Zambia Cons Copper - 1st Quarter Results
1998年10月8日 - 2:21AM
ＲＮＳを含む英国規制内ニュース （英語）
RNS No 252a
ZAMBIA CONSOLIDATED COPPER MINES LIMITED
7th October 1998
LUSAKA, 7 October 1998 - Zambia Consolidated Copper Mines Limited (ZCCM)
announces that for the quarter ended 30 June 1998, copper production was 67 207
tonnes, which was 11 201 tonnes lower that the 78 408 tonnes produced in the
corresponding period of teh previous year. The shortfall in copper production
was largely attributed to the inclusion of Luanshya Division (10 685 tonnes)
and Chibuluma Mine (2 364 tonnes) in the corresponding quarter of last year,
these units were sold in the intervening period. The copper production for the
quarter under review includes 5 400 tonnes of finished copper equivalent from
the sale of copper concentrates and 4 000 tonnes from the sale of scrap copper.
Copper sales out of the Company's own production were 67 468 tonnes in the
quarter compared to 79 038 tonnes in the corresponding quarter of the previous
year. The sales volume was broadly in line with the Company's production.
There were no bought-in sales in the quarter under review.
Cobalt production was 1 037 tonnes for the quarter, compared to 996 tonnes in
the corresponding quarter of the previous year. Cobalt sales, at 878 tonnes,
were 45 per cent lower than 1 604 tonnes sold in the corresponding quarter of
the previous year.
The total sales revenue for the quarter was K284 762 million compared to
K445 683 million in the corresponding quarter of 1997.
The Group recorded an operating loss of K37 026 million for the quarter ended 30
June 1998, compared to an operating profit of K64 949 million in the
corresponding period of the previous year. Lower sales volume together with
lower copper prices were the main factors contributing to the loss in the period
under review. After taking into account exchange losses, interest, taxation
charges, profits on sale of operating units and subsidiaries and other items,
the Group recorded a net loss of K126 615 million for the quarter against a
profit of K17 404 million in the corresponding period of 1997.
The average sales realisation for copper, at K3.035 million per tonne for the
quarter, was 6.8 per cent lower than the K3.257 million per tonne realised in
the corresponding period of the previous year. Lower copper prices were
partially offset by the depreciation of the Kwacha.
The average sales realisation for cobalt, at K70.144 million per tonne for the
quarter, was 27 per cent higher than the K55.379 million per tonne achieved in
the corresponding period of 1997, mainly due to improved cobalt prices and the
depreciation of the Kwacha.
Revenue from precious metals amounted to K730 million during the quarter
compared to sales of K1 829 million during the corresponding quarter of the
previous year.
The exchange rate of the Kwacha moved from K100 = US$0.059 and K100 = Pound
Sterling 0.035 at 31 March 1998 to K100 = US$0.052 and K100 = Pound
Sterling 0.031 at 30 June 1998. This represents a depreciation of the Kwacha
during the quarter of 11.9 per cent against the Dollar and 11.4 per cent
against the Pound Sterling.
The Board of Directors has not declared a dividend in respect of the quarter
ended 30 June 1998.
By Order of the Board
M Mulowakwa, Company Secretary
Lusaka, Zambia
7 October 1998
ZAMBIA CONSOLIDATED COPPER MINES LIMITED and its subsidiary companies
OPERATING RESULTS Quarters ended Year ended
30 June 31 March
1998 1997 1998
Production
Copper contained in ore
milled/tailings reclaimed
Nchanga Division (tonnes) 47 826 47 728 181 632
Mufulira Division (tonnes) 11 839 15 243 50 057
Nkana Division (tonnes) 9 392 12 185 40 648
Luanshya Division (tonnes) - 12 943 26 361
Konkola Division (tonnes) 15 469 13 791 56 190
Finished Company production
Copper (tonnes) 67 207 78 408 282 833
Cobalt (tonnes) 1 037 996 4 016
Precious metals (kgms) 5 449 8 120 22 487
Sales
Copper - own production (tonnes) 67 468 79 038 296 874
- bought-in (tonnes) - 17 664 38 153
Cobalt (tonnes) 878 1 604 4 364
Precious metals (kgms) 1 021 4 771 27 842
Average realisations
(Kwacha million per tonne)
Copper 3.035 3.257 2.799
Cobalt 70.144 55.379 56.415
Exchange rate as at:
US Dollar K 1 931.01 K 1 313.44 K 1 698.43
UK Sterling K 3 216.67 K 2 191.32 K 2 854.21
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(Unaudited and condensed)
Quarters Ended Year Ended
30 June 31 March
1998 1997 1998
K Million K Million K Million
Sales 284 762 445 683 1 301 797
Cost of Sales (321 788) (380 734) (1 552 353)
Operating (loss)/profit (37 026) 64 949 (250 556)
Exchange Losses (49 509) (20 111) (84 823)
Interest Charge (37 507) (20 666) (89 153)
Interest Income 398 512 1 642
Profit/(loss) on sale of operating
units and subsidiaries 1 580 (26 991)
Share of associated company's results 579 394 3 097
Royalty on Metals (3 544) (7 271) (18 936)
(Loss)/profit before taxation (125 029) 17 807 (465 720)
Income Tax (1 586) (387) (2 388)
Minority Interest - (16) -
Net (loss)/profit (126 615) 17 404 (468 108)
(Loss)/earnings per share
:Kwacha K 1 417.92 K 194.90 K (5 242.18)
:US Dollar $ (0.7687) $ 0.0367 $ (6.7643)
Notes: (1) The financial summaries are presented in Kwacha, the currency
of Zambia.
