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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 : 1620Y
ZCCM Invs.Hldgs PLC
27 December 2019
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:
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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: 26 December 2019
ZCCM INVESTMENTS HOLDINGS PLC
(Incorporated in the Republic of Zambia)
DIRECTORS' UNAUDITED HALF YEAR RESULTS FOR THE PERIODED 30(TH) SEPTEMBER 2019
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 interim unaudited financial results of the Company and its Subsidiaries (collectively referred to as the Group) for the six months' period ended 30(th) September 2019.
STRUCTURE OF THE ZCCM-IH GROUP
The ZCCM-IH Group consist of the following six (7) companies:
Name Shareholding
Ndola Lime Company Limited 100.00%
-------------
Kariba Minerals Limited 100.00%
-------------
Misenge Environmental and Technical Services
Limited 100.00%
-------------
Mushe Milling Limited 100.00%
-------------
Kabundi Resources Limited 100.00%
-------------
Investrust Bank Plc 74.10%
-------------
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%
-------------
Lubambe Copper Mines Plc 20.00%
-------------
NFCA Africa Mining Plc 15.00%
-------------
Chibuluma Mines Plc 15.00%
-------------
Chambishi Metals Plc 15.00%
-------------
Copper Tree 15.58%
-------------
Mopani Copper Mines Plc 10.00%
-------------
Oranto Oil Block 10.00%
-------------
Nkana Alloy Smelting Company Limited 10.00%
-------------
FINANCIAL PERFORMANCE
ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
30 Sept
2019 30 Sept 2018
ZMW'000 ZMW'000
Revenue 98,215 67,522
Gross profit 40,700 31,272
Operating loss (165,112) (222,473)
Net finance income 138,685 396,408
Share of profit of equity accounted
investees 154,825 437,516
Profit before tax 128,398 611,451
Income tax - (101,372)
Profit for the year 128,398 510,079
Earnings per share (ZMW) 0.80 3.17
Basic and diluted earnings per share
(ZMW) 0.80 3.17
ABRIDGED SEPERATE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
30 Sept
2019 30 Sept 2018
ZMW'000 ZMW'000
Revenue 122,536 44,760
Operating profit/ (loss) 47,098 (58,644)
Net finance income 146,633 412,050
Profit before tax 193,731 353,406
Income tax - (101,372)
Profit for the year 193,731 252,034
Earnings per share (ZMW) 1.20 1.57
Basic and diluted earnings per share
(ZMW) 1.20 1.57
ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHSED 30(th)
SEPTEMBER 2019
30-Sep-19 30-Sep-18
ZMW'000 ZMW'000
Assets
Non-Current Asset 13,011,789 11,384,543
Current Assets 1,507,353 2,338,529
Total Assets 14,519,142 13,723,072
Equity and Liabilities
Shareholders' Funds 12,106,930 11,194,363
Non-Current Liabilities 627,332 682,888
Current Liabilities 1,784,880 1,827,659
Non-Controlling Interests - 18,162
Total Equity and Liabilities 14,519,142 13,723,072
ABRIDGED SEPERATE STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHSED 30(th)
SEPTEMBER 2019
30-Sep-19 30-Sep-18
ZMW'000 ZMW'000
Assets
Non-Current Asset 10,465,755 5,446,029
Current Assets 1,126,399 1,632,688
Total Assets 11,592,154 7,078,717
Equity and Liabilities
Shareholders' Funds 8,781,906 5,761,404
Non-Current Liabilities 2,425,145 867,307
Current Liabilities 385,103 450,006
Total Equity and Liabilities 11,592,154 7,078,717
ABRIDGED GROUP STATEMENT OF CASH FLOWS FOR THE SIX MONTHSED 30(th) SEPTEMBER 2019
30-Sep-19 30-Sep-18
ZMW'000 ZMW'000
Net cash flow from operating activities 43,782 107,009
Net cash Inflow/(used) from investing
activities 171,450 (92,000)
Net cash used in financing (104,357) (27,047)
Increase in cash and cash equivalents 110,875 (12,038)
Cash and cash equivalents at the beginning
of the year 74,480 339,387
Cash and cash equivalents at the end
of the period 185,355 327,349
ABRIDGED SEPERATE STATEMENT OF CASH FLOWS FOR THE SIX MONTHSED 30(th) SEPTEMBER 2019
30-Sep-19 30-Sep-18
ZMW'000 ZMW'000
Net cash flow (used)/from operating activities (138,425) 123,726
Net cash Inflow/(used) from investing
activities 336,824 (161,940)
Net cash used in financing (103,271) -
Increase in cash and cash equivalents 95,128 (38,214)
Cash and cash equivalents at the beginning
of the year 26,276 337,942
Cash and cash equivalents at the end
of the year 121,404 299,728
ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
30-Sep-19 30-Sep-18
ZMW'000 ZMW'000
Balance at 1 April 11,124,784 8,940,346
Profit for the year 128,398 510,079
Other comprehensive income 853,748 1,762,100
Balance at 31 March 12,106,930 11,212,525
ABRIDGED SEPERATE STATEMENT OF CHANGES IN EQUITY
30-Sep-19 30-Sep-18
ZMW'000 ZMW'000
Balance at 1 April 8,661,948 5,790,154
Profit for the year 193,731 252,034
Other comprehensive Loss (73,773) (280,784)
Balance at 31 March 8,781,906 5,761,404
1. FINANCIAL PERFORMANCE HIGHLIGHTS
The Group recorded a turnover of ZMW98.2 million for the six-month period ended 30(th) September 2019 which represents a 45% increase over the turnover of ZMW67.5 million reported during the six months to 30(th) September 2018. The increase is largely on account of improved interest income from Investrust Bank Plc for the period.
The Group's share of profit in associate companies was ZMW154.8 million (September 2018: ZMW437.5 million). The performance of the associate companies declined during the period largely on account of:
-- Kansanshi Mining Plc's impairment of Value Added Tax receivable amounting to ZMW1.13 billion (US85.8 million).
-- Copperbelt Energy Corporations Plc impairment of receivable relating to Konkola Copper Mines Plc (KCM) amounting of ZMW358 million (USD28.8 million). No provision was made in prior period.
Overall the Group recorded a profit after tax of ZMW128.4 million (September 2018: Profit ZMW510.1 million).
2. KEY OPERATIONS AND STRATEGIC DEVELOPMENTS
Investrust Bank Plc
During the period under review, ZCCM-IH undertook a recapitalization exercise of Investrust Bank Plc ("Investrust" or the "Bank") whereby an amount totaling ZMW 286 million was injected into the Bank to bolster the Bank's capital adequacy and liquidity position. ZCCM-IH is committed to providing strategic direction to the Bank with a view to improve the Bank's performance going forward.
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. The matter is yet to be determined by the Courts.
Kabundi Resources Limited
Kabundi Resources Limited ("KRL") a wholly owned subsidiary 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. Following its incorporation, KRL is expected to commence mining activities in December 2019.
3. OUTLOOK
Copper prices are expected to increase steadily premised on increased demand driven by increasingly demand from the following sectors: infrastructure developments, renewable energy and electronics. However, continued uncertainty around the US-China trade tensions and an economic slowdown in China is expected to keep price increases modest.
By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on Thursday, 26(th) December 2019
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 26 December 2019
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
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(END) Dow Jones Newswires
December 27, 2019 08:14 ET (13:14 GMT)
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