3rd Quarter Results

ZCCM Invs.Hldgs PLC 29 June 2004 ZCCM Investments Holdings Plc Incorporated in the Republic of Zambia Directors' Quarterly Summary incorporating Financial Results for the quarter ended 31 March 2004 DIRECTORS Mr G K Chibuye (Non-Executive) Chairman of the Board Dr S Musokotwane Secretary to the Treasury Ministry of Finance and National Planning Dr M W Lewanika Permanent Secretary Ministry of Mines & Minerals Development Mr G P Mukala Permanent Secretary Ministry of Energy & Water Development Dr D H Kalyalya Deputy Governor - Operations Bank of Zambia Mr E Mutale General Secretary Mineworkers' Union of Zambia 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 Environmental Manager J Makumba Financial Analyst K K Mulaisho Committee Secretary ZCCM INVESTMENTS HOLDINGS Plc and its subsidiary companies DIRECTORS' QUARTERLY SUMMARY During the quarter ended 31 March 2004 ZCCM-IH Group sales increased to K32,466 million from K24,722 million for the quarter ended March 2003. Group operational expenditure reduced to K31,865 million during the quarter ended 31 March 2004 from K35,924 million for the quarter ended 31 March 2003. A net operating loss of K31,427 million was incurred in the quarter under review, against a loss of K197,807 million in the quarter ended 31 March 2003. The loss reported was mainly on account of quarterly exchange losses of K47,155 million due to the depreciation of the Kwacha over the period under review. In addition, an exceptional item relating to electrical power supply liability of K11,300 million had been written off the books of AHC Mining Municipal Services Limited in a tripartite Debt Swap arrangement with the Government of the Republic of Zambia and Zesco Limited. Formal negotiations with Vedanta, for the acquisition of a 51% shareholding in KCM continued during the quarter. By order of the Board W S Musama Company Secretary Lusaka 29 June 2004 ZCCM INVESTMENTS HOLDINGS PLC GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 31 MARCH 2004 QUARTER ENDED QUARTER ENDED 31 MARCH 2004 31 MARCH 2003 notes K' million K' million Sales 1 32,466 24,722 Cost of sales 2 (31,865) (35,924) Operating profit/(loss) 601 (11,202) Other income 3,487 2,832 Exchange gain/(loss) (47,155) (207,552) Environmental expenses (620) (2,350) Interest reversal / (charge) (152) 12,042 Interest income 2,921 453 Dividend receivable - 10,761 Royalty on minerals (394) (359) Exceptional Item 3 11,314 Profit/(loss) before taxation (29,998) (195,375) Income tax (1,429) (2,432) Retained profit/(loss) (31,427) (197,807) Notes: 1 & 2 Represents revenue /sales and administrative costs/cost of sales for the Company and its subsidiaries. 3 Exceptional item relates to Zesco liability written off by AHC Mining Municipal Services Ltd. 4 The exchange rates applied are : 31 March 2003 1US$ = K4912 31 December 2003 1US$ = K4500 31 March 2004 1US$ = K4737 ZCCM INVESTMENTS HOLDINGS PLC GROUP BALANCE SHEET As at 31 Mar '04 As at 31 Mar '03 K' million K' million Current assets Bank & cash 43,836 70,966 Inventories 34,364 48,513 Total current assets 368,484 310,161 Current liabilities Creditors 36,007 167,452 Provisions 309,160 312,546 Bank overdraft 374 0 Net current assets/(liabilities) 10,820 (179,701) Long term receivables 100,674 112,984 Investments 449,409 472,080 Fixed assets 66,378 33,624 Long term borrowings (1,319,107) (1,241,106) Grants/others (9,006) (4,010) Subordinated loan (865,445) (865,445) Total Net Liabilities (1,566,277) (1,671,574) Financed by: Share capital 909 909 Reserves (1,567,186) (1,672,483) Total shareholders' funds (1,566,277) (1,671,574) GROUP CASH FLOW STATEMENT ZCCM INVESTMENTS HOLDINGS PLC Quarter ended Quarter ended 31 Mar '04 31 Mar '03 K' million K' million Operating activities Cash received from customers 16,788 33,073 Cash paid to suppliers and employees (25,976) (42,070) Net cash generated from operating activities (9,188) (8,997) Interest received and other operting income 5,224 753 Interest paid (152) (4) Taxation paid (866) (3,682) 4,206 (2,933) Net cashflow from operating activities (4,982) (11,930) Investing activities Purchase of fixed assets (13,357) (6,897) Proceeds from sale of fixed assets 0 59 Proceeds from sale of operating units 0 201 (13,357) (6,637) Financing activities Long term borrowings received 8,408 32,560 Long term borrowing paid 0 (21,714) Short term borrowings received 0 - Short term borrowings paid 0 Grants 1,832 10,655 Net cashflow from investing activities 10,240 21,501 Dividend received 6,007 9,921 16,247 31,422 Net cash inflow/(outflow) for period (2,092) 12,855 Cash balances at start of period Cash and bank balances 45,928 58,046 Bank overdrafts 0 - 45,928 58,046 Cash balances at end of period Cash and bank balances 43,836 70,911 Bank overdrafts (374) (10) 43,462 70,901 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) 245018 245054 245142 245126 245320 Fax Numbers 260 (02) 245363 245364 245473 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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