TIDMZCC
RNS Number : 6292V
ZCCM Invs.Hldgs PLC
31 January 2017
ZCCM INVESTMENTS HOLDINGS PLC
[Incorporated in the Republic of Zambia]
Company registration number: 771
Share Code: ZCCM-IH
ISIN: ZM0000000037
["ZCCM-IH" or "the Company"]
UNAUDITED PROVISIONAL FINANCIAL STATEMENTS FOR THE YEARED 31
MARCH 2016
In compliance with the requirements of the Listing Rules of the
Lusaka Securities Exchange, ZCCM-IH Plc announces its unaudited
provisional annual financial statements for the year ended 31 March
2016.
ABRIDGED PROVISIONAL GROUP STATEMENT
OF COMPREHENSIVE INCOME YEARED
31 MARCH 2016
Unaudited Audited
2016 2015
ZMW'000 ZMW'000
Revenue 246,433 241,989
================= =================
Gross profit 66,065 111,116
----------------- -----------------
Operating profit/(loss) (206,603) (2,179,453)
Net finance income 195,203 569,950
Share of profit/(loss) of equity accounted
investees (2,258,981) 280,535
----------------- -----------------
(Loss)/Profit before tax (2,270,381) (1,328,968)
Income tax credit/(expense) (33,033) 341,851
----------------- -----------------
Loss for the period (2,303,414) (987,117)
================= =================
Items that will never be reclassified
to profit or loss
Revaluation of PPE 16,748 9,289
Deferred tax on revaluation (4,462) (3,717)
Actuarial (loss)/gain on defined benefit
pension plans 983 (101)
Deferred tax on defined benefit actuarial
loss (344) 35
12,925 5,506
================= =================
Items that are or maybe reclassified
to profit or loss
Foreign currency translation differences-equity-accounted
investees 4,429,650 597,689
Other comprehensive income for the
year net of tax 4,429,650 597,689
================= =================
Total comprehensive income for the
year 2,139,161 (383,922)
================= =================
Earnings per share (K)
Basic and diluted earnings per share
(K) (14.32) (6.14)
================= =================
ABRIDGED PROVISIONAL GROUP STATEMENT Unaudited
OF FINANCIAL POSITION Audited
AS AT 31 MARCH 2016 2015
ASSETS ZMW'000 ZMW'000
Property, plant and equipment 1,030,284 775,616
Intangible assets 673 1,030
Investment property 100,778 15,000
Investments in associates 8,057,084 5,886,415
Financial assets at fair value
through profit or loss 238,247 290,229
Inventories 35,349 53,097
Trade and other receivables 449,661 278,836
Deferred tax assets 686,530 646,046
Held-to-maturity investment securities 321,966 514,007
Cash and cash equivalents 35,582 43,782
Total Assets 10,956,154 8,504,058
================= ===============
EQUITY AND LIABILITIES
Capital and Reserves 9,509,120 7,369,959
Borrowings 334,003 267,453
Deferred tax liabilities 201,889 292,820
Trade and other payables 245,590 186,299
Other Provisions 139,200 98,538
Retirement benefits 44,794 50,330
Provisions for environmental rehabilitation 263,491 108,228
Current tax liabilities 218,067 130,431
10,956,154 8,504,058
================= ===============
ABRIDGED PROVISIONAL GROUP
STATEMENT OF CASH FLOW Unaudited Audited
2016 2015
ZMW'000 ZMW'000
Net cash inflow/(outflow) from
operating activities (46,798) 529,297
Net cash inflow/(outflow) from/(on)
investing activities 102,802 (508,253)
Net cash outflow on financing (64,204) (251,625)
(Decrease)/increase in cash
and cash equivalents (8,200) (230,581)
================ ============
Cash and cash equivalents at
the beginning of the year 43,782 274,363
Cash and cash equivalents at
the end of the year 35,582 43,782
================ ============
PROVISIONAL
STATEMENT
OF CHANGES IN
EQUITY
FOR THE YEAR Share Share Revaluation Translation Retained TotalED 31 capital premium reserve reserve earnings
MARCH 2016
Balance at 1
April 2014 1,608 2,089,343 8,367 1,610,063 4,295,351 8,004,732
Total
comprehensive
income
Profit - - - - (987,117) (987,117)
Other
comprehensive
income:
Revaluation
surplus on
PPE - - 9,289 - - 9,289
Deferred tax
on
revaluation
reserve - - (3,717) - - (3,717)
Currency
translation
- equity
accounted
investees - - - 597,689 - 597,689
Deferred tax
on
revaluation
reserve - - (215) - 215 -
Actuarial loss
on defined
benefit - - - - (101) (101)
Deferred tax
on defined
benefit
actuarial
loss - - - - 35 35
Total
comprehensive
income - - 5,357 597,689 (986,968) (383,922)
---------------- ---------------------- ---------------- ------------------ -------------------- --------------------
Transaction
with owners
of the Company
-
Contributions
Payment of
dividend - - - - (250,851) (250,851)
Total
transactions
with
owners of the
Company - - - - (250,851) (250,851)
Balance at 31
March 2015 1,608 2,089,343 13,724 2,207,752 3,057,532 7,369,959
---------------- ---------------------- ---------------- ------------------ -------------------- --------------------
Balance at 1
April 2015 1,608 2,089,343 13,724 2,207,752 3,057,532 7,369,959
Total
comprehensive
income
Loss - - - - (2,303,414) (2,303,414)
Other
comprehensive
income:
Currency
translation
- equity
accounted
investees - - - 4,429,650 - 4,429,650
Revaluation
surplus on
PPE - - 16,748 - - 16,748
Deferred tax
on
