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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 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Copper Ores | 11.96B | -3.76B | - | N/A | 0 |
TIDMZCC
RNS Number : 8444P
ZCCM Invs.Hldgs PLC
31 May 2018
SENS ANNOUNCEMENT
(the "Notice" or "Announcement")
ISSUER
ZCCM INVESTMENTS HOLDINGS PLC ("ZCCM-IH")
[Incorporated in the Republic of Zambia]
Company registration number: 119540000771 Share Code: ZCCM-IH ISIN: ZM0000000037 Authorised by: Chabby Chabala - Company Secretary
SPONSOR
STOCKBROKERS ZAMBIA LIMITED
[Member of the Lusaka Securities Exchange]
[Regulated and licensed by the Securities and Exchange Commission of Zambia]
Contact Number: +260-211-232456 Website: www.sbz.com.zm
APPROVAL
The captioned Notice or Announcement has been approved by:
i. the Lusaka Securities Exchange ii. the Securities and Exchange Commission iii. Stockbrokers Zambia Limited
RISK WARNING
The Notice or Announcement contained herein contains information that may be of a price sensitive nature.
Investors are advised to seek the advice of their investment advisor, stockbroker, or any professional duly licensed by the Securities and Exchange Commission of Zambia to provide securities advice.
ISSUED: 31 May 2018
ZCCM INVESTMENTS HOLDINGS PLC
Incorporated in the Republic of Zambia
Company Registration number: 119540000771
["ZCCM-IH" or "the Company"]
Share Code: ZCCM-IH ISIN: ZM0000000037 Authorised by: Chabby Chabala - Company Secretary
CONSOLIDATED ABRIDGED AUDITED FINANCIAL STATEMENTS FOR THE YEARED 31 MARCH 2017
In accordance with the requirements of the Securities Act No. 41 of 2016 and Lusaka Securities Exchange Listings Rules, ZCCM-IH Plc announces its audited annual financial statements for the year ended 31 March 2017.
ABRIDGED GROUP STATEMENT OF COMPREHENSIVE INCOME YEARED 31 MARCH 2017 Audited Audited 2017 2016 ZMW'000 ZMW'000 Revenue 95,345 198,661 =================== =================== Gross profit (14,516) 18,293 ------------------- ------------------- Operating profit/(loss) 847,866 (857,921) Net finance income 585,646 203,247 Share of (loss)/profit of equity accounted investees (189,233) (2,210,199) ------------------- ------------------- Loss before tax 1,244,279 (2,864,873) Income tax credit/(expense) (515,445) (47,356) ------------------- ------------------- Loss for the period 728,834 (2,912,229) =================== =================== Items that will never be reclassified to profit or loss Revaluation of PPE - 16,748 Deferred tax on revaluation 786 (4,733) Actuarial (loss)/gain on defined benefit pension plans (465) 983 Deferred tax on defined benefit actuarial loss 163 (344) 484 12,654 ------------------- ------------------- Items that are or maybe reclassified to profit or loss Foreign currency translation differences-equity-accounted investees (1,122,104) 4,122,445 Equity-accounted investees- share of OCI 80,471 (266,601) Other comprehensive income for the year net of tax (1,041,149) 3,868,498 ------------------- ------------------- Total comprehensive income for the year (312,315) 956,269 =================== =================== Earnings per share (K) 4.53 (18.11) Basic and diluted earnings per share (K) 4.53 (18.11) =================== =================== ABRIDGED GROUP STATEMENT OF FINANCIAL POSTION Audited Audited AS AT 31 MARCH 2017 2016 ASSETS ZMW'000 ZMW'000 Property, plant and equipment 144,842 1,030,284 Intangible assets 396 673 Investment property 61,157 100,778 Investments in associates 6,828,313 6,852,955 Financial assets at fair value through profit or loss 489,242 238,247 Inventories 44,124 35,349 Trade and other receivables 918,892 449,660 Deferred tax assets 415,548 698,304 Held-to-maturity investment securities 497,172 355,172 Cash and cash equivalents 178,931 35,850 Total Assets 9,578,617 9,797,272 ================= ================= EQUITY AND LIABILITIES Capital and Reserves 8,013,913 8,326,228 Borrowings 192,062 292,644 Deferred tax liabilities 425,529 211,786 Trade and other payables 375,954 286,271 other Provisions 143,548 139,197 Retirement benefits 49,567 44,794 Provisions for environmental rehabilitation 145,610 263,491 Current tax liabilities 232,434 232,542 Bank overdraft - 319 9,578,617 9,797,272 ================= ================= ABRIDGED GROUP STATEMENT OF CASH FLOW Audited Audited 2017 2016 ZMW'000 ZMW'000 Net cash flow from operating activities 311,143 131,638 Net cash used in investing activities (105,079) (75,329) Net cash outflow on financing (63,508) (64,204) (Decrease)/increase in cash and cash equivalents 142,556 (7,895) ================ ================= Effect of movement in exchange rates on cash held 844 (356) Cash and cash equivalents at the beginning of the year 35,531 