We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Zccm Investments Holdings Plc | LSE:ZCC | London | Ordinary Share | ZM0000000037 | 'B' ORD ZMK10 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.6344 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Copper Ores | 11.96B | -3.76B | -23.3801 | -0.07 | 262.1M |
From Apr 2019 to Apr 2024
TIDMZCC
RNS Number : 9824H
ZCCM Invs.Hldgs PLC
13 June 2017
ZCCM INVESTMENTS HOLDINGS PLC
[Incorporated in the Republic of Zambia]
Company registration number: 771
Share Code: ZCCM-IH
ISIN: ZM0000000037
["ZCCM-IH" or "the Company"]
ABRIDGED AUDITED FINANCIAL STATEMENTS FOR THE YEARED 31
MARCH 2016
In accordance with the requirements of the Securities Act No. 41 of 2016, ZCCM-IH Plc announces its audited annual financial statements for the year ended 31 March 2016.
ABRIDGED GROUP STATEMENT OF COMPREHENSIVE INCOME YEARED 31 MARCH 2016
Hot Features
Premium
Audited Audited
2016 2015
ZMW'000 ZMW'000
----------- -----------
Revenue 198,661 241,989
----------- -----------
Gross profit 18,293 111,116
----------- -----------
Operating profit/(loss) (857,921) (2,179,453)
Net finance income 203,247 569,950
Share of (loss)/profit of equity accounted
investees (2,210,199) 280,535
----------- -----------
Loss before tax (2,864,873) (1,328,968)
Income tax credit/(expense) (47,356) 341,851
----------- -----------
Loss for the period (2,912,229) (987,117)
Items that will never be reclassified
to profit or loss
Revaluation of PPE 16,748 9,289
Deferred tax on revaluation (4,733) (3,717)
Actuarial (loss)/gain on defined benefit
pension plans 983 (101)
Deferred tax on defined benefit actuarial
loss (344) 35
Equity-accounted investees- share of
OCI (204) -
--------- ---------
12,450 5,506
Items that are or maybe reclassified
to profit or loss
Foreign currency translation differences-equity-accounted
investees 4,122,445 597,689
Equity-accounted investees- share of
OCI (266,397) -
Other comprehensive income for the year
net of tax 3,856,048 597,689
--------- ---------
Total comprehensive income for the year 956,269 (383,922)
--------- ---------
Earnings per share (K) (18.11) (6.14)
Basic and diluted earnings per share
(K) (18.11) (6.14)
ABRIDGED GROUP STATEMENT OF FINANCIAL
POSTION Audited Audited
AS AT 31 MARCH 2016 2015
ASSETS ZMW'000 ZMW'000
Property, plant and equipment
1,030,284 775,616
Intangible assets
673 1,030
Investment property
100,778 15,000
Investments in associates
6,852,955 5,886,415
Financial assets at fair value through
profit or loss
238,247 290,229
Inventories
35,349 53,097
Trade and other receivables
449,660 278,836
Deferred tax assets
698,304 646,046
Held-to-maturity investment securities
355,172 514,007
Cash and cash equivalents
35,850 43,782
--------- ---------
Total Assets 9,797,272 8,504,058
EQUITY AND LIABILITIES
Capital and Reserves
8,326,228 7,369,959
Borrowings
292,644 267,453
Deferred tax liabilities
211,786 292,820
Trade and other payables
286,271 186,299
other Provisions
139,197 98,538
Retirement benefits
44,794 50,330
Provisions for environmental rehabilitation
263,491 108,228
Current tax liabilities 232,542 130,431
Bank overdraft 319 -
--------- ---------
9,797,272 8,504,058
ABRIDGED GROUP STATEMENT OF CASH
FLOW Audited Audited
2016 2015
ZMW'000 ZMW'000
Net cash flow from operating activities 131,638 529,297
Net cash used in investing activities (75,329) (508,253)
Net cash outflow on financing (64,204) (251,625)
-------- ---------
(Decrease)/increase in cash and
cash equivalents (7,895) (230,581)
-------- ---------
Effect of movement in exchange rates
on cash held (356) -
Cash and cash equivalents at the
beginning of the year 43,782 274,363
-------- ---------
Cash and cash equivalents at the
end of the year 35,531 43,782
STATEMENT OF CHANGES IN
EQUITY
Share Share Revaluation Translation Retained Total
FOR THE YEARED
31
capital premium reserve reserve earnings
MARCH 2016
Balance at 1 April
2014 8,367
1,608 2,089,343 1,610,063 4,295,351 8,004,732
Total comprehensive
income
Profit
- - - - (987,117) (987,117)
Other comprehensive
income: -
Revaluation surplus
on PPE 9,289
9,289
Deferred tax on
revaluation reserve (3,717)
(3,717)
Currency translation
- equity accounted - - -
investees - 597,689 597,689
Amortisation of
revaluation surplus - - - - - -
Deferred tax on
revaluation reserve - (215) - -
- 215
Actuarial loss
on defined benefit - - -
- (101) (101)
Deferred tax on
defined benefit - - -
actuarial loss - 35 35
-------- --------- ----------- ----------- ----------- -----------
Total comprehensive
income - - 5,357 597,689 (986,968) (383,922)
-------- --------- ----------- ----------- ----------- -----------
Transaction with
owners of the
Company - Contributions
Payment of dividend - - - -
(250,851) (250,851)
Total transactions
with owners of
the - -
Company - - (250,851) (250,851)
-------- --------- ----------- ----------- ----------- -----------
Balance at 31 March
2015 13,724
1,608 2,089,343 2,207,752 3,057,532 7,369,959
--------- --------- ----------- ----------- ----------- -----------
Balance at 1 April
2016 1,608 2,089,343
13,724 2,207,752 3,057,532 7,369,959
Total comprehensive
income
Loss for the year
- - (2,912,229) (2,912,229)
Other comprehensive
income:
Currency translation
- equity accounted -
investees - 4,122,445 4,122,445
