29th Dec 2005 14:02
ZCCM Invs.Hldgs PLC29 December 2005 ZCCM Investments Holdings Plc Incorporated in the Republic of Zambia Directors' Quarterly Summary incorporating Financial Results for the quarter ended 30 September 2005 DIRECTORS Mr G K Chibuye (Non-Executive)Chairman of the Board Dr S MusokotwaneDirector Mr L NkhataDirector Mr G P MukalaDirector Dr D H KalyalyaDirector Mr E MutaleDirector 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 PLC And its subsidiary companies DIRECTORS' QUARTERLY SUMMARY ZCCM-IH Group turnover of K30,305 million was achieved during the quarter ended30 September 2005 compared to K33,422 million at 30 September 2004. Groupoperational expenditure was K32,771 million compared to K33,697 million lastyear. A net operating profit of K40,234 million was recorded in the quarter, comparedto the loss of K6,990 million incurred in the corresponding quarter of theprevious year. The profit reported was mainly on account of exchange gains ofK36,962 million compared to the exchange loss of K13,387 million at 30 September2004. Subsequent to quarter end,the Mine Township Services Project (MTSP)comes to anend on 31 December 2005. AHC - Mining Municipal Services Limited, a 100% ownedsubsidiary of ZCCM-IH, which has been the executing agency of the MTSP is to behanded over to the District Councils through Nkana Water and SewarageCompany.This is in accordance with the Exit Strategy of the MTSP formulatedpursuant to the Local Government and Housing Ministerial guidelines issued on 4May 2005, as a consequence of the Government of the Republic of Zambia and WorldBank Loan Agreement dated 27 July 2000. By order of the Board W S Musama Company Secretary Lusaka 14 December 2005 ZCCM INVESTMENTS HOLDINGS PLC GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 30 SEPTEMBER 2005 QUARTER ENDED QUARTER ENDED 30 Sept 2005 30 Sept 2004 notes K' million K' million Turnover 1 30,305 33,422Cost of Turnover 2 (32,771) (33,697) Operating profit/ (2,466) (275)(loss) Other income 9,586 6,731 Exchange gain/(loss) 36,962 (13,387) Environmental (3,496) (2,348)expensesInterest charge (270) (199)Interest income 787 366Dividend 1,168 4,345receivableRoyalty on (408) (464)mineralsExceptional Item 3 -Profit/(loss) before taxation 41,863 (5,231) Income tax (1,629) (1,759) Retained profit/ 40,234 (6,990)(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 Sept 2005 US$ = K4492 30 Sept 2004 US$ = K4923 30 June 2005 US$ = K4698 4ZCCM INVESTMENTS HOLDINGS PLC GROUP BALANCE SHEET As at 30 Sept 2005 As at 30 Sept 2004 K' million K' million Current assets Bank & cash 84,427 63,143Inventories 28,063 14,506Metal debtors 0 0Other debtors 420,832 330,207 -------------- --------------- Total current assets 533,322 407,856 Current liabilities Creditors (54,285) (44,421)Overseas 0 0Provisions (316,770) (287,675) 0 0Taxation (5,306) (3,421)Bank overdraft 0 0 -------------- ---------------Total current liabilities (376,361) (335,517) Net current assets/(liabilities) 156,961 72,339 Long term receivables 59,903 83,372Investments 368,662 450,356Fixed assets 117,210 83,486Long term borrowings (1,246,506) (1,385,858)Grants/others (4,174) (16,065)Subordinated loan (865,445) (865,445) -------------- ---------------Total Net Liabilities (1,413,390) (1,577,815) -------------- --------------- Financed by: Share capital 913 909Reserves (1,414,303) (1,578,724) -------------- ---------------Total shareholders' funds (1,413,390) (1,577,815) -------------- --------------- ZCCM INVESTMENTS HOLDINGS PLCGROUP CASH FLOW STATEMENT Quarter ended Quarter ended 30 Sept '05 30 Sept '04 K' million K' millionOperating activities Cash received from customers 36,564 31,016 Cash paid to suppliers and employees (41,362) (24,827) ---------- ----------Net cash generated from operating (4,798) 6,189activities Interest received and other operating 3,240 514incomeInterest paid (398) (243)Taxation paid (924) (424) ---------- ---------- 1,918 (153) Net cashflow from operating activities (2,880) 6,036 Investing activitiesPurchase of fixed assets (9,708) (6,848)Proceeds from sale of fixed assets 0Proceeds from sale of operating units 0 438 ---------- ----------Proceeds from sale of operating units 438 (9,708) (6,410)Financing activitiesLong term borrowings received 0 2,913Long term borrowings paid (544) (388)Short term borrowings received 0 -Short term borrowings paid 0 -Grants 19,605 9,237 ---------- ---------- Net cashflow from investing activities 19,061 11,762Dividend received 0 4,345 ---------- ---------- 19,061 16,107 Net cash inflow/(outflow) for period 6,473 15,733 ---------- ---------- Cash balances at start of periodCash and bank balances 77,954 47,410 ---------- ----------Bank overdrafts 0 (131) ---------- ---------- 77,954 47,279Cash balances at end of periodCash and bank balances 84,427 63,143 ---------- ----------Bank overdrafts 0 - ---------- ---------- 84,427 63,143 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 England Tel 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 America E-mail:[email protected] 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) 245363 245364 245473E-mail:[email protected] 7 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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