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Zccm Inv.Hds.B (ZCC)
HalfYearly Directors' Summary
ZCCM Invs.Hldgs PLC
31 March 2007
ZCCM INVESTMENTS HOLDINGS PLC
_____________________________________________________________________________
Directors' Half Yearly Summary
incorporating Financial Results
for the period ended 31 December 2006
_____________________________________________________________________________
DIRECTORS
Mr G K Chibuye (Non-Executive)
Chairman of the Board
Mr C Evans Chibiliti
Director
Mr L Nkhata
Director
Dr B Nsemukila
Director
Dr D H Kalyalya
Director
Mr O B Munyenyembe
Director
Mrs L I Ng'andwe
Director
MANAGEMENT COMMITTEE
Chief Executive Officer Chairman
Mr J M Chikolwa
Company Secretary
Mr W S Musama
Technical Investments Manager
Mr J M D Patterson
Finance and Investments Manager
Mr Z Zekko
Legal Investments Manager
Mr J K Kaite
Technical Investments Officer
Mr W K Katoto
Environmental Manager
Mr J Makumba
Financial Analyst
Mr K K Mulaisho Committee Secretary
ZCCM INVESTMENTS HOLDINGS Plc
and its subsidiaries company
DIRECTORS' HALF YEARLY SUMMARY
For the period ended 31st December 2006
The accompanying unaudited consolidated interim financial statements are for the
six month period to 31 December 2006. The financial results for AHC Mining
Municipal Services Limited (AHC-MMS), a discontinued operation, have not been
included in the consolidation for the period to 31 December 2006; the effect of
the discontinued operations have been highlighted in the Group Profit and Loss
account.
The ZCCM-IH Group achieved a turnover of K75,415 million during the six month
period ended 31 December 2006 compared to K81,405 million for the six months to
31 December 2005. The group recorded operational expenditure of K68,233 during
the period under review compared to K71,602 million for the corresponding period
last year.
The results for the period, excluding the discontinued operation, are further
analysed as follows:
There was an increase in the groups turnover, from K45,241 million for the
period to 31 December 2005 to K75,415 million for the period to 31 December 2006
mainly as a result of dividends receivable of K13,267 million (K3,777 million
for the six month to December 2005) price participation income of K12,089
million (of which none was earned in the six months to 31st December 2005) and
lime sales by Ndola Lime Limited which increased from K37,199 million for the
period to 31st December 2005 to K47,091 million for the period to 31 December
2006. In addition to product price increases, Ndola Lime experienced a 16%
increase in lime production, from the comparable six monthly period.
The increase in the cost of turnover resulting in a negative variance of K24,928
million over the 2005 corresponding period was largely attributed to increased
operating costs at Ndola Lime Company, specifically relating to an increase in
the quantity of Heavy Fuel Oil (HFO) consumed following exclusive use of the
rotary kiln during the period from September to December 2006.
As a result of the above, an operating profit of K7,182 million was recorded in
the period under review compared to a profit of K1,936 million in the period to
31 December 2005.
The retained loss of K171,581 million (compared to K218,591 million for the
period to December 2005) was mainly on account of exchange losses arising from
the translation of our foreign currency denominated liabilities.
By Order of the Board
W S Musama
Company Secretary
Lusaka
21 March 2007
ZCCM INVESTMENTS HOLDINGS PLC
GROUP PROFIT/( LOSS) ACCOUNT FOR THE SIX MONTHS ENDED 31 DECEMBER 2006
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED ENDED
31 December 31 December 31 December 31December
2006 2005 2005 2005
Consolidated Continuing Discontinuing Consolidated
operation operation
---
notes K' million K' million K' million K' million
------------ ------------ ------------ ------------
Turnover 1 75,415 45,241 36,164 81,405
Cost of
turnover 2 (68,233) (43,305) (28,297) (71,602)
Operating
profit/(loss) 7,182 1,936 7,867 9,803
Exchange (loss)/gain (166,008) 215,670 0 215,670
Environmental expenses (8,522) (8,263) 0 (8,263)
Interest charge (3,990) (530) (212) (742)
Interest income 2,198 4,450 0 4,450
Royalty on minerals (950) (739) 0 (739)
Profit/(loss)
before taxation (170,090) 212,524 7,655 220,179
Income tax (1,491) (1,588) 0 (1,588)
Retained profit/(loss) (171,581) 210,936 7,655 218,591
Notes:
1 & 2 Represents Revenue /Sales and administrative costs/cost of sales for
the Company and its subsidiary
3 The exchange rates applied are :
31 Dec 2006 US$ = K4415
31 Dec 2005 US$ = K3538
The discontinued operation relates to AHC Minning Municipal Services
Limited (AHC-MMS)
ZCCM INVESTMENTS HOLDINGS PLC
GROUP BALANCE SHEET As at 31 As at 31
December 2006 December 2005
K' million K' million
Current assets
Bank & cash 74,640 67,254
Inventories 35,357 26,451
Other debtors 359,573 379,906
------------------ ------------------
Total current assets 469,569 473,611
Current liabilities
Creditors (57,101) (44,094)
Provisions (306,946) (330,432)
Taxation (467) (3,154)
Bank overdraft (1,016) 0
------------------ ------------------
Total current liabilities (365,529) (377,680)
Net Current Assets 104,040 95,931
Long term receivables 20,285 47,180
Investments 479,368 368,662
Fixed assets 14,456 134,464
Long term borrowings (1,214,798) (999,257)
Grants/others 0 0
Subordinated loan (865,445) (865,445)
------------------ ------------------
Total Net Liabilities (1,462,094) (1,218,465)
------------------ ------------------
Financed by:
Share capital 893 913
Reserves (1,473,018) (1,222,416)
Grant reserves 10,031 3,038
------------------ ------------------
Total shareholders' funds (1,462,094) (1,218,465)
------------------ ------------------
ZCCM INVESTMENTS HOLDINGS PLC
GROUP CASH FLOW STATEMENT
six months to six months to
31 Dec 2006 31 Dec 2005
K' million K' million
Operating activities
Cash received from customers 7,691 47,322
Cash paid to suppliers and employees (27,193) (73,792)
---------- ----------
Net cash generated from operating activities (19,502) (26,470)
Other operating income 8,966 -
Interest received on investment activities 2,198 9,086
Interest paid on borrowing (4,734) (800)
Taxation paid (2,729) (2,692)
---------- ----------
3,701 5,594
Net cashflow from operating activities (15,801) (20,876)
Investing activities
Purchase of investments and fixed assets (11,128) (25,290)
Proceeds from sale of fixed assets 352 -
---------- ----------
(10,776) (25,290)
Financing activities
Long term borrowings received 6,867 -
Long term borrowing paid - (918)
Grants 2,182 35,530
---------- ----------
Net cashflow from investing activities 9,049 34,612
Dividend received 12,175 854
---------- ----------
21,224 35,466
Net cash inflow/(outflow) for period (5,353) (10,700)
Cash balances at start of period
Cash and bank balances 83,403 77,954
Bank overdrafts (4,426) -
---------- ----------
78,977 77,954
Cash balances at end of period
Cash and bank balances 74,640 67,254
Bank overdrafts (1,016) -
---------- ----------
73,624 67,254
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. 0208639 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) 222638
222639
222640
E-mail:corporate@zccm-ih.com.zm
This information is provided by RNS
The company news service from the London Stock Exchange