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| 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 : 6396V
ZCCM Invs.Hldgs PLC
31 January 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"]
DIRECTORS' HALF YEARLY INTERIM SUMMARY FOR THE PERIODED 30(th) SEPTEMBER 2016:
Introduction
In compliance with the requirements of the "Securities Act, Cap 354 of the Laws of Zambia" and the Listing Rules of the Lusaka Securities Exchange, ZCCM Investments Holdings Plc announces the unaudited results for the six months' period ended 30(th) September 2016.
Financial Performance
The Group achieved a turnover of K65.5 million for the six-month period ended 30(th) September 2016 which was 49% below the turnover of K128.4 million achieved during the six months to 30(th) September 2015. The decrease in Group turnover was mainly as a result of a decrease in turnover for Ndola Lime Company by 46% from K116.5 million to K62.5 million for the period under review. No Dividends were earned for the period ended 30(th) September 2016 (September 2015: K11.9 million).
The Group recorded an operating loss of K65 million (Sept 2015:K31million). The Group's share of profit in associate companies was K58.6 million (September 2015: Loss: K1 546 million). The performance of the associate companies improved on account of cost containment measures instituted in the midst of the low copper prices. The price of copper reduced to US$4 790 per ton as at 30(th) September 2016 compared to US$4,970 per ton as at 30(th) September 2015 representing a 4% decrease. Overall the Group recorded an after tax loss of K134.7 million (September 2015: Loss K601.4 million).
Operations and Strategic developments
On 6(th) June 2016 ZCCM-IH filed a Claim Form with the English High Court to recover outstanding sums in excess of US$100 million due to it from KCM, pursuant to the terms of the Settlement Agreement entered into in 2013. On 16 December 2016, ZCCM-IH was successful in its application for default judgment. KCM was ordered to pay all sums owed to ZCCM-IH pursuant to the Settlement Agreement (plus associated contractual interest) within thirty (30) days. The total amount to be paid by KCM amounted to approximately US$103 million. KCM was also ordered to reimburse ZCCM-IH 80% of the costs it had incurred in pursuing its claim. Further directions were given to determine whether KCM made payments to Vedanta Group Com panies in breach of the prohibition on doing so under the Settlement Agreement. If and to the extent it is determined that such payments were made, ZCCM-IH will be entitled to recover additional sums from KCM.
In April 2016, ZCCM-IH fully underwrote the Investrust Rights Offer and ended up with 48.6% shareholding in the bank. Subsequently, ZCCM-IH made an application for waiver of a mandatory offer to the Securities and Exchange Commission (SEC) and the SEC approved the application on condition that ZCCM-IH sold down its shareholding to below 35% within 12 months. 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.
ZCCM-IH continued to provide financial support towards the completion of the Ndola Lime Recapitalisation Project. The Project is expected to increase the company's production volume at a reduced unit cost of production by using alternative cheaper fuel. Further, the Project is expected to be commissioned in the first quarter of 2017.
Subsequent events to 30 September 2016
ZCCM-IH also 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.
The following Non- Executive Directors were appointed to the Board of ZCCM-IH on the dates indicated:
1. Mr Teddy D Mulonga (31 October 2016) 2. Mr Fredson K Yamba - Vice Chairperson (15 December 2016) 3. Mr Paul M Chanda (15 December 2016) 4. Mr Mateyo C Kaluba (15 December 2016)
The said appointments replaced the directors who were retired in July 2016. Thus, the Company now has a quorate board.
In August 2016 and November 2016, Maamba Collieries Limited (MCL) commissioned the production of first and second 150 MW respectively, of the Thermal Power.
With regard to Copperbelt Energy Corporation Plc (CEC), the company held an Extraordinary General Meeting on 9th December 2016, where the shareholders approved the demerger of CEC Africa Investments Limited (CEC Africa) from CEC Plc by way of a dividend in specie in the ratio of one CEC Africa share for each share held in CEC Plc.
