TIDMZCC
RNS Number : 8444P
ZCCM Invs.Hldgs PLC
31 May 2018
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
[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
ii. the Securities and Exchange Commission
iii. Stockbrokers Zambia Limited
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: 31 May 2018
ZCCM INVESTMENTS HOLDINGS PLC
Incorporated in the Republic of Zambia
Company Registration number: 119540000771
["ZCCM-IH" or "the Company"]
Share Code: ZCCM-IH
ISIN: ZM0000000037
Authorised by: Chabby Chabala - Company Secretary
CONSOLIDATED ABRIDGED AUDITED FINANCIAL STATEMENTS FOR THE
YEARED 31 MARCH 2017
In accordance with the requirements of the Securities Act No. 41
of 2016 and Lusaka Securities Exchange Listings Rules, ZCCM-IH Plc
announces its audited annual financial statements for the year
ended 31 March 2017.
ABRIDGED GROUP STATEMENT OF COMPREHENSIVE INCOME YEARED 31 MARCH 2017
Audited Audited
2017 2016
ZMW'000 ZMW'000
Revenue 95,345 198,661
=================== ===================
Gross profit (14,516) 18,293
------------------- -------------------
Operating profit/(loss) 847,866 (857,921)
Net finance income 585,646 203,247
Share of (loss)/profit of equity accounted
investees (189,233) (2,210,199)
------------------- -------------------
Loss before tax 1,244,279 (2,864,873)
Income tax credit/(expense) (515,445) (47,356)
------------------- -------------------
Loss for the period 728,834 (2,912,229)
=================== ===================
Items that will never be reclassified
to profit or loss
Revaluation of PPE - 16,748
Deferred tax on revaluation 786 (4,733)
Actuarial (loss)/gain on defined benefit
pension plans (465) 983
Deferred tax on defined benefit actuarial
loss 163 (344)
484 12,654
------------------- -------------------
Items that are or maybe reclassified
to profit or loss
Foreign currency translation differences-equity-accounted
investees (1,122,104) 4,122,445
Equity-accounted investees- share of
OCI 80,471 (266,601)
Other comprehensive income for the
year net of tax (1,041,149) 3,868,498
------------------- -------------------
Total comprehensive income for the
year (312,315) 956,269
=================== ===================
Earnings per share (K) 4.53 (18.11)
Basic and diluted earnings per share
(K) 4.53 (18.11)
=================== ===================
ABRIDGED GROUP STATEMENT OF FINANCIAL
POSTION Audited Audited
AS AT 31 MARCH 2017 2016
ASSETS ZMW'000 ZMW'000
Property, plant and equipment 144,842 1,030,284
Intangible assets 396 673
Investment property 61,157 100,778
Investments in associates 6,828,313 6,852,955
Financial assets at fair value
through profit or loss 489,242 238,247
Inventories 44,124 35,349
Trade and other receivables 918,892 449,660
Deferred tax assets 415,548 698,304
Held-to-maturity investment securities 497,172 355,172
Cash and cash equivalents 178,931 35,850
Total Assets 9,578,617 9,797,272
================= =================
EQUITY AND LIABILITIES
Capital and Reserves 8,013,913 8,326,228
Borrowings 192,062 292,644
Deferred tax liabilities 425,529 211,786
Trade and other payables 375,954 286,271
other Provisions 143,548 139,197
Retirement benefits 49,567 44,794
Provisions for environmental rehabilitation 145,610 263,491
Current tax liabilities 232,434 232,542
Bank overdraft - 319
9,578,617 9,797,272
================= =================
ABRIDGED GROUP STATEMENT OF
CASH FLOW Audited Audited
2017 2016
ZMW'000 ZMW'000
Net cash flow from operating
activities 311,143 131,638
Net cash used in investing
activities (105,079) (75,329)
Net cash outflow on financing (63,508) (64,204)
(Decrease)/increase in cash
and cash equivalents 142,556 (7,895)
================ =================
Effect of movement in exchange
rates on cash held 844 (356)
Cash and cash equivalents at
the beginning of the year 35,531 43,782
Cash and cash equivalents at
the end of the year 178,931 35,531
================ =================
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR Share Share Revaluation Translation Retained TotalED capital premium reserve reserve earnings
31 MARCH 2017
Balance at 1
April 2015 1,608 2,089,343 13,724 2,207,752 3,057,532 7,369,959
Total
comprehensive
income
Loss for the
year - - - - (2,912,229) (2,912,229)
-
Other
comprehensive
income:
Revaluation
surplus
on PPE 16,748 16,748
Deferred tax
on
revaluation
reserve (4,733) (4,733)
Currency
translation
- equity
accounted
investees - - - 4,122,445 - 4,122,445
Amortisation
of
