2nd Quarter Results

ZCCM Invs.Hldgs PLC 03 January 2007 ZCCM INVESTMENTS HOLDINGS PLC _____________________________________________________________________________ Directors' Quarterly Summary incorporating Financial Results for the quarter ended 30 September 2006 _____________________________________________________________________________ Private and Confidential DIRECTORS Mr G K Chibuye (Non-Executive) Chairman of the Board Mr C Evans Chibiliti Director Mr L Nkhata Director Dr B Nsemukila Director Dr D H Kalyalya Director Mr O B Munyenyembe Director Mrs L I Ng'andwe Director Management Committee General Manager Vacant Company Secretary Mr W S Musama Acting Chairman Technical Investments Manager Mr J M D Patterson Finance and Investments Manager Mr Z Zekko Legal Investments Manager Mr J K Kaite Technical Investments Officer Mr W K Katoto Environmental Manager Mr J Makumba Financial Analyst Mr K K Mulaisho Committee Secretary ZCCM INVESTMENTS HOLDINGS PLC and its subsidiary companies DIRECTORS' QUARTERLY SUMMARY ZCCM - IH Group turnover of K21,165 million were achieved during the quarter ended 30 September 2006 compared to K30,305 million at September 2005. During the quarter, the group recorded operational expenditure of K32,496 compared to K32,771 million for the corresponding quarter last year. An operating loss of K11,331 million was recorded in the quarter under review compared to a loss of K2,466 million in the quarter ended 30 September 2005. The retained loss of K132,254 million reported, was mainly on account of foreign exchange losses of K132,101 million compared to a gain of K36,962 million recorded in the corresponding quarter the previous year. The exchange rates were K4,492/US$ and K4,228/US$ at September 2005 and September 2006 respectively. Over the quarter, the Kwacha depreciated from K3,582/US$ to K4,228/US$, whereas it had appreciated from K4,698/US$ to K4,492/US$ in the corresponding quarter of the previous year. During the quarter, Mr Joseph M Chikolwa was appointed as Chief Executive Officer of the Company. Subsequent to quarter end, Zambia Energy Corporation replaced National Grid Zambia B.V. and Cinergy Zambia B.V. as majority shareholders in Copperbelt Energy Corporation plc. By order of the Board W S Musama Company Secretary Lusaka 19 December 2006 ZCCM INVESTMENTS HOLDINGS PLC GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 30 SEPTEMBER 2006 QUARTER ENDED QUARTER ENDED 30 September 30 September 2006 2005 notes K' million K' million ------------ ------------ Turnover 1 21,165 30,305 Cost of turnover 2 (32,496) (32,771) Operating (loss) (11,331) (2,466) Other income 7,877 9,586 Exchange (loss)/gain (132,101) 36,962 Environmental (3,994) (3,496) expenses Interest charge (234) (270) Interest income 773 787 Dividend receivable 7,610 1,168 Royalty on minerals (421) (408) (Loss)/Profit before (131,821) 41,863 taxation Income tax (433) (1,629) Retained (loss)/ (132,254) 40,234 profit Notes: 1 & 2 Represents revenue /sales and administrative costs/cost of sales for the Company and its subsidiary 3 The exchange rates applied are : 30 September US$ = K4,492 2005 30 June 2006 US$ = K3,582 30 September US$ = K4,228 2006 ZCCM INVESTMENTS HOLDINGS PLC GROUP BALANCE SHEET As at 30 As at 30 September 2006 September 2005 K' million K' million Current assets Bank & cash 70,040 43,836 Inventories 28,429 34,364 Other debtors 363,353 290,284 ------------------ ------------------ Total current assets 461,822 368,484 Current liabilities Creditors (46,995) (36,007) Provisions (310,700) (309,160) Taxation (5,686) (12,123) Bank overdraft (1,882) (374) ------------------ ------------------ Total current liabilities (365,263) (357,664) Net Current Assets 96,559 10,820 Long term receivables 19,396 100,674 Investments 473,004 449,393 Fixed assets 12,472 66,378 Long term borrowings (1,154,647) (1,319,107) Grants/others 0 (9,006) Subordinated loan (865,445) (865,445) ------------------ ------------------ Total Net Liabilities (1,418,660) (1,566,293) ------------------ ------------------ Financed by: Share capital 893 893 Reserves (1,428,115) (1,570,225) Grant reserves 8,562 3,038 ------------------ ------------------ Total shareholders' funds (1,418,660) (1,566,293) ------------------ ------------------ ZCCM INVESTMENTS HOLDINGS PLC GROUP CASH FLOW STATEMENT Quarter ended Quarter ended 30 Sept 2006 30 Sept 2005 K' million K' million Operating activities Cash received from customers 3,425 36,564 Cash paid to suppliers and employees (16,125) (41,362) ---------- ---------- Net cash generated from operating activities (12,700) (4,798) Interest received and other operting income 780 3,240 Interest paid (2,532) (398) Taxation paid 0 (924) ---------- ---------- (1,752) 1,918 Net cashflow from operating activities (14,452) (2,880) Investing activities Purchase of fixed assets (128) (9,708) Proceeds from sale of fixed assets 224 - ---------- ---------- 96 (9,708) Financing activities Long term borrowings received 2,720 - Long term borrowing paid (378) (544) Grants 712 19,605 ---------- ---------- Net cashflow from investing activities 3,054 19,061 Dividend received 599 - ---------- ---------- 3,653 19,061 Net cash (outflow)/inflow for period (10,703) 6,473 Cash balances at start of period Cash and bank balances 83,287 77,954 Bank overdrafts (4,426) - ---------- ---------- 78,861 77,954 Cash balances at end of period Cash and bank balances 70,040 84,427 Bank overdrafts (1,882) - ---------- ---------- 68,158 84,427 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) 222638 222639 222640 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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