Statement: Unaudited Financial Statements_31.12.23

ZCCM Invs.Hldgs PLC
30 April 2024
 

SENS ANNOUNCEMENT

(the "Notice" or "Announcement")

 

ISSUER

ZCCM-IH LOGO _jpeg

ZCCM INVESTMENTS HOLDINGS PLC ("ZCCM-IH")

[Incorporated in the Republic of Zambia]

Company registration number:        119540000771

Share Code:                                           ZCCM-IH

ISIN:                                                       ZM0000000037

Authorized by:                                     Charles Mjumphi - Company Secretary

 

SPONSOR

 

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Stockbrokers Zambia Limited

[Founder Member of the Lusaka Securities Exchange]

[Regulated and licensed by the Securities and Exchange Commission of Zambia]

Contact Number:                 +260-211-232456

Website:                                                www.sbz.com.zm

 

APPROVAL

 

The captioned Notice or Announcement has been approved by:

i.      The Lusaka Securities Exchange ("LuSE")

ii.    The Securities and Exchange Commission ("SEC")

iii.   ZCCM Investment Holdings Plc ("ZCCM-IH")

 

RISK WARNING

 

The Notice or Announcement contained herein contains information that may be of a price sensitive nature.

 

Investors are advised to seek the advice of their investment advisor, stockbroker, or any professional duly licensed by the Securities and Exchange Commission of Zambia to provide securities advice.

 

                                                                                                                                                                                   ISSUED: 30 April 2024

 

 

 

ZCCM INVESTMENTS HOLDINGS PLC

 [Incorporated in the Republic of Zambia]

Company registration number: 771

Share Code: ZCCM-IH

ISIN: ZM0000000037

["ZCCM-IH" or "the Company"]

 

ABRIDGED PROVISIONAL UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

 

INTRODUCTION

In compliance with the requirements of the Securities Act No. 41 of 2016, ZCCM Investments Holdings PLC ("ZCCM-IH" or "the Company") announces the provisional financial statements results of the Company and its subsidiaries (Collectively referred to as the ''the Group'') for the year ended 31 December 2023.

STRUCTURE OF THE ZCCM-IH GROUP

The ZCCM-IH Group consists of the following Nine (9) companies:

Name

Shareholding

Mopani Copper Mine PLC

100.00%

Ndola Lime Company Limited (In liquidation)

100.00%

Kariba Minerals Limited

100.00%

Misenge Environmental and Technical Services Limited

100.00%

Mushe Milling Limited (In liquidation)

100.00%

Kabundi Resources Limited

100.00%

Limestone Resources Limited

100.00%

Investrust Bank PLC

71.40%

Zambia Gold Company Limited

51.00%

 

 

 

 

 

 

 

 

The Company also has other interests in the undernoted companies:

Name

Shareholding

Rembrandt Properties

49.00%

Central African Cement Limited

49.00%

Maamba Collieries Limited

35.00%

Copperbelt Energy Corporation PLC

31.07%

Konkola Copper Mines PLC

20.60%

Kansanshi Mining PLC

20.00%

CNMC Luanshya Copper Mines PLC

20.00%

Lubambe Copper Mines PLC

20.00%

Mingomba Mining Limited

20.00%

NFCA Africa Mining PLC

15.00%

Chibuluma Mines PLC

15.00%

Chambishi Metals PLC

15.00%

Copper Tree Mineral Limited

15.58%

Oranto Oil Block

10.00%

Nkana Alloy Smelting Company Limited

10.00%

 

PROVISIONAL ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

 



Unaudited

 

Audited



31 Dec

2023

 

31 Dec

2022



 

 

 



ZMW'000

 

ZMW'000

Revenue

 

 

11,746,920

 

 

11,959,354

Gross (loss)

 

(3,648,109)

 

(2,598,983)

Operating (loss)

 

     (3,168,145)

 

    (3,325,326)

Net finance cost


           (2,271,098)


         (1,813,846)

Share of profit of equity accounted investees


1,922,008


1,603,143

Profit/(loss) before tax

 

(3,517,236)

