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ZCC Zccm Investments Holdings Plc

1.6344
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Copper Ores 11.96B -3.76B - N/A 0

ZCCM Invs.Hldgs PLC Directors' Half Yearly Summary 30th September 2015 (1802B)

14/06/2016 3:51pm

UK Regulatory


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TIDMZCC

RNS Number : 1802B

ZCCM Invs.Hldgs PLC

14 June 2016

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"]

DIRECTORS' HALF YEARLY SUMMARY FOR THE PERIODED 30(TH) SEPTEMBER 2015:

Introduction

In compliance with the requirements of the "Securities Act, Cap 354 of the Laws of Zambia" and the Listing Rules of the Lusaka Stock Exchange, ZCCM Investments Holdings Plc. announces the unaudited results for the six months' period ended 30(th) September 2015.

Financial Performance

The Group achieved a turnover of K208.4 million for the six-month period ended 30(th) September 2015 which was 10% above the turnover of K188.6 million achieved during the six months to 30(th) September 2014. The increase in Group turnover was mainly as a result of an increase in turnover for Ndola Lime Company by 21% from K96.3 million to K116.5 million for the six months ended 30(th) September 2015., Dividends earned decreased by 56% to K11.9 million for the period ended 30(th) September 2015 (September 2014: K27.1 million. However, Interest Income increased by 23% to K80 million (September 2014: K65.2 million).

The group recorded exchange gains of K1 316 million (2014: losses K66 million) during the period under review. This was due to the depreciation of the kwacha from K7.6250/$ at the start of April 2015 (April 2014: K6.1555/$) to K12.3815/$ as at the end of September 2015 (September 2014: K6.2705).

Dividends were earned from Kansanshi Mining Plc. (K11.9 million).

Interest earned from placements and fixed deposits amounted to K24.9 million (September 2014: K15.4 million). Other income was K4.8 million (September 2014: K9.9 million). This was mainly composed of Management fees amounting to K4.3 million (September 2014: K3.9 million). The cost of turnover was K156.7 million for the period to 30(th) September 2015 (September 2014: K129.6 million). The operating profit of K51.7 million was lower than the K59 million achieved during the same period in 2014.

The Group recorded share of losses of Associate Companies of K1 546.7 million (September 2014: Loss: K45.2 million). Overall the performance of the Associate companies was weak during the period. The significant share of losses of Associate companies were recorded from Kansanshi Mining Plc (K871.9 million), Konkola Copper Mine Plc (K546.42 million), Copperbelt Energy (K133.36 million). The price of copper reduced to US$4,970 per ton as at 30 September 2015 compared to US$6,748 per ton as at 30(th) September 2014 representing a 26% decrease. As a result, the Group recorded an after tax loss of K696.5 million (September 2014: Loss K55.3 million).

Operations and Strategic developments

Sale down of 27% GRZ shares in ZCCM-IH

During the presentation of the 2015 Zambian National Budget, the Minister of Finance directed the Securities and Exchange Commission (SEC)to ensure that all listed Companies on the Lusaka Stock Exchange LuSE complied with minimum LuSE minimum free (public )float requirement of 25% of the shares. In this regard the Minister of Finance announced that the Government of the Republic of Zambia (GRZ) would reduce its shareholding in ZCCM-IH from 87.5% to 60.3% via the sale of its shares proportionate to the required reduction.

Pursuant to the above, on 08 June 2015 GRZ sold 15,850,631 of its 43,811,861 Class B shares in ZCCM-IH to the National Pension Scheme Authority (NAPSA) of Zambia (As Tranche1 of the sale down). As a result of the sale, GRZ shareholding in ZCCM-IH reduced from 87.5% to 77.5%. Tranche2 of the sell down relates to the sale of the balance of 27,961,237 Class B shares and was launched on 30 July 2015. Tranche 2 involves a Preferential Secondary Market offer of the shares for which priority is to be given to Preferred Applicants (Zambian Persons)

in case of oversubscription. The offer closed   on 30November 2015. 

Maamba Collieries Thermal Power Plant Project Attains Financial close

On 28 July 2015 Maamba Collieries Limited's fully integrated coal and power project reached Financial Closure. The project, which has already achieved about 80 percent completion, consists of the redevelopment of the existing coal mine and the construction of a 300 MW coal fired thermal power station and related infrastructure near the town of Maamba. The 300-megawatt coal-fired power project, fully integrated with captive coal mining, is estimated to cost about USD 830 million.

