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Zccm Investments Holdings Plc LSE:ZCC London Ordinary Share ZM0000000037 'B' ORD ZMK10
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ZCCM Invs.Hldgs PLC Statement :ZCCM-IH Abridged Financial Results_2019

14/06/2021 3:25pm

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TIDMZCC

RNS Number : 8426B

ZCCM Invs.Hldgs PLC

14 June 2021

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: 14 June 2021

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"]

ABRIDGED AUDITED FINANCIAL STATEMENTS FOR THE NINE MONTH PERIODED 31 DECEMBER 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 nine-month period ended 31 December 2019.

CHANGE OF FINANCIAL YEAR

The financial year end of the Group was changed from 31 March to 31 December in order to comply with the provisions of Section 71 of the Public Finance Management Act and align to the majority shareholder's financial year end. Accordingly, the current financial statements are prepared for nine (9) months from 1 April 2019 to 31 December 2019 and as a result, the comparative figures stated in the statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows and the related notes are not comparable.

STRUCTURE OF THE ZCCM-IH GROUP

The ZCCM-IH Group consisted of the following eight (8) subsidiary companies as at 31 December 2019:

 
 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% 
                                                --------------- 
 Nkandabwe Coal Mine Limited                          100% 
                                                --------------- 
 Kabundi Resources Limited                            100% 
                                                --------------- 
 Limestone Resources Limited                          100% 
                                                --------------- 
 Investrust Bank Plc                                 71.4% 
                                                --------------- 
 

The Company also had other interests in the undernoted companies:

 
 Name                                                       Shareholding 
 Rembrandt Properties                                          49.00% 
                                                          --------------- 
 Central African Cement Company Limited                        49.00% 
                                                          --------------- 
 Maamba Collieries Limited                                     35.00% 
                                                          --------------- 
 Copperbelt Energy Corporation Plc                             24.10% 
                                                          --------------- 
 Konkola Copper Mines Plc                                      20.60% 
                                                          --------------- 
 Kansanshi Mining Plc                                          20.00% 
                                                          --------------- 
 CEC Africa Investments Limited                                20.00% 
                                                          --------------- 
 Lubambe Copper Mine Plc                                       20.00% 
                                                          --------------- 
 CNMC Luanshya Copper Mines Plc                                20.00% 
                                                          --------------- 
 Copper Tree Minerals Limited                                  15.58% 
                                                          --------------- 
 NFCA Africa Mining Plc                                        15.00% 
                                                          --------------- 
 Chibuluma Mines Plc                                           15.00% 
                                                          --------------- 
 Chambishi Metals Plc                                          10.00% 
                                                          --------------- 
 Mopani Copper Mines Plc                                       10.00% 
                                                          --------------- 
 Oranto Oil Block                                              10.00% 
                                                          --------------- 
 Nkana Alloy Smelting Company Limited                          10.00% 
                                                          --------------- 
 
   ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE 
   INCOME 
                                                                  Audited         Audited 
                                                              Nine Months       12 Months 
                                                                       to       to 31 Mar 
                                                              31 Dec 2019            2019 
                                                                  ZMW'000         ZMW'000 
 
 Revenue                                                           62,432          76,670 
 Gross profit                                                       9,417          45,166 
 Operating loss                                                 (155,385)       (580,284) 
 Net finance income                                               139,074           5,829 
 Share of profit of equity accounted investees                    420,348         973,213 
 Profit before tax                                                404,037         398,758 
 Income tax (expense)/credit                                     (22,871)          49,105 
 Profit from continuing operations                                381,166         447,863 
 Loss from discontinued operations                               (73,979)               - 
 Profit for the year                                              307,187         447,863 
 Earnings per share (k)                                              1.91            2.79 
 Basic and diluted earnings per share (k)                            1.91            2.79 
 
 
 
 
  ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE 
    INCOME 
                                                         Audited      Audited 
                                                     Nine Months    12 Months 
                                                       to 31 Dec    to 31 Mar 
                                                            2019         2019 
                                                         ZMW'000      ZMW'000 
 
