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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 : 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:
Hot Features
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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: 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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END
FR EALKLFFLFEFA
(END) Dow Jones Newswires
June 14, 2021 10:25 ET (14:25 GMT)
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