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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 2021 to Apr 2024
TIDMZCC
RNS Number : 3943O
ZCCM Invs.Hldgs PLC
07 October 2021
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: October 6, 2021
ZCCM INVESTMENTS HOLDINGS PLC
(Incorporated in the Republic of Zambia)
DIRECTORS' INTERIM UNAUDITED FINANCIAL RESULTS FOR ZCCM INVESTMENTS HOLDINGS AND ITS
SUBSIDIARIES ("THE GROUP") FOR THE SIX MONTHS PERIODED 30(TH) JUNE 2021
INTRODUCTION
In compliance with the requirements of the "Securities Act, No. 41 of 2016 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) June 2021.
STRUCTURE OF THE ZCCM-IH GROUP
The ZCCM-IH Group consist of the following Ten (10) companies:
Name Shareholding
Mopani Copper Mine Plc 100.00%
-------------
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%
-------------
Maamba Collieries Limited 35.00%
-------------
Konkola Copper Mines Plc 20.60%
-------------
Kansanshi Mining Plc 20.00%
-------------
Copperbelt Energy Corporation Plc 24.10%
-------------
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%
-------------
Oranto Oil Block 10.00%
-------------
Nkana Alloy Smelting Company Limited 10.00%
-------------
FINANCIAL PERFORMANCE
UNAUDITED ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME AS AT 30(TH) JUNE 2021
30 June
2021 30 June 2020
ZMW'000 ZMW'000
Revenue 8,286,253 61,983
Gross profit 847,182 3,643
Operating loss (829,265) (163,365)
Net finance (cost)/income (164,130) 327,342
Share of profit of equity accounted
investees 1,475,600 354,647
Profit before tax 482,205 518,624
Income tax (2,500) (54,450)
Loss from discontinued operations - (25,242)
Profit for the period 479,705 438,932
Earnings per share (ZMW) 2.98 2.73
Basic and diluted earnings per share
(ZMW) 2.98 2.73
UNAUDITED ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME AS AT 30(TH) JUNE 2021
30 June
2021 30 June 2020
ZMW'000 ZMW'000
Revenue 121,173 15,922
Operating profit/(loss) 26,380 (84,843)
Net finance income 182,790 331,760
Profit before tax 209,169 246,917
Income tax (731) (53,680)
Profit for the year 208,439 193,237
Earnings per share (ZMW) 1.30 1.20
Basic and diluted earnings per share
(ZMW) 1.30 1.20
UNAUDITED ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION AS AT 30(TH) JUNE 2021
30-June-21 30-June-20
ZMW'000 ZMW'000
Assets
Non-Current Asset 63,156,060 17,681,116
Current Assets 9,666,116 2,581,012
Total Assets 72,822,176 20,262,128
Equity and Liabilities
Shareholders' Funds 30,682,405 16,777,325
Non-Current Liabilities 36,810,124 366,022
Current Liabilities 5,329,647 3,118,781
Total Equity and Liabilities 72,822,176 20,262,128
UNAUDITED ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30(TH) JUNE 2021
30-June-21 30-June-20
ZMW'000 ZMW'000
Assets
Non-Current Asset 12,230,647 11,807,148
Current Assets 1,723,199 912,849
Total Assets 13,953,846 12,719,997
Equity and Liabilities
Shareholders' Funds 10,015,213 9,505,909
Non-Current Liabilities 3,423,278 2,838,236
Current Liabilities 515,355 375,852
Total Equity and Liabilities 13,953,846 12,719,997
UNAUDITED ABRIDGED GROUP STATEMENT OF CASH FLOWS AS AT 30(TH) JUNE 2021
30-June-21 30-June-20
ZMW'000 ZMW'000
Net cash flow from/(used) operating activities 2,838,677 (184,381)
Net cash (used)/Inflow from investing
activities (2,927,930) 176,149
Increase in cash and cash equivalents (89,253) (8,232)
Cash and cash equivalents at the beginning
of the year 225,582 54,175
Cash and cash equivalents at the end
of the period 136,329 45,943
UNAUDITED ABRIDGED COMPANY STATEMENT OF CASH FLOWS FOR THE SIX MONTHSED 30(TH) JUNE 2021
30-June-21 30-June-20
ZMW'000 ZMW'000
Net cash flow (used)/from operating activities 14,563 (120,423)
Net cash Inflow/(used) from investing
activities (63,209) 116,782
Increase in cash and cash equivalents (48,646) (3,641)
Cash and cash equivalents at the beginning
of the year 120,758 54,359
Cash and cash equivalents at the end
of the year 72,112 50,718
