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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 : 7085B
ZCCM Invs.Hldgs PLC
12 January 2018
SENS ANNOUNCEMENT
(the "Notice" or "Announcement")
ISSUER
ZCCM INVESTMENTS HOLDINGS PLC ("ZCCM-IH")
[Incorporated in the Republic of Zambia]
Company registration number: 771 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: 10 January 2018
ZCCM INVESTMENTS HOLDINGS PLC
(Incorporated in the Republic of Zambia)
DIRECTORS' HALF YEARLY INTERIM SUMMARY FOR THE SIX MONTHS PERIODED 30(th) SEPTEMBER 2017
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 (ZCCM-IH) announces the unaudited results for the six months' period ended 30(th) September 2017.
Structure of the ZCCM-IH Group
The ZCCM-IH Group consist of the following three (3) companies:
i) ZCCM-IH (Parent Company) ii) Ndola Lime Company Limited (100% owned subsidiary ) iii) Misenge Environmental and Technical Services Limited (100% owned subsidiary )
The Group has the following interests in associated companies (i.e. interest of 20% and above):
i) Kariba Minerals Limited 50.00%
ii) Investrust Bank Plc 45.40%
iii) Maamba Collieries Limited 35.00%
iv) Konkola Copper Mines Plc 20.60%
v) Kansanshi Mining Plc 20.00%
vi) Copperbelt Energy Corporation Plc 20.00%
vii) CEC Africa Investments Limited 20.00%
viii) Lubambe Copper Mine Plc 20.00%
ix) CNMC Luanshya Copper Mines Plc 20.00%
Financial Performance
The Group recorded a turnover of K37.7 million for the six-month period ended 30(th) September 2017 which was 42% below the turnover of K65.5 million reported during the six months to 30(th) September 2016. The lower Group turnover was mainly as a result of a decrease in turnover for Ndola Lime Company Limited by 41% from K62.5 million to K36.7 million for the period under review. The Group recorded an operating loss of K123 million (Sept 2016: loss K65.1 million) No Dividends were earned for the period ended 30(th) September 2017 (September 2016: Nil).
The Group's share of profit in associate companies was K227.3 million (September 2015:K58.6 million). The performance of the associate companies improved on account of improved Copper prices. The price of Copper rose from US$4,790 per ton as at 30(th) September 2016 to US$6,482 per ton at 30(th) September 2017 representing a 35% increase. Overall the Group recorded an after tax profit of K87.8 million (September 2016: loss K134.7 million).
Operations and Strategic developments
(I) Proposed Joint Venture for setting up of a Cement Manufacturing Company
As part of ZCCM-IH's strategy to diversify its portfolio, the Company is progressing towards finalizing a Joint Venture partnership which will culminate into setting up of a Cement Manufacturing Company.
ZCCM-IH intends to hold 35% of the shares while its Chinese Partner will have 65%. The planned production capacity of the Plant will be 5000 tonnes per day of Clinker with a 50 MW Thermal Power Plant. Furthermore, the proposed plant will be installed with a waste heat recovery system which will add another 7.5 MW of power. It is expected that the Plant will take 3 years to construct and employ over 1000 people during construction. Once completed, the plant is expected to employ about 400 people.
Commencement of construction is conditional upon financial closure.
(II) Disposal of ARM & Vale's indirect interest in Lubambe Copper Mine Ltd (Lubambe)
African Rainbow Minerals (ARM) and Vale International SA (Vale) concluded an agreement to dispose ARM and Vale's combined 80% beneficial interest in Lubambe to EMR Capital Limited (EMR). The 80% beneficial interest in Lubambe, which is held in equal shares by ARM and Vale included the equity holding in Lubambe as well as loans to Lubambe. Lubambe is owned 40% by ARM and 40% by VALE, both as beneficial owners and 20% by ZCCM-IH.
The purchase consideration for the Disposal is US$97.1 million and will be settled in cash. The final amount receivable is subject to, amongst others, the following adjustments which will be finalised on completion of the Disposal:
-- Settlement of Lubambe general banking facility; and
-- Additional funding provided to Lubambe by ARM and Vale between 1 May 2017 and the completion date.
Completion of the Disposal is subject to the fulfilment of agreed conditions precedent and regulatory approvals.
EMR is a specialist resources private equity management firm with a proven investment track record spanning over 20 years. It manages investments of more than US$2 billion.
EMR will provide additional funding to improve mining operations at Lubambe.