CONSOLIDATED GROUP INCOME STATEMENT FOR THE SIX MONTHSED 30(TH) SEPTEMBER 2016 (UNAUDITED)
Hot Features
Premium
K'000
30-Sep-16 30-Sep-15
Revenue 65,470 128,394
Cost of sales (50,547) (100,617)
------------------------- ------------------------
Gross profit 14,922 27,777
Other income 4,803 5,332
Environmental expenses (66) (2,014)
Administration expenses (84,734) (62,163)
------------------------- ------------------------
Operating profit/(Loss) (65,076) (31,068)
------------------------- ------------------------
Finance costs (101,567) (408,101)
Finance income 28,036 1,391,166
------------------------- ------------------------
Net finance income (73,531) 983,065
------------------------- ------------------------
Share of profit/(loss)
of equity accounted
investees 58,626 (1,546,688)
Loss before tax (79,981) (594,691)
Income tax (54,737) (6,706)
------------------------- ------------------------
Loss from continuing
operations (134,717) (601,397)
------------------------- ------------------------
Retained loss (134,717) (601,397)
========================= ========================
EPS (0.84) (3.74)
========================= ========================
CONSOLIDATED GROUP STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHSED 30(th) SEPTEMBER 2016 (UNAUDITED)
K'000
30-Sep-16 30-Sep-15
Assets Employed
Non-Current Asset 9,694,731 11,304,607
Current Assests 781,642 1,624,205
Total Assets 10,476,373 12,928,812
-------------------- ------------------
Equity and Liabilities
Shareholders' Funds 8,889,391 11,982,934
Non-Current Liabilities 710,838 457,446
Current Liabilities 876,144 488,433
------------------
Total Equity and Liabilities 10,476,373 12,928,813
-------------------- ------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHSED 30(TH) SEPTEMBER 2016 (UNAUDITED)
K'000
Share Share Total Retained Total
capital premium Reserves earnings
Balance at 1
April 2015 1,608 2,089,343 2,221,476 3,057,532 7,369,959
Total
comprehensive
income
Profit - - - (2,303,414) (2,303,414)
Currency
translation -
equity
accounted
investees - - 4,429,650 - 4,429,650
Revaluation
surplus on
PPE, net of
tax - - 12,286 - 12,286
Amortisation
of
revaluation
surplus - - (941) 941 -
Actuarial loss
on defined
benefit, net
of tax - - - 639 639
Balance at 31
March 2016 1,608 2,089,343 6,662,471 755,698 9,509,120
------------------ ------------------ ---------------------- ----------------- -----------------------
Balance at 1
April 2016 1,608 2,089,343 6,662,471 755,698 9,509,120
Total
comprehensive
income
Profit - - - (134,717) (134,717)
Currency
translation -
equity
accounted
investees - - (485,012) - (485,012)
Balance at 30
September
2016 1,608 2,089,343 6,177,459 620,981 8,889,391
------------------ ------------------ ---------------------- ----------------- -----------------------
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30(TH) SEPTEMBER 2016 (UNAUDITED)
K'000
Cash flows from operating activities Sep-16 Sep-15
(Loss)/ Profit (134,717) (601,397)
Adjustments for:
Depreciation and Amortisation 18,256 10,437
Interest income (4,803) (80,001)
Interest expense 3,862 1,685
Exchange differences/interest
on borrowings 93,291 25,243
Fair value change on investment
property - (53)
Share of profit of equity -
accounted investees, net of
tax (58,626) 1,546,688
Profit on disposal of property,
plant and equipment - (144)
Tax expense 54,737 6,706
--------------- ----------------
Change in: (28,000) 909,164
Inventories (1,804) 2,250
Trade and other receivables (45,252) (691,214)
Trade and other payables and
provisions 143,850 21,733
Provision for environmental
rehabilitation - (157)
--------------- ----------------
Cash generated from operating
activities 68,794 241,776
Interest paid (3,862) (1,685)
Tax paid (4,474) (44,057)
Retirement benefits paid (1,358) (4,632)
Net cash from operating activities 59,100 191,402
--------------- ----------------
Cash flows from investing activities
Interest received 4,803 80,001
Proceeds from disposal of property,
plant and equipment - 144
Acquisition of PPE and intangible
assets (142,782) (221,378)
Proceeds on maturity of fixed
deposits 321,966 (579,089)
Acquisition of held to maturity
investments (133,239) 514,007
Acquisition of financial Assets (4,239) -
at fair value through P & L
Net cash used in investing
activities 46,509 -206,315
--------------- ----------------
Cash flows from financing activities
Repayment of borrowings (24,855) (4,651)
Net cash used in/ from financing
activities (24,855) (4,651)
--------------- ----------------
Net (decrease)/ increase in
cash and cash equivalents 80,754 (19,564)
Cash and cash equivalents at
1 April 35,582 43,782
--------------- ----------------
Cash and cash equivalents at
30 September 116,336 24,218
--------------- ----------------
By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on 23 January 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 23 January 2017
----------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EFLFXDFFZBBD
(END) Dow Jones Newswires
January 31, 2017 10:54 ET (15:54 GMT)
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