Quarterly Results to 30 Sept.

ZCCM Invs.Hldgs PLC
12 February 2002


                        Directors' Quarterly Summary
                      incorporating Financial Results
                  for the quarter ended 30 September 2001





ZCCM - IH Group sales during the quarter ended 30 September 2001, were K65 497
million compared to K58 382 million for the quarter ended 30 September 2000.

After accounting for operating expenses of K91 403 million, exchanges losses of
K6 918 million, interest charge of K9 706 million, royalties on metals of K295
million and income tax of K5 million less interest income of K1 528 million and
dividend received of K7 508 million, the Group incurred a net loss of K33 252
million in the quarter ended 30 September 2001. This compares with a net loss of
K4 065 million incurred in the quarter of ended 30 September 2000.


The Company's trade creditors continue to be paid through funds provided to the
Company by the Government of the Republic of Zambia (the Government). For the
quarter ended 30 September 2001, the Government provided K8 000 million which
enabled the Company to pay some pre-privatisation outstanding trade creditors up
to and including supplies made in March 2000. A total amount of K74 500 million
has been disbursed as at 30 September 2001 by the Government out of a commitment
of K207 000 million made in the calendar year 2001.



                            By Order of the Board
                     W S Musama, Acting Company Secretary


Lusaka,
18 January 2002



ZCCM INVESTMENTS HOLDINGS PLC
and its subsidiary companies

GROUP PROFIT/(LOSS) ACCOUNT FOR QUARTER ENDED 30 SEPTEMBER 2001

                                                Quarter Ended     Quarter Ended
                                                 30 Sept 2001      30 Sept 2000

                                      Notes         K Million         K Million

Sales                                   1              65 497            58 382
Cost of sales                           2             (91 403)         (121 729)
Operating Loss                                        (25 906)          (63 347)
Other income                                            4 616               518
Exchange gain/(loss)                                   (6 918)           62 699
Environmental expenses                                 (4 074)           (4 020)
Interest charge                                        (9 706)            2 010
Interest income                                         1 528               171 
Dividend receivable                                     7 508                 -
Royalty on minerals                                      (295)             (290)
Loss before taxation                                  (33 247)           (2 259)

Income tax                                                 (5)           (1 806)
Retained Loss                                         (33 252)           (4 065)

Notes:

1 & 2.   Represents revenue/sales and administrative costs/cost of sales for the 
         Company and its subsidiary companies.

3.       The increase represents purchase of fixed assets mainly by subsidiary 
         companies.

4.       The increase mainly represents drawdowns by the holding Company for 
         environmental remedial expenditure as well as settlement of pre-March 
         2000 creditors.

5.       The exchange rates applied are US$1=K3754 for September 2001 and 
         US$1=K3200 for September 2000 respectively.



GROUP BALANCE SHEET

                                                        As at             As at
                                                  30 Sep 2001       30 Sep 2000

                                      Notes         K Million         K Million

CURRENT ASSETS
Bank & cash                                            63 428            66 887
Other debtors                                          84 012          1 54 606
Metal debtors                                          92 289            24 529
Inventories                                            50 432            21 399
                                          
                                                      290 161           267 421
CURRENT LIABILITIES
Local Creditors                                        90 154           122 470
Overseas Creditors                                     17 172            14 570
Provisions                                            326 563           198 741
Taxation                                                  864             1 754 
Current portion of long term debt                           0             1 240
Bank overdraft                                          1 874             8 282

                                                      436 627           347 057

Net current assets/(liabilities)                     (146 466)          (79 636)

LONG TERM RECEIVABLES                                 311 591           278 050
INVESTMENTS                                           150 022           101 761
FIXED ASSETS                            3             273 067           186 613
BORROWINGS                              4          (1 439 082)         (871 662)
GRANTS                                                 (5 742) 
SUBORDINATED LOAN                                    (865 445)         (933 281)

Total Net Liabilities                              (1 722 055)       (1 318 155)

Financed by:
Issued Share capital                                      893               893 
Reserves                                           (1 722 948)       (1 319 048)
Total shareholders' funds                          (1 722 055)       (1 318 155)



GROUP CASH FLOW STATEMENT

 
                                                Quarter ended     Quarter ended
                                                 30 Sept 2001      30 Sept 2000

                                                    K Million         K Million

Operating activities
Cash received from customers                          66 154             50 776
Cash paid to suppliers and employees                (108 686)          (113 420)
Net cash generated from operating 
 activities                                          (42 532)           (62 644)

Interest received                                      1 531                 67
Interest paid                                              0                (93) 
Taxation paid                                           (559)              (890)

Net cash outflow from operating activities           (41 560)           (63 560)

Investing activities
Purchase of fixed assets                             (37 889)            (4 467)

Financing activities
Long term borrowings received                        100 914             96 400
Dividend received                                      7 508                  0

Net cash inflow for period                            28 973             28 373

Cash balances at start of period
Cash and bank balances                                32 753             64 909
Bank Overdrafts                                         (172)              (139)

                                                      32 581             64 770

Cash balances at end of period
Cash and bank balances                                63 428             66 887
Bank overdrafts                                       (1 874)            (8 282)

                                                      61 554             58 605

    
  

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