43,782 Cash and cash equivalents at the end of the year 178,931 35,531 ================ ================= STATEMENT OF CHANGES IN EQUITY FOR THE YEAR Share Share Revaluation Translation Retained TotalED capital premium reserve reserve earnings 31 MARCH 2017 Balance at 1 April 2015 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: Revaluation surplus on PPE 16,748 16,748 Deferred tax on revaluation reserve (4,733) (4,733) Currency translation - equity accounted investees - - - 4,122,445 - 4,122,445 Amortisation of revaluation surplus - - (941) - 941 - 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 ---------------- ---------------------- -------------------- --------------------- ---------------------------- ------------------------------- Balance at 1 April 2016 1,608 2,089,343 260,015 5,828,379 146,883 8,326,228 Total comprehensive income Profit for the year - - - - 728,834 728,834 Other comprehensive income: Deferred tax on revaluation reserve - - 786 - - 786 Currency translation - equity accounted investees - - (1,122,104) - (1,122,104) Amortisation of revaluation surplus - - (15,138) - 15,138 - Actuarial loss on defined benefit - - (465) (465) Share of associates' OCI - - 106 80,365 - 80,471 Deferred tax on defined benefit actuarial loss - - - - 163 163 Total comprehensive income - - (14,246) (1,041,739) 743,670 (312,315) ---------------- ---------------------- -------------------- --------------------- ---------------------------- ------------------------------- Balance at 31 March 2017 1,608 2,089,343 245,769 4,786,640 890,553 8,013,913 ---------------- ---------------------- -------------------- --------------------- ---------------------------- -------------------------------
Commentary on financial results and performance
-- The Group's performance improved during the year owing to increase in copper production for most major mining companies. The increased production benefited from stability in energy supply and improvement in copper prices on the world market in the last quarter of 2016 and the first quarter of 2017. Copper prices on the London Metal Exchange (LME) increased from US$4,848/ton at 31 March 2016 to US$5,858/ton at 31 March 2017.
-- The Group recorded an operating profit of K848 million (2016 Loss: K858 million), largely attributable to the recovery of K1, 923 million impairment from investee companies whose performance improved during the year.
-- The Group's share of losses from equity accounted investee companies significantly reduced by 91% from K2, 210 million in 2016 to K189 million in 2017 owing to investee companies improved performance.
-- The Profit after tax was K729 million (2016: Loss K2,912 million)
-- Total assets marginally reduced by 2% from K9, 797 million to K9, 579 million largely on account of impairment of Ndola Lime Company Limited (NLC) plant (the 100% subsidiary of ZCCM-IH). As a result of a continuing loss making position and operational challenges experienced by NLC, assets amounting to K861 million were impaired during the year.
-- During the year, ZCCM-IH increased its equity shareholding in Investrust Bank Plc (Investrust) from10.6% to 45.4% through the rights offer and to 71% (subsequent to the year under review through of a mandatory offer to Investrust's minority shareholders).
-- Subsequent to the period under review, ZCCM-IH's subsidiary Mawe Exploration and Technical Services Limited which was scheduled for dissolution in prior year was formally in dissolved in April 2017.
Outlook
Copper prices are expected to increase steadily premised on increased demand from high copper consumer countries. ZCCM-IH's performance is expected to improve as a result of the increase in copper prices which drive the performance of the mining portfolio. Furthermore, as a result of good rains experienced during the 2016/17 season, the generation capacity of hydroelectricity is expected to improve thereby stabilising energy supply.
In response to the positive outlook, ZCCM-IH will implement its new Strategic Plan hinged on expansion of its investment in various sectors of the economy.
Proposed Dividend
The Directors resolved to recommend that a final dividend of K0.84 per share be declared for the year ended 31 March 2017.
By Order of the Board
Chabby Chabala
Company Secretary
1 June 2018
First Issued in Lusaka, Zambia on Thursday, 31(st) May 2018
T | +260-211-232456 E | advisory@sbz.com.zm W | www.sbz.com.zm Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia ========================================== First Issued on Thursday, 31(st) May 2018
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
FR GCGDUISXBGIB
(END) Dow Jones Newswires
May 31, 2018 05:56 ET (09:56 GMT)
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