The project is being funded on a debt equity ratio of 70:30. The long-term loans are being advanced by a consortium of lenders comprising large international commercial banks together with development financial

institutions on a limited recourse project finance basis. Development financial institutions include the Development Bank of Southern Africa and the Industrial Development Corporation of South Africa, while

commercial banks include Bank of China, Industrial and Commercial Bank of China, Standard Chartered Bank and Barclays Africa Limited. This is the first private power project in the Sub-Saharan region to receive export credit agency insurance cover from China Export and Credit Insurance Corporation (Sinosure). This combination makes it a unique collaborative project in Africa, incorporating sponsors from Singapore and Zambia, principal contractors from China and funding by financial institutions across the globe.

Given the shortage of, and necessity for electricity in Zambia, as well as the wider region, the project is to provide the much needed dependable and sustainable base load power, which is crucial for the country's economic growth and energy security. The power plant has the required infrastructure to scale up in line with the growing demand up to 600MW.

Maamba Collieries Limited signed a 20-year power purchase agreement to supply 100% of the power plant's output to Zambia Electricity Supply Corporation. The project is scheduled for commissioning by mid-2016 where after Nava Bharat will be responsible for the operation & maintenance.

GRZ Transfers shares to Industrial Development Corporation

On 21 January 2014, the Government of the Republic of Zambia ("GRZ") incorporated the Industrial Development Corporation Zambia Limited ("IDC"). The IDC is wholly owned by the GRZ, via the Minister of Finance (Incorporation) Act, Cap 349 of the Laws of Zambia ("Minister of Finance").

The primary role and objective of the IDC is to stimulate economic development and growth, via industrialisation, job and wealth creation in Zambia, and do so for the benefit of the Zambian citizenry. Simultaneously, the IDC has been tasked by the GRZ to superintend the operations of state owned enterprises and its shareholding in companies incorporated under the Companies Act, Cap 388 of the Laws of Zambia as well those regulated under the Banking and Financial Services Act, Cap 387 of the Laws of Zambia.

Accordingly, on 24th August 2015, GRZ completed the transfer of its shares from the Minister of Finance to the IDC in 29 companies including ZCCM-IH.

As at close of business on 23 August 2015, the Government of the Republic of Zambia held 77.7% shareholding in ZCCM-IH, via the Minister of Finance, made up of 96,926,669 as Class "A" shares and 27,961,237 as Class"B" shares. On 24 August 2015, GRZ transferred to the IDC all the 96,926,669 Class "A" shares, representing 60.3% shareholding in ZCCM-IH. The 27,961,237 Class"B"shares, representing 17.4% shareholding in ZCCM-IH have not been transferred to the IDC at this stage. These were available for sale under a Preferential Secondary Market Offer.

The table below shows the shareholding in ZCCM-IH after the transfer of all the Class A shares to the IDC on 24 August 2015.

 
       SHAREHOLDER         Class        Shareholding          Shareholding 
                                      in ZCCM-IH before         in ZCCM-IH 
                                        24(th) August          on and after 
                                            2015              24(th) August 
                                                                   2015 
------------------------  -------  ---------------------  ------------------- 
                                      Number of      %       Number       % 
                                        Shares              of Shares 
------------------------  -------  --------------  -----  ------------  ----- 
 
 GRZ - Directly 
  held through Minister 
  of Finance                 A         96,926,669   60.3             -      - 
------------------------  -------  --------------  -----  ------------  ----- 
 GRZ - Directly 
  held through Minister 
  of Finance                 B         27,961,237   17.4    27,961,237   17.4 
------------------------  -------  --------------  -----  ------------  ----- 
 IDC                         A                  -      -    96,926,669   60.3 
------------------------  -------  --------------  -----  ------------  ----- 
 NAPSA                       B         24,120,043   15.0    24,120,043   15.0 
------------------------  -------  --------------  -----  ------------  ----- 
 Other Shareholders          B         11,792,337    7.3    11,792,337    7.3 
------------------------  -------  --------------  -----  ------------  ----- 
                           A and 
 Total                        B       160,800,286    100   160,800,286    100 
------------------------  -------  --------------  -----  ------------  ----- 
 

