TIDMZCC
RNS Number : 7840C
ZCCM Invs.Hldgs PLC
24 February 2022
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
[Founder 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 ("LuSE")
ii. the Securities and Exchange Commission ("SEC")
iii. Stockbrokers Zambia Limited ("SBZ")
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: 23 February 2022
ZCCM INVESTMENTS HOLDINGS PLC
(Incorporated in the Republic of Zambia)
AUDITED ABRIDGED FINANCIAL STATEMENTS FOR THE YEARED 31 DECEMBER
2020
INTRODUCTION
In compliance with the requirements of the Listing Rules of
Lusaka Securities Exchange, ZCCM Investments Holdings Plc ("ZCCM-IH
or the Company") announces the audited abridged financial
statements results of the Company and its subsidiaries
(Collectively referred to as the "the Group") for the year ended 31
December 2020.
CHANGE OF FINANCIAL YEAR
ZCCM-IH with effect from 1st April 2019, changed its financial
year end from 31st March to 31st December to comply with the
provisions of section 71 of the Public Finance Management Act No. 1
of 2018. The prior period runs for nine (9) months from 1st April
2019 to 31st December 2019, whilst the current period covers twelve
(12) months from 1st January 2020 to 31st December 2020 and as a
result, the comparative figures stated in the statement of profit
or loss and other comprehensive income, statement of changes in
equity, statement of cashflow and other related notes are not
comparable.
STRUCTURE OF THE ZCCM-IH GROUP
The ZCCM-IH Group consist of the following nine (9) companies: Name Shareholding
Mopani Copper Mine Plc 100.00%
-------------
Ndola Lime Company Limited (in liquidation) 100.00%
-------------
Kariba Minerals Limited 100.00%
-------------
Misenge Environmental and Technical Services Limited 100.00%
-------------
Mushe Milling Limited 100.00%
-------------
Kabundi Resources Limited 100.00%
-------------
Limestone Resources Limited 100.00%
-------------
Investrust Bank Plc 74.10%
-------------
Zambia Gold Company Limited 51.00%
-------------
The Company also has other interests in the undernoted companies: Name Shareholding
Rembrandt Properties Limited 49.00%
-------------
Central African Cement Limited 49.00%
-------------
Consolidated Gold Company of Zambia 45.00%
-------------
Maamba Collieries Limited 35.00%
-------------
Konkola Copper Mines Plc (Provisional liquidation) 20.60%
-------------
Kansanshi Mining Plc 20.00%
-------------
Copperbelt Energy Corporation Plc 24.10%
-------------
CNMC Luanshya Copper Mines Plc 20.00%
-------------
Lubambe Copper Mine Ltd 20.00%
-------------
NFCA Africa Mining Plc 15.00%
-------------
Chibuluma Mines Plc 15.00%
-------------
Chambishi Metals Plc 15.00%
-------------
Copper Tree Mineral Limited 15.58%
-------------
Oranto Oil Block 10.00%
-------------
Nkana Alloy Smelting Company Limited 10.00%
-------------
ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
31 Dec 31 Dec
2020 2019
(9 months)
ZMW'000 ZMW'000
Revenue 113,088 62,432
Gross profit 55,740 9,417
Operating loss (579,590) (155,385)
Net finance income 944,878 139,074
Share of profit of equity accounted investees 1,487,537 420,348
Profit before tax 1,852,825 404,037
Income tax expense (221,737) (22,871)
Profit/(loss) from discontinued operations 500,399 (73,979)
Profit for the year 2,131,487 307,187
Earnings per share (ZMW) 13.26 1.91
Basic and diluted earnings per share (ZMW) 13.26 1.91
ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
31 Dec 31 Dec
2020 2019
(9 months)
ZMW'000 ZMW'000
Revenue from contracts with customers 3,695 -
Gross profit 695 -
Investment income 226,169 171,163
Operating (loss)/profit (174,194) 17,096
Net finance income 955,040 158,505
Profit before tax 780,846 175,601
Income tax expense (212,415) (22,166)
Profit for the year 568,431 153,435
Earnings per share (ZMW) 3.54 0.95
Basic and diluted earnings per share (ZMW) 3.54 0.95
ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION
31 Dec 2020 31 Dec 2019
Assets ZMW'000 ZMW'000
Property, plant and equipment 187,727 299,125
Goodwill - 119,818
Intangible assets 749 648
Investment property 183,917 167,970
Investments in associates 19,351,000 11,855,067
Financial assets at fair value through
profit or loss 292,000 -
Inventories 55,728 52,057
Trade and other receivables 1,295,594 729,685
Deferred tax assets 661,277 564,304
Assets held for sale 1,307,400 1,127,333
Term deposits 194,369 274,960
Cash and cash equivalents 181,209 56,816
Total assets 23,710,970 15,247,783
Equity and liabilities
Capital and reserves 20,899,212 12,629,831
Borrowings 161,370 -
Deferred tax liabilities 519,877 238,185
Trade and other payables 174,388 738,912
