Zccm Inv.hds.b Regulatory News (ZCC)

31 Mar 2006 15:19

ZCCM Invs.Hldgs PLC31 March 2006 ZCCM Investments Holdings PlcIncorporated in the Republic of Zambia Directors' Quarterly Summary incorporating Financial Results for the quarter ended 31 December 2005 DIRECTORS Mr G K Chibuye (Non-Executive) Chairman of the Board Dr S Musokotwane Director Mr L Nkhata Director Mr G P Mukala Director Dr D H Kalyalya Director Mr E Mutale Director Mrs L I Ng'andwe Director Management Committee General Manager Vacant 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 K27,020 million was achieved during the quarterended 31 December 2005 compared to K31,702 million at December 2004. Group operationalexpenditure was K37,076 million compared to K42,293 million last year. A net operating profit of K178,359 million was recorded in the quarter, comparedto last year's profit of K12,541 million. The profit reported was mainly onaccount of exchange gains of K178,710 million compared to the exchange gain ofK23,023 million at 31 December 2004. The Shareholding of AHC Mine Municipal Services Limited, a wholly ownedsubsidiary of the company was finally handed over to the designated DistrictCouncils on the Copperbelt on 19 January 2006 by Deed of Gift. Subsequent to the quarter end, the company has signed a Subscription Agreement,with Equinox Minerals Limited for the acquisition of shares worth US$30 millionrelating to the Lumwana Copper Project in the North Western province of Zambia.At the conclusion of the deal by 30 June 2006, ZCCM-IH will be entitled to asole director appointment on the board of the Zambian based company, EquinoxCopper Ventures Limited, which is to run the operations of the Lumwana CopperProject. By order of the Board W S Musama Company Secretary Lusaka29 March 2006 ZCCM INVESTMENTS HOLDINGS PLC GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 31 DECEMBER 2005 QUARTER ENDED QUARTER ENDED 31 Dec 2005 31 Dec 2004 Notes K' million K' million Turnover 1 27,020 31,702Cost of Turnover 2 (37,076) (42,293) Operating profit/ (10,056) (10,591)(loss) Other income 10,716 10,681Consideration for dilution in KCM - 80,640Loss on dilution in - (88,840)KCMExchange gain/(loss) 178,710 23,023 Environmental (4,767) (5,238)expensesInterest charge (471) (65)Interest income 3,662 338Dividend 854 5,163receivableRoyalty on (330) (435)mineralsProfit/(loss) before taxation 178,318 14,676 Income tax 41 (2,135) Retained profit/ 178,359 12,541(loss) Notes: 1 Represents Turnover for the Company and its subsidiaries. 2 Represents Cost of Turnover, which includes Administrative costs, for the Company and its subsidiaries. 3 The exchange rates applied are : 30 Dec 2005 US$ = K3538 30 Sept 2005 US$ = K4492 30 Dec 2004 US$ = K4,801 ZCCM INVESTMENTS HOLDINGS PLC GROUP BALANCE SHEET As at 31 Dec 2005 As at 31 Dec 2004 K' million K' million Current assets Bank & cash 67,254 74,882Inventories 26,451 15,232Other debtors 379,906 307,375 -------------- --------------- Total current assets 473,611 397,489 Current liabilities Creditors (44,094) (43,329)Provisions (330,432) (297,041)Taxation (3,154) (4,625)Total current liabilities (377,680) (344,995) Net current assets/(liabilities) 95,931 52,494 Long term receivables 47,180 161,965Investments 368,662 361,495Fixed assets 134,464 88,279Long term borrowings (999,257) (1,352,839)Grants/others 0 (14,074)Subordinated loan (865,445) (865,445) -------------- ---------------Total Net Liabilities (1,218,465) (1,568,124) -------------- --------------- Financed by: Share capital 913 909Grant Reserve 3,038Reserves (1,222,416) (1,569,033) -------------- ---------------Total shareholders' funds (1,218,465) (1,568,124) -------------- ---------------ZCCM INVESTMENTS HOLDINGS PLCGROUP CASH FLOW STATEMENT Quarter ended Quarter ended 31 Dec '05 31 Dec '04 K' million K' millionOperating activities Cash received from customers 10,758 12,174 Cash paid to suppliers and employees (32,429) (14,809) --------- ------------Net cash generated from operating activities (21,671) (2,635) Interest received and other operting income 5,846 6,918Interest paid (402) (65)Taxation paid (1,768) (1,396) --------- ------------ 3,676 5,457 Net cashflow from operating activities (17,995) 2,822 Investing activitiesPurchase of fixed assets (15,582) (5,313) (15,582) (5,313)Financing activitiesLong term borrowings received 0 9,522Long term borrowing and Dividends paid (374) (454)Grants 15,925 - --------- ------------ Net cashflow from investing activities 15,551 9,068Dividend received 854 5,163 --------- ------------ 16,405 14,231 Net cash inflow/(outflow) for period (17,172) 11,740 --------- Cash balances at start of periodCash and bank balances 84,427 63,143 --------- ------------ 84,427 63,143Cash balances at end of periodCash and bank balances 67,255 74,883 --------- ------------ 67,255 74,883 CORPORATE LOCATIONS Registered office Kitwe officeMukuba Pension House Investments House First Floor Kantanta Street5309 Dedan Kimathi Road P O Box 20172 P O Box 30048 KITWELUSAKA Lusaka, 10101, Zambia Tel Numbers Technical 260 (02) 245018Tel Numbers 260 (01) 221023 Environment 245054 220351 Legal 245126 220654 Property 245142 228833 Fax Numbers 260(01) 221057 Fax Numbers 260(02) 222638 220449 222639 220727 222640 E-mail:corporate@zccm-ih.com.zm E-mail:corporate@zccm-ih.com.zm UK RegistrarsCAPITAL IRG Plc Depository for American SharesBourne House 34 Beckenham Road JP Morgan Chase & CoBeckenham 60 Wall STreetKent BR3TU New York, NY 10260-0060England United States of America Tel No. 020 8639 2000 Tel No. 001 212 648 3207Fax No. 020 8658 3430 Fax No. 001 212 648 5104/5 This information is provided by RNS The company news service from the London Stock Exchange