Message Mar 7 Juin 2016 10:44

Director's Half Yearly Summary for the period ended 30-09-15

ZCCM-IH vient de publier les résultats intermédiaires pour la période se terminant à fin Septembre.

ZCCM-IH Directors' Interim Summary September 2015.pdf
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Ce document est publié avec un certain retard car le LuSE n'a pas autorisé sa publication avant la publication du dernier rapport annuel.
De plus au dernier moment, avant de valider sa parution, ils ont exigé qu'il soit ajouté un état de la trésorerie (CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2015)


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”]
DIRECTORS’ HALF YEARLY SUMMARY FOR THE PERIOD ENDED 30TH SEPTEMBER 2015:

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DIRECTORS’ HALF-YEARLY SUMMARY FOR THE PERIOD ENDED 30 SEPTEMBER 2015
For the six months period ended 30th September 2015
In compliance with the requirements of the “Securities Act, Cap 354 of the Laws of Zambia” and the Listing Rules of the Lusaka Stock Exchange, ZCCM Investments Holdings Plc. announces the unaudited results for the six months period ended 30th September 2015.
Financial Performance
The Group achieved a turnover of K208.4 million for the six month period ended 30th September 2015 which was 10% above the turnover of K188.6 million achieved during the six months to 30th September 2014. The increase in Group turnover was mainly as a result of an increase in turnover for Ndola Lime Company by 21% from K96.3 million to K116.5 million for the six months ended 30th September 2015., Dividends earned decreased by 56% to K11.9 million for the period ended 30th September 2015 (September 2014: K27.1 million. However Interest Income increased by 23% to K80 million (September 2014:K65.2 million).
The group recorded exchange gains of K1 316 million (2014: losses K66 million) during the period under review. This was due to the depreciation of the kwacha from K7.6250/$ at the start of April 2015 (April 2014:K6.1555/$) to K12.3815/$ as at the end of September 2015 (September 2014: K6.2705).
Dividends were earned from Kansanshi Mining Plc. (K11.9 million).
Interest earned from placements and fixed deposits amounted to K24.9 million (September 2014: K15.4 million). Other income was K4.8 million (September 2014: K9.9 million).This was mainly composed of Management fees amounting to K4.3 million (September 2014:K3.9 million). The cost of turnover was K156.7 million for the period to 30th September 2015 (September 2014: K129.6 million). The operating profit of K51.7 million was lower than the K59 million achieved during the same period in 2014.
The Group recorded share of losses of Associate Companies of K1 546.7 million (September 2014: Loss: K45.2 million).Overall the performance of the Associate companies was weak during the period. The significant share of losses of
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Associate companies were recorded from Kansanshi Mining Plc (K871.9 million), Konkola Copper Mine Plc (K546.42 million),Copperbelt Energy (K133.36 million) . The price of copper reduced to US$4,970 per ton as at 30 September 2015 compared to US$6,748 per ton as at 30th September 2014 representing a 26% decrease. As a result, the Group recorded an after tax loss of K696.5 million (September 2014: Loss K55.3 million).
Operations and Strategic developments
Sale down of 27% GRZ shares in ZCCM-IH
During the presentation of the 2015 Zambian National Budget, the Minister of Finance directed the Securities and Exchange Commission (SEC)to ensure that all listed Companies on the Lusaka Stock Exchange LuSE complied with minimum LuSE minimum free (public )float requirement of 25% of the shares. In this regard the Minister of Finance announced that the Government of the Republic of Zambia (GRZ) would reduce its shareholding in ZCCM-IH from 87.5% to 60.3% via the sale of its shares proportionate to the required reduction.
Pursuant to the above, on 08 June 2015 GRZ sold 15,850,631 of its 43,811,861 Class B shares in ZCCM-IH to the National Pension Scheme Authority (NAPSA) of Zambia (As Tranche1 of the sale down). As a result of the sale, GRZ shareholding in ZCCM-IH reduced from 87.5% to 77.5%. Tranche2 of the sell down relates to the sale of the balance of 27,961,237 Class B shares and was launched on 30 July 2015. Tranche 2 involves a Preferential Secondary Market offer of the shares for which priority is to be given to Preferred Appilcants (Zambian Persons) in case of oversubsciption. The offer closed on 30November 2015.
