1st Quarter Results

ZCCM Invs.Hldgs PLC 27 January 2004 ZCCM Investments Holdings Plc Incorporated in the Republic of Zambia Directors' Quarterly Summary incorporating Financial Results for the quarter ended 30 September 2003 DIRECTORS Mr G K Chibuye (Non-Executive) Chairman of the Board Mr D S Diangamo (Withdrawn 14 August 2003) Acting Secretary to the Treasury Ministry of Finance and National Planning Dr S Musokotwane (Appointed Permanent Alternate Acting Secretary to the Treasury Director to Mr D S Diangamo Ministry of Finance and National Planning with effect from 24 July 2003) Mr S Mpishi (Withdrawn 24 July 2003) Permanent Secretary Ministry of Mines & Minerals Development Dr M W Lewanika (Appointed 24 July 2003) Permanent Secretary Ministry of Mines & Minerals Development Dr A C J Sichinga (Withdrawn 24 July 2003) Permanent Secretary Ministry of Energy & Water Development Mr G P Mukala (Appointed 24 July 2003) Permanent Secretary Ministry of Energy & Water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 1 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 2 ZCCM INVESTMENTS HOLDINGS Plc and its subsidiary companies DIRECTORS' QUARTERLY SUMMARY The disposal of Smelterco in the last financial year ending 30 June 2003 has significantly affected financial comparatives between the quarter ended 30 September 2003 and that ended 30 September 2002. In the quarter ended 30 September 2002, Smelterco contributed 66% to the group sales and 71% to operational expenditure. ZCCM - IH Group sales of K29,000 million was achieved during the quarter ended 30 September 2003 representing sales decline of 69% on the September 2002 quarter sales. There was a corresponding reduction in group operational expenditure to K33,992 million during the quarter ended 30 September 2003 compared to K109,433 million for the quarter ended 30 September 2002. A net operating loss of K4,992 million was incurred in the quarter under review, against a loss of K16,652 million in the quarter ended 30 September 2002. The quarter under review has seen the group recording a higher net profit of K22,007 million, compared to a profit of K10,749 million last year. This profit was mainly attributed to an exchange gain of K16,502 million, compared to an exchange loss recorded last year. Subsequent to the quarter end, negotiations for the sale of certain assets of Ramcoz between the GRZ/Ramcoz Negotiating Team and J & W representatives were concluded resulting in the signing of the Agreements on 19th December 2003. Completion of the sale is expected to be finalised before 31st January 2004. By order of the Board W S Musama Company Secretary Lusaka 23 January 2004 ZCCM INVESTMENTS HOLDINGS PLC GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 30 SEPT 2003 QUARTER ENDED QUARTER ENDED 30 SEPT '03 30 SEPT '02 notes K' million K' million Sales 1 29,000 92,781 Cost of sales 2 (33,992) (109,433) Operating profit/(loss) (4,992) (16,652) Other income 7,863 60,830 Exchange gain/(loss) 16,502 (22,963) Environmental (258) (3,055) expenses Impairment of - Investments Interest charge (8) (9,985) Interest income 2,367 781 Dividend receivable 3,403 3,698 Royalty on minerals (438) (359) Profit/(loss) before 24,439 12,295 taxation Income tax (2,432) (1,546) Retained profit/(loss) 22,007 10,749 Notes: 1 & 2 Represents revenue /sales and administrative costs/cost of sales for the Company and its subsidiaries. 3 The exchange rates applied are: 1 July 2003 US$ = K4,866.64 30 September 2003 US$ = K4778.61 1 July 2002 US$ = K4,516.12 30 September 2002 US$ = K4593.00 ZCCM INVESTMENTS HOLDINGS PLC GROUP BALANCE SHEET As at 30 Sept As at 30 Sept '03 '02 K' million K' million Current assets Bank & cash 51,585 48,535 Inventories 36,596 40,883 Metal debtors 0 0 Other debtors 273,991 266,531 ------------- ------------- Total current assets 362,172 355,949 Current liabilities Creditors local 56,128 55,747 Overseas 0 53,267 Provisions 321,232 285,930 0 Taxation 6,118 8,667 Bank overdraft 1 104 ------------- ------------- Total current liabilities 383,479 403,715 Net current assets/(liabilities) (21,308) (47,766) Long term receivables 109,908 105,647 Investments 449,409 472,063 Fixed assets 46,201 30,262 Long term borrowings (1,300,775) (1,627,611) Grants/others (11,102) (4,342) Subordinated loan (865,445) (865,445) ------------- ------------- Total Net Liabilities (1,593,112) (1,937,192) ------------- ------------- Financed by: Share capital 909 893 Reserves (1,594,021) (1,938,085) ------------- ------------- Total shareholders' funds (1,593,112) (1,937,192) ------------- ------------- ZCCM INVESTMENTS HOLDINGS PLC GROUP CASH FLOW STATEMENT Quarter ended Quarter ended 30 Sept '03 30 Sept '02 K' million K' million Operating activities Cash received from customers 4,787 57,741 Cash paid to suppliers and employees (31,955) (74,530) ---------- ---------- Net cash generated from operating activities (27,168) (16,789) Interest received 2,367 791 Interest paid 8 - Taxation paid (1,798) (570) ---------- ---------- 577 221 Net cashflow from operating activities (26,591) (16,568) Investing activities Purchase of fixed assets (5,850) (13,816) Proceeds from sale of fixed assets 0 214 Proceeds from sale of operating units 3,349 (7,331) ---------- ---------- (2,501) (20,933) Financing activities Long term borrowings received 3,372 35,015 Long term borrowing paid 0 (12,735) Short term borrowings received 0 - Short term borrowings paid 0 Grants 1,063 4,219 ---------- ---------- Net cashflow from investing activities 4,435 26,499 Dividend received 3,403 4,257 ---------- ---------- 7,838 30,756 Net cash inflow/(outflow) for period (21,254) (6,745) Cash balances at start of period Cash and bank balances 58,046 55,175 Bank overdrafts (10) - ---------- ---------- 58,036 55,175 Cash balances at end of period Cash and bank balances 49,822 48,535 Bank overdrafts 0 (105) ---------- ---------- 49,822 48,430 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) 245008 245117 245118 245054 245160 245155 245319 245322 Fax Numbers 260 (02) 245363 245364 245473 E-mail:corporate@zccm-ih.com.zm 7 This information is provided by RNS The company news service from the London Stock Exchange

Companies

ZCCM Investments Holdings 'B' Shares (ZCC)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today