(2) In some respects, the accounting principles adopted by the Group
differ from those used in the United States of America. The
Group's Annual Report Form 20-F to the Securities and Exchange
Commission in the USA describes the major differences.
(3) At 30 June 1998, the exchange rates were K100-US$0.052 and
K100=UK#0.031 and on 21 August 1998, were K100=US$ and
K100=UK#.
CONSOLIDATED BALANCE SHEET
(Unaudited and Condensed)
As at
30 June 31 March
1998 1998
K Million K Million
Assets
Current - Stocks of Metals and concentrates 202 943 191 712
- Inventories 89 124 93 661
- Accounts receivable 210 686 200 589
- Funds in Transit 3 987 1 965
- Cash and bank balances 40 335 28 613
547 075 516 540
Fixed Assets and investments 703 834 705 317
Total Assets 1 250 909 1 221 857
Liabilities
Current - Accounts Payable 371 724 370 255
- Provisions 194 086 182 057
- Taxation 2 779 1 419
- Short-term borrowings 157 927 41 104
- Current portion of long term borrowings 152 528 159 276
- Bank Overdrafts 11 574 32 921
890 618 787 032
Long-term debt and deferred liabilities 834 525 729 553
Deferred exchange loss (538 807) (477 009)
Shareholders' funds 64 573 182 281
TOTAL LIABILITIES 1 250 909 1 221 857
HOLDING COMPANY SUPPLEMENTARY US DOLLAR PROFIT AND LOSS ACCOUNT
(Unaudited and condensed)
Quarters ended Year ended
30 June 31 March
1998 1997 1998
US$'000 US$'000 US$'000
Sales 155 023 314 792 888 699
Cost of sales (167 366) (292 462) (1 151 326)
Operating (loss)/profit (12 343) 22 330 (262 627)
Exchange (1osses)/gains - (8) (182)
Interest Charge (12 086) (15 465) (63 925)
Interest income 174 253 598
Profit/(loss) on sale of
Operating units
and subsidiaries 2 860 - (266 171)
Gain on net monetary position 97 1 712 2 206
Royalty on metals (1 786) (5 541) (13 850 )
(Loss)/profit before
taxation (23 084) 3 281 (603 951)
Income tax - - (77)
Net (loss)/profit (23 084) 3 281 (604 028)
Revaluation adjustment - - (1 776 641)
Reserve movement (23 084) 3 281 (2 380 669)
HOLDING COMPANY SUPPLEMENTARY U.S DOLLAR BALANCE SHEET
(Unaudited and condensed)
As at As at
30 June 1998 31 March 1998
US$'000 US$'000
Assets
Current - Stocks of metals
and concentrates 107 979 115 375
- Inventories 50 964 61 277
- Accounts receivable 104 223 112 516
- Cash and funds in
transit 17 840 13 008
281 006 302 176
Fixed assets and investments 407 635 406 658
Total assets 688 641 708 834
Liabilities
Current - Accounts payable 203 265 227 668
- Provisions 99 344 103 623
- Taxation 122 138
- Short-term borrowings 81 141 24 011
- Current portion of
long-term borrowings 78 367 93 040
- Bank overdrafts 1 276 14 668
463 515 463 148
Long-term debt and deferred
liabilities 425 972 423 448
Shareholders' fund (200 846) (177 762)
Total liabilities 688 641 708 834
HOLDING COMPANY SUPPLEMENTARY US DOLLAR CASH FLOW
(Unaudited and condensed)
Quarters ended Year ended
30 June 31 March
1998 1997 1998
US $'000 US $'000 US $'000
Operating activities
Cash from customers 163 316 320 541 968 530
Cash paid to suppliers
and employees (179 506) (311 029) (958 963)
(16 190) 9 512 9 567
Net interest paid (10 301) (15 530) (27 786)
Taxation paid (1 415) (5 768) (21 751)
(27 906) (11 786) (39 970)
Investing activities 1 835 (6 127) 97 234
Financing activities 43 295 15 358 (76 722)
Net cash inflow/(outflow) 17 224 (2 555) (19 458)
Cash inflow/(outflow) representing
movements in:
- Cash and bank balances 3 832 (1 620) (5 688)
- bank overdrafts 13 392 (935) (13 770)
17 224 (2 555) (19 458)
CONSOLIDATED CASH FLOW
STATEMENT Quarters ended Year ended
(Unaudited and condensed) 30 June 31 March
1998 1997 1998
K million K million K million
Operating activities
Cash from customers 280 256 471 489 1 392 681
Cash paid to suppliers
and employees (313 000) (460 339) (1 380 201)
(32 744) 11 150 12 480
Net interest paid (16 123) (12 043) (35 934)
Taxation paid (2 784) (9 983) (27 695)
(51 651) (10 876) (51 149)
Investing activities 3 200 (9 757) 128 628
Financing activities 81 520 19 538 (105 122)
Net cash inflow/(outflow) 33 069 (1 095) (27 643)
Cash inflow/(outflow) representing
movements in:
- Cash and bank balances 11 722 (1 987) (3 280)
- Bank overdrafts 21 347 892 (24 363)
33 069 (1 095) (27 643)
END
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