4th Quarter Results

ZCCM Invs.Hldgs PLC 30 October 2002 ZCCM Investments Holdings Plc Incorporated in the Republic of Zambia Directors' Quarterly Summary incorporating Financial Results for the quarter ended 30 June 2002 DIRECTORS Mr G K Chibuye (Non-Executive) Chairman of the Board Mr B Nonde Secretary to the Treasury Ministry of Finance and National Planning Mr S Mpishi Permanent Secretary Ministry of Mines & Minerals Development Dr A Mwenda Deputy Governor - Operations Bank of Zambia Ms J Mapoma Permanent Secretary Ministry of Energy & Water Development 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 subsidiary companies ZCCM INVESTMENTS HOLDINGS PLC DIRECTORS' QUARTERLY SUMMARY ZCCM-IH Group sales of K86 347 million achieved during the quarter ended 30 June 2002 represented sales growth of 44% on the previous quarter sales of K59 937 million. However, due to poor commodity market fundamentals and the subsequent charge for the impairment of assets, an increased group operational expenditure of K200 594 million was recorded during the quarter ended 30 June 2002. Consequently, a net loss of K230 069 million was incurred against the previous quarter loss of K66 086 million. The Company increased its shareholding in Konkola Copper Mines plc (KCM), to 42% following the exit of Anglo American Corporation, the International Finance Corporation, and CDC Capital Partners, as per the restructuring of KCM that was completed on 17 September 2002. Since the end of the quarter under review, Mr D S Diangamo and Dr A C J Sichinga, Secretary to the Treasury - Ministry of Finance and National Planning, and Permanent Secretary - Ministry of Energy and Water Development, respectively, have replaced Mr B Nonde and Ms J Mapoma, on the Company Board of Directors. By Order of the Board W S Musama Company Secretary Lusaka October 2002 ZCCM INVESTMENTS HOLDINGS PLC GROUP PROFIT/(LOSS) ACCOUNT FOR THE QUARTER ENDED 30 JUNE 2002 QUARTER ENDED 12 MONTHS TO 30 JUNE '02 30 JUNE '02 notes K Million K Million Sales 1 86,347 281,040 Cost of sales 2 (200,594) (511,726) Operating profit/(loss) (114,247) (230,686) Other income 3 15,343 70,414 Exchange gain/(loss) (109,618) (171,763) Environmental expenses (3,649) (17,712) Impairment of Investments 4 (11,875) (11,875) Interest charge (13,491) (36,249) Interest income 679 2,147 Dividend receivable 10,003 17,358 Royalty on minerals (368) (1,048) Profit/(loss) before taxation (227,223) (379,414) Income tax (2,846) (4,591) Retained profit/(loss) (230,069) (384,005) Notes: 1 & 2 Represents revenue/sales and adminstrative cost/cost of sales for the Company and its subsidiaries. Group sales are higher in this quarter due to improved sales at Smelterco (aproximately three times the sales of the second quarter). Other income includes sale of shares at Kansanshi Mines Plc by ZCCM IH plc. 3 Other income includes interest on Konkola Copper Mines Deferred debt of K 8,000 million and a refund from the Belgian social security authority, of K 3,450 million. 4 Investment impairment charge arose from the revaluation of investments in Mopani Copper Mines Plc and Chambishi Metals Plc following the impairment adjustments effected by the two associate companies on their asset bases. 5 The exchange rates applied are: June 2002 :US$=K4516 March 2002 :US$=K3967 December 2001 :US$=K3800 September 2001 :US$=K3754 June 2001 :US$=K3733 ZCCM INVESTMENTS HOLDINGS PLC GROUP BALANCE SHEET As at 30 June '02 As at 30 June '01 K million K million Current assets Bank & cash 55,060 34,091 Inventories 28,924 44,352 Metal debtors 0 108,568 Other debtors 113,952 68,368 Total current assets 197,936 255,379 Current liabilities Creditors local 137,892 65,627 Overseas 18,915 17,173 Provisions 63,310 263,815 Taxation 4,693 2,027 Bank overdraft 0 172 Total current liabilities 224,810 348,814 Net current assets/(liabilities) (26,874) (93,435) Long term receivables 381,892 309,987 Investments 251,396 150,033 Fixed assets 412,723 128,304 Long term borrowings (2,066,609) (1,342,500) Grants/others (110,326) (93,088) Subordinated loan (865,445) (865,445) Total Net Liabilities (2,023,243) (1,806,144) Financed by: Share capital 893 893 Reserves (2,024,136) (1,807,037) Total shareholders' funds (2,023,243) (1,806,144) ZCCM INVESTMENTS HOLDINGS PLC GROUP CASH FLOW STATEMENT Quarter ended 12 months to 30 June '02 30 June '02 K Million K Million Operating activities Cash received from customers 153,856 361,954 Cash paid to suppliers and employees (456,760) (747,987) Net cash generated from operating activities (302,904) (386,033) Interest received 308 2,529 Interest paid (182) (382) Taxation paid (93) (1,602) 33 545 Net cashflow from operating activities (302,871) (385,488) Investing activities Purchase of fixed assets (64,731) (158,824) Proceeds from sale of fixed assets 10,403 22,673 Proceeds from sale of shares in subsidiary - 6,858 Net cashflow from investing activities (54,328) (129,293) Financing activities Long term borrowings received 397,474 541,903 Long term borrowing paid (27,712) (27,712) Short term borrowings received - - Short term borrowings paid - - Grants 3,087 8,996 Net cashflow from investing activities 372,849 523,187 Dividend received 6,483 13,103 Net cash inflow/(outflow) for period 22,133 21,509 Cash balances at start of period Cash and bank balances 33,413 34,091 Bank overdrafts (118) (172) 33,295 33,919 Cash balances at end of period Cash and bank balances 55,428 55,428 Bank overdrafts - - 55,428 55,428 CORPORATE LOCATIONS Registered Office UK Registrars Mukuba Pension House CAPITA IRG Plc First Floor Bourne House 5309 Dedan Kimathi Road 34 Beckenham Road PO 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 Fax No. 001 212 648 5104/5 Kitwe Office Investments House Kantanta Street PO Box 20172 Kitwe Tel Numbers 260 (02) 245008 245117 245118 245054 245160 245155 245319 245324 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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