Maamba Collieries Thermal Power Plant Project Attains Financial close On 28 July 2015 Maamba Collieries Limited’s fully integrated coal and power project reached Financial Closure. The project, which has already achieved about 80 percent completion, consists of the redevelopment of the existing coal mine and the construction of a 300 MW coal fired thermal power station and related infrastructure near the town of Maamba. The 300-megawatt coal-fired power project, fully integrated with captive coal mining, is estimated to cost about USD 830 million. The project is being funded on a debt equity ratio of 70:30. The long-term loans are being advanced by a consortium of lenders comprising large international commercial banks together with development financial
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institutions on a limited recourse project finance basis. Development financial institutions include the Development Bank of Southern Africa and the Industrial Development Corporation of South Africa, while commercial banks include Bank of China, Industrial and Commercial Bank of China, Standard Chartered Bank and Barclays Africa Limited. This is the first private power project in the Sub-Saharan region to receive export credit agency insurance cover from China Export and Credit Insurance Corporation (Sinosure). This combination makes it a unique collaborative project in Africa, incorporating sponsors from Singapore and Zambia, principal contractors from China and funding by financial institutions across the globe. Given the shortage of, and necessity for electricity in Zambia, as well as the wider region, the project is to provide the much needed dependable and sustainable base load power, which is crucial for the country’s economic growth and energy security. The power plant has the required infrastructure to scale up in line with the growing demand up to 600MW. Maamba Collieries Limited signed a 20-year power purchase agreement to supply 100% of the power plant’s output to Zambia Electricity Supply Corporation. The project is scheduled for commissioning by mid-2016 where after Nava Bharat will be responsible for the operation & maintenance.
GRZ Transfers shares to Industrial Development Corporation
On 21 January 2014, the Government of the Republic of Zambia (“GRZ”) incorporated the Industrial Development Corporation Zambia Limited (“IDC”). The IDC is wholly owned by the GRZ, via the Minister of Finance (Incorporation) Act, Cap 349 of the Laws of Zambia (“Minister of Finance”).
The primary role and objective of the IDC is to stimulate economic development and growth, via industrialisation, job and wealth creation in Zambia, and do so for the benefit of the Zambian citizenry. Simultaneously, the IDC has been tasked by the GRZ to superintend the operations of state owned enterprises and its shareholding in companies incorporated under the Companies Act, Cap 388 of the Laws of Zambia as well those regulated under the Banking and Financial Services Act, Cap 387 of the Laws of Zambia.
Accordingly, on 24th August 2015, GRZ completed the transfer of its shares from the Minister of Finance to the IDC in 29 companies including ZCCM-IH.
As at close of business on 23 August 2015, the Government of the Republic of Zambia held 77.7% shareholding in ZCCM-IH, via the Minister of Finance, made up of 96,926,669 as Class “A” shares and 27,961,237 as Class“B” shares.
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On 24 August 2015, GRZ transferred to the IDC all the 96,926,669 Class “A” shares, representing 60.3% shareholding in ZCCM-IH. The 27,961,237 Class“B”shares, representing 17.4% shareholding in ZCCM-IH have not been transferred to the IDC at this stage. These were available for sale under a Preferential Secondary Market Offer.
The table below shows the shareholding in ZCCM-IH after the transfer of all the Class A shares to the IDC on 24 August 2015.
SHAREHOLDER
Class
Shareholding in ZCCM-IH before 24th August 2015
Shareholding in ZCCM-IH on and after 24th August 2015
Number of Shares
%
Number of Shares
%
GRZ - Directly held through Minister of Finance
A
96,926,669
60.3
-
-
GRZ - Directly held through Minister of Finance
B
27,961,237
17.4
27,961,237
17.4
IDC
A
-
-
96,926,669
60.3 NAPSA B 24,120,043 15.0 24,120,043 15.0 Other Shareholders B 11,792,337 7.3 11,792,337 7.3
Total
A and B
160,800,286
100
160,800,286
100
By Order of the Board
C Chabala
CCSO/Company Secretary
1 December 2015
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CONSOLIDATED GROUP INCOME STATEMENT FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2015 (UNAUDITED)
Earnings Per Share (4.33) (0.34)
