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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 | - | N/A | 0 |
From May 2019 to May 2024
TIDMZCC
RNS Number : 3085J
ZCCM Invs.Hldgs PLC
04 December 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
[Founder 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:
Hot Features
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i. the Lusaka Securities Exchange ("LuSE")
ii. the Securities and Exchange Commission ("SEC")
iii. Stockbrokers Zambia Limited ("SBZ")
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: 30 November 2018
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"]
PROVISIONAL ABRIDGED FINACIAL STATEMENTS FOR THE YEARED 31 MARCH 2018
In accordance with the requirements of the Securities Act No. 41 of 2016 and the Listings Rules of the Lusaka Securities Exchange, ZCCM Investments Holdings Plc ("ZCCM-IH Plc") announces its unaudited annual financial statements for the year ended 31 March 2018.
PROVISIONAL ABRIDGED GROUP STATEMENT OF COMPREHENSIVE INCOME YEARED
31 MARCH 2018
Unaudited Audited
2018 2017
ZMW'000 ZMW'000
Revenue 60,982 95,345
=================== ===================
Gross profit (17,487) (14,516)
------------------- -------------------
Operating (loss)/profit (130,135) 847,866
Net finance income 339,502 585,646
Share of profit/(loss) of equity accounted investees 689,207 (189,233)
------------------- -------------------
Loss before tax 898,574 1,244,279
Income tax credit/(expense) 77,663 (515,445)
------------------- -------------------
Profit from continuing operations 976,237 728,834
Loss from discontinued operations (1,610) -
------------------- -------------------
Profit for the year 974,627 728,834
Items that will never be reclassified to profit
or loss
Deferred tax on revaluation 1,944 786
Actuarial (loss)/gain on defined benefit pension
plans 1,959 (465)
Deferred tax on defined benefit actuarial loss (686) 163
3,217 484
------------------- -------------------
Items that are or maybe reclassified to profit
or loss
Foreign currency translation differences-equity-accounted
investees 272,847 (1,122,104)
Equity-accounted investees- share of OCI 43,542 80,471
------------------- -------------------
316,389 (1,041,633)
------------------- -------------------
Other comprehensive income for the year net of
tax 319,606 (1,041,149)
------------------- -------------------
Total comprehensive income for the year 1,294,233 (312,315)
=================== ===================
Earnings per share (K) 6.06 4.53
Basic and diluted earnings per share (K) 6.06 4.53
=================== ===================
PROVISIONAL ABRIDGED GROUP STATEMENT OF FINANCIAL POSTION AS AT 31 MARCH
2018
Unaudited Audited
2018 2017
ASSETS ZMW'000 ZMW'000
Property, plant and equipment 143,164 144,842
Intangible assets 367 396
Investment property 64,473 61,157
Investments in associates 7,415,301 6,828,313
Financial assets at fair value through
profit or loss 808,069 489,242
Inventories 37,026 44,124
Trade and other receivables 1,022,880 918,892
Deferred tax assets 499,180 415,548
Held-to-maturity investment securities 535,384 497,172
Cash and cash equivalents 339,386 178,931
TOTAL ASSETS 10,865,230 9,578,617
================= =================
EQUITY AND LIABILITIES
Capital and reserves 9,308,146 8,013,913
Borrowings 133,703 192,062
Deferred tax liabilities 421,267 425,529
Trade and other payables 488,989 375,954
Other provisions 139,785 143,548
Retirement benefits 32,422 49,567
Provisions for environmental rehabilitation 118,081 145,610
Current tax liabilities 222,837 232,434
TOTAL EQUITY AND LIABILITIES 10,865,230 9,578,617
================= =================
PROVISIONAL ABRIDGED GROUP STATEMENT OF CASH FLOWS FOR THE YEARED
31 MARCH 2018
Unaudited Audited
2018 2017
ZMW'000 ZMW'000
Net cash flow from operating activities 16,323 311,143
Net cash used in investing activities 198,218 (105,079)
Net cash outflow on financing (54,086) (63,508)
Increase in cash and cash equivalents 160,455 142,556
Effect of movement in exchange rates on
cash held - 844
Cash and cash equivalents at the beginning
of the year 178,931 35,531
Cash and cash equivalents at the end of
the year 339,386 178,931
================ ================
STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 31 MARCH 2018
Share Share Revaluation Translation Retained Total
