Zccm Inv.hds.b Regulatory News (ZCC)

3 Jan 2007 12:26

ZCCM Invs.Hldgs PLC03 January 2007 ZCCM INVESTMENTS HOLDINGS PLC _____________________________________________________________________________ Directors' Quarterly Summary incorporating Financial Results for the quarter ended 30 September 2006_____________________________________________________________________________ Private and Confidential DIRECTORS Mr G K Chibuye (Non-Executive)Chairman of the Board Mr C Evans ChibilitiDirector Mr L NkhataDirector Dr B NsemukilaDirector Dr D H KalyalyaDirector Mr O B MunyenyembeDirector Mrs L I Ng'andweDirector Management Committee General ManagerVacant Company SecretaryMr W S Musama Acting Chairman Technical Investments ManagerMr J M D Patterson Finance and Investments ManagerMr Z Zekko Legal Investments ManagerMr J K Kaite Technical Investments OfficerMr W K Katoto Environmental ManagerMr J Makumba Financial AnalystMr K K Mulaisho Committee Secretary ZCCM INVESTMENTS HOLDINGS PLCand its subsidiary companies DIRECTORS' QUARTERLY SUMMARY ZCCM - IH Group turnover of K21,165 million were achieved during the quarterended 30 September 2006 compared to K30,305 million at September 2005. During thequarter, the group recorded operational expenditure of K32,496 compared toK32,771 million for the corresponding quarter last year. An operating loss of K11,331 million was recorded in the quarter under reviewcompared to a loss of K2,466 million in the quarter ended 30 September 2005.The retained loss of K132,254 million reported, was mainly on account of foreignexchange losses of K132,101 million compared to a gain of K36,962 millionrecorded in the corresponding quarter the previous year. The exchange rateswere K4,492/US$ and K4,228/US$ at September 2005 and September 2006respectively. Over the quarter, the Kwacha depreciated from K3,582/US$ toK4,228/US$, whereas it had appreciated from K4,698/US$ to K4,492/US$ in thecorresponding quarter of the previous year. During the quarter, Mr Joseph M Chikolwa was appointed as Chief ExecutiveOfficer of the Company. Subsequent to quarter end, Zambia Energy Corporation replaced National GridZambia B.V. and Cinergy Zambia B.V. as majority shareholders in CopperbeltEnergy Corporation plc. By order of the Board W S Musama Company Secretary Lusaka19 December 2006 ZCCM INVESTMENTS HOLDINGS PLCGROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 30 SEPTEMBER 2006 QUARTER ENDED QUARTER ENDED 30 September 30 September 2006 2005 notes K' million K' million ------------ ------------ Turnover 1 21,165 30,305Cost of turnover 2 (32,496) (32,771) Operating (loss) (11,331) (2,466) Other income 7,877 9,586Exchange (loss)/gain (132,101) 36,962Environmental (3,994) (3,496)expensesInterest charge (234) (270)Interest income 773 787Dividend receivable 7,610 1,168Royalty on minerals (421) (408)(Loss)/Profit before (131,821) 41,863taxation Income tax (433) (1,629) Retained (loss)/ (132,254) 40,234profit Notes: 1 & 2 Represents revenue /sales and administrative costs/cost of sales for the Company and its subsidiary 3 The exchange rates applied are : 30 September US$ = K4,492 2005 30 June 2006 US$ = K3,582 30 September US$ = K4,228 2006 ZCCM INVESTMENTS HOLDINGS PLC GROUP BALANCE SHEET As at 30 As at 30 September 2006 September 2005 K' million K' millionCurrent assets Bank & cash 70,040 43,836Inventories 28,429 34,364Other debtors 363,353 290,284 ------------------ ------------------ Total current assets 461,822 368,484 Current liabilities Creditors (46,995) (36,007)Provisions (310,700) (309,160)Taxation (5,686) (12,123)Bank overdraft (1,882) (374) ------------------ ------------------Total current liabilities (365,263) (357,664) Net Current Assets 96,559 10,820 Long term receivables 19,396 100,674Investments 473,004 449,393Fixed assets 12,472 66,378Long term borrowings (1,154,647) (1,319,107)Grants/others 0 (9,006)Subordinated loan (865,445) (865,445) ------------------ ------------------Total Net Liabilities (1,418,660) (1,566,293) ------------------ ------------------ Financed by: Share capital 893 893Reserves (1,428,115) (1,570,225)Grant reserves 8,562 3,038 ------------------ ------------------Total shareholders' funds (1,418,660) (1,566,293) ------------------ ------------------ ZCCM INVESTMENTS HOLDINGS PLC GROUP CASH FLOW STATEMENT Quarter ended Quarter ended 30 Sept 2006 30 Sept 2005 K' million K' millionOperating activities Cash received from customers 3,425 36,564Cash paid to suppliers and employees (16,125) (41,362) ---------- ----------Net cash generated from operating activities (12,700) (4,798) Interest received and other operting income 780 3,240Interest paid (2,532) (398)Taxation paid 0 (924) ---------- ---------- (1,752) 1,918 Net cashflow from operating activities (14,452) (2,880) Investing activitiesPurchase of fixed assets (128) (9,708)Proceeds from sale of fixed assets 224 - ---------- ---------- 96 (9,708)Financing activitiesLong term borrowings received 2,720 -Long term borrowing paid (378) (544)Grants 712 19,605 ---------- ---------- Net cashflow from investing activities 3,054 19,061Dividend received 599 - ---------- ---------- 3,653 19,061 Net cash (outflow)/inflow for period (10,703) 6,473 Cash balances at start of periodCash and bank balances 83,287 77,954Bank overdrafts (4,426) - ---------- ---------- 78,861 77,954Cash balances at end of periodCash and bank balances 70,040 84,427Bank overdrafts (1,882) - ---------- ---------- 68,158 84,427 CORPORATE LOCATIONS Registered Office UK Registrars Mukuba Pension House CAPITA IRG PlcFirst Floor Bourne House5309 Dedan Kimathi Road 34 Beckenham RoadP O Box 30048 BeckenhamLUSAKA Kent BR3 4TULusaka, 10101, Zambia EnglandTel Numbers 260 (01) 221023 Tel No. 020 8639 2000 220351 Fax No. 020 8658 3430 220654 228833 Depository for American Shares Fax Numbers 260 (01) 221057 JP Morgan Chase & Co 220449 60 Wall Street 220727 New York, NY 10260-0060 United States of AmericaE-mail:corporate@zccm-ih.com.zm Tel No. 001 212 648 3207Kitwe Office Fax No. 001 212 648 5104/5 Investments HouseKantanta StreetP O Box 20172Kitwe Tel Numbers 260 (02) 245018 245054 245142 245126 245320 Fax Numbers 260 (02) 222638 222639 222640E-mail:corporate@zccm-ih.com.zm This information is provided by RNS The company news service from the London Stock Exchange