Liabilities associated with assets classified
as held for sale 1,423,669 1,191,270
Bank overdraft 10,034 2,641
Provisions 121,177 83,118
Retirement benefits 13,194 34,669
Provisions for environmental rehabilitation 173,522 119,253
Current tax liabilities 214,527 209,904
Total equity and liabilities 23,710,970 15,247,783
ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION
31 Dec 2020 31 Dec 2019
Assets ZMW'000 ZMW'000
Property, plant and equipment 79,052 88,439
Intangible assets 749 648
Investment property 183,917 167,970
Investments in subsidiaries 276,678 147,317
Investments in associates 20,666,806 10,746,818
Financial assets at fair value through
profit or loss 292,000 -
Deferred tax assets 748,435 650,939
Trade and other receivables 1,256,579 719,855
Assets held for sale 392,357 3 87,110
Term deposits 194,369 273,717
Inventory 13,743 -
Cash and cash equivalents 120,639 54,359
Total assets 24,225,324 13,237,172
Equity and liabilities
Capital and reserves 16,459,336 9,484,935
Borrowings 161,370 -
Deferred tax liabilities 7,099,183 3,339,411
Trade and other payables 102,551 52,271
Provisions 119,716 83,118
Retirement benefits 10,792 7,971
Provisions for environmental rehabilitation 66,595 55,258
Current tax liabilities 205,781 214,208
Total equity and liabilities 24,225,324 13,237,172
ABRIDGED GROUP STATEMENT OF CASH FLOWS
31 Dec 2020 31 Dec 2019
(9 months)
ZMW'000 ZMW'000
Net cash flow (used)/generated from operating
activities (183,930) 190,389
Net cash generated from investing activities 284,417 37,696
Net cash inflow/(outflow) from financing
activities 158,655 (136,702)
Increase in cash and cash equivalents 259,142 91,383
Cash and cash equivalents at the beginning
of the year 165,863 74,480
---------------- --------------
Cash and cash equivalents at the end of
the period 425,005 165,863
================ ==============
Included in the statement of financial position:
* Cash and bank 181,209 56,816
* Bank overdraft (10,034) (2,641)
* assets held for sale 253,830 111,688
---------------- --------------
425,005 165,863
================ ==============
ABRIDGED COMPANY STATEMENT OF CASH FLOWS
31 Dec 2019
31 Dec 2020 (9 months)
ZMW'000 ZMW'000
Net cash (outflow)/inflow from operating
activities (124,291) 93,225
Net cash generated from investing activities 31,916 38,129
Net cash inflow/(outflow) from financing
activities 158,655 (103,271)
Increase in cash and cash equivalents 66,280 28,083
Cash and cash equivalents at the beginning
of the period/year 54,359 26,276
Cash and cash equivalents at the end of
the period/year 120,639 54,359
================ ==============
ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
31 Dec 2020 31 Dec 2019
ZMW'000 ZMW'000
Balance at 1 Jan/April 12,629,831 11,025,116
Profit for the period/year 2,131,487 307,187
Other comprehensive income 6,190,959 1,297,528
Dividend paid (53,065) -
------------ ------------
Balance at 31 Dec 20,899,212 12,629,831
============ ============
ABRIDGED PROVISIONAL COMPANY STATEMENT OF CHANGES IN EQUITY
31 Dec 31 Dec
2020 2019
ZMW'000 ZMW'000
Balance at 1 Jan/April 9,484,935 8,661,948
Profit/(loss) for the year 568,431 153,435
Other comprehensive income 6,459,035 669,552
Dividend paid (53,065) -
----------- ----------
Balance at 31 Dec 16,459,336 9,484,935
=========== ==========
1. QUALIFIED AUDIT OPINION
The financial statements for the year ended 31 December 2020 are
qualified based on the following:
ZCCM-IH holds 71.47% shareholding in Investrust Bank Plc (the
bank) which shareholding the Company decided to dispose of. In the
Consolidated statement of financial position, the assets of the
bank with a total balance of ZMW 1.258 billion have been presented
as assets held for sale and liabilities with a total balance of ZMW
1.424 billion have been presented as liabilities associated with
assets classified as held for sale. The Group's share of the bank's
loss of ZMW 58 million has been included in the Group's profit and
loss account as a loss from discontinued operations. The figures
for Investrust Bank Plc included in these financial statements are
unaudited and the External Auditors were not able to obtain
sufficient audit evidence as to whether any adjustments to the said
figures are necessary.
The financial statements/information of the Bank considered in
the ZCCM-IH's consolidated financial statements are pending an
audit by their auditors whose reports have not yet been furnished
to the ZCCM-IH Group auditors. Therefore, the ZCCM-IH Group
Auditors opinion in so far as it relates to the amounts and
disclosures included in respect of the Bank, is based solely on the
unaudited information provided by the Management of the Bank.
