2nd Quarter Results

ZCCM Invs.Hldgs PLC 31 March 2005 ZCCM Investments Holdings Plc Incorporated in the Republic of Zambia Directors' Quarterly Summary incorporating Financial Results for the quarter ended 31 December 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 DIRECTORS' QUARTERLY SUMMARY ZCCM - IH Group sales of K31,702 million was achieved during the quarter ended 31 December 2004 compared to K27,129 million at December 2003. During the quarter, the group recorded operational expenditure of K42,293 compared to K23,661 million for the corresponding quarter last year. An operating loss of K10,591 million was recorded against a profit of K3,468 million in the corresponding quarter last year. The overall profit of K20,741 million (2003: K58,008 million) reported was mainly on account of foreign exchange gains of K23,023 million (2003: K53,140 million). The Kwacha had appreciated against the US Dollar from K4,923.33 to K4,801.25. During the quarter, the company's shareholding in Konkola Copper Mines reduced from 42% to 20.6% on the introduction of Vedanta as a strategic equity partner taking up 51%. The Company received K80,640 million as compensation for the dilution. Subsequent to the year end, Dr M W Lewanika resigned his position as a Director on the Board of the Company, and Mr L Nkhata, Permanent Secretary, Ministry of Mines and Minerals Development was appointed as a Director of the Company in his stead. By Order of the Board W S Musama Company Secretary Lusaka 30 March 2005 GROUP PROFIT/(LOSS) ACCOUNT FOR THE QUARTER ENDED 31 DECEMBER 2004 QUARTER QUARTER ENDED ENDED 31 DEC'04 31 DEC'03 notes K'million K'million __________ __________ Sales 1 31,702 27,129 Cost of sales 2 (42,293) (23,661) Operating profit/(loss) (10,591) 3,468 Other income 10,681 (2,793) Consideration for dilution in KCM 80,640 - Loss on dilution in KCM (88,840) - Exchange gain/(loss) 23,023 53,140 Environmental expenses (5,238) (1,619) Interest charge (65) (19) Interest income 338 2,318 Dividend receivable 5,163 4,715 Royalty on minerals (435) (381) Profit/(loss) before taxation 14,675 58,829 Income tax (2,135) (821) Retained profit/(loss) 12,541 58,008 Notes: 1&2 Represents revenue/sales and administrative costs/cost of sales for the Company and its subsidiaries. 3 Exchange rates applied are: 31 December 2004 US$ = K4,801.25 31 December 2003 US$ = K4,500.95 30 September 2004 US$ = K4,923.33 GROUP BALANCE SHEET As at 31 Dec '04 As at 31 Dec '03 K' million K' million Current assets Bank & cash 74,882 45,803 Inventories 15,232 36,657 Metal debtors 0 0 Other debtors 307,375 269,211 _________________ _________________ Total current assets 397,489 351,671 Current liabilities Creditors local 43,329 38,850 Overseas 0 21,695 Provisions 297,041 307,608 Taxation 4,625 5,239 Bank overdraft 0 0 Total current liabilities 344,995 373,392 _________________ _________________ Net current assets/(liabilities) 52,494 (21,721) Long term receivables 161,965 103,521 Investments 361,495 449,409 Fixed assets 88,279 54,109 Long term borrowings (1,352,839) (1,254,684) Grants/others (14,074) 0 Subordinated loan (865,445) (865,445) _________________ _________________ Total Net Liabilities (1,568,124) (1,534,811) _________________ _________________ Financed by: Share capital 909 909 Reserves (1,569,033) (1,535,720) _________________ _________________ Total shareholders' funds (1,568,124) (1,534,811) _________________ _________________ ZCCM INVESTMENTS HOLDINGS PLC GROUP CASH FLOW STATEMENT Quarter ended Quarter ended 31 Dec '04 31 Dec '03 K' million K' million Operating activities Cash received from customers 12,174 12,322 Cash paid to suppliers and employees (14,809) (33,519) __________________ _______________ Net cash generated from operating activities (2,635) (21,197) Interest received and other operating income 6,918 2,520 Interest paid (65) (19) Taxation paid (1,396) (1,266) __________________ _______________ 5,457 1,235 Net cashflow from operating activities 2,822 (19,962) Investing activities Purchase of fixed assets (5,313) (8,673) Proceeds from sale of fixed assets 0 - Proceeds from sale of operating units 0 541 __________________ _______________ (5,313) (8,132) Financing activities Long term borrowings received 9,522 9,585 Long term borrowing paid (454) (200) Grants 0 8,211 __________________ _______________ Net cashflow from investing activities 9,068 17,596 Dividend received 5,163 4,715 __________________ _______________ 14,231 22,311 Net cash inflow/(outflow) for period 11,740 (5,783) Cash balances at start of period Cash and bank balances 63,143 51,586 Bank overdrafts 0 - __________________ _______________ 63,143 51,586 Cash balances at end of period Cash and bank balances 74,883 45,803 Bank overdrafts 0 - 74,883 45,803 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) 245363 245364 245473 E-mail:corporate@zccm-ih.com.zm This information is provided by RNS The company news service from the London Stock Exchange AUQG

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