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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 : 2490C
ZCCM Invs.Hldgs PLC
15 October 2020
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
Premium
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: 1 October 2020
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"]
DIRECTORS' UNAUDITED HALF YEAR FINANCIAL RESULTS FOR ZCCM INVESTMENTS
HOLDINGS PLC AND ITS SUBSIDIARIES ("THE GROUP") FOR THE PERIODED 30(TH) JUNE 2020
INTRODUCTION
In compliance with the requirements of the Securities Act No. 21 of 2016 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-month period ended 30(th) June 2020.
STRUCTURE OF THE ZCCM-IH GROUP
The ZCCM-IH Group consist of the following eight (8) 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%
-------------
Limestone Resources Limited 100.00%
-------------
Investrust Bank Plc 74.10%
-------------
Zambia Gold Limited 51.00%
-------------
The Company also has other interests in the undernoted companies:
Name Shareholding
Rembrandt Properties 49.00%
-------------
Central African Cement Limited 49.00%
-------------
Consolidated Gold Company Limited 45.00%
-------------
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 Mineral Limited 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 June
2020 30 Sept 2019
ZMW'000 ZMW'000
Revenue 61,983 98,215
Gross profit 3,643 40,700
Operating loss (163,365) (165,112)
Net finance income 327,342 138,685
Share of profit of equity accounted
investees 354,647 154,825
Profit before tax 518,624 128,398
Income tax (54,450) -
Loss from discontinued operations (25,242) -
Profit for the year 438,932 128,398
Earnings per share (ZMW) 2.73 0.80
Basic and diluted earnings per share
(ZMW) 2.73 0.80
ABRIDGED SEPARATE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
30 June
2020 30 Sept 2019
ZMW'000 ZMW'000
Revenue 15,922 122,536
Operating (loss)/profit (84,843) 47,098
Net finance income 331,760 146,633
Profit before tax 246,917 193,731
Income tax (53,680) -
Profit for the year 193,237 193,731
Earnings per share (ZMW) 1.20 1.20
Basic and diluted earnings per share
(ZMW) 1.20 1.20
ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHSED 30(TH) JUNE 2020
30-June-20 30-Sep-19
ZMW'000 ZMW'000
Assets
Non-Current Asset 17,681,116 13,011,789
Current Assets 2,581,012 1,507,353
Total Assets 20,262,128 14,519,142
Equity and Liabilities
Shareholders' Funds 16,777,325 12,106,930
Non-Current Liabilities 366,022 627,332
Current Liabilities 3,118,781 1,784,880
Total Equity and Liabilities 20,262,128 14,519,142
ABRIDGED SEPARATE STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHSED 30(TH) JUNE 2020
30-June-20 30-Sep-19
ZMW'000 ZMW'000
Assets
Non-Current Asset 11,807,148 10,465,755
Current Assets 912,849 1,126,399
Total Assets 12,719,997 11,592,154
Equity and Liabilities
Shareholders' Funds 9,505,909 8,781,906
Non-Current Liabilities 2,838,236 2,425,145
Current Liabilities 375,852 385,103
Total Equity and Liabilities 12,719,997 11,592,154
ABRIDGED GROUP STATEMENT OF CASH FLOWS FOR THE SIX MONTHSED 30(TH) JUNE 2020
30-June-20 30-Sep-19
ZMW'000 ZMW'000
Net cash flow from operating activities (184,381) 43,782
Net cash Inflow/(used) from investing
activities 176,149 171,450
Net cash used in financing - (104,357)
Increase in cash and cash equivalents (8,232) 110,875
Cash and cash equivalents at the beginning
of the year 54,175 74,480
Cash and cash equivalents at the end
of the period 45,943 185,355
ABRIDGED SEPARATE STATEMENT OF CASH FLOWS FOR THE SIX MONTHSED 30(TH) JUNE 2020
30-June-20 30-Sep-19
ZMW'000 ZMW'000
Net cash flow (used)/from operating activities (120,423) (138,425)
Net cash Inflow/(used) from investing
activities 116,782 336,824
Net cash used in financing - (103,271)
Increase in cash and cash equivalents (3,641) 95,128
Cash and cash equivalents at the beginning
of the year 54,359 26,276