 

 (3,536,029)

Income tax (expense)/credit


        (1,079,968)


(249,504)

Loss for the year

 

  (4,597,203)

 

 (3,785,533)

Earnings per share (ZMW)

 

(28.59)

 

 (23.54)

Basic and diluted earnings per share (ZMW)

 

        (28.59)

 

(23.54)

 

 

 

 

 

 

 

 

 

PROVISIONAL ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

 



Unaudited

 

Audited



31 Dec

2023

 

31 Dec

2022



 

 

 



ZMW'000

 

ZMW'000

Investment income

 

2,128,699

 

Revenue from contracts with customers

 

  23,180

 

Operating profit

 

2,615,495

 

Net finance income

 

   2,979,315

 

Profit before tax


5,594,810


 4,495,049

Income tax expense

 

(1,079,958)

 

      (236,321)

Profit for the year


4,514,852


 


 


Earnings per share (ZMW)

 

          28.08

 

                26.48

Basic and diluted earnings per share (ZMW)

 

          28.08

 

                26.48



 

 

 

PROIVISIONAL ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION

 

 

 

 

 

Unaudited

 

Audited

 

 

31 Dec 2023

 

31 Dec 2022

Assets

 

ZMW'000

 

ZMW'000

Property, plant, and equipment


11,178,919


12,484,907

Exploration and evaluation asset


51,437


51,437

Intangible assets


3,122,950


3,148,325

Investment property


208,598


      200,751

Investments in associates


10,095,344


15,174,862

Financial assets at fair value through profit or loss


3,019,500


         1,252,400

Financial assets at fair value through OCI


14,259,000



Trade and other receivables


4,477,893


    2,931,539

Environmental Protection Fund


147,553


94,433

Deferred tax assets


-


122,852

Inventories


3,552,778


          4,921,366

Trade and other receivables


641,527


762,831

Assets held for sale


1,248,382


2,103,761

Term deposits


4,411,330


5,340,202

Cash and cash equivalents


          450,472


          329,173

Total assets

 

     56,865,683

 

    48,918,839

 

Equity and liabilities

 




Capital and reserves


(5,902,907)


       7,908,807

Borrowings


43,518,156


         27,476,859

Deferred tax liability


735,578


-

Retirement benefits


26,933


182,940

Provisions for environmental rehabilitation


1,741,652


1,221,068

Borrowings


-


864,411

Overdraft


1,095,462


688,120

Trade and other payables


12,205,870


7,451,177

Provisions


640,311


487,689

Current income tax liabilities


129,048


190,143

Retirement benefits


171,755


139,131

Liabilities associated with assets classified as held for sale


2,503,825


2,308,494

Total equity and liabilities


     56,865,683


48,918,839

 


 


 

 

 

 

PROVISIONAL ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION

 

 

 

 

 

Unaudited

 

Audited

 

 

31 Dec 2023

 

31 Dec 2022

Assets

 

ZMW'000

 

ZMW'000

Property, plant, and equipment


110,624


90,471

Intangible assets


             1,690


            3,377

Investment property


208,598


     200,751

Investment in subsidiaries


202,283


405,051

Investments in associates


11,221,056


16,256,411

Financial assets at fair value through profit or loss


3,019,500


                1,252,400

Financial assets at fair value through OCI


14,259,000


-

Trade and other receivables


4,586,471


      958,162

Deferred tax assets


-


258,966

Inventories


         -


         16,427

Trade and other receivables


288,268


173,829

Term deposits


4,411,330


5,340,202

Cash and cash equivalents


61,137


45,586

Assets held for sale


-


145,700

Total assets

 

38,369,957

 

      25,147,333

 

Equity and liabilities

 




Capital and reserves


37,385,987


            24,679,852

Deferred tax liability


599,464


-

Retirement Benefit Obligations


17,381


9,275

Provisions for environmental rehabilitation


54,498


39,357

Borrowings


-


-

Trade and other payables


78,288


121,005

Provisions


103,444


108,686

Current income tax liabilities


130,895


189,158

Total equity and liabilities


38,369,957


      25,147,333

 


