1st Quarter Results

ZCCM Invs.Hldgs PLC 23 December 2004 ZCCM Investments Holdings Plc Incorporated in the Republic of Zambia Directors' Quarterly Summary incorporating Financial Results for the quarter ended 30 September 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 Mrs L I Ng'andwe Commissioner - Finance Zambia Revenue Authority 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 30 September 2004 ZCCM-IH group sales increased to K33,422 million compared to K29,000 million in the corresponding quarter last year. Group operational expenditure was K33,697 million which was a reduction from last year's K33,992 million. A retained loss of K6,990 million was recorded in the quarter under review, compared to a profit of K22,007 million in the quarter ended 30 September 2003. The main source of loss was the exchange losses amounting to K13,387 million, compared to a gain of K16,502 million in the quarter ended 30 September 2003. Subsequent to quarter end, Vedanta Resources acquired 51% shareholding in Konkola Copper Mines Plc. By Order of the Board W S Musama Company Secretary Lusaka 10 December 2004 ZCCM INVESTMENTS HOLDINGS PLC GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 30 SEPTEMBER 2004 QUARTER ENDED QUARTER ENDED 30 SEPT '04 30 SEPT '03 notes K' million K' million Sales 1 33,422 29,000 Cost of sales 2 (33,697) (33,992) Operating profit/(loss) (275) (4,992) Other income 6,731 7,863 Exchange gain/ 3 (13,387) 16,502 (loss) Environmental expenses (2,348) (258) Impairment of Investments - Impairment of Investments Interest reversal/(charge) (199) (8) Interest income 366 2,367 Dividend receivable 4,345 3,403 Royalty on minerals (464) (438) Profit/(loss) before taxation (5,231) 24,439 Income tax (1,759) (2,432) Retained profit/(loss) (6,990) 22,007 Notes: 1 & 2 Represents revenue /sales and administrative costs/cost of sales for the Company and its subsidiaries. 3 The exchange rates applied are : September :US$=K4,923.33 2004 September :US$=K4,778.61 2003 ZCCM INVESTMENTS HOLDINGS PLC GROUP BALANCE SHEET As at 30 Sept '04 As at 30 Sept '03 K' million K' million Current assets Bank & cash 63,143 51,585 Inventories 14,506 36,596 Metal debtors 8,478 0 Other debtors 321,729 273,991 ------------ ------------ Total current assets 407,856 362,172 Current liabilities Creditors local 44,421 56,128 Overseas 0 0 Provisions 287,675 321,232 0 Taxation 3,421 6,118 Bank overdraft 0 1 ------------ ------------ Total current liabilities 335,517 383,479 Net current assets/(liabilities) 72,339 (21,307) Long term receivables 83,372 109,908 Investments 450,356 449,409 Fixed assets 83,486 46,201 Long term borrowings (1,385,858) (1,300,775) Grants/others (16,065) (11,102) Subordinated loan (865,445) (865,445) ------------ ------------ Total Net Liabilities (1,577,815) (1,593,111) ------------ ------------ Financed by: Share capital 909 909 Reserves (1,578,724) (1,594,020) ------------ ------------ Total shareholders' funds (1,577,815) (1,593,111) ------------ ------------ ZCCM INVESTMENTS HOLDINGS PLC GROUP CASH FLOW STATEMENT Quarter ended Quarter ended 30 Sept '04 30 Sept '03 K' million K' million Operating activities Cash received from customers 31016 4787 Cash paid to suppliers and employees -24827 -31955 Net cash generated from operating activities 6189 -27168 Interest received 514 2367 Interest paid -243 8 Taxation paid -424 -1798 -153 577 Net cashflow from operating activities 6036 -26591 Investing activities Purchase of fixed assets -6849 -5850 Proceeds from sale of fixed assets 0 0 Proceeds from sale of operating units 438 3349 -6411 -2501 Financing activitie Long term borrowings received 2913 3372 Long term borrowing paid -387 0 Short term borrowings received 0 0 Short term borrowings paid 0 Grants 9237 1063 Net cashflow from investing activities 11762 4435 Dividend received 4345 3403 16107 7838 Net cash inflow/(outflow) for period 15732 -21254 Cash balances at start of period Cash and bank balances 47410 58046 Bank overdrafts 0 -10 47410 58036 Cash balances at end of period Cash and bank balances 63143 49822 Bank overdrafts 0 0 63143 49822 CORPORATE LOCATIONS Registered Office UK Registrars Mukuba Pension House CAPITA IRG plc First Floor 34 Beckenham Road 5309 Dedan Kimathi Road Beckenham P O Box 30048 KENT BR3 4TU LUSAKA Zambia England Tel Numbers 260 (01) 221023 Tel No. 020 8 639 2000 220351 Fax No. 0202 8 639 3430 220651 228833 Depository for American Fax Numbers 260 (01) 221057 Shares 220449 J P Morgan Chase & Co 220727 60 Wall Street New York, NY 10200-0060 E-mail:corporate@zccm-ih.com.zm United States of America Tel 001 212 648 3207 Fax 001 212 648 5104 Kitwe Office Investments House Kantanta Street P O Box 20172 Kitwe Tel Numbers 260 (02) 245018 Technical 245025 Environment 245142 Legal 245126 Property 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

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