for purposes of processing the slag material
from the Nkana Slag Dump situated in Kitwe, Copperbelt province of
Zambia. The slag material will be processed into a copper/cobalt
alloy. The Slag dump was previously part of Chambishi Metals Plc.
As at 31(st) March 2014 operations at the company had not yet
commenced.
At the Extraordinary General Meeting of the members of the
Companyheld on 24 February, 2014, the shareholders unanimously
resolved to recapitalize ZCCM-IH via a Claw back rights offer
transaction. On 25(th) March 2014, ZCCM-IH announced that it had
concluded the restructuring of its balance sheet. This momentous
achievement was the result of the efforts of the Government of the
Republic of Zambia (GRZ), in its capacity and role as the majority
shareholder, to strengthen ZCCM-IH's balance sheet in order to
reposition and attract new investment into the Company. As part of
the balance sheet restructuring, GRZ converted the debt owed to it
by ZCCM-IH into equity through a rights issue.
By a Debt Settlement Agreement between the GRZ and ZCCM-IH
signed on 25 March 2014, ZCCM-IH's net indebtedness of ZMW
1,829,298,173.06 to GRZ was converted into equity, thereby
satisfying the issuance and subscription for 87.52% of the new
shares by GRZ.
Simultaneously, ZCCM -IH raised fresh capital on the 12.48 %
portion of the rights offer amounting to K260,759,573 which was
underwritten by the National Pension Scheme Authority (NAPSA) on a
Claw Back basis. The Claw-Back arrangement allows the minority
shareholders of ZCCM-IH who before the rights offer held 12.48%
shareholding in the Company to fully participate in the share
rights offer at the same price as GRZ.
Following the Rights Offer, GRZ owns 87.52 % of ZCCM-IH while
the remaining 12.48 % is held by the minority shareholders.
By Order of the Board
C Chabala
Company Secretary
11 June 2014
ZCCM INVESTMENTS HOLDINGS
PLC
GROUP INCOME STATEMENT FOR THE SIX MONTHS ENDED
31(st) March 2014 (UNAUDITED)
K'000
SIX MONTHS SIX MONTHS
ENDED ENDED
31 March 31 March
2014 2013
Consolidated Consolidated
Income
Sales 81,082 107,481
Dividends 757,797 8,860
Interest Earned 48,526 25,179
Investment disposal -
887,405 141,520
Cost of turnover (149,580) (139,195)
Operating profit/(loss) 737,825 2,325
Exchange (loss)/gain 102,495 9,743
Environmental expenses (8,239) (2,182)
Interest charge (2,252) (1,754)
Royalty on minerals (3,965) (6,285)
Other income 133,240 3,958
Associate Companies
Share of Profit 77,793 204,991
Dividends Earned Adjustment (752,300) (4,000)
Profit/(loss) before
taxation 284,597 206,795
Income tax (6,779) (1,919)
Retained profit/(loss) 277,818 204,877
EPS (Kwacha) 3.07 2.29
GROUP STATEMENT OF FINANCIAL POSITION AS AT
31st March 2014
(UNAUDITED)
31 March 2014 31 March 2013
K' 000 K' 000
Assets Employed
Non Current Assets 6,314,833 5,099,841
Current Assets 2,444,163 1,774,669
Total Assets 8,758,996 6,874,510
Equity and Liabilities
Shareholders'
Funds 8,136,322 3,901,664
Non Current Liabilities 249,734 570,405
Current Liabilities 372,940 2,402,441
Total Equity and
Liabilities 8,758,996 6,874,510
This information is provided by RNS
The company news service from the London Stock Exchange
END
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