 


 

 



 

 

PROVISIONAL ABRIDGED GROUP STATEMENT OF CASH FLOWS

 

 

 

Unaudited

 

Audited

 


31 Dec 2023

 

31 Dec 2022

 


ZMW'000

 

ZMW'000

 





Net cash flow generated from operating activities


       26,616


1,463,062

Net cash flow used from investing activities


557,275


(1,113,001)

Net cash outflow from financing activities


(310,407)


(698,833)

Decrease in cash and cash equivalents

 

273,484

 

 (348,772)

Effects of translation and exchange rate changes on cash and cash equivalents


(277,193)


(68,389)

Cash and cash equivalents at the beginning of the year


       (81,060)


336,101


 

      (84,769)

 

(81,060)

Included in the statement of financial position

 

(644,990)

 

(358,947)

Included in assets held for sale

 

560,221

 

277,887

 

 

      (84,769)

 

(81,060)

 

 

 

 

 

PROVISIONAL ABRIDGED COMPANY STATEMENT OF CASH FLOWS

 

 

 

Unaudited

 

Audited

 


31 Dec 2023

 

31 Dec 2022

 


ZMW'000

 

ZMW'000

 





Net cash flows from operating activities


(357,541)


4,766,330

Net cash flows used in investing activities


368,821


       (4,761,256)

Net cash flows used in financing activities


-


   (1,135)

Decreased in cash and cash equivalents

 

    11,280

 

    3,939

Effect of movement in exchange rates on cash held


4,271


(39,851)

Cash and cash equivalents at the beginning of the year


45,586


        81,498

Cash and cash equivalents at the end of the period

 

61,137

 

45,586

 

 

 

 

 

 

 

 

 

 

 

PROVISIONAL ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY



Unaudited

 

Audited

 


31 Dec 2023

 

31 Dec 2022

 


ZMW'000

 

ZMW'000

Balance at 1 Jan

 

7,908,807


12,808,905

Loss for the year


(4,597,204)


(3,785,533)

Other comprehensive income

 

(8,490,903)


(1,029,340)

Dividend paid

 

(723,608)


(85,225)

Balance at 31 Dec

 

(5,902,908)

 

7,908,807

 

 

 

 

     PROVISIONAL ABRIDGED COMPANY STATEMENT OF CHANGES IN EQUITY

 



Unaudited

 

Audited

 


31 Dec

2023

 

31 Dec

2022

 


ZMW'000

 

ZMW'000

 





Balance at 1 Jan

 

24,679,852


24,732,194

Profit for the year


4,514,852


4,258,728

Other comprehensive income

 

8,914,891


(3,225,845)

Dividend paid

 

(723,608)


(85,225)

Balance at 31 Dec

 

37,385,987

 

24,679,852

 

1.   FINANCIAL PERFORMANCE

 

The Group's financial performance has experienced a downturn, with an increased post-tax loss from ZMW3,786 million (US$222 million) in 2022 to ZMW4,597 million (US$224 million) in 2023, primarily due to the persistent underperformance of our subsidiary, Mopani Copper Mine Plc (Mopani). Mopani's operations have negatively impacted the Group, contributing a substantial loss of ZMW9.2 billion (US$449.46 million) this year.

The performance of Mopani was on account of lower copper production of 65,602 tons (2022: 72,694 ton). The lower production experienced in this year was mainly due to low equipment availability, and limited ore sources to mine due to delayed development. Mopani's future growth prospects hinges on its planned completion and commissioning of expansion capital projects. The Company has planned for a ramped-up production profile as these projects are expected to be commissioned to full capacity by 2027. Refer to section 2 (i) of this report for details.

Despite the challenges, the Group saw an upward trend in total assets, increasing from ZMW48.92 billion (US$2.8 billion) in 2022 to ZMW56.87 billion (US$2.21 billion) in 2023. However, when measured in US dollars, there was a decrease in total assets compared to the previous year, a consequence of the Kwacha's depreciation against the US Dollar.