2. FINANCIAL PERFORMANCE
The Group reported a profit for the year of ZMW 2.132 billion
(2019: ZMW 307 million), mainly due to the following:
-- Increase in the Group's share of profit in associated
companies to ZMW 1.487 billion from ZMW 420 million recorded in
December 2019. This is mainly due to the increase in the
profitability of some investee companies in the mining sector such
as Maamba Collieries Limited, CNMC Luanshya Copper Mines Plc,
Non-Ferrous Corporation Africa Mining Plc and Kansanshi Mining
Plc.
-- Exchange gains recorded from revaluation of the Group's foreign denominated assets.
The Group's total assets increased from ZMW 15.25 billion to ZMW
23.71 billion due to increased values of investments in associates
and exchange gains arising from translation of US Dollar
denominated investments.
3. OUTLOOK
The Group will continue with the implementation of its Strategic
Plan to enhance value creation for its shareholders. In addition,
the Group will benefit from high levels of copper prices due to a
surge in demand. ZCCM-IH in line with its Strategic plan will also
focus on commodity diversification by improving production of other
minerals such as Gold, Manganese and Amethyst among others.
Exploring of value addition initiatives will also remain key on the
agenda of ZCCM-IH going forward.
By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on Wednesday, 23 February 2022
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 , 23 February 2022
APPENDICES
US DOLLAR ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
31 Dec 31 Dec
2020 2019
(9 months)
US$'000 US$'000
Revenue 6,070 4,687
Gross profit 2,992 707
Operating profit (31,109) (11,664)
Net finance income 50,717 10,440
Share of profit of equity accounted investees 79,845 31,555
Profit before tax 99,453 30,331
Income tax expense (11,902) (1,717)
Profit/(loss) from discontinued operations 26,859 (5,554)
Profit for the year 115,410 23,060
Earnings per share (US$) 0.72 0.14
Basic and diluted earnings per share (US$) 0.72 0.14
US DOLLAR ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
31 Dec 31 Dec
2020 2019
(9 months)
US$'000 US$'000
Revenue from contracts with customers 198 -
Gross profit 37 -
Investment income 12,140 12,849
Operating (loss)/profit (9,350) 1,283
Net finance income 51,263 11,899
Profit before tax 41,913 13,182
Income tax expense (11,402) (1,664)
Profit for the year 30,511 11,518
Earnings per share (US$) 0.19 0.07
Basic and diluted earnings per share (US$) 0.19 0.07
US DOLLAR ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION
31 Dec 2020 31 Dec 2019
Assets US$'000 US$'000
Property, plant and equipment 15,709 23,379
Goodwill - 8,588
Intangible assets 140 135
Investment property 15,397 14,643
Investments in associates 914,768 956,164
Financial assets at fair value through
profit or loss 13,804 -
Inventories 4,989 4,815
Trade and other receivables 61,246 52,298
Deferred tax assets 31,260 40,445
Assets held for sale 61,804 80,798
Term deposits 9,188 19,707
Cash and cash equivalents 8,566 4,072
Total assets 1,136,871 1,205,044
Equity and liabilities
Capital and reserves 1,003,953 1,017,413
Borrowings 7,628 -
Deferred tax liabilities 24,576 17,071
Trade and other payables 8,244 52,959
Liabilities associated with assets classified
as held for sale 67,300 85,380
Bank overdraft 474 189
Provisions 5,728 5,957
Retirement benefits 624 2,484
Provisions for environmental rehabilitation 8,203 8,547
Current tax liabilities 10,141 15,044
Total equity and liabilities 1,136,871 1,205,044
US DOLLAR ABRIDGED PROVISIONAL COMPANY STATEMENT OF FINANCIAL POSITION
31 Dec 2020 31 Dec 2019
Assets US$'000 US$'000
Property, plant and equipment 6,733 7,237
Intangible assets 58 53
Investment property 14,563 13,707
Investments in subsidiaries 13,079 11,546
Investments in associates 976,969 874,341
Financial assets at fair value through
profit or loss 13,804 -
Deferred tax assets 35,380 46,654
Trade and other receivables 59,402 51,593
Assets held for sale 18,548 29,060
Term deposits 9,188 19,618
Inventory 738 -
Cash and cash equivalents 5,703 3,896
Total assets 1,154,165 1,057,705
Equity and liabilities
Capital and reserves 787,049 788,777
Borrowings 7,628 -
Deferred tax liabilities 335,595 239,341
Trade and other payables 4,848 3,746
Provisions 5,659 5,957
Retirement benefits 510 571
Provisions for environmental rehabilitation 3,148 3,960
Current tax liabilities 9,728 15,353
Total equity and liabilities 1,154,165 1,057,705
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