3rd Quarter Results
2004年6月30日 - 1:25AM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:2697A
ZCCM Invs.Hldgs PLC
29 June 2004
ZCCM Investments Holdings Plc
Incorporated in the Republic of Zambia
Directors' Quarterly Summary
incorporating Financial Results
for the quarter ended 31 March 2004
DIRECTORS
Mr G K Chibuye (Non-Executive)
Chairman of the Board
Dr S Musokotwane
Secretary to the Treasury
Ministry of Finance and National Planning
Dr M W Lewanika
Permanent Secretary
Ministry of Mines & Minerals Development
Mr G P Mukala
Permanent Secretary
Ministry of Energy & Water Development
Dr D H Kalyalya
Deputy Governor - Operations
Bank of Zambia
Mr E Mutale
General Secretary
Mineworkers' Union of Zambia
Management Committee
General Manager
Vacant
Company Secretary
W S Musama Acting Chairman
Technical Investments Manager
J M D Patterson
Finance and Investments Manager
Z Zekko
Legal Investments Manager
J K Kaite
Technical Investments Officer
W K Katoto
Environmental Manager
J Makumba
Financial Analyst
K K Mulaisho Committee Secretary
ZCCM INVESTMENTS HOLDINGS Plc
and its subsidiary companies
DIRECTORS' QUARTERLY SUMMARY
During the quarter ended 31 March 2004 ZCCM-IH Group sales increased to K32,466
million from K24,722 million for the quarter ended March 2003. Group operational
expenditure reduced to K31,865 million during the quarter ended 31 March 2004
from K35,924 million for the quarter ended 31 March 2003.
A net operating loss of K31,427 million was incurred in the quarter under
review, against a loss of K197,807 million in the quarter ended 31 March 2003.
The loss reported was mainly on account of quarterly exchange losses of K47,155
million due to the depreciation of the Kwacha over the period under review. In
addition, an exceptional item relating to electrical power supply liability of
K11,300 million had been written off the books of AHC Mining Municipal Services
Limited in a tripartite Debt Swap arrangement with the Government of the
Republic of Zambia and Zesco Limited.
Formal negotiations with Vedanta, for the acquisition of a 51% shareholding in
KCM continued during the quarter.
By order of the Board
W S Musama
Company Secretary
Lusaka
29 June 2004
ZCCM INVESTMENTS HOLDINGS PLC
GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 31 MARCH 2004
QUARTER ENDED QUARTER ENDED
31 MARCH 2004 31 MARCH 2003
notes K' million K' million
Sales 1 32,466 24,722
Cost of sales 2 (31,865) (35,924)
Operating profit/(loss) 601 (11,202)
Other income 3,487 2,832
Exchange gain/(loss) (47,155) (207,552)
Environmental expenses (620) (2,350)
Interest reversal / (charge) (152) 12,042
Interest income 2,921 453
Dividend receivable - 10,761
Royalty on minerals (394) (359)
Exceptional Item 3 11,314
Profit/(loss) before taxation (29,998) (195,375)
Income tax (1,429) (2,432)
Retained profit/(loss) (31,427) (197,807)
Notes:
1 & 2 Represents revenue /sales and administrative costs/cost of sales
for the Company and its subsidiaries.
3 Exceptional item relates to Zesco liability written off by AHC
Mining Municipal Services Ltd.
4 The exchange rates applied are :
31 March 2003 1US$ = K4912
31 December 2003 1US$ = K4500
31 March 2004 1US$ = K4737
ZCCM INVESTMENTS HOLDINGS PLC
GROUP BALANCE SHEET As at 31 Mar '04 As at 31 Mar '03
K' million K' million
Current assets
Bank & cash 43,836 70,966
Inventories 34,364 48,513
Total current assets 368,484 310,161
Current liabilities
Creditors 36,007 167,452
Provisions 309,160 312,546
Bank overdraft 374 0
Net current assets/(liabilities) 10,820 (179,701)
Long term receivables 100,674 112,984
Investments 449,409 472,080
Fixed assets 66,378 33,624
Long term borrowings (1,319,107) (1,241,106)
Grants/others (9,006) (4,010)
Subordinated loan (865,445) (865,445)
Total Net Liabilities (1,566,277) (1,671,574)
Financed by:
Share capital 909 909
Reserves (1,567,186) (1,672,483)
Total shareholders' funds (1,566,277) (1,671,574)
GROUP CASH FLOW STATEMENT
ZCCM INVESTMENTS HOLDINGS PLC
Quarter ended Quarter ended
31 Mar '04 31 Mar '03
K' million K' million
Operating activities
Cash received from customers 16,788 33,073
Cash paid to suppliers and employees (25,976) (42,070)
Net cash generated from operating activities (9,188) (8,997)
Interest received and other operting income 5,224 753
Interest paid (152) (4)
Taxation paid (866) (3,682)
4,206 (2,933)
Net cashflow from operating activities (4,982) (11,930)
Investing activities
Purchase of fixed assets (13,357) (6,897)
Proceeds from sale of fixed assets 0 59
Proceeds from sale of operating units 0 201
(13,357) (6,637)
Financing activities
Long term borrowings received 8,408 32,560
Long term borrowing paid 0 (21,714)
Short term borrowings received 0 -
Short term borrowings paid 0
Grants 1,832 10,655
Net cashflow from investing activities 10,240 21,501
Dividend received 6,007 9,921
16,247 31,422
Net cash inflow/(outflow) for period (2,092) 12,855
Cash balances at start of period
Cash and bank balances 45,928 58,046
Bank overdrafts 0 -
45,928 58,046
Cash balances at end of period
Cash and bank balances 43,836 70,911
Bank overdrafts (374) (10)
43,462 70,901
CORPORATE LOCATIONS
Registered Office UK Registrars
Mukuba Pension House CAPITA IRG Plc
First Floor Bourne House
5309 Dedan Kimathi Road 34 Beckenham Road
P O Box 30048 Beckenham
LUSAKA Kent BR3 4TU
Lusaka, 10101, Zambia England
Tel Numbers 260 (01) 221023 Tel No. 020 8639 2000
220351 Fax No. 020 8658 3430
220654
228833 Depository for American Shares
Fax Numbers 260 (01) 221057 JP Morgan Chase & Co
220449 60 Wall Street
220727 New York, NY 10260-0060
United States of America
E-mail:corporate@zccm-ih.com.zm
Tel No. 001 212 648 3207
Kitwe Office Fax No. 001 212 648 5104/5
Investments House
Kantanta Street
P O Box 20172
Kitwe
Tel Numbers 260 (02) 245018
245054
245142
245126
245320
Fax Numbers 260 (02) 245363
245364
245473
E-mail:corporate@zccm-ih.com.zm
This information is provided by RNS
The company news service from the London Stock Exchange
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