   Investment income                                     171,163      180,624 
   Operating profit /(loss)                               17,096    (319,576) 
   Net finance income                                     96,927    (123,835) 
   Profit/(loss)/ before tax                             175,601    (269,950) 
   Income tax (expense)/ credit                         (22,166)      162,426 
   Profit/(loss) for the year                            153,435    (107,524) 
 
   Earnings per share (k)                                   0.95       (0.67) 
 
    Basic and diluted earnings per share (k)                0.95       (0.67) 
 
 
 
   ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION 
                                                                 Audited                 Audited 
                                                             31 Dec 2019             31 Mar 2019 
  Assets                                                         ZMW'000                 ZMW'000 
  Property, plant and equipment                                  299,125                 187,268 
  Intangible assets                                                  648                   8,532 
  Investment property                                            167,970                 251,230 
  Investments in associates                                   11,855,067              10,276,405 
  Goodwill                                                       119,818                       - 
  Financial assets at fair value through 
   profit or loss                                                      -                     584 
  Inventories                                                     52,057                 104,681 
  Trade and other receivables                                    729,685               1,153,236 
  Assets held for sale                                         1,127,333                       - 
  Deferred tax assets                                            564,304                 601,589 
  Term deposits                                                  274,960                 754,438 
  Cash and cash equivalents                                       56,816                  74,480 
  Total assets                                                15,247,783              13,412,443 
 
  Equity and liabilities 
  Share capital and reserves                                  12,629,831              11,025,116 
  Bank overdraft                                                   2,641                       - 
  Borrowings                                                           -                 104,357 
  Deferred tax liabilities                                       238,185                 245,455 
  Trade and other payables                                       738,912               1,553,171 
  Liabilities associated with assets classified                1,191,270                       - 
   as held for sale 
  Provisions                                                      83,118                 127,590 
  Retirement benefits                                             34,669                  34,180 
  Provisions for environmental rehabilitation                    119,253                 145,460 
  Current tax liabilities                                        209,904                 177,114 
  Total equity and liabilities                                15,247,783              13,412,443 
 
 
   ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION 
                                                                 Audited                 Audited 
                                                             31 Dec 2019             31 Mar 2019 
  Assets                                                         ZMW'000                 ZMW'000 
  Property, plant and equipment                                   88,439                  85,819 
  Intangible assets                                                  648                     671 
  Investment property                                            167,970                 157,606 
  Investments in subsidiaries                                    147,317                  69,987 
  Investments in associates                                   10,746,818               9,703,369 
  Assets held for sale                                           387,110                       - 
  Trade and other receivables                                    719,855                 842,664 
  Term deposit                                                   273,717                 727,554 
  Cash and cash equivalents                                       54,359                  26,276 
  Total assets                                                12,586,233              11,613,946 
 
    Equity and liabilities 
  Capital and reserves                                         9,484,935               8,661,948 
  Borrowings                                                           -                 103,271 
  Deferred tax liabilities                                     2,688,472               2,306,727 
  Trade and other payables                                        52,271                  77,342 
  Provisions                                                      83,118                 127,590 
  Retirement benefits                                              7,971                   5,513 
  Provisions for environmental rehabilitation                     55,258                 112,905 
  Current tax liabilities                                        214,208                 218,650 
  Total equity and liabilities                                12,586,233              11,613,946 
 
 ABRIDGED GROUP STATEMENT OF CASH FLOWS 
                                                                 Audited              Audited 
                                                             Nine Months            12 Months 
                                                                      to                   to 
                                                             31 Dec 2019          31 Mar 2019 
                                                                 ZMW'000              ZMW'000 
 
 Net cash flow from operating activities                         190,389            (238,880) 
 Net cash used in investing activities                            37,696               38,181 
 Net cash outflow on financing                                 (136,702)             (64,207) 
 Increase in cash and cash equivalents                            91,383            (264,906) 
 Cash and cash equivalents at the beginning 
  of the year                                                     74,480              339,386 
 Cash and cash equivalents at the end of 
  the year                                                       165,865               74,480 
                                                     -------------------  ------------------- 
 Included in the statement of financial position                  54,175               74,480 
 Included in assets held for sale                                111,688                    - 
                                                     -------------------  ------------------- 
                                                                 165,865               74,480 
                                                     ===================  =================== 
 