revaluation
reserve - - (4,462) - - (4,462)
Amortisation
of
revaluation
surplus - - (941) - 941 -
Actuarial loss
on defined
benefit - - - - 983 983
Deferred tax
on defined
benefit
actuarial
loss - - - - (344) (344)
Total
comprehensive
income - - 11,345 4,429,650 (2,301,834) 2,139,161
---------------- ---------------------- ---------------- ------------------ -------------------- --------------------
Balance at 31
March 2016 1,608 2,089,343 25,069 6,637,402 755,698 9,509,120
---------------- ---------------------- ---------------- ------------------ -------------------- --------------------
COMMENTARY
Financial highlights
-- Performance of the Group continued to be impacted by low
Global Copper Prices and low production. The Price of Copper on the
LME further fell from US$6,052/ton at 31 March 2015 to US$4,848/ton
at 31 March 2016. As a result, most of the Investee Companies
recorded significant operating losses during the period. Further,
the Kwacha depreciated by 48% from K7.5755/US$ in March 2015 to
K11.1800/US$ at 31 March 2016. This had a significant impact on the
Group results.
-- Operating loss reduced by 91% to K207 million (2015: K
2,179million). The Group's share of losses of equity accounted
investees was K2, 259 million (2015: Share of Profit K280
million).
-- Loss after tax was K2,303 million (2015: Loss K987million)
-- Total assets increased by 29% from K8, 504 million to K10,
956 million largely on account of translation differences on equity
accounted investees.
-- The Ndola Lime recapitalization project underwent hot
commissioning. The K651 million shareholder loan that ZCCM-IH lent
to Ndola Lime Company Limited (NLC) was converted into Equity in
order to strengthen the company's balance sheet.
Strategic and Operational
-- During the year ZCCM-IH acquired an Investment Property
(Trinity Park) at a cost of K85 million (US$8 million). ZCCM-IH
will occupy one third of the building while two thirds will
continue to be rented out.
-- In August 2015, Minister of Finance transferred 60.3% shares
out of 87.5% previously held in ZCCM-IH to the Industrial
Development Corporation Limited (IDC).
-- During the period under review, the Company was repositioned
when its subsidiary that was mainly set up to undertake exploration
activities (Mawe Exploration and Technical Services Limited) was
scheduled for dissolution. Its activities were internalized and
incorporated into a new technical department. Furthermore, the
position of the CEO was enriched to be part of the Board of
Directors.
-- During the year, the Company acted on behalf of the
Government of the Republic of Zambia ("GRZ") through the
Preferential Secondary Market Offer ("the Offer") to Zambian
Citizens of 27,961,237 shares, representing a shareholding of
17.4%, held by the Minister of Finance. Only 0.01% shares were sold
signifying challenges that the global copper mining industry faced,
and particularly ZCCM-IH's significant portfolio concentration in
the industry.
Subsequent events
-- Subsequent to the period under review, significant progress
was made on the Maamba Thermal Plant project with the first 150
megawatts production commissioned in August 2016 and the next 150
MW commissioned in November 2016. MCL is currently supplying 270MW
to ZESCO. Going forward Nava Bharat will be responsible for the
operation and maintenance of the power plant.
-- In June 2016, ZCCM-IH commenced legal proceedings in the
London Courts to recover over K1 billion (US$ 100 million) owed by
Konkola Copper Mine Plc relating to the Settlement Agreement (SA)
signed in 2013. On 16 December 2016, ZCCM-IH was successful in its
application for default judgment. KCM was ordered to pay all sums
owed to ZCCM-IH pursuant to the Settlement Agreement (plus
associated contractual interest) within thirty (30) days. The total
amount to be paid by KCM amounted to approximately US$103
million.
Outlook
The copper price has recently shown signs of recovery, and it
would appear that beyond 2016 the price will continue to recover.
ZCCM-IH's investee companies that operate mines, have been
undergoing restructuring in order to contain operating costs in the
midst of the global copper price crunch. This should have positive
results going forward, though recovery will be slow.
In order to ensure survival ZCCM-IH, continues to explore
diversification. Introducing initiatives to achieve efficiencies at
Ndola Lime Company Limited, investment into property and
agriculture are activities expected to positively impact the Group
in the medium to long term.
By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on 16 January 2017
T | +260-211-232456
E | advisory@sbz.com.zm
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ)
is a founder member of the Lusaka
Securities Exchange and is regulated
by the Securities and Exchange
Commission of Zambia
======================================
First Issued on 16 January 2017
----------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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