K'000SIX MONTHS ENDEDSIX MONTHS ENDED30 September 201530 September 2014 ConsolidatedConsolidatedIncomeSales116,525 96,342 Dividends11,869 27,089 Interest Earned80,001 65,200 208,395 188,631 Cost of turnover(156,744)(129,618)Operating profit/(loss)51,651 59,013 Exchange (loss)/gain 1,316,310 (66,283)Impairment(505,158)- Environmental expenses(2,014)(1,459)Interest charge(1,685)(733)Royalty on minerals(7,564)(4,572)Other income 5,332 9,973 Associate Companies Share of loss(1,546,688)(45,190)Loss before taxation(689,816)(49,251)Income tax(6,706)(6,019)Loss from continuing operations(696,522)(55,270)Retained Loss(696,522)(55,270)EPS(4.33)(0.34)
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CONSOLIDATED GROUP STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2015 (UNAUDITED)
30 September 201530 September 2014K' 000K' 000Assets EmployedNon Current Assets11,049,333 6,881,562 Current Assets2,235,178 2,493,502 Total Assets13,284,511 9,375,064 Equity and LiabilitiesShareholders Funds12,338,506 8,566,573 Non Current Liabilities457,446 217,566 Current Liabilities488,559 590,925 Total Equity and Liabilities13,284,511 9,375,064
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2015 (UNAUDITED)
Share capitalShare premiumTotal ReservesRetained earningsTotalK'000K'000K'000K'000K'000 Balance at 1 April 2013 893 - 605 865 4 018 325 4 625 083 Total comprehensive income Profit --- 277 186 277 186 Currency translation – equity accounted investees --1 012 998 -1 012 998 Amortisation of revaluation surplus, net of tax --(433) 433 - Actuarial loss on defined benefit, net of tax --- (593) (593) Issue of ordinary shares 715 --715 Share premium -2 089 343 -2 089 343 Balance at 31 March 2014 1 608 2 089 343 1 618 430 4 295 351 8 004 732 Balance at 1 April 2014 1 608 2 089 343 1 618 430 4 295 351 8 004 732 Total comprehensive income Profit --(987 117) (987 117) Currency translation – equity accounted investees --597 689 597 689 Revaluation surplus on PPE, net of tax 5 572 5 572 Amortisation of revaluation surplus --(215) 215 - Actuarial loss on defined benefit, net of tax --(66) (66) Payment of dividend (250 851) (250 851) Balance at 31 March 2015 1 608 2 089 343 2 221 476 3 057 532 7 369 959 Balance at 1 April 2015 1 608 2 089 343 2 221 476 3 057 532 7 369 959 Total comprehensive income - Profit (601 397) (601 397) Currency translation – equity accounted investees 5 214 372 5 214 372 Revaluation surplus on PPE, net of tax - Amortisation of revaluation surplus - Actuarial loss on defined benefit, net of tax - Payment of dividend Balance at 30 September 2015 1 608 2 089 343 7 435 848 2 456 135 11 982 934
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CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2015 (UNAUDITED)
Cash flows from operating activities
Sep-15
Sep-14
(Loss)/ Profit
-601 397
-55 270
Adjustments for:
Depreciation and Amortisation
10 437
9 440
Impairment loss on property, plant and equipment
Interest income
-80 001
-65 200
Interest expense
1 685
733
Exchange differences/interest on borrowings
25 243
197 381
Change in fair value on financial assets at fair value through profit or loss
-
Impairment of investments
-
Fair value change on investment property
-53
0
Defined benefits expense
-
Share of profit of equity – accounted investees, net of tax
1 546 688
45 190
Profit on disposal of property, plant and equipment
-144
Tax expense
6 706
6 019
Change in:
909 164
138 294
Inventories
2 250
-11 845
Trade and other receivables
-691 214
314 302
Trade and other payables and provisions
21 733
-35 643
Provision for environmental rehabilitation
-157
-89
Conversion to equity of loan due from an associate
0
0
Cash generated from operating activities
241 776
405 019
Interest paid
-1 685
-733
Tax paid
-44 057
0
Retirement benefits paid
-4 632
-1 294
Net cash from operating activities
191 402
402 992
Cash flows from investing activities
Interest received
80 001
65 200
Proceeds from disposal of property, plant and equipment
144
0
Acquisition of PPE and intangible assets
-221 378
-111 708
Proceeds on maturity of fixed deposits
-579 089
108 623
Acquisition of held to maturity investments
514 007
-714 537
Net cash used in investing activities
-206 315
-652 422
Cash flows from financing activities
Proceeds from borrowings
-
16 025
Repayment of borrowings
-4 651
-4 555
Dividend Paid
-
Net cash used in/ from financing activities
-4 651
11 470
Net (decrease)/ increase in cash and cash equivalents
-19 564
-237 960
Cash and cash equivalents at 1 April
43 782
274 363
Cash and cash equivalents at 31 March
24 218
36 403
Ce que l'on conçoit bien, s'énonce clairement, Et les mots pour le dire arrivent aisément. BOILEAU