TIDMZCC
RNS Number : 7090A
ZCCM Invs.Hldgs PLC
24 December 2014
ZCCM INVESTMENTS HOLDINGS PLC
(Incorporated in the Republic of Zambia)
DIRECTORS' HALF-YEARLY SUMMARY FOR THE PERIOD ENDED 30 SEPTEMBER
2014
DIRECTORS' INTERIM SUMMARY
For the six months period ended 30(th) September 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, ZCCM Investments Holdings Plc announces the unaudited
results for the six months period ended 30(th) September 2014.
Financial Performance
The Group achieved a turnover of K188.6 million for the six
month period ended 30(th) September 2014 which was 7% below the
turnover of K203.7 million achieved during the six months to 30(th)
September 2013. The decline in Group turnover was mainly as a
result of a decrease in dividends earned from K45.2 million during
the same period in 2013 to K27.1 million in the six months ended
30(th) September 2014.Further ,turnover for Ndola Lime Company
Limited decreased by 19% to K96.1 million for the period ended
30(th) September 2014 (September 2013: K118.4 million).However,
Interest Income increased by 63% to K65.2 million (September
2013:K40 million).
Dividends were earned from Kansanshi Mining Plc (K22.6 million)
and Chibuluma Mines Plc. (K4.5 million).
Interest earned from treasury placements and fixed deposits
amounted to K15.4 million (September 2013: K1.2 million). Other
income earned was K9.9 million (September 2013: K3 million
comprising mainly of Management fees amounting to K3.9 million
(September 2012:K2.6 million). The cost of turnover was K129.6
million for the period to 30(th) September 2014 (September 2013:
K130 million). The Group realized an operating profit of K59
million which was lower than K73.7 million earned in the same
period in 2013.
The Group recorded share of losses of Associate Companies of
K45.2 million (September 2013: Profit: K97.5 million).Overall the
performance of the Associate Companies was weak over the period.
Konkola Copper Mines Plc and Lubambe Copper Mine Limited recorded
losses, while Kansanshi Mining Plc recorded a profit during the
period under review. The price of copper reduced to US$6,748 per
ton as at 30 September 2014 compared to US$7,300 per ton as at
30(th) September 2013 representing an 8% decrease. As a result, the
Group recorded an operating loss of K49 million (September 2013:
Profit K165 million).
The Group's Shareholders' Funds increased to K8,567 million from
K4,759 million in 2013 mainly on account of the recapitalization by
way of conversion of the K1.9 Billion debt into equity by the
Government of the Republic of Zambia (GRZ). The recapitalization of
the Company has significantly strengthened ZCCM-IH's balance sheet
and positioned the Company to take on new opportunities.
Operations and Strategic Developments
ZCCM-IH Claw back Rights Offer
The Claw back rights offer opened on 12 May 2014 and was
initially expected to close on 13 June 2014. However, in order to
accommodate various shareholder representations that were made to
the Company, the Rights Offer period was extended to close on 27
June 2014.The offer was for 8,920,957 shares (4 new shares for
every 5 existing shares held on record date). The Rights Issue was
underwritten by National Pension Scheme Authority (NAPSA) at an
offer price of K29.23 per share.. On 25 July 2014, ZCCM-IH
announced the results of the Claw back Rights Offer which indicated
that out of the 8,920,957 shares available for subscription 651,545
shares (representing 7.3% of the claw back shares) were subscribed
for by minority shareholders and 8,269,412 shares (representing
92.7% of the claw back shares) remained with NAPSA.
Dividend Policy
During its 65(th) Board meeting held on 11 June 2014, the
ZCCM-IH Board approved a dividend policy which is underpinned on
the following general principles:
a) The Company may pay at least 20% of the realized profits for a particular financial year;
b) The Company may pay a dividend in a financial year when
conditions for declaring a dividend are met; and
c) All dividend declarations will take into account the
Company's Free Cash Flow and investment needs.
Subsequent to the period under review and, following the
approval of the Financial Statements for the year ended 31 March
2014, at their Annual General Meeting held on 07 October 2014, the
shareholders approved a Dividend of K1.56 per share.
By Order of the Board
C Chabala
Company Secretary
9 December 2014
GROUP INCOME STATEMENT FOR THE SIX MONTHS ENDED
30 September 2014
SIX MONTHS SIX MONTHS
ENDED ENDED
30 September 30 September
2014 2013
Consolidated Consolidated
Income K' 000 K' 000
Sales 96,342 118,409
Dividends 27,089 45,216
Interest Earned 65,200 40,035
Investment disposal - 47
188,631 203,707
Cost of turnover (129,618) (129,964)
Operating profit/(loss) 59,013 73,743
Exchange (loss)/gain (66,283) (1,191)
Environmental expenses (1,459) (80)
Interest charge (733) (1,473)
Royalty on minerals (4,572) (6,482)
Other income 9,973 3,026
Associate Companies
Share of Profit/(loss) (45,190) 97,458
Profit/(loss) before
taxation (49,251) 165,001
Income tax (6,019) (1,538)
Retained profit/(loss) (55,270) 163,463
EPS (0.34) 1.83
GROUP STATEMENT OF FINANCIAL POSITION AS AT
30 SEPTEMBER 2014
30-Sep-14 30-Sep-13
K' 000 K' 000
Assets Employed
Non current assets 6,881,562 5,840,871
Current assets 2,493,502 1,667,205
Total Assets 9,375,064 7,508,076
Equity and liabilities
Shareholders'
funds 8,566,573 4,758,561
Non current liabilities 217,566 229,615
Current liabilities 590,925 2,519,900
Total Equity and
liabilities 9,375,064 7,508,076
This information is provided by RNS
The company news service from the London Stock Exchange
END
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