4TH QUARTER RESULTS

ZCCM Invs.Hldgs PLC 28 October 2003 ZCCM Investments Holdings Plc Incorporated in the Republic of Zambia Directors' Quarterly Summary incorporating Financial Results for the quarter ended 30 June 2003 DIRECTORS Mr G K Chibuye (Non-Executive) Chairman of the Board Mr D S Diangamo (Withdrawn 14 August 2003) Acting Secretary to the Treasury Ministry of Finance and National Planning Dr S Musokotwane (Appointed Permanent Alternate Acting Secretary to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Director to Mr D S Diangamo Ministry of Finance and National Planning with effect from 24 July 2003) Mr S Mpishi (Withdrawn 24 July 2003) Permanent Secretary Ministry of Mines & Minerals Development Dr M W Lewanika (Appointed 24 July 2003) Permanent Secretary Ministry of Mines & Minerals Development Dr A C J Sichinga (Withdrawn 24 July 2003) Permanent Secretary Ministry of Energy & Water Development Mr G P Mukala (Appointed 24 July 2003) Permanent Secretary Ministry of Energy & Water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 Company Secretary W S Musama 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 sale of Smelterco and the restructuring of KCM during the financial year have continued to positevely impact on the group's financial results for the quarter as compared to June 2002. Consequently, any comparison with last year's figures needs to take this into account. ZCCM -IH Group sales of K29,790 million were achieved for the quarter ended 30 June 2003 compared to K86,347 million for the quarter ended June 2002. There was a reduction in the group operational expenditure to K73,500 million during the quarter compared to K200,594 million for the quarter ended June 2002. A net operating profit of K59,011 million was recorded this quarter against a loss of K227,352 million in the quarter ended June 2002. The main source of this profit was the exchange gains of K92,063 million arising from the write off of a huge forex denominated liability to ZESCO Limited by way of a GRZ debt swap. Subsequent to the quarter end, the Chibuluma South mine project was approved by GRZ and the construction of the powerline to Kansanshi was awarded to ZESCO Limited. ZCCM INVESTMENTS HOLDINGS PLC GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 30 JUNE 2003 QUARTER ENDED QUARTER ENDED 30 JUN '03 30 JUN '02 notes K' million K' million ------------ ------------ Sales 1 29,790 86,347 Cost of sales 2 (73,500) (200,594) Operating (43,710) (114,247) profit/(loss) Other income 3,376 15,343 Exchange gain/ 92,063 (109,618) (loss) Environmental (674) (3,649) expenses Impairment of - Investments Impairment of (11,875) Investments Interest 892 (13,491) reversal/ (charge) Interest 4,076 679 income Dividend 5,853 10,003 receivable Royalty on (433) (368) minerals Profit/(loss) before 61,443 (227,223) taxation Income tax (2,432) (129) Retained profit 59,011 (227,352) /(loss) ZCCM INVESTMENTS HOLDINGS PLC GROUP BALANCE SHEET As at 30 June As at 30 June '03 '02 K' million K' million Current assets Bank & cash 70,887 55,428 Inventories 34,948 28,924 Metal debtors 0 0 Other debtors 271,053 113,584 ------------- ------------- Total current assets 376,888 197,936 Current liabilities Creditors local 80,502 137,892 Overseas 0 18,915 Provisions 287,600 63,310 0 Taxation 4,223 4,693 Bank overdraft 0 0 ------------- ------------- Total current liabilities 372,325 224,810 Net current assets/ 4,563 (26,874) (liabilities) Long term receivables 112,985 381,892 Investments 472,081 251,396 Fixed assets 41,147 412,723 Long term borrowings (1,320,222) (2,066,609) Grants/others (4,678) (110,326) Subordinated loan (865,445) (865,445) ------------- ------------- Total Net Liabilities (1,559,569) (2,023,243) ------------- ------------- Financed by: Share capital 909 893 Reserves (1,560,478) (2,024,136) ------------- ------------- Total shareholders' funds (1,559,569) (2,023,243) ------------- ------------- 5 ZCCM INVESTMENTS HOLDINGS PLC GROUP CASH FLOW STATEMENT Quarter Quarter ended ended 30 Jun '03 30 Jun '02 K' million K' million Operating activities Cash received from 7,111 153,856 customers Cash paid to suppliers and employees (14,728) (456,760) ---------- ---------- Net cash generated from operating (7,617) (302,904) activities Interest received 4,126 308 Interest paid (56) (182) Taxation paid (3,111) (93) ---------- ---------- 959 33 Net cashflow from operating activities (6,658) (302,871) Investing activities Purchase of fixed assets (3,937) 64,731 Proceeds from sale of fixed 1 10,403 assets Proceeds from sale of operating units 0 - ---------- ---------- (3,936) 75,134 Financing activities Long term borrowings 4,501 397,474 received Long term borrowing paid 0 (27,712) Short term borrowings 0 - received Short term borrowings paid 0 Grants 1,198 3,087 ---------- ---------- Net cashflow from investing activities 5,699 372,849 Dividend received 5,853 6,483 ---------- ---------- 11,553 379,332 Net cash inflow/(outflow) for period 957 22,133 Cash balances at start of period Cash and bank balances 69,380 33,413 Bank overdrafts 0 (118) ---------- ---------- 69,380 33,295 Cash balances at end of period Cash and bank balances 70,337 55,428 Bank overdrafts 0 - ---------- ---------- 70,337 55,428 6 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 , 10101 Zambia Kent BR3 4TU Tel Numbers UK 260 (01) 221023 /220351/220654/ 228833 Tel No. 0208 639 2000 Fax Numbers 020 01 221057 Fax No. 020 8658 3430 E-mail:corporate@zccm-ih.com.zm Depository for American Shares JP Morgan Chase & Co Wall Street New York, NY 10260-0060 United States of America Tel No. 001 212 648 3207 Fax No. 001 212 648 5104/5 Kitwe Office 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