revaluation
surplus - - (941) - 941 -
Actuarial
loss
on defined
benefit - - - - 983 983
Share of
associates'
OCI - - 235,217 (501,818) - (266,601)
Deferred tax
on defined
benefit
actuarial
loss - - - - (344) (344)
Total
comprehensive
income - - 246,291 3,620,627 (2,910,649) 956,269
---------------- ---------------------- -------------------- --------------------- ---------------------------- -------------------------------
Balance at 31
March 2016 1,608 2,089,343 260,015 5,828,379 146,883 8,326,228
---------------- ---------------------- -------------------- --------------------- ---------------------------- -------------------------------
Balance at 1
April
2016 1,608 2,089,343 260,015 5,828,379 146,883 8,326,228
Total
comprehensive
income
Profit for
the
year - - - - 728,834 728,834
Other
comprehensive
income:
Deferred tax
on
revaluation
reserve - - 786 - - 786
Currency
translation
- equity
accounted
investees - - (1,122,104) - (1,122,104)
Amortisation
of
revaluation
surplus - - (15,138) - 15,138 -
Actuarial
loss
on defined
benefit - - (465) (465)
Share of
associates'
OCI - - 106 80,365 - 80,471
Deferred tax
on defined
benefit
actuarial
loss - - - - 163 163
Total
comprehensive
income - - (14,246) (1,041,739) 743,670 (312,315)
---------------- ---------------------- -------------------- --------------------- ---------------------------- -------------------------------
Balance at 31
March 2017 1,608 2,089,343 245,769 4,786,640 890,553 8,013,913
---------------- ---------------------- -------------------- --------------------- ---------------------------- -------------------------------
Commentary on financial results and performance
-- The Group's performance improved during the year owing to
increase in copper production for most major mining companies. The
increased production benefited from stability in energy supply and
improvement in copper prices on the world market in the last
quarter of 2016 and the first quarter of 2017. Copper prices on the
London Metal Exchange (LME) increased from US$4,848/ton at 31 March
2016 to US$5,858/ton at 31 March 2017.
-- The Group recorded an operating profit of K848 million (2016
Loss: K858 million), largely attributable to the recovery of K1,
923 million impairment from investee companies whose performance
improved during the year.
-- The Group's share of losses from equity accounted investee
companies significantly reduced by 91% from K2, 210 million in 2016
to K189 million in 2017 owing to investee companies improved
performance.
-- The Profit after tax was K729 million (2016: Loss K2,912 million)
-- Total assets marginally reduced by 2% from K9, 797 million to
K9, 579 million largely on account of impairment of Ndola Lime
Company Limited (NLC) plant (the 100% subsidiary of ZCCM-IH). As a
result of a continuing loss making position and operational
challenges experienced by NLC, assets amounting to K861 million
were impaired during the year.
-- During the year, ZCCM-IH increased its equity shareholding in
Investrust Bank Plc (Investrust) from10.6% to 45.4% through the
rights offer and to 71% (subsequent to the year under review
through of a mandatory offer to Investrust's minority
shareholders).
-- Subsequent to the period under review, ZCCM-IH's subsidiary
Mawe Exploration and Technical Services Limited which was scheduled
for dissolution in prior year was formally in dissolved in April
2017.
Outlook
Copper prices are expected to increase steadily premised on
increased demand from high copper consumer countries. ZCCM-IH's
performance is expected to improve as a result of the increase in
copper prices which drive the performance of the mining portfolio.
Furthermore, as a result of good rains experienced during the
2016/17 season, the generation capacity of hydroelectricity is
expected to improve thereby stabilising energy supply.
In response to the positive outlook, ZCCM-IH will implement its
new Strategic Plan hinged on expansion of its investment in various
sectors of the economy.
Proposed Dividend
The Directors resolved to recommend that a final dividend of
K0.84 per share be declared for the year ended 31 March 2017.
By Order of the Board
Chabby Chabala
Company Secretary
1 June 2018
First Issued in Lusaka, Zambia on Thursday, 31(st) May 2018
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 Thursday, 31(st) May 2018
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END
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