3rd Quarter Results

ZCCM Invs.Hldgs PLC 29 July 2003 ENCLOSURE 3 ZCCM Investments Holdings Plc Incorporated in the Republic of Zambia Directors' Quarterly Summary incorporating Financial Results for the quarter ended 31 March 2003 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 & Minerals Development Dr A C J Sichinga Permanent Secretary Ministry of Energy & Water Development Dr A Mwenda (Resigned in December 2002) Deputy Governor - Operations Bank of Zambia Dr D H Kalyalya (Appointed with effect from 5 December 2002) 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 Financial Analyst K K Mulaisho Committee Secretary Environmental Manager J Makumba 2 ZCCM INVESTMENTS HOLDINGS PLC and subsidiary companies DIRECTORS' QUARTERLY SUMMARY ZCCM-IH group Sales of K24,722 million were achieved during the quarter ended 31 March 2003 compared to K59,937 million at March 2002. There was a also a reduction in group operational expenditure of K35,924 million as recorded during the quarter. A net operating loss of K11,202 millon was incurred in the quarter, compared to K38,407 million loss last year. However, exchange losses amounting to K207,552 million were recorded on an account of the Kwacha's depreciation during the quarter. The loss after tax for the quarter was K197,807 million compared to K66,086 million last year. The Government of the Republic of Zambia (GRZ) announced during the quarter under review that it had commenced negotiations for the sale of Roan Antelope Mining Corporation of Zambia Plc (In Receivership) with Messrs J & W of Switzerland. Furthermore, it was announced by GRZ in May 2003 that Sterlite Industries Limited of India had been awarded preferred bidder status as a prospective equity partner into Konkola Copper Mines Plc (KCM). As a result ZCCM-IH, GRZ, Zambia Copper Investments Ltd (ZCI) and KCM will now enter into detailed negotiations with Sterlite Industries Ltd. Subsequent to the quarter end under review, Dr M W Lewanika and Mr G P Mukala, Permanent Secretary, Ministry of Mines and Minerals Development and Permanent Secretary, Ministry of Energy and Water Development have replaced Mr S Mpishi and Dr A C J Sichinga, respectively, on the Company Board of Directors. By Order of the Board W S Musama Company Secretary ZCCM INVESTMENTS HOLDINGS PLC GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 31 MARCH 2003 QUARTER ENDED QUARTER ENDED 31 MAR '03 31 MAR '02 notes K' million K' million ------------ ------------ Sales 1 24,722 59,937 Cost of 2 (35,924) (98,344) sales Operating (11,202) (38,407) profit/(loss) Other 2,832 19,754 income Exchange gain (207,552 ) (41,010) /(loss) Environmental (2,350) (4,903) expenses Interest 12,042 (1,572) reversal/ (charge) Interest 453 291 income Dividend 10,761 receivable Royalty on (359) (110) minerals Profit/(loss) (195,375) (65,957) before taxation Income tax (2,432) (129) Retained (197,807) (66,086) profit/(loss) Notes: 1 & 2 Represents revenue /sales and administrative costs/cost of sales for the Company and its subsidiaries. 3 The exchange rates applied are : March 2003 :US$= K4912 March 2002 :US$=K3967 December 2002 :US$=K4368 ZCCM INVESTMENTS HOLDINGS PLC GROUP BALANCE SHEET As at 31 Mar As at 31 Mar '03 '02 K' million K' million Current assets Bank & cash 70,966 40,827 Inventories 48,513 53,014 Metal debtors 0 99,168 Other debtors 190,682 149,329 -------------- ----------- Total current assets 310,161 342,338 Current liabilities Creditors Local 61,333 122,570 Overseas 106,119 33,362 Provisions 312,546 249,636 Taxation 9,864 2,845 Bank overdraft 0 118 -------------- ----------- Total current liabilities 489,862 408,531 Net current assets/(liabilities) (179,701) (66,193) Long term receivables 112,984 329,294 Investments 472,080 192,232 Fixed assets 33,624 256,238 Long term borrowings (1,241,106) (1,627,578) Grants/others (4,010) (94,385) Subordinated loan (865,445) (865,445) -------------- ----------- Total Net Liabilities (1,671,574) (1,875,837) -------------- ----------- Financed by: Share capital 909 893 Reserves (1,672,483) (1,876,730) -------------- ----------- Total shareholders' funds (1,671,574) (1,875,837) -------------- ----------- ZCCM INVESTMENTS HOLDINGS PLC GROUP CASH FLOW STATEMENT Quarter ended Quarter ended 31 Mar '03 31 Mar '02 K' million K' million Operating activities Cash received from customers 33,073 28,278 Cash paid to suppliers and employees (42,070) (42,573) ------- --------- Net cash generated from operating activities (8,997) (14,295) Interest received 753 308 Interest paid 4 (182) Taxation paid (3,682) (475) ------- --------- (2,933) (349) Net cashflow from operating activities (11,930) (14,644) Investing activities Purchase of fixed assets (6,897) (12,964) Proceeds from sale of fixed assets 59 4,720 Proceeds from sale of operating units 201 6,858 ------- --------- (6,637) (1,386) Financing activities Long term borrowings received 32,560 19,832 Long term borrowing paid (21,714) - Grants 10,655 2,235 ------- --------- Net cashflow from investing activities 21,501 22,067 Dividend received 9,921 - ------- --------- 31,422 22,067 Net cash inflow/(outflow) for period 12,855 6,037 Cash balances at start of period Cash and bank balances 58,046 27,581 Bank overdrafts 0 (323) ------- --------- 58,046 27,258 Cash balances at end of period Cash and bank balances 70,911 33,413 Bank overdrafts 10 (118) ------- --------- 70,911 33,295 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 7 This information is provided by RNS The company news service from the London Stock Exchange

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