Liabilities escalated significantly from ZMW41.0 billion in 2022 to ZMW62.8 billion in 2023, largely due to an outstanding interest on a US$1.5 billion loan provided to Mopani by Glencore and the exchange losses incurred from the Kwacha's devaluation over the year.

The Group's retained earnings as of December 31, 2023, were in a deficit of ZMW16.88 billion (US$655.78 million negative), worsened from the previous year's ZMW11.44 billion negative (US$561.56 million negative). This decline in retained earnings is linked to the Group's increased losses, which rose to ZMW4,597 million (US$224 million) in 2023 from ZMW3,786 million (US$222 million) in 2022.

Contrasting the Group's overall performance, the Company itself reported a positive outcome, with profits rising to ZMW4.51 billion (US$219.98 million) in 2023 from ZMW4.25 billion (US$249.78 million) in the preceding year, showcasing resilience amidst broader financial challenges within the Group.

2.   KEY OPERATIONS AND STRATEGIC DEVELOPMENTS

 

(i)         Mopani Copper Mines PLC ("MCM")

 

Below is a summary of Mopani's financial performance which has been incorporated in the Groups Financial Statements:

Statement of Profit and Loss and Other Comprehensive - Mopani Copper Mine Plc

ZMW'000

2023

2022

Revenue

11,552,419

11,854,038

Gross loss

(3,823,174)

(2,711,461)

Operating loss

    (4,641,984)

    (2,814,464)

Net finance cost

     (4,616,657)

     (2,238,476)

Loss before tax

 (9,258,641)

 (5,052,940)

Loss for the year

 (9,258,641)

 (5,052,940)

 

 

Statement of Financial Position - Mopani Copper Mine Plc

2023

2022


ZMW'000

ZMW'000

Property, plant, and equipment

 14,046,652

 15,384,497

Inventories

   3,489,128

   4,836,680

Trade and other receivables

   3,137,546

   2,616,620

Environmental Protection Fund

       147,553

        94,433

Cash and cash equivalents

        58,367

        159,584

Total assets

20,879,246

23,091,814

 



Equity and liabilities

 

 

Capital and reserves

  (40,874,301)

  (14,981,992)

Borrowings

 46,294,653

 28,341,270

Trade and other payables

   12,024,439

   7,245,750

Bank overdraft

        1,095,462

        678,900

Retirement benefits

      181,307

      312,796

Provisions

536,867

376,431

Provisions for environmental rehabilitation

   1,620,819

   1,118,659

Total equity and liabilities

20,879,246

23,091,814

 

As we reflect on the fiscal year 2023, it's essential to address the challenges and strategic developments that have shaped our journey. Mopani Copper Mines plc (MCM), a significant part of our portfolio, recorded a loss of ZMW 9.25 billion (US$451.11 million), a marked increase from the previous year's ZMW 5.05 billion loss (US$296.36 million loss). This was primarily due to decreased copper production, which fell from 72,694 tons in 2022 to 65,602 tons in 2023. Key factors contributing to this downturn included limited equipment availability, delayed development affecting ore sources, and multiple outages at our fixed plants across all shafts.

 

In response to these challenges, our total capital expenditure for the year was US$35 million, focused on sustaining and expanding projects to ensure future growth. Despite these hurdles, we are committed to improving our operational efficiency and production capacity. To this end, we have outlined Mopani's expansion capital projects, with full commissioning expected by 2027, aimed at significantly enhancing Mopani's production profile.

 

After the year end, a significant development was recorded at an extraordinary meeting held on 23 February 2024, where shareholders approved a strategic investment by International Resources Holding Limited (IRH) through its subsidiary, Delta Mining Limited, acquiring a 51% interest in Mopani. This US$1.1 billion investment comprises US$620 million in new equity capital and US$ 400 million shareholder loans. This transaction, aligned with our strategic focus, promises to bolster Mopani's financial and operational resilience.

 

The investment by IRH is structured to address and streamline Mopani's financial obligations effectively. Key steps include Delta subscribing to new shares, resulting in a significant capital infusion of US$ 620 million, and a comprehensive strategy to manage existing Glencore debts, including repayment plans and the termination of previous off-take agreements. This investment will ensure Mopani's stable growth moving forward.