By Order of the Board

C Chabala

CCSO/Company Secretary

1 December 2015

CONSOLIDATED GROUP INCOME STATEMENT FOR THE SIX MONTHSED 30(TH) SEPTEMBER 2015 (UNAUDITED)

 
                               SIX MONTHS             SIX MONTHSEDED 
                              30 September           30 September 
                                  2015                   2014 
 
                              Consolidated           Consolidated 
 
 Income 
 
 Sales                             116,525                         96,342 
 Dividends                          11,869                         27,089 
 Interest Earned                    80,001                         65,200 
 
                                   208,395                        188,631 
 
 Cost of turnover                (155,216)                      (129,618) 
 
 Operating profit/(loss)            53,179                         59,013 
 
 Exchange (loss)/gain            1,311,165                       (66,283) 
 Impairment                      (406,416)                              - 
 Environmental 
  expenses                         (2,014)                        (1,459) 
 Interest charge                   (1,685)                          (733) 
 Royalty on 
  minerals                         (7,564)                        (4,572) 
 Other income                        5,332                          9,973 
 Associate Companies 
  Share of Loss                (1,546,688)                       (45,190) 
 
 Profit/(loss) before 
  taxation                       (594,691)                       (49,251) 
 
 Income tax                        (6,706)                        (6,019) 
 
 Profit from continuing 
  operations                     (601,397)                       (55,270) 
 
 Retained profit/(Loss)          (601,397)                       (55,270) 
 
 Earnings Per 
  Share                             (3.74)                         (0.34) 
 

CONSOLIDATED GROUP STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHSED 30(TH) SEPTEMBER 2015 (UNAUDITED)

 
                                30 September                30 September 
                                     2015                       2014 
                                             K' 000                     K' 000 
 Assets Employed 
 
 Non-Current 
  Assets                                 11,304,607                  6,881,562 
 
 Current Assets                           1,624,205                  2,493,502 
 
 Total Assets                            12,928,812                  9,375,064 
 
 Equity and 
  Liabilities 
 
 Shareholders' 
  Funds                                  11,982,934                  8,566,573 
 
 Non-Current 
  Liabilities                               457,446                    217,566 
 
 Current Liabilities                        488,433                    590,925 
 
 Total Equity and 
  Liabilities                            12,928,812                  9,375,064 
 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHSED 30(TH) SEPTEMBER 2015 (UNAUDITED)

 
 Consolidated 
 statement of 
 changes 
 in equity 
 for the half 
 year to 30 
 September 
 2015 
                                                                            K'000 
 
                               Share            Share               Total                Retained                 Total 
                               capital         premium             Reserves               earnings 
                   Notes 
 
  Balance at 1 April 2013            893                 -                605,865             4,018,325                4,625,083 
  Total 
  comprehensive 
  income 
  Profit                               -                 -                      -               277,186                  277,186 
  Currency translation - 
   equity 
   accounted investees                 -                 -              1,012,998                     -                1,012,998 
  Amortisation of 
   revaluation 
   surplus, net of tax                 -                 -                  (433)                   433                        - 
  Actuarial loss on 
   defined 
   benefit, net of tax                 -                 -                      -                 (593)                    (593) 
  Issue of ordinary 
   shares                            715                 -                                            -                      715 
  Share premium                        -         2,089,343                                            -                2,089,343 
                           -------------  ----------------  ---------------------  --------------------  ----------------------- 
  Balance at 31 March 
   2014                            1,608         2,089,343              1,618,430             4,295,351                8,004,732 
                           -------------  ----------------  ---------------------  --------------------  ----------------------- 
 
  Balance at 1 April 2014          1,608         2,089,343              1,618,430             4,295,351                8,004,732 
  Total 
  comprehensive 
  income 
  Profit                               -                 -                                    (987,117)                (987,117) 
  Currency translation - 
   equity 
   accounted investees                 -                 -                597,689                                        597,689 
  Revaluation surplus on 
   PPE, 
   net of tax                                                               5,572                                          5,572 
  Amortisation of 
   revaluation 
   surplus                             -                 -                  (215)                   215                        - 
  Actuarial loss on 
   defined 
   benefit, net of tax                 -                 -                                         (66)                     (66) 
  Payment of dividend                                                                         (250,851)                (250,851) 
  Balance at 31 March 
   2015                            1,608         2,089,343              2,221,476             3,057,532                7,369,959 
                           -------------  ----------------  ---------------------  --------------------  ----------------------- 
 