UNAUDITED ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHSED 30(TH) JUNE 2021
30-June-21 30-June-20
ZMW'000 ZMW'000
Balance as at 1 January 21,075,617 12,983,636
Profit for the year 479,705 438,932
Other comprehensive income 9,127,083 3,407,822
Dividend payment - (53,065)
Balance as at 30 June 30,682,405 16,777,325
UNAUDITED ABRIDGED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHSED 30(TH) JUNE 2021
30-June-21 30-June-20
ZMW'000 ZMW'000
Balance at 1 January 9,674,487 9,561,545
Profit for the year 208,439 193,237
Other comprehensive Loss 132,287 (195,808)
Dividend payment - (53,065)
Balance as at 30 June 10,015,213 9,505,909
1. FINANCIAL PERFORMANCE HIGHLIGHTS
The Group recorded a turnover of ZMW8.3 billion for this period compared to ZMW62 million reported during the six-month period to 30(th) June 2020. The significant increase is largely on account of acquisition of Mopani Copper Mines Plc (Mopani) during the period. The revenue from Mopani accounts for 97% of the total revenue for the period.
The Group's share of profit in associate companies was ZMW1.48 billion (June 2020: ZMW354.7 million). This was due to profit recorded by investee companies in the copper Mining industry which experienced increased copper prices during this period. The copper prices recorded an average price of US$ 9,200 per ton compared to US$5,490 per ton recorded during the same period in 2020.
The Group's total assets increased to ZMW72.82 billion as at 30(th) June 2021 from ZMW20.26 billion as at 30(th) June 2020 due to the acquisition of Mopani Copper Mines Plc.
Overall, the Group recorded a 9% increase in profit after tax of ZMW479.7 million compared to ZMW438.7 million in the six-month period to 30(th) June 2021. This was due to an increase in share of profit from investee companies.
2. KEY OPERATIONS AND STRATEGIC DEVELOPMENTS
Acquisition of Mopani Copper Mines Plc
During the period, ZCCM-IH reached an agreement with Glencore, representing Carlisa Investments Corp. ("Carlisa"), for the acquisition of the 90% stake in Mopani Copper Mines Plc ("the Acquisition"). The Acquisition of the 90% stake and voting rights belonging to Carlisa, was successfully executed on 31 March 2021. A total consideration of US$1 was paid by ZCCM-IH. In addition, Mopani owed Shareholders more than USD 4.3 billion in shareholders loans. After a detailed analysis, this debt level was considered to be unsustainable, which meant that Mopani would not be able to meet debt repayments. ZCCM-IH, therefore, negotiated for the said loan to be written down to USD 1.5 billion. The US$1.5 billion loan is guaranteed by ZCCM-IH.
This transaction has effectively transformed ZCCM-IH from giving it the potential ability to create substantial value for its shareholders today and well into the future. The transition from Carlisa was done successfully and normal operations have continued for both mining and processing. Mopani recorded fair financial performance for the period under review with actual revenue exceeding budget by US$24m due to favorable prices, and higher than budget sales volumes propelled by high opening stocks. Mopani recorded a positive EBITDA of USD5.8 million for the period under review.
Konkola Copper Mines Plc (KCM) Court proceeding
-- Lusaka Proceedings - Following the decision of the Court of Appeal to confirm the decision of the High Court, the winding up proceedings remain stayed pending the Arbitration Proceedings in South Africa. ZCCM-IH has since filed an application before the Supreme Court seeking leave to appeal the decision by the Court of Appeal.
-- South African Proceedings - The Arbitration proceedings (which are confidential as between the parties) are underway and yet to be resolved. Subsequent to the period under review and specifically on 7 July 2021 the Sole Arbitrator made a Partial Final Award which had the effect of staying the petition pending the hearing of the Arbitration.