 

(ii)      Kansanshi Royalty Model

 

At an Extraordinary General Meeting ("EGM") held 31st March 2023, the shareholders of ZCCM-IH approved an agreement for a royalty transaction between ZCCM-IH and First Quantum Minerals Limited. The transaction involved ZCCM-IH's conversion of its 20% equity interest in Kansanshi Mining Plc into a 3.1% life of mine royalty. The transaction also provides for 20% of the KMP VAT refunds as at June 30, 2022, to be paid to ZCCM-IH, as and when these are received by KMP from the ZRA. Accordingly, the ZCCM-IH's 3.1% life of mine royalty has been reclassified as financial asset held at fair value through profit or loss.

 

To date, ZCCM-IH has recorded total royalty income and VAT refund of ZMW1.2 billion (US$ 58.48 million) and ZMW170.74 million (US$8.32 million) respectively.

 

(iii)     Shareholding increase in Copperbelt Energy Corporation Plc ("CEC")

During the period under review ZCCM-IH increased its shareholding in Copperbelt Energy Corporation Plc ("CEC") from 24.1% held since 2018, to 31.07%. The increase was influenced by our strategic drive to maximize shareholder value in profitable and viable ventures; coupled with the confidence we have in CEC's projected business growth arising from its expansion into renewable energy.

 

 

 

 

 

(iv)     Konkola Copper Mines Plc (''KCM'')

 

ZCCM-IH and Vedanta Resources Group have agreed to reset the relationship which resulted in the execution of an Implementation Agreement, and a New Shareholders Agreement on 6th November 2023. Subsequently, the parties entered into a Global Settlement Agreement which effectively resolved all disputes between the parties. The legal processes to withdraw the winding up petition in the Zambian Courts and the Arbitration proceedings in South Africa are still in progress.

 

 

(v)     Mingomba Mining Limited ("MML") 

 

Mingomba Mining Limited is a partnership between Mingomba Holdings Limited 52%, EMR Capital, 28%, and ZCCM-IH, 20%. MML was established in 2023 and is currently undertaking a drilling program in the Mingomba license area in Chililabombwe, a tenement close to the Konkola Copper Mine ("KCM") and the Democratic Republic of Congo border area which was previously a part of the Lubambe mine license area.

So far, Kobold has drilled a total of about 32,322 meters in sixteen drill holes as at end of December 2023. Kobold is using Artificial Intelligence ("A.I") computer-based techniques in the exploration process, which will help fast track the process to orebody definition and thereafter, mine development.

 

(vi)     Investrust Bank Plc

 

ZCCM Investment Holdings Plc ("ZCCM-IH") holds a 71.4% stake in Investrust Bank Plc ("Investrust"). On 2 April 2024, the Bank of Zambia announced its takeover of Investrust, effective immediately. Concurrently, the Lusaka Securities Exchange (LuSE) suspended trading of Investrust shares starting 3 April 2024. ZCCM-IH is monitoring the situation and will update stakeholders on significant developments.

 

3.   OUTLOOK

 

ZCCM-IH continues to position itself to pursue more opportunities in the mining sector. As per ZCCM-IH strategy, which is focused on mining and mining related investments, the Company will continue to seek mutually beneficial partnership that will benefit the Zambian people.

By Order of the Board

Charles Mjumphi

Issued in Lusaka, Zambia on 30 April 2024

T    | +260-211-232456

 

E    | advisory@sbz.com.zm

 

W   | www.sbz.com.zm

 

Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities

Exchange and is regulated by the Securities and Exchange Commission of Zambia

                                                                                                                                                         First Issued on 12 April 2024

 

APPENDICES

US DOLLAR ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME



Unaudited

 

Audited



31 Dec

2023

 

31 Dec

2022



 

 

 



US$'000

 

US$'000

Revenue

 

 

 572,347

 

 

 701,428

Gross (loss)

 

(177,747)

 

(152,434)