  Balance at 1 April 2015          1,608         2,089,343              2,221,476             3,057,532                7,369,959 
  Total                                                                                                                        - 
  comprehensive 
  income 
  Profit                                                                                      (601,397)                (601,397) 
  Currency translation - 
   equity 
   accounted investees                                                  5,214,372                                      5,214,372 
  Revaluation                                                                                                                  - 
  surplus on 
  PPE, 
  net of tax 
  Amortisation                                                                                                                 - 
  of revaluation 
  surplus 
  Actuarial loss                                                                                                               - 
  on defined 
  benefit, net 
  of tax 
  Payment of 
  dividend 
  Balance at 30 September 
   2015                            1,608         2,089,343              7,435,848             2,456,135               11,982,934 
                           -------------  ----------------  ---------------------  --------------------  ----------------------- 
 

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHSED 30(TH) SEPTEMBER 2015 (UNAUDITED)

 
 Cash flows from operating activities                      Sep-15   Sep-14 
                                                             -601      -55 
 (Loss)/ Profit                                               397      270 
 Adjustments for: 
 Depreciation and Amortisation                             10 437    9 440 
 Impairment loss on property, plant 
  and equipment 
                                                                       -65 
 Interest income                                          -80 001      200 
 Interest expense                                           1 685      733 
 Exchange differences/interest on                                      197 
  borrowings                                               25 243      381 
 Change in fair value on financial                              - 
  assets at fair value through profit 
  or loss 
 Impairment of investments                                      - 
 Fair value change on investment 
  property                                                    -53        0 
 Defined benefits expense                                       - 
 Share of profit of equity - accounted                      1 546 
  investees, net of tax                                       688   45 190 
 Profit on disposal of property, 
  plant and equipment                                        -144 
 
 Tax expense                                                6 706    6 019 
                                              -------------------  ------- 
                                                                       138 
 Change in:                                               909 164      294 
                                                                       -11 
 Inventories                                                2 250      845 
                                                             -691      314 
 Trade and other receivables                                  214      302 
                                                                       -35 
 Trade and other payables and provisions                   21 733      643 
 Provision for environmental rehabilitation                  -157      -89 
 Conversion to equity of loan due 
  from an associate                                             0        0 
                                                                       405 
 Cash generated from operating activities                 241 776      019 
 Interest paid                                             -1 685     -733 
 Tax paid                                                 -44 057        0 
 Retirement benefits paid                                  -4 632   -1 294 
                                              -------------------  ------- 
                                                                       402 
 Net cash from operating activities                       191 402      992 
                                              -------------------  ------- 
 Cash flows from investing activities 
 Interest received                                         80 001   65 200 
 Proceeds from disposal of property, 
  plant and equipment                                         144        0 
 Acquisition of PPE and intangible                           -221     -111 
  assets                                                      378      708 
                                                             -579      108 
 Proceeds on maturity of fixed deposits                       089      623 
 Acquisition of held to maturity                                      -714 
  investments                                             514 007      537 
                                                             -206     -652 
 Net cash used in investing activities                        315      422 
                                              -------------------  ------- 
 Cash flows from financing activities 
 Proceeds from borrowings                                       -   16 025 
 Repayment of borrowings                                   -4 651   -4 555 
 Dividend Paid                                                  - 
                                              -------------------  ------- 
 Net cash used in/ from financing 
  activities                                               -4 651   11 470 
                                              -------------------  ------- 
 Net (decrease)/ increase in cash                                     -237 
  and cash equivalents                                    -19 564      960 
 Cash and cash equivalents at 1                                        274 
  April                                                    43 782      363 
                                              -------------------  ------- 
 Cash and cash equivalents at 31 
  March                                                    24 218   36 403 
                                              -------------------  ------- 
 

Issued in Lusaka, Zambia on 6 June 2016

 
 
   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 6 June 2016 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR EALKLFLPKEFF

(END) Dow Jones Newswires

June 14, 2016 10:51 ET (14:51 GMT)

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