Revaluation surplus
on PPE 16,748
16,748
Deferred tax on
revaluation reserve (4,733)
(4,733)
Amortisation of
revaluation surplus - (941)
- 941 0
Actuarial loss
on defined benefit -
- 983 983
Share of associates'OCI 235,217
(501,818) (266,601)
Deferred tax on
defined benefit -
actuarial loss - (344) (344)
-------- --------- ----------- ----------- ----------- -----------
Total comprehensive
income - - 246,291 3,620,627 (2,910,649) 956,269
-------- --------- ----------- ----------- ----------- -----------
Balance at 31 March
2016
1,608 2,089,343 260,015 5,828,379 146,883 8,326,228
------------------------ --------- --------- ----------- ----------- ----------- -----------
Commentary
-- Performance of the Group continued to be impacted by low global copper prices coupled with low production. The price of copper on the LME further fell from US$6,052/ton at 31 March 2015 to US$4,848/ton at 31 March 2016. As a result, most of the investee companies recorded significant operating losses during the period. Further, the Kwacha depreciated by 48% from K7.5755/US$ as at 31 March 2015 to K11.1800/US$ as at 31 March 2016. This had a significant impact on the Group results.
-- Operating loss reduced by 61% to K858 million (2015: K 2,179million). The Group's share of losses of equity accounted investees was K2, 210 million (2015: Share of Profit K280 million).
-- Loss after tax was K2, 912million (2015: Loss K987million).
-- Total assets increased by 15% from K8, 504 million to K9, 797 million largely on account of translation differences on equity accounted investees.
-- The Ndola Lime recapitalization project is undergoing hot commissioning. The K651 million shareholder loan that ZCCM-IH lent to Ndola Lime Company Limited (NLC) was converted into
Equity in order to strengthen the company's balance sheet.
-- During the year, ZCCM-IH acquired an Investment Property (Trinity Park) at a cost of US$8 million. ZCCM-IH will occupy one third of the building while two thirds will continue to be rented out.
-- During the period under review, the Company was repositioned when a subsidiary that was mainly set up to undertake exploration (Mawe Exploration and Technical Services Limited) activities was scheduled for dissolution. Its activities were internalized and incorporated into a new technical department. Furthermore, the position of the CEO was enriched to be part of the Board of Directors.
-- During the year, the Ministry of Finance reduced its shareholding in ZCCM IH from 87.5% to 77.5% through a sell down process. Further the Ministry of Finance transferred part of its remaining shareholding of 60.28% to the Industrial Development Corporation (IDC) limiting its direct shareholding in ZCCM IH to only 17.25%.
-- In April 2016, ZCCM-IH fully underwrote the Investrust Rights Offer at K40m and ended up with 48.6% shareholding in the bank. Subsequently, ZCCM-IH made an application for waiver of a mandatory offer to the SEC and the SEC approved the application on condition that ZCCM-IH sold down its shareholding to below 35% by 31 October 2017. The 35% shareholding is the trigger for a mandatory offer. ZCCM-IH has since sold 3.2% of its shares in the bank and is currently at 45.4% shareholding
-- Subsequent to the period under review, in August 2016, the first 150 MW was commissioned at Maamba Collieries Thermal Power Plant and the next 150 MW was commissioned in November 2016. Maamba Collieries Limited is currently supplying 270MW to ZESCO.
-- Subsequent to year end, the ZCCM IH filed a Notice of Arbitration on 26th October 2016 in London against Kansanshi Holdings Limited and Kansanshi Mining Plc. Further, on 28th October 2016 ZCCM-IH commenced Legal Proceedings in Lusaka against First Quantum Limited, FQM Finance Limited, Philip K.R. Pascal, Arthur Mathias Pascal, Clive Newall, Martin R. Rowley and Kansanshi Mining PLC for various Claims arising from transactions between Kansanshi Mining Plc and FQM Finance Limited.
Outlook
The Copper Price has recently shown signs of recovery, and it would appear that beyond 2016 the price will continue to recover. ZCCM-IH's investee companies that operate mines have been undergoing restructuring in order to contain operating costs in the midst of the Global Copper Price crunch. This should yield positive results going forward, though recovery will be slow.
In order to ensure survival, ZCCM-IH continues to explore diversification. Introducing initiatives to achieve efficiencies at NLC, the completion of the Maamba Thermal Plant, investments in property and agriculture are activities expected to positively impact the Group in the medium to long term.
By order of the Board of Directors
Chabby Chabala
Company Secretary and Chief Corporate Services Officer
Issued in Lusaka, Zambia on 13 June, 2017
T | +260-211-232456 E | advisory@sbz.com.zm W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a founder member of the Lusaka Securities
Exchange and is regulated by the Securities and Exchange Commission of Zambia
First Issued on 13 June 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSEALKDFDXXEFF
(END) Dow Jones Newswires
June 13, 2017 10:40 ET (14:40 GMT)
1 Year Zccm Investments Chart |
1 Month Zccm Investments Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