Cash and cash equivalents at the end
of the year 50,718 121,404
ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
30-June-20 30-Sep-19
ZMW'000 ZMW'000
Balance at 1 January/April 12,983,636 11,124,784
Profit for the year 438,932 128,398
Other comprehensive income 3,407,822 853,748
Dividend payment (53,065) -
Balance at 30 June/Sept 16,777,325 12,106,930
ABRIDGED SEPERATE STATEMENT OF CHANGES IN EQUITY
30-June-20 30-Sep-19
ZMW'000 ZMW'000
Balance at 1 January/April 9,561,545 8,661,948
Profit for the year 193,237 193,731
Other comprehensive Loss (195,808) (73,773)
Dividend payment (53,065) -
Balance at 30 June/Sept 9,505,909 8,781,906
1. FINANCIAL PERFORMANCE HIGHLIGHTS
The Group reported a profit for the period of ZMW438.9 million (September 2019: ZMW128 million), mainly due to the following:
-- Increase in net finance income from ZMW138.7 million recorded in September 2019 to ZMW327.3 million recorded in June 2020. The increase in finance income is due to exchange gains recorded on foreign denominated assets arising from the depreciation of the Zambian Kwacha from an average of ZMW13.9 per US Dollar as at 30 September 2019 to ZMW17.2 per US Dollar as at 30 June 2020.
-- Increase in the Group's share of profit in associate companies from ZMW154.8 million recorded in September 2019 to ZMW 354.7 million in June 2020. This is mainly due to the increase in the profitability of some investee companies in the mining sector such as Maamba Collieries Limited and Kansanshi Mining Plc.
Group total assets increased by 40% to ZMW 20,262 million in June 2020 from ZMW14, 519 million in September 2019. This is mainly attributed to increase in values of investments in associates as a result of improved performance of Kansanshi Mining Plc, Maamba Collieries Limited and exchange gains arising from translation of US Dollar denominated investments.
2. KEY OPERATIONS AND STRATEGIC DEVELOPMENTS
Zambia Gold Company
During the period, Zambia Gold Company Limited ("ZGCL"), 51% owned by ZCCM-IH and 49% owned by Ministry of Finance, was granted Small-Scale Mining in the Mwinilunga District. Exploration and mining works are underway. This is in line with its countrywide mandate to manage the programmes and the activities of the gold sector throughout the entire value chain.
ZGCL also continued gold trading during the period with gold purchases extended to the Rufunsa District. Further, ZGCL has been working with artisanal miners in the forming and operationalization of gold artisanal mining cooperatives in various districts.
Ndola Lime Company Ltd Restructuring
The restructuring of Ndola Lime Company Limited ("NLC") commenced. The restructuring was done through a hybrid of Out of Court Settlement and formal insolvency procedures. In this regard, it was decided that a Scheme of Arrangement ("the Scheme") and reconstruction of creditors be undertaken.
The objective of the Scheme was to create a new company that was free from liabilities and able to operate more efficiently. Therefore, the new company was incorporated and is known as Limestone Resources Limited ("LRL"). Furthermore, the restructuring involved the transfer of the business and assets of NLC to LRL and the consequent issue of equity shares by LRL to the shareholders of NLC.
Maamba Collieries Limited
On 25 March 2019, ZCCM Investments Holdings Plc provided short-term liquidity support amounting to $10 million to Maamba Collieries Limited (MCL) on condition that the amount was payable within 60 days from disbursement, following the receipt of power sale proceeds from ZESCO.
However, despite the agreed conditions, MCL has still not repaid the advanced sum and as a result of this, ZCCM Investments Holdings Plc instituted legal proceedings against MCL (during the period under review) in the Lusaka High Court seeking the payment of the US$10 million plus damages and interest.
