ZCCM-IH Directors' Half Yearly Summary ended 30th June 2009

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LesCrozes

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Inscription: Jeu 14 Mai 2009 16:23

Message Mar 15 Déc 2009 13:52

ZCCM-IH Directors' Half Yearly Summary ended 30th June 2009

06 October 2009



ZCCM Investments Holdings Plc Incorporated in the Republic of Zambia
ZCCM INVESTMENTS HOLDINGS Plc And its subsidiaries
DIRECTORS' HALF YEARLY SUMMARY For the period ended 30th June 2009


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 half year ended 30 June 2009.

The Group achieved a turnover of K84, 567 million during the six month period ended 30 June 2009 which was slightly above the turnover of K84, 100 million for the six months to 30 June 2008.

The increase was mainly due to dividends received of K19, 804 million for the six months to 30 June 2009 compared to K12, 594 million for the six months ended 30 June 2008. This was attributed to the receipt of dividends from Copperbelt Energy Corporation Plc (CEC) and Kansanshi Mining Plc.

There was also increased production of coal at Maamba Collieries Limited (MCL) following the partial rehabilitation of the mine, which resulted in coal sales for the period to 30 June 2009 of K834 million compared to K110 million for the six months to 30 June 2008.

However, there was no Price Participation payment (Deferred Consideration) received during the period under review compared to K8, 973 million for the period to 30 June 2008 because the conditions triggering a payment by the associate companies, Konkola Copper Mines Plc (KCM) and Chambishi Metals Plc, were not met.

Lime sales at Ndola Lime Company Limited (NLC) increased to K63, 420 million for the period to 30 June 2009 as compared to K61, 914 million for the period to 30 June 2008. This was mainly attributed to an increase in the quantity of Limestone products sold resulting from increased demand in the copper industry during the period under review compared to the period to 30 June 2008.

The cost of turnover for the six months to 30 June 2009 was K84, 741 million compared to K83, 535 million for the period to 30 June 2008. The increase in cost of turnover was mainly as a result of the provision for employee benefits for the period under review.

However, there was a comparative decrease in cost of turnover attributed to the reduction in the price of Heavy Fuel Oil at NLC coupled with reduced utilization of the less efficient rotary kiln in the production of lime compared to the period to June 2008. The rotary kiln utilizes double the heavy fuel oil when in operation compared to the vertical kiln. There was also a reduction in cost of turnover at MCL due to improved processing efficiency owing to the partial rehabilitation of the mine.

The depreciation of the Kwacha against the United States dollar (US$) in the period under review resulted in a loss of K90, 351 million compared to K111, 953 million profit for the period to June 2008, after the translation of foreign denominated liabilities. This was attributed to the Kwacha depreciating against the US$ from K4, 810 as of 1 January 2009 to K5, 181 as of 30 June 2009 which resulted in an Exchange loss of K73, 482 million for the period to 30 June 2009 compared to an exchange gain of K130, 838 million for the period to 30 June 2008.

Future Outlook
The global financial crisis has had a negative impact on the mining sector. This has resulted in lower commodity prices and reduced output. In reaction, most of the mines have adopted cost rationalization activities. Recently however there have been improvements in base metal prices, which have raised the prospects of dividend receipts. With the improved and positive outlook of metal prices, increased production in the mining sector and the improved fiscal regime for mines, ZCCM-IH expects associate mining companies to consistently declare and remit dividends.


By Order of the Board
C Chabala
Acting Company Secretary
29 September 2009

ZCCM INVESTMENTS HOLDINGS PLC and its Subsidiaries
GROUP PROFIT/ (LOSS) ACCOUNT AS AT 30 JUNE 2009
SIX MONTHS ENDEDSIX MONTHS ENDED
30 JUNE 200930 JUNE 2008
ConsolidatedConsolidated
K' millionK' million
Turnover84,567 84,100 
Cost of turnover(84,741)(83,535)
Operating profit/(loss)(174)565 
Exchange gain/(loss)(73,482)130,838 
Environmental expenses(11,961)(11,541)
Interest charge(4,135)(6,786)
Royalty on minerals(1,446)(1,243)
Other Income2,149 2,092 
Profit/(loss) before taxation(89,049)113,925 
Income tax(1,302)(1,972)
Retained profit/(loss)(90,351)111,953 
Ce que l'on conçoit bien, s'énonce clairement, Et les mots pour le dire arrivent aisément. BOILEAU
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hubert

Messages: 434

Inscription: Dim 6 Sep 2009 14:00

Localisation: Le Castellet, Var, près de Toulon

Message Mar 15 Déc 2009 21:57

Re: ZCCM-IH Directors' Half Yearly Summary ended 30th June 2009

Quelqu'un peut m'expliquer la différence énorme en dernière ligne? Je ne comprend pas le calcul. Merci.

2009 2008
Résultat Net bénéfice / (perte) (90,351) 111,953
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fpoi33

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Inscription: Mer 2 Sep 2009 13:57

Localisation: Dans les vignes de merlot

Message Mar 15 Déc 2009 22:25

Re: ZCCM-IH Directors' Half Yearly Summary ended 30th June 2009

hubert a écrit:Quelqu'un peut m'expliquer la différence énorme en dernière ligne? Je ne comprend pas le calcul. Merci.

2009 2008
Résultat Net bénéfice / (perte) (90,351) 111,953


Effet de change
Voir la 8e ligne en partant du bas.
On trouve à peu près la même différence
"Ce que les hommes veulent en fait, ce n'est pas la connaissance, c'est la certitude" B.Russell (1872-1970)
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bingogo

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Administrateur du site

Messages: 4390

Inscription: Jeu 30 Juil 2009 16:48

Localisation: la seyne sur mer

Message Mar 15 Déc 2009 22:53

Re: ZCCM-IH Directors' Half Yearly Summary ended 30th June 2009

la perte de change est liée à la fluctuation de la kwacha et le dollar...fluctuation qui alourdi ou abaisse la valeur de la dette libéllée en dollar converti en kwacha..

ici les comptes sont en kwacha...dont on ramene tout en kwacha..

entre deux exercices semestriels la kwacha est tombé de 4810 à 5180 contre le dollar

cela a induit une "augmentation" en kwacha de la dette de 73, 482 millions de kwacha

actuellement la kwacha a augmenté significativement

si on reste sur les 4700 actuels... les gains vont etre supérieurs aux pertes du dernier semestre... autour de 92 million de gain sur le semestre...

mais encore une fois cela ne représente rien de réellement important car les produits de la vente de zccm sont exclusivement en dollar...
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Le Niçois

Messages: 4572

Inscription: Lun 7 Sep 2009 22:10

Message Mer 16 Déc 2009 00:58

Re: ZCCM-IH Directors' Half Yearly Summary ended 30th June 2009

Bingogo :

Une fois de plus : que les semestriels , ne prenant pas en compte toutes le s composantes de zccm-ih ?

le s3 bilans devraient paraître sous peu donc.
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hubert

Messages: 434

Inscription: Dim 6 Sep 2009 14:00

Localisation: Le Castellet, Var, près de Toulon

Message Mer 16 Déc 2009 13:59

Re: ZCCM-IH Directors' Half Yearly Summary ended 30th June 2009

Merci à tous, bingogo entre autres, d'avoir éclairé ma lanterne.

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