capital premium reserve reserve earnings
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
---------------- ---------------------- --------------------------- -------------------- --------------------------- ------------------------
Balance at 1
April
2017 1,608 2,089,343 245,769 4,786,640 890,553 8,013,913
Total
comprehensive
income
Profit for the
year - - - - 974,627 974,627
Other
comprehensive
income:
Deferred tax on
revaluation
reserve - - 1,944 - - 1,944
Currency
translation
- equity
accounted
investees - - - 272,847 - 272,847
Amortisation of
revaluation
surplus - - (726) - 726 -
Actuarial loss
on defined
benefit - - - - 1,959 1,959
Share of
associates'
OCI - - - - 43,542 43,542
Deferred tax on
defined
benefit
actuarial loss - - - - (686) (686)
Total
comprehensive
income - - 1,218 272,847 1,020,168 1,294,233
---------------- ---------------------- --------------------------- -------------------- --------------------------- ------------------------
Balance at 31
March
2018 1,608 2,089,343 246,987 5,059,487 1,910,721 9,308,146
---------------- ---------------------- --------------------------- -------------------- --------------------------- ------------------------
Commentary
-- The Group reported a profit of K975 million (2017: K 729 million) representing 33% increase, driven by improved production volumes of copper in most of ZCCM-IH's investee companies and an upsurge in copper prices during the year. London Metal Exchange copper price increased by 14.8% to US$ 6,724/ton (2017: US$5,858/ton) during the year.
-- The Group recorded an operating loss of K130 million (2017: profit K848 million) mainly due to Ndola Lime Company Limited's (Subsidiary) continued loss-making position, which contributed an operating loss of K167 million (2017: K1,152 million) during the year. Additionally, the impairment of the investment in Konkola Copper Mines Plc amounting to K218 million increased the recorded operating loss during the year.
-- The Group recorded a positive share of profit from equity accounted investee companies of K 689 million (2017: loss K 189 million). This movement represents 464% increase.
-- Profit after tax was K 975 million (2017: K 729 million).
-- The Group's total assets increased by 13% from K9, 579 million (2017) to K10, 865 million (2018) on account of increase in the net assets of investee companies whose performance continued to improve during the year.
Subsequent events
Investrust Bank Plc
Subsequent to the year-end, ZCCM-IH Plc concluded a Mandatory Offer to the minority shareholders of Investrust Bank Plc that took place from 9 to 30 April 2018. ZCCM-IH Plc acquired a further 2,125,890 shares, representing a 26.00% shareholding in Investrust Bank Plc. The mandatory offer increased ZCCM-IH's shareholding in the Bank from 45.4% to 71.40%.
ZCCM Investments Holdings Plc (ZCCM-IH) as the majority shareholder has embarked on recapitalisation and restructuring plans to make the Bank more competitive and better positioned to maximise returns for its shareholders.
Ndola Lime Company Limited
Subsequent to the year end, two (2) former employees of Ndola Lime Company Limited (NLC) employees instituted proceedings to the High Court of Zambia to place NLC under supervision pursuant to the Corporate Insolvency Act No. 9 of 2017. By order of the Court dated 5th October 2018, the Official Receiver was appointed as Interim Business Administrator of NLC.
The application for the Business Rescue Proceedings will be heard in January 2019 at which all affected persons (including ZCCM-IH) will be heard.
However, ZCCM-IH remains committed to the affairs of NLC and will continue to pursue all activities that better the Company and ZCCM-IH's investment.
Outlook
ZCCM-IH's performance is expected to continue improving in light of continued improvement in copper prices which drives the performance of most investee companies in the mining sector.
By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on Friday, 30(th) November 2018
Lusaka Securities Exchange Sponsoring Broker
==================================================
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 30 November, 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
MSCUSSSRWOAURRA
(END) Dow Jones Newswires
December 04, 2018 02:00 ET (07:00 GMT)
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