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ZCC Zccm Investments Holdings Plc

1.6344
0.00 (0.00%)
Last Updated: 00:00:00
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 2017 ZCCM-IH Annual Results (8444P)

31/05/2018 10:56am

UK Regulatory


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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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