Industrial Development Corporation Ltd Group (IDC) Reorganization Transaction
During the period, the Board of ZCCM-IH considered and approved the proposed IDC/ZCCM-IH Group reorganization exercise whereby:
i) IDC transfers its 25% equity stake in Kagem Mining Limited, at fair market value, to ZCCM IH;
ii) ZCCM-IH transfers its 71.4% equity stake in Investrust Bank PLC, at fair market value to IDC; and
iii) ZCCM-IH transfers its 100% stake in Mushe Milling Limited to IDC at fair market value. These 3 corporate actions listed above will be undertaken simultaneously as a corporate group reorganization exercise involving IDC and ZCCM-IH and constitute the proposed Group Portfolio Rationalization and Reorganization (or the "Group Reorganization ").
The Group reorganization objective is to achieve optimisation of operations and unlock opportunities for synergy within the IDC /ZCCM-IH Group. The Proposed Group Reorganization will enhance and improve operational efficiency and performance of ZCCM-IH, by realigning and streamlining management oversight on its investments portfolio to support and sustain Company growth and unlock value for its shareholders going forward.
The proposed Group Reorganization is subject to approval by shareholders of ZCCM-IH via a general meeting and the statutory regulatory authorities. The Group Reorganisation is expected to be finalized by 31 December 2020.
CEC Africa Investments Limited
Subsequent to the period under review, ZCCM-IH disposed of its 20% shareholding in CEC Africa Investments Limited. Proceeds from the disposal shall be applied on other opportunities in the mining and other mining related sectors of the domestic economy.
3. OUTLOOK
Copper prices are expected to increase steadily on the back of solid recovery in demand from China, the largest Copper consumer. In addition, low copper inventories in exchange warehouses, disrupted ore supplies from the top producing region in South America due to the COVID-19 pandemic and US Dollar strengthening are contributing to the bullish outlook for Copper.
By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on Thursday 1(st) October 2020
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
==================================================
Issued 1 October 2020
APPICES
US DOLLAR ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
30-Jun-20 30-Sep-19
USD'000 USD'000
Revenue 3,370 7,536
Gross profit 198 3,123
Operating loss (8,881) (12,670)
Net finance income 17,796 10,642
Share of profit of equity accounted
investees 19,281 11,880
Profit before tax 28,195 9,852
Income tax (2,960) -
Loss from discontinued operations (1,372) -
Profit for the year 23,863 9,852
Earnings per share (USD) 0.15 0.06
Basic and diluted earnings per share
(USD) 0.15 0.06
US DOLLAR ABRIDGED SEPERATE STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
30-Jun-20 30-Sep-19
USD'000 USD'000
Revenue 866 9,403
Operating (loss)/profit (4,613) 3,614
Net finance income 18,036 11,252
Profit before tax 13,424 14,866
Income tax (2,918) -
Profit for the year 10,505 14,866
Earnings per share (USD) 0.07 0.09
Basic and diluted earnings per share
(USD) 0.07 0.09
US DOLLAR ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION FOR
THE SIX MONTHSED 30(TH) JUNE 2020
30-Jun-20 30-Sep-19
USD'000 USD'000
Assets
Non-Current Asset 972,359 985,406
Current Assets 85,733 114,154
Total Assets 1,058,091 1,099,560
Equity and Liabilities
Shareholders' Funds 890,126 916,879
Non-Current Liabilities 28,665 47,509
Current Liabilities 139,301 135,172
Total Equity and Liabilities 1,058,091 1,099,560
US DOLLAR ABRIDGED SEPERATE STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHS ENDED 30(TH) June 2020
30-Jun-20 30-Sep-19
USD'000 USD'000
Assets
Non-Current Asset 649,048 792,590
Current Assets 50,180 85,304
--------------
Total Assets 699,227 877,894
--------------
Equity and Liabilities
Shareholders' Funds 522,547 665,069
Non-Current Liabilities 156,020 183,660
Current Liabilities 20,661 29,165
-------------- ------------
Total Equity and Liabilities 699,227 877,894
-------------- ------------
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END
IR ZELFFBBLEFBB
(END) Dow Jones Newswires
October 15, 2020 10:53 ET (14:53 GMT)
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