2nd Quarter results

ZCCM Invs.Hldgs PLC 31 March 2004 ZCCM Investments Holdings Plc Incorporated in the Republic of Zambia Directors' Quarterly Summary incorporating Financial Results for the quarter ended 31 December 2003 DIRECTORS Mr G K Chibuye (Non-Executive) Chairman of the Board Dr S Musokotwane Acting 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 December 2003 the ZCCM-IH Group recorded a turnover of K27,129 million, representing a decline of 8.7% from the K29,708 million recorded in the quarter ended 31 December 2002. However, over the same period, the Group achieved a reduction of 15.1% in operating expenditure to K23 661million from K27,874million. This contributed positively to the net operating profit of the Group, which increased by 89.1% to K3,468 million from the K1,834 million recorded for the quarter ended 31 December 2002. A lower profit after tax of K58,008 million was recorded during the quarter compared to a profit of K69,055 million for the quarter ended 31 December 2002. The significant reduction in exchange gains during the quarter under review contributed to a lower profit comparative to December 2002. Subsequent to the quarter end, the negotiations regarding the KCM preferred Strategic Equity Partner, Sterlite Industries Limited, acting through its holding company, Vedanta Resources Plc, has reached an advanced stage and a Non-Binding Memorandum of Understanding was signed on 6 March 2004 in Johannesburg, South Africa. The expected completion of the sale of RAMCOZ assets has yet to be finalized. Mr G P Mukala has appointed Mr R D Nyambose as his permanent Alternate Director. By Order of the Board W S Musama Company Secretary Lusaka 30 March 2004 3 ZCCM INVESTMENTS HOLDINGS PLC GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 31 DECEMBER 2003 QUARTER ENDED QUARTER ENDED 31 DEC '03 31 DEC '02 (adjusted) notes K' million K' million Sales 1 27,129 29,708 Cost of sales 2 (23,661) (27,874) Operating profit/ 3,468 1,834 (loss) Other income (2,793) 1,175 Exchange gain/(loss) 53,140 70,094 Environmental (1,619) (3,562) expenses Interest charge (19) (3,322) Interest income 2,318 341 Dividend 4,715 5,372 receivable Royalty on (381) (444) minerals Profit/(loss) before taxation 58,829 71,488 Income tax (821) (2,432) Retained profit/ 58,008 69,055 (loss) Notes: 1 & 2 Represents revenue /sales and administrative costs/cost of sales for the Company and its subsidiaries. 3 The exchange rates applied are : 31 December 2003 US$ = K4500.95 31 December 2002 US$ = K4368.00 30 September 2003 US$ = K4778.61 30 September 2002 US$ = K4593.00 GROUP BALANCE SHEET As at 31 Dec '03 As at 31 Dec '02 K' million K' million Current assets Bank & cash 45,803 58,355 Inventories 36,657 43,646 Metal debtors 0 0 Other debtors 269,211 253,259 ------------- ------------ Total current assets 351,671 355,260 Current liabilities Creditors local 38,850 56,806 Overseas 21,695 38,374 Provisions 307,608 286,814 Taxation 5,239 10,977 Bank overdraft 0 0 ------------- ------------ Total current liabilities 373,392 392,971 Net current assets/(liabilities) (21,721) (37,711) Long term receivables 103,521 123,154 Investments 449,409 449,409 Fixed assets 54,109 31,668 Long term borrowings (1,254,684) (1,563,587) Grants/others 0 (2,508) Subordinated loan (865,445) (865,445) ------------- ------------ Total Net Liabilities (1,534,811) (1,865,020) ------------- ------------ Financed by: Share capital 909 909 Reserves (1,535,720) (1,865,929) ------------- ------------ Total shareholders' funds (1,534,811) (1,865,020) ------------- ------------ QUARTER ENDED QUARTER ENDED 31 DEC '03 31 DEC '02 (adjusted) notes K' million K' million Sales 1 27,129 29,708 Cost of sales 2 (23,661) (27,874) Operating profit/ 3,468 1,834 (loss) Other income (2,793) 1,175 Exchange gain/(loss) 53,140 70,094 Environmental (1,619) (3,562) expenses Interest charge (19) (3,322) Interest income 2,318 341 Dividend 4,715 5,372 receivable Royalty on (381) (444) minerals Profit/(loss) before taxation 58,829 71,488 Income tax (821) (2,432) Retained profit/ 58,008 69,055 (loss) Notes: 1 & 2 Represents revenue /sales and administrative costs/cost of sales for the Company and its subsidiaries. 3 The exchange rates applied are : 31 December 2003 US$ = K4500.95 31 December 2002 US$ = K4368.00 30 September 2003 US$ = K4778.61 30 September 2002 US$ = K4593.00 CORPORATE LOCATIONS Registered Office UK Registrars CAPITA IRGPlc Bourne House 34 Beckenham Road Kent BR3 4TU UK Tel No. 0208639 2000 Fax No. 020 8658 3430 First Floor Mukuba Pension House 5309 Dedan Kimathi Road P O Box 30048 LUSAKA Lusaka, 10101, Zambia Tel Numbers 260 (01) 221023/220351/220654 Depository for American Shares JP Morgan Chase &Co 60 Wall Street New York, NY 10260-0060 United States of America Tel No. 001 212 648 3207 Fax No. 001 212 648 5104/5 E-mail:corporate@zccm-ih.com.zm Kitwe Office 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 7 This information is provided by RNS The company news service from the London Stock Exchange

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