 
 
   ABRIDGED COMPANY STATEMENT OF CASH FLOWS 
                                                                 Audited              Audited 
                                                             Nine months            12 Months 
                                                                      to                   to 
                                                             31 Dec 2019          31 Mar 2019 
                                                                 ZMW'000              ZMW'000 
 
 Net cash flow from operating activities                          93,439             (80,596) 
 Net cash used in investing activities                            37,915            (334,341) 
 Net cash outflow on financing                                 (103,271)              103,271 
 Increase in cash and cash equivalents                            28,083            (311,666) 
 Cash and cash equivalents at the beginning 
  of the year                                                     26,276              337,942 
 Cash and cash equivalents at the end of 
  the year                                                        54,359               26,276 
                                                     ===================  =================== 
 
 

ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY

 
                                              Audited        Audited 
                                             9 Months      12 Months 
                                            to 31 Dec             to 
                                                 2019    31 Mar 2019 
                                              ZMW'000        ZMW'000 
 
 Balance at 1 April                        11,025,116      8,771,841 
 Profit for the period                        307,187        447,863 
 Other comprehensive income                 1,297,528      2,038,573 
 Dividend paid                                      -      (233,161) 
                                  -------------------  ------------- 
 Balance at 31 December/ March             12,629,831     11,025,116 
                                  -------------------  ------------- 
 
 

ABRIDGED COMPANY STATEMENT OF CHANGES IN EQUITY

 
                                                            Audited          Audited 
                                                        Nine months        12 months 
                                                                 to        to 31 Mar 
                                                        31 Dec 2019             2019 
                                                            ZMW'000          ZMW'000 
 
     Balance at 1 April                                   8,661,948        5,790,154 
     Profit/ (loss) for the period                          153,435        (107,524) 
     Other comprehensive income                             669,552        3,212,479 
     Dividend paid                                                -        (233,161) 
                                            -----------------------      ----------- 
     Balance at 31 December/ March                        9,484,935        8,661,948 
                                            =======================      =========== 
 
 
   1.       FINANCIAL PERFORMANCE 

The Group reported a profit for the nine-month period of ZMW307 million (USD23 million) (March 2019: ZMW448 million (USD40 million)). The 31% decrease in profitability was mainly due to the fact that the previous period is accounting for 12 months as compared to 9 months for the current period. Furthermore, there was a decrease in share of profit of equity accounted investee companies on account of the impairment of receivables by associate companies such as Kansanshi Mining Plc and Copperbelt Energy Corporation Plc.

The Company reported a profit for the year of ZMW153 million (USD12 million) (March 2019: loss ZMW108 million (USD10 million)), mainly due to exchange gains on foreign denominated assets and reduced administrative costs such as impairment of financial assets accounted at fair value through profit or loss, loans and receivables.

The Group and Company's retained earnings as at 31 December 2019 were positive at ZMW2,191 million (USD179 million) (March 2019: ZMW 1,857 million (USD155 million)) and ZMW978 million (USD79 million) (March 2019: ZMW825 million (USD68 million)) respectively. The increase in retained earnings is attributed to recorded Group and Company record profits in this period of ZMW307 million (USD23 million) and ZMW153 million (USD12 million) respectively.

Group total assets increased by 14% to ZMW15.2 billion (USD 1.2 billion) as at 31 December 2019 from ZMW13.4 billion (USD1.1 billion) as at 31 March 2019. This is mainly attributed to an increase in values of investments in associates from ZMW 10.3 billion (USD956 million) as at 31 March 2019 to ZMW 11.9 billion (USD.

   2.   DIVIDEND 

The Directors will recommend a final dividend payout of ZMW53,064, 601.26 (USD2,391,590.11) in total ( K 0.33 per share (USD0.0149)).