Operating (loss)

 

  (154,361)

 

 (195,035)

Net finance income


(110,655)


(106,384)

Share of profit of equity accounted investees


93,646


94,026

(Loss) before tax

 

(171,370)

 

(207,393)

Income tax (expense) /credit


(52,619)


        (14,634)

(Loss)/profit for the year

 

(223,989)

 

(222,027)

Earnings per share (US$)

 

(1.39)

 

(1.38)

Basic and diluted earnings per share (US$)

 

        (1.39)

 

        (1.38)


 

 

 

 

 

US$ ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

 



Unaudited

 

Audited



31 Dec

2023

 

31 Dec

2022



US$'000

 

US$'000

Investment income

 

103,717

 

Revenue from contracts with customers

 

1,129

 

Operating profit

 

127,435

 

Net finance income


   145,162


  25,851

Profit before tax

 

272,597

 

  263,639

Income tax credit/(expense)


         (52,619)


Profit for the year

 

219,978

 

 


 



Earnings per share (US$)

 

1.37

 

1.55

Basic and diluted earnings per share (US$)

 

1.37

 

        1.55

 


 

US DOLLAR ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION

 

 

 

 

Unaudited

 

Audited

 

 

 

31 Dec 2023

 

31 Dec 2022

 

 

US$'000

 

US$'000

Assets





Property, plant, and equipment


         434,192


756,962

Exploration and evaluation asset


             1,998


2,767

Intangible assets


         121,296


            189,407

Investment property


             8,102


     11,120

Investments in associates


392,105


840,596

Financial assets at fair value through profit or loss


117,278


        69,375

Financial assets at fair value through OCI


553,823


-

Trade and other receivables


         173,922


162,390

Environmental Protection Fund


             5,731


5,231

Deferred tax assets


                    -  


6,805

Inventories


         137,991


         295,855

Trade and other receivables


           24,917


   42,256

Term deposits


           171,337


295,815

Cash and cash equivalents


         17,496


18,234

Assets held for sale


48,487


116,536

Total assets

 

2,208,675

 

   2,813,349

 

Equity and liabilities

 




Capital and reserves


(229,272)


541,639

Borrowings


1,690,255


1,522,053

Deferred tax liabilities


           28,570


-

Retirement benefits


             1,046


10,134

Provisions for environmental rehabilitation


           67,646


67,640

Bank overdraft


           42,548


38,118

Borrowings


           -


47,883

Trade and other payables


         474,079


412,750

Provisions


           24,870


27,015

Current tax liabilities


5,013


         10,533

Retirement benefits


             6,671


7,707

Liabilities directly associated with assets classified as held for sale


           97,249


         127,877

Total equity and liabilities


2,208,675

 

   2,813,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The Statement of Financial Position has been translated using the rate of K25.75/US$.

 

US DOLLAR ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION

 

 

 

 

Unaudited

 

Audited

 

 

31 Dec 2023

 

31 Dec 2022

 

 

US$'000

 

US$'000

Assets





Property, plant, and equipment


4,297


7,408

Intangible assets


           67


            198

Investment property


    8,102


    11,120

Investments in subsidiaries


7,857


22,437

Investments in associates


435,828


900,507

Financial assets at fair value through profit or loss


117,278


69,375

Financial assets at fair value through OCI


553,823



Trade and other receivables


178,140


53,076

Deferred tax assets


-


14,345

Inventory


-


830

Trade and other receivables


11,196


9,629

Term deposits


171,337


295,815

Cash and cash equivalents


2,375


2,525

Assets held for sale


-


8,071

Total assets

 

1,490,300

 

   1,395,336

 

 

 

 

 

Equity and liabilities

 

 

 

 

Capital and reserves


1,452,082


1,369,440

Deferred tax assets


23,283


-

Retirement benefits


675


514

Provisions for environmental rehabilitation


2,117


2,180

Trade and other payables


3,041


6,703

Provisions


4,018


        6,021

Current tax liabilities


5,084


        10,478

Total equity and liabilities


     1,490,300

 

   1,395,336

 

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