HalfYearly Directors' Summary

ZCCM Invs.Hldgs PLC 31 March 2007 ZCCM INVESTMENTS HOLDINGS PLC _____________________________________________________________________________ Directors' Half Yearly Summary incorporating Financial Results for the period ended 31 December 2006 _____________________________________________________________________________ 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 Chief Executive Officer Chairman Mr J M Chikolwa Company Secretary Mr W S Musama 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 subsidiaries company DIRECTORS' HALF YEARLY SUMMARY For the period ended 31st December 2006 The accompanying unaudited consolidated interim financial statements are for the six month period to 31 December 2006. The financial results for AHC Mining Municipal Services Limited (AHC-MMS), a discontinued operation, have not been included in the consolidation for the period to 31 December 2006; the effect of the discontinued operations have been highlighted in the Group Profit and Loss account. The ZCCM-IH Group achieved a turnover of K75,415 million during the six month period ended 31 December 2006 compared to K81,405 million for the six months to 31 December 2005. The group recorded operational expenditure of K68,233 during the period under review compared to K71,602 million for the corresponding period last year. The results for the period, excluding the discontinued operation, are further analysed as follows: There was an increase in the groups turnover, from K45,241 million for the period to 31 December 2005 to K75,415 million for the period to 31 December 2006 mainly as a result of dividends receivable of K13,267 million (K3,777 million for the six month to December 2005) price participation income of K12,089 million (of which none was earned in the six months to 31st December 2005) and lime sales by Ndola Lime Limited which increased from K37,199 million for the period to 31st December 2005 to K47,091 million for the period to 31 December 2006. In addition to product price increases, Ndola Lime experienced a 16% increase in lime production, from the comparable six monthly period. The increase in the cost of turnover resulting in a negative variance of K24,928 million over the 2005 corresponding period was largely attributed to increased operating costs at Ndola Lime Company, specifically relating to an increase in the quantity of Heavy Fuel Oil (HFO) consumed following exclusive use of the rotary kiln during the period from September to December 2006. As a result of the above, an operating profit of K7,182 million was recorded in the period under review compared to a profit of K1,936 million in the period to 31 December 2005. The retained loss of K171,581 million (compared to K218,591 million for the period to December 2005) was mainly on account of exchange losses arising from the translation of our foreign currency denominated liabilities. By Order of the Board W S Musama Company Secretary Lusaka 21 March 2007 ZCCM INVESTMENTS HOLDINGS PLC GROUP PROFIT/( LOSS) ACCOUNT FOR THE SIX MONTHS ENDED 31 DECEMBER 2006 SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED ENDED 31 December 31 December 31 December 31December 2006 2005 2005 2005 Consolidated Continuing Discontinuing Consolidated operation operation --- notes K' million K' million K' million K' million ------------ ------------ ------------ ------------ Turnover 1 75,415 45,241 36,164 81,405 Cost of turnover 2 (68,233) (43,305) (28,297) (71,602) Operating profit/(loss) 7,182 1,936 7,867 9,803 Exchange (loss)/gain (166,008) 215,670 0 215,670 Environmental expenses (8,522) (8,263) 0 (8,263) Interest charge (3,990) (530) (212) (742) Interest income 2,198 4,450 0 4,450 Royalty on minerals (950) (739) 0 (739) Profit/(loss) before taxation (170,090) 212,524 7,655 220,179 Income tax (1,491) (1,588) 0 (1,588) Retained profit/(loss) (171,581) 210,936 7,655 218,591 Notes: 1 & 2 Represents Revenue /Sales and administrative costs/cost of sales for the Company and its subsidiary 3 The exchange rates applied are : 31 Dec 2006 US$ = K4415 31 Dec 2005 US$ = K3538 The discontinued operation relates to AHC Minning Municipal Services Limited (AHC-MMS) ZCCM INVESTMENTS HOLDINGS PLC GROUP BALANCE SHEET As at 31 As at 31 December 2006 December 2005 K' million K' million Current assets Bank & cash 74,640 67,254 Inventories 35,357 26,451 Other debtors 359,573 379,906 ------------------ ------------------ Total current assets 469,569 473,611 Current liabilities Creditors (57,101) (44,094) Provisions (306,946) (330,432) Taxation (467) (3,154) Bank overdraft (1,016) 0 ------------------ ------------------ Total current liabilities (365,529) (377,680) Net Current Assets 104,040 95,931 Long term receivables 20,285 47,180 Investments 479,368 368,662 Fixed assets 14,456 134,464 Long term borrowings (1,214,798) (999,257) Grants/others 0 0 Subordinated loan (865,445) (865,445) ------------------ ------------------ Total Net Liabilities (1,462,094) (1,218,465) ------------------ ------------------ Financed by: Share capital 893 913 Reserves (1,473,018) (1,222,416) Grant reserves 10,031 3,038 ------------------ ------------------ Total shareholders' funds (1,462,094) (1,218,465) ------------------ ------------------ ZCCM INVESTMENTS HOLDINGS PLC GROUP CASH FLOW STATEMENT six months to six months to 31 Dec 2006 31 Dec 2005 K' million K' million Operating activities Cash received from customers 7,691 47,322 Cash paid to suppliers and employees (27,193) (73,792) ---------- ---------- Net cash generated from operating activities (19,502) (26,470) Other operating income 8,966 - Interest received on investment activities 2,198 9,086 Interest paid on borrowing (4,734) (800) Taxation paid (2,729) (2,692) ---------- ---------- 3,701 5,594 Net cashflow from operating activities (15,801) (20,876) Investing activities Purchase of investments and fixed assets (11,128) (25,290) Proceeds from sale of fixed assets 352 - ---------- ---------- (10,776) (25,290) Financing activities Long term borrowings received 6,867 - Long term borrowing paid - (918) Grants 2,182 35,530 ---------- ---------- Net cashflow from investing activities 9,049 34,612 Dividend received 12,175 854 ---------- ---------- 21,224 35,466 Net cash inflow/(outflow) for period (5,353) (10,700) Cash balances at start of period Cash and bank balances 83,403 77,954 Bank overdrafts (4,426) - ---------- ---------- 78,977 77,954 Cash balances at end of period Cash and bank balances 74,640 67,254 Bank overdrafts (1,016) - ---------- ---------- 73,624 67,254 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. 0208639 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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