   3.   SIGNIFICANT DEVELOPMENTS 

ZCCM-IH's investments were steered towards the mining sector. Thus, three core strategies were employed targeted at driving portfolio growth which were:

   --   Pursuit of the royalty model in order to introduce new revenue stream; 

-- Realignment of the portfolio to achieve more focus in mining and mining related activities; and

   --   Development of turnaround strategies for loss making subsidiaries. 
   4.   OUTLOOK 

Looking into the future, the mining sector is generally expected to face challenges during early to mid-2020 due to depressed commodity prices and disruption in international trade caused by the Novel Coronavirus (COVID-19) pandemic.

Despite these challenges, ZCCM-IH is committed to enhance value creation for its shareholders. Thus, ZCCM-IH will continue to diversify within the mining sector to mitigate slumps that may be experienced in some metals at a particular time while taking advantage of surges occurring in other metals during the same time.

By Order of the Board

Chabby Chabala

Company Secretary

Issued in Lusaka, Zambia on 14 June 2021

 
 
   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 14 June 2021 
 

APPENDICES

 
 US DOLLAR ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE 
  INCOME 
 
                                                                                 31-Dec-             31-Mar-19 
                                                                                      19 
                                                                                 USD'000               USD'000 
 
 Revenue                                                                           4,687                 6,848 
 Gross profit                                                                        707                 4,034 
 Operating loss                                                                 (11,664)              (51,831) 
 Net finance income                                                               10,440                   521 
 Share of profit of equity accounted investees                                    31,555                86,926 
                                                                          --------------  -------------------- 
 Profit before tax                                                                30,331                35,616 
 Income tax                                                                      (1,717)                 4,386 
                                                                          --------------  -------------------- 
 Profit for continuing operations                                                 28,614                40,002 
 Profit for discontinued operations                                              (5,554)                     - 
                                                                          --------------  -------------------- 
 Profit for the year                                                              23,060                40,002 
                                                                          --------------  -------------------- 
 Earnings per share (USD)                                                           0.14                  0.25 
 Basic and diluted earnings per share (USD)                                         0.14                  0.25 
 
   US DOLLAR ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER 
   COMPREHENSIVE INCOME 
 
 
                                                                              31-Dec- 19           31-Mar-19 
                                                                                 USD'000             USD'000 
 
 Investment income                                                                12,849              16,133 
 Operating profit/(loss)                                                           1,283            (28,543) 
 Net finance income                                                               11,899               4,433 
                                                                          --------------  ------------------ 
 Profit/(loss) before tax                                                         13,182            (24,110) 
 Income tax                                                                      (1,664)              14,508 
                                                                          --------------  ------------------ 
 Profit/(loss) for the year                                                       11,518             (9,602) 
                                                                          --------------  ------------------ 
 Earnings per share (USD)                                                           0.07              (0.06) 
 Basic and diluted earnings per share (USD)                                         0.07             ( 0.06) 
 
 
 
 US DOLLAR ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION AS AT 31 
  DECEMBER 2019 
 
 
                                                      31-Dec-19          31-Mar-19 
                                                        USD'000            USD'000 
 Assets 
 Non-Current Asset                                    1,066,794            976,391 
 Current Assets                                         138,250            123,892 
 Total Assets                                         1,205,044          1,100,283 
 
 Equity and Liabilities 
 Shareholders' Funds                                  1,017,413            904,440 
 Non-Current Liabilities                                 22,799             58,071 
 Current Liabilities                                    164,832            137,772 
 Total Equity and Liabilities                         1,205,044          1,100,283 
 
 
   US DOLLAR ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION AS AT 
   31 DECEMBER 2019 
 
                                                      31-Dec-19          31-Mar-19 
                                                        USD'000            USD'000 
 Assets 
 Non-Current Asset                                      934,511            855,568 
 Current Assets                                          76,540             97,175 
 Total Assets                                         1,011,051            952,743 
 
 Equity and Liabilities 
 Shareholders' Funds                                    788,777            710,577 
 Non-Current Liabilities                                197,218            198,945 
 Current Liabilities                                     25,056             43,221 
 Total Equity and Liabilities                         1,011,051            952,743 
 
 

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