2nd Quarter results

ZCCM Invs.Hldgs PLC 28 January 2003 ZCCM Investments Holdings Plc Incorporated in the Republic of Zambia Directors' Quarterly Summary incorporating Financial Results for the quarter ended 30 September 2002 DIRECTORS Mr G K Chibuye (Non-Executive) Chairman of the Board Mr D S Diangamo Acting Secretary to the Treasury Ministry of Finance and National Planning Mr S Mpishi Permanent Secretary Ministry of Mines and Minerals Development Dr A C J Sichinga Permanent Secretary Ministry of Energy & Water Development Dr A Mwenda Deputy Governor - Operations Bank of Zambia Mr E Mutale General Secretary Mineworkers' Union of Zambia Company Secretary W S Musama Management Committee General Manager M Shandavu -Chairman Company Secretary W S Musama 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 Financial Analyst K K Mulaisho -Committee Secretary Environmental Manager J Makumba ZCCM INVESTMENTS HOLDINGS PLC and its subsidiary companies DIRECTORS' QUARTERLY SUMMARY ZCCM - IH Group sales of K92 781 million achieved during the quarter ended 30 September 2002 represented sales growth of 41% on the September 2001 quarter sales of K65 497 million. However an increased group operational expenditure of K109 433 million was recorded during the quarter ended 30 September 2002 compared to K91 403 million for the quarter ended 30 September 2001 which was largely attributed to exchange rate depreciation. A net operating loss of K16 652 million was incurred against the loss of K25 906 million in the quarter ended 30 September 2001. The reduction of the loss was due to the considerable increase in sales. Although there has been a significant increase in the exchange losses to K22 963 million from K6 918 million in the quarter ended 30 September 2001, the profit of K57 047million on investments had the effect of contributing to the reported profit of K10 749 million in the quarter as opposed to a loss of K33 252 million for the quarter ended 30 September 2001. The company increased its shareholding in Konkola Copper Mines plc (KCM) to 42% following the restructuring of KCM that was completed on 17 September 2002. The restructuring of KCM coupled with the disposal of Smelterco has resulted in a profit on investments of K57 047 million. During the quarter under review, Mr E Mutale, General Secretary of Mineworkers' Union of Zambia (MUZ), was appointed a Director of the Company replacing Hon D Kombe who had resigned in January 2002. Since the end of the quarter, Dr D H Kalyalya, Deputy Governor - Operations, at Bank of Zambia was appointed a Director of the Company, replacing Dr A Mwenda who resigned in December 2002. In addition Mr M Shandavu, General Manager, has gone on leave pending his retirement on 31 March 2003. By Order of the Board W S Musama Company Secretary Lusaka 27 January 2003 ZCCM INVESTMENTS HOLDINGS PLC GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 30 SEPT 2002 QUARTER ENDED QUARTER ENDED 30 SEPT '02 30 SEPT '01 notes K Million K Million Sales 1 92781 65497 Cost of sales 2 -109433 -91403 Operating profit/(loss) -16652 -25906 Other income 60830 4616.4 Exchange gain/(loss) -22963 -6918 Environmental expenses -3055 -4074 Interest charge -9985 -9705.8 Interest income 781 1527.7 Dividend receivable 3698 7508 Royalty on minerals -359 -295 Profit/(loss) before taxation 122945 -33247 Income tax -1546 -5 Retained profit/(loss) 10749 -33252 Notes: 1 & 2 Represents revenue /sales and adminstrative cos/cost of sales for the Company and its subsidiaries. 3 The exchange rates applied are : June 2002 :US$=K4516 September 2002 :US$=K4593 September 2001 :US$=K3754 ZCCM INVESTMENTS HOLDINGS PLC GROUP BALANCE SHEET As at 30 Sept '02 As at 30 Sept '01 K million K million Current assets Bank & cash 48535 63428 Inventories 40883 50432 Metal debtors 0 92289 Other debtors 266531 84012 Total current assets 355949 290161 Current liabilities Creditors local 55747 90154 Overseas 53267 17172 Provisions 285930 326563 Taxation 8667 864 Bank overdraft 104 1874 Total current liabilities 403715 436627 Net current assets/(liabilities) -47765.96092 -146466 Long term receivables 105647 311591 Investments 472063 150022 Fixed assets 30262 273067 Long term borrowings -1627611.43 -1439082 Grants/others -4342 -5742 Subordinated loan -865445 -865445 Total Net Liabilities -1937192.194 -1722055 Financed by: Share capital 893 893 Reserves -1938084.517 -1722948 Total shareholders' funds -1937191.517 -1722055 ZCCM INVESTMENTS HOLDINGS PLC GROUP CASH FLOW STATEMENT Quarter ended Quarter ended 30 Sept '02 30 Sept '01 K Million K Million Operating activities Cash received from customers 57740.49 66154 Cash paid to suppliers and employees -74530 -108686 Net cash generated from operating activities -16790 -42532 Interest received 791 1531 Interest paid 0 0 Taxation paid -570 -559 221 972 Net cashflow from operating activities -16569 -41560 Investing activities Purchase of fixed assets -13816 -37889 Proceeds from sale of fixed assets 214 0 Proceeds from sale of operating units -7331 0 -20933 -37889 Financing activities Long term borrowings received 35015 100914 Long term borrowing paid -12735 0 Grants 4219 0 Net cashflow from investing activities 26499 100914 Dividend received 4257 7508 30756 Net cash inflow/(outflow) for period -6745 28973 Cash balances at start of period Cash and bank balances 55175 32753 Bank overdrafts 0 -172 55175 32581 Cash balances at end of period Cash and bank balances 48535 63428 Bank overdrafts -105 -1874 48430 61554 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) 245008 245117 245118 245054 245160 245155 245319 245322 Fax Numbers 260 (02) 245363 245364 245473 E-mail:corporate@zccm-ih.com.zm END 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