Konkola Copper Mines Plc separation of Business Units
During the period to 30(th) June 2021, KCM was split into two separate Business Units. The split was done by way of formation of two subsidiary companies, namely KCM Smelter Co Limited, and KCM Mineral Resources Limited, with two Separate Management structures and employee arrangements. Both companies are currently wholly owned by KCM.
Kansanshi Holdings Limited (KHL) Arbitration proceedings
On 29(th) January 2021, the Arbitration Tribunal, issued a Partial Final Award in the arbitration, pursuant to which ZCCM-IH's defence was successful and various declarations granted in ZCCM-IH 's favour. Certain matters remain outstanding and will be addressed by the Tribunal in the final award.
3. SIGNIFICANT EVENTS SUBSEQUENT TO THE PERIOD UNDER REVIEW
Security and Guarantee of US$100 million KCM Trafigura Transactions
Subsequent to the period under review, ZCCM-IH pledged US$200 million worth of its shareholding in Kansanshi Mining Plc and executed a corporate guarantee in favor of Trafigura as security for a US$100 million prepayment transaction to KCM by Trafigura. The prepayment carries an interest rate of Libor plus 7% and is repayable by KCM through copper deliveries to Trafigura on a monthly basis for a period of 18 months with a 6 month moratorium.
4. OUTLOOK
The Group will continue with the implementation of its Strategic Plan to enhance value creation for its shareholders. The Group will benefit from the strong copper price outlook for the second half of this year due to falling inventories and rising premiums in the top consumer China. In addition, the company will also get value from the expected good copper price due to a surge in demand. ZCCM-IH in line with its Strategic plan will also focus on commodity diversification by improving production of other minerals such as Gold, Manganese and Amethyst among others. Exploring of value addition initiatives will also remain key on the agenda of ZCCM-IH going forward.
By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on Wednesday, October 6, 2021
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 October 6, 2021
APPICES
US DOLLAR UNAUDITED ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHSED 30(TH) JUNE 2021
30 June
2021 30 June 2020
USD'000 USD'000
Revenue 368,606 3,370
Gross profit 37,686 198
Operating loss (36,889) (8,881)
Net finance (cost)/income (7,301) 17,796
Share of profit of equity accounted
investees 65,641 19,281
Profit before tax 21,450 28,195
Income tax (111) (2,960)
Loss from discontinued operations - (1,372)
Profit for the period 21,339 23,863
Earnings per share (USD) 0.13 0.15
Basic and diluted earnings per share
(USD) 0.13 0.15
US DOLLAR UNAUDITED ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHSED 30(TH) JUNE 2021
30 June
2021 30 June 2020
USD'000 USD'000
Revenue 5,390 866
Operating (loss)/profit 1,173 (4,613)
Net finance income 8,131 18,036
Profit before tax 9,305 13,424
Income tax (33) (2,918)
Profit for the year 9,272 10,505
Earnings per share (USD) 0.06 0.07
Basic and diluted earnings per share
(USD) 0.06 0.07
US DOLLAR UNAUDITED ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHS ENDED 30(th) JUNE 202 1
30-June-21 30-June-20
USD'000 USD'000
Assets
Non-Current Asset 2,791,551 972,359
Current Assets 427,251 85,733
Total Assets 3,218,802 1,058,092
Equity and Liabilities
Shareholders' Funds 1,356,188 890,126
Non-Current Liabilities 1,627,039 28,665
Current Liabilities 235,575 139,301
Total Equity and Liabilities 3,218,802 1,058,092
US DOLLAR UNAUDITED ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHS ENDED 30(th) June 202 1
30-June-21 30-June-20
USD'000 USD'000
Assets
Non-Current Asset 667,887 649,048
Current Assets 76,167 50,180
Total Assets 744,054 699,228
Equity and Liabilities
Shareholders' Funds 569,963 522,547
Non-Current Liabilities 151,312 156,020
Current Liabilities 22,779 20,661
Total Equity and Liabilities 744,054 699,228
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END
IR FSMFEWEFSEDS
(END) Dow Jones Newswires
October 07, 2021 08:53 ET (12:53 GMT)
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