At the Meeting of the Board of Directors held on 16 August 2019, the Board of ZCCM Investments Holdings PLC (“the Company” or “ZCCM-IH”) resolved that the Company’s financial year-end as well as that for all its subsidiaries be changed from 31 March to 31 December with effect from 31 December 2019. The change was necessitated by the need for ZCCM-IH to comply with the requirements of the Public Finance Management Act No. 1 of 2018 (PFMA) and also to align its financial year end with the majority of ZCCM-IH’s investee companies including that of the Industrial Development Corporation (IDC), the majority Shareholder’s tax year.
The change in financial year-end post March 2019, will result in a 9-month financial year from 1 April 2019 to 31 December 2019. Thereafter, 31 December will become the new Accounting Reference Date and a normal 12-month financial year will resume.
It is envisaged that the change in the financial year-end will improve the efficiency of the Company’s financial reporting.