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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 |
TIDMZCC
RNS Number : 0151X
ZCCM Invs.Hldgs PLC
16 December 2019
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:
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: 16 December 2019
ZCCM INVESTMENTS HOLDINGS PLC
(Incorporated in the Republic of Zambia)
ABRIDGED AUDITED FINANCIAL STATEMENTS FOR THE YEARED 31 MARCH 2019
INTRODUCTION
In compliance with the requirements of the Securities Act No. 41 of 2016, ZCCM Investments Holdings Plc ("ZCCM-IH Plc") announces the provisional financial statements results of the Company and its subsidiary (Collectively referred to as the "the Group") for the year ended 31 March 2019.
STRUCTURE OF THE ZCCM-IH GROUP
The ZCCM-IH Group consist of the following seven (7) subsidiary companies:
Name Shareholding ZCCM-IH Parent Company --------------- Ndola Lime Company Limited 100% --------------- Kariba Minerals Limited 100% --------------- Misenge Environmental and Technical Services Limited 100% --------------- Mushe Milling Limited 100% --------------- Kabundi Resources Limited 100% --------------- Investrust Bank Plc 71.4% ---------------
The Company also has other interests in the undernoted companies:
Name Shareholding Rembrandt Properties 49.00% ------------------ Maamba Collieries Limited 35.00% ------------------ Konkola Copper Mines Plc 20.60% ------------------ Kansanshi Mining Plc 20.00% ------------------ Copperbelt Energy Corporation Plc 24.10% ------------------ CEC Africa Investments Limited 20.00% ------------------ CNMC Luanshya Copper Mines Plc 20.00% ------------------ NFCA Africa Mining Plc 15.00% ------------------ Mopani Copper Mines Plc 10.00% ------------------ Copper Tree 10.00% ------------------ Oranto Oil Block 10.00% ------------------ ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Audited Audited 2019 2018 ZMW'000 ZMW'000 Revenue 155,611 60,982 Gross profit 79,096 (17,487) Operating (loss)/profit (614,412) 46,550 Net finance income 39,957 (132,485) Share of profit of equity accounted investees 973,213 689,207 Profit before tax 398,758 603,272 Income tax (expense)/credit 49,105 241,287 Profit from continuing operations 447,863 844,559 Loss from discontinued operations - (1,610) Profit for the year 447,863 842,949 Earnings per share (k) 2.79 5.25 Basic and diluted earnings per share (k) 2.79 5.25 ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Audited Audited 2019 2018 ZMW'000 ZMW'000 Revenue 133,323 199,841 Operating (loss)/profit (366,877) 343,748 Net finance income 96,927 (123,835) (Loss)/profit before tax (269,950) 219,913 Income tax credit/(expense) 162,426 213,500 (Loss)/ profit for the year (107,524) 433,413 Earnings per share (k) (0.67) 2.70 Basic and diluted earnings per share (k) (0.67) 2.70 ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION Audited Audited 2019 2018 Assets ZMW'000 ZMW'000 Property, plant and equipment 187,268 143,164 Intangible assets 8,532 367 Investment property 251,230 64,473 Investments in associates 10,276,405 7,355,864 Financial assets at fair value through profit or loss 584 336,082 Inventories 104,681 37,026 Trade and other receivables 1,153,236 1,022,880 Deferred tax assets 601,589 497,609 Term deposits 754,438 535,384 Cash and cash equivalents 74,480 339,386 Total assets 13,412,443 10,332,235 Equity and liabilities Capital and reserves 11,124,784 8,940,346 Borrowings 104,357 133,703 Deferred tax liabilities 245,455 256,072 Trade and other payables 1,453,503 488,989 Provisions 127,590 139,785 Retirement benefits 34,180 32,422 Provisions for environmental rehabilitation 145,460 118,081 Current tax liabilities 177,114 222,837 Total equity and liabilities 13,412,443 10,332,235 ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION Audited Audited 2019 2018 Assets ZMW'000 ZMW'000 Property, plant and equipment 85,819 71,089 Intangible assets 671 367 Investment property 157,606 64,473 Investments in subsidiaries 69,987 - Investments in associates 9,703,369 4,694,323 Financial assets at fair value through profit or loss - 336,082 Trade and other receivables 842,664 1,017,927 Held-to-maturity investment securities 727,554 535,384 Cash and cash equivalents 26,276 337,942
Total assets 11,613,946 7,057,587 Equity and liabilities Capital and reserves 8,661,948 5,790,154 Borrowings 103,271 - Deferred tax liabilities 2,306,727 754,221 Trade and other payables 77,342 56,223 Provisions 127,590 139,785 Retirement benefits 5,513 4,340 Provisions for environmental rehabilitation 112,905 86,566 Current tax liabilities 218,650 226,298 Total equity and liabilities 11,613,946 7,057,587 ABRIDGED GROUP STATEMENT OF CASH FLOWS Audited Audited 2019 2018 ZMW'000 ZMW'000 Net cash flow from operating activities (238,880) 16,323 Net cash used in investing activities 38,181 198,218 Net cash outflow on financing (64,207) (54,086) Increase in cash and cash equivalents (264,906) 160,455 Cash and cash equivalents at the beginning of the year 339,386 178,931 Cash and cash equivalents at the end of the year 74,480 339,386 ================= ================= ABRIDGED COMPANY STATEMENT OF CASH FLOWS Audited Audited 2019 2018 ZMW'000 ZMW'000 Net cash flow from operating activities (69,732) 160,525 Net cash used in investing activities (345,205) (652) Net cash outflow on financing 103,271 (202) Increase in cash and cash equivalents (311,666) 159,671 Cash and cash equivalents at the beginning of the year 337,942 178,271 Cash and cash equivalents at the end of the year 26,276 337,942 ================ ================
ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
Audited Audited 2019 2018 ZMW'000 ZMW'000 Balance at 1 April 8,771,841 8,013,913 Profit for the year 447,863 842,949 Other comprehensive income 2,138,241 83,484 Dividend paid (233,161) - ----------- ---------- Balance at 31 March 11,124,784 8,940,346 IFRS expected credit loss adjustments - (168,505) ----------- ---------- Restated balance at 31 March 11,124,784 8,771,841 ----------- ----------
ABRIDGED COMPANY STATEMENT OF CHANGES IN EQUITY
Audited Audited 2019 2018 ZMW'000 ZMW'000 Balance at 1 April 5,790,154 5,491,126 (Loss)/ profit for the year (107,524) 433,413 Other comprehensive income 3,212,479 (134,385) Dividend paid (233,161) - ---------- ---------- Balance at 31 March 8,661,948 5,790,154 ========== ========== 1. FINANCIAL PERFORMANCE
The Group reported a profit for the year of ZMW448 million (2018: ZMW843 million), mainly due to the following:
-- increase in net finance income from a net finance cost of ZMW132.49 million recorded in 2018 to a net finance income of ZMW39.96 million in recorded in 2019; and
-- increase in share of profit from equity accounted investee companies from ZMW689 million recorded in 2018 to ZMW973 million recorded in 2019, mainly on account of improved performance of Kansanshi Mining Plc and Maamba Collieries Limited whose combined share of profit accounted for 84% of the recorded amount for the year.
Despite the Group reporting a profit for the year of ZMW448 million, there was a decline of 47% compared to last year mainly due to recorded losses from Ndola Lime Company Limited, and Investrust Bank Plc (Investrust) amounting ZMW246 million (2018: ZMW190 million) and ZMW79 million (2018: no comparison applicable as Investrust was not a subsidiary then), respectively.
The Company reported a loss for the year of ZMW108 million (2018: Profit ZMW433 million), mainly due to reduction in other income, impairment losses and fair value loss amounting to ZMW360 million, ZMW 373 million and ZMW 336 million respectively.
Group total assets increased by 30% to ZMW13,412 million in 2019 from ZMW10,332 million in 2018. This is attributed to increase in property, plant and equipment, investment property, investments in associate, inventories, trade and other receivables as well as held-to-maturity investment. The largest contributor to total asset increase was the enhanced values of investments in associates from ZMW 7 355 million in 2018 to ZMW 10,276 million as a result of improved performance of Kansanshi Mining Plc, Maamba Collieries Limited and exchange gains arising from translation of these US Dollar denominated investments. The Zambian Kwacha depreciated from ZMW9.49 per US Dollar as at 31 March 2018 to ZMW12.19 per US Dollar as at 31 March 2019.
2. SIGNIFICANT DEVELOPMENTS
During the year the Group has invested in several investment projects in line with the Group's 2018-2023 Strategic Plan in a quest to maximize shareholder value.
The significant developments are detailed below:
Investrust Bank Plc
Subsequent to the reporting date, Investrust Bank Plc and ZCCM Investments Holdings Plc entered into a Non-Cumulative, Redeemable Non-Voting Preference Share Subscription Agreement. The agreement would result in ZCCM-IH recapitalizing the Bank with ZMW 286 million. The recapitalization will improve the operations of the bank and strengthen its competitive position.
Konkola Copper Mines Plc
On 21 May 2019, ZCCM-IH filed a petition in the High Court of Zambia for the winding up of KCM. ZCCM-IH has filed the said petition pursuant to Section 56(1)(c) of the Corporate Insolvency Act No. 9 of 2017. By Order of the Court, Mr. Milingo Lungu Simwanza & Company has been appointed as provisional liquidator.
Kariba Minerals Limited (KML)
On 9th November 2018, ZCCM-IH and Gemfields signed a Share Purchase Agreement for ZCCM-IH to purchase the additional 50% stake in KML. This acquisition has resulted in ZCCM-IH owning 100% of KML.
Kabundi Resources Limited
In March, 2019, the ZCCM-IH Board resolved to incorporate a Special Purpose Vehicle, Kabundi Resources Limited ("KRL") a wholly owned subsidiary. KRL is located in Chief Muchinda's area in Serenje District, Central Province. KRL is a mining operating company whose main activities include mining, processing and marketing of manganese and other non-ferrous metals.
Others
During the period under review, ZCCM-IH acquired a 49% interest in Rembrandt Properties Ltd (developing a budget hotel and retail outlet) and a further acquisition of a residential complex, all in Lusaka.
3. OUTLOOK
Looking into the future, the Group will continue to execute the 2018-2023 strategy to reduce dependence on dividend income streams which historically have been unstable and inconsistent. The significant developments highlighted above are expected to have a positive impact on the group's performance in the medium to long term.
By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on Monday, 16(th) December 2019
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 member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia ======================================================== First Issued on 16 December 2019
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END
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(END) Dow Jones Newswires
December 16, 2019 08:15 ET (13:15 GMT)
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