(III) Mandatory Offer to Investrust Shareholders
In February 2016, ZCCM undertook to subscribe for all shares not subscribed for by other Investrust Bank Plc (Investrust) shareholders in the Investrust Rights Offer. This resulted in an increase in ZCCM-IH's shareholding in Investrust from 10% to 45.4%. As a result, ZCCM-IH was required to proceed with a Mandatory Offer to all other shareholders in Investrust in accordance with Rule 56 of the Third Schedule of the Securities (Takeovers and Mergers) Rules, Statutory Instrument No 170 of 1993, , issued pursuant to the Securities Act, Chapter 354 of the Laws of Zambia.
The process is expected to be concluded by end of March 2018.
CONSOLIDATED GROUP INCOME STATEMENT FOR THE SIX MONTHSED 30(TH) SEPTEMBER 2017 (UNAUDITED)
K'000
30-Sep-17 30-Sep-16
Revenue 37,647 65,470
Cost of sales (44,449) (50,547)
---------- -----------
Gross profit (6,802) 14,922
Other income 5,301 4,803
Environmental expenses (364) (66)
Administration expenses (121,479) (84,734)
---------- -----------
Operating loss (123,344) (65,076)
---------- -----------
Finance costs (100,391) (101,567)
Finance income 86,729 28,036
---------- -----------
Net finance income (13,662) (73,531)
---------- -----------
Share of profit/(loss) of
equity accounted investees 227,349 58,626
Profit/(loss) before tax 90,343 (79,981)
Income tax (2,523) (54,737)
---------- -----------
Profit/(loss) from continuing
operations 87,821 (134,717)
---------- -----------
Retained loss 87,821 (134,717)
========== ===========
EPS 0.55 (0.84)
========== ===========
CONSOLIDATED GROUP STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHSED
30(th) SEPTEMBER 2017 (UNAUDITED)
K'000
30-Sep-17 30-Sep-16
Assets Employed
Non-Current Asset 9,709,983 9,694,731
Current Assets 1,369,944 781,642
--------------- ---------------
Total Assets 11,079,927 10,476,373
=============== ===============
Equity and Liabilities
Shareholders' Funds 9,833,950 8,889,391
Non-Current Liabilities 445,725 710,838
Current Liabilities 800,252 876,144
--------------- ---------------
Total Equity and Liabilities 11,079,927 10,476,373
=============== ===============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30(TH) SEPTEMBER 2017 (UNAUDITED)
K'000
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
Loss for the
year - - - - 1,253,860 1,253,860
Currency
translation -
equity
accounted
investees - - - (998,561) - (998,561)
Revaluation - - - - - -
surplus on
PPE,
net of tax
Amortisation of
revaluation
surplus - - (726) - 726 -
Actuarial loss
on defined
benefit, net
of tax - - - - (302) (302)
Share of
associates'
OCI 106 80,267 80,373
----------------- ----------------- ------------------ ---------------------- ----------------- ----------------
Balance at 31
March 2017 1,608 2,089,343 259,395 4,910,085 1,401,167 8,661,598
----------------- ----------------- ------------------ ---------------------- ----------------- ----------------
Balance at 1
April 2017 1,608 2,089,343 259,395 4,910,085 1,401,167 8,661,598
Total
comprehensive
income
Profit - - - - 87,821 87,821
Currency
translation -
equity
accounted
investees - - - 1,084,532 - 1,084,532
----------------- ----------------- ------------------ ---------------------- ----------------- ----------------
Balance at 30
September 2017 1,608 2,089,343 5,994,617 1,488,988 9,833,950
----------------- ----------------- ------------------ ---------------------- ----------------- ----------------
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30(TH) SEPTEMBER 2017 (UNAUDITED)
K'000
Sep-17 Sep-16
Profit/(loss) 87,821 (134,717)
Cash generated from operating
activities 6,833 68,794
Net cash from operating activities (40,810) 59,100
Net cash used in investing
activities 32,399 46,509
Net cash used in/ from financing
activities (26,163) (24,855)
Net (decrease)/ increase in
cash and cash equivalents (34,575) 80,754
Cash and cash equivalents at
1 April 178,931 35,582
--------- ----------
Cash and cash equivalents at
30 September 144,356 116,336
--------- ----------
By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on 10 January 2018
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 10 January 2018
----------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FKBDBQBKKADD
(END) Dow Jones Newswires
January 12, 2018 02:00 ET (07:00 GMT)
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