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2019 HALF-YEAR REPORT

Baar, 7 August 2019

 

Highlights

Glencore’s Chief Executive Officer, Ivan Glasenberg, commented: “Our performance in the first half reflected a challenging economic backdrop for our commodity mix, as well as operating and cost setbacks within our ramp-up/development assets. Adjusted EBITDA declined 32% to $5.6 billion.

日日夜夜撸“The rest of our business, however, remained strong and performed well. Excluding our African copper assets and Koniambo, our metals and coal industrial assets delivered robust Adjusted EBITDA mining margins◊ of 39%. In particular, our copper business, excluding African copper, recorded an EBITDA mining margin of 52% and a full unit cash cost of 72c/lb, while our coal business again generated margins in excess of $30/t, basis a $46/t thermal unit cash cost. Similarly, our marketing business is tracking towards the middle of our full year Adjusted EBIT guidance range of $2.2-$3.2 billion, after adjusting for some $350 million of non-cash cobalt losses reported in the first half.

日日夜夜撸“However, our African copper business did not meet expected operational performance. We have moved to address the challenges at Katanga and Mopani with several management changes as well as overseeing a detailed operational review, targeting multiple improvements to achieve consistent, cost-efficient production at design capacity. Our teams have identified a credible roadmap towards delivering on the significant cashflow generation potential of these assets, at targeted steady state production levels. At Mutanda, we are planning to transition the operation to temporary care and maintenance by year end, reflecting its reduced economic viability in the current market environment, primarily in response to low cobalt prices. We continue to progress studies on the sulphide project, having the potential to extend operations for many years, and anticipate being able to provide an update at our Investor Day in December.

“Looking ahead, we are confident that commodity fundamentals will move in our favour and that our diverse commodity portfolio will continue to play a key role in global growth and the transition to a low-carbon economy. Our asset teams are focussed on delivering the full potential of our business, which together with our promising range of commodities, should see us well positioned for the future. Through continued constructive collaboration, we remain focussed on creating sustainable long-term value for all stakeholders.”

 

US$ million H1 2019 H1 2018 Change % 2018

Key statement of income and cash flows highlights2:

 

 

 

 

日日夜夜撸Net income attributable to equity holders

                    226

                 2,776

日日夜夜撸                      (92 )

                 3,408

Adjusted EBITDA◊

                  5,582

                  8,180 1

                      (32 )

                15,767

日日夜夜撸Adjusted EBIT◊

                 2,229

                   5,091 1

                      (56 )

                  9,143

Earnings per share (Basic) (US$)

日日夜夜撸                   0.02

日日夜夜撸                    0.19

日日夜夜撸                      (89 )

                   0.24

Funds from operations (FFO)3

                   3,516

                  5,566 1

                      (37 )

                  11,595

Cash generated by operating activities before working capital changes

日日夜夜撸                 5,409

                 6,805

                       (21 )

                 13,210

Net purchase and sale of property, plant and equipment3

                   2,193

                  2,055 1

日日夜夜撸                         7

                 4,899

 

US$ million

30.06.2019

31.12.2018

Change %

Key financial position highlights:

                           

 

 

Total assets

日日夜夜撸               127,183

日日夜夜撸              128,672

                         (1)

Net funding3

                33,238

                32,138

日日夜夜撸                         3

Net debt3

日日夜夜撸                16,308

日日夜夜撸                 14,710

日日夜夜撸                         11

Ratios:

                           

 

 

FFO to Net debt3,4

                 58.5%

                78.8%

日日夜夜撸                      (26 )

Net debt to Adjusted EBITDA4

日日夜夜撸                    1.24

日日夜夜撸                    0.93

日日夜夜撸                       33

1    Restated to present Glencore Agri on a basis consistent with its underlying IFRS treatment (equity accounting), previously proportionately accounted, refer to APMs section for reconciliations and note 2 of the 2018 annual report.
2    Refer to basis of presentation on page 5.
3     Refer to page 9.
4    H1 2019 and H1 2018 ratio based on last 12 months’ FFO and Adjusted EBITDA, refer to APMs section for reconciliation.
◊    Adjusted measures referred to as Alternative performance measures (APMs) which are not defined or specified under the requirements of International Financial Reporting Standards; refer to APMs section on page 66 for definition and reconciliations, to note 3 of the financial statements for reconciliation of Adjusted EBIT/EBITDA and to page 18 for reconciliations of Mining Margins.

 

Healthy cash generation despite significantly lower commodity prices

 

  • H1 2019 Adjusted EBITDA of $5.6 billion, down 32% ($5.9 billion, pre $350 million non-cash cobalt loss)
  • Net income attributable to equity holders down to $0.2 billion, mainly driven by lower average period-over-period commodity prices and impairment charges in our Chad oil and African copper portfolios
  • Cash generated by operating activities before working capital changes of $5.4 billion, down 21%
  • Net purchase and sale of property, plant and equipment of $2.2 billion, up 7%
  • Our ramp-up/development assets, comprising Copper Africa and Koniambo, weighed on earnings in H1 2019, with negative Adjusted EBITDA of $0.4 billion. These assets offer significant upside at steady state production levels. 

 

Industry leading cost positions

  • First-half operational unit cash cost performance in our key commodities: copper (excluding African copper) 72c/lb, zinc 3c/lb (40c/lb ex-gold), nickel (excluding Koniambo) 329c/lb and thermal coal $46/t at a $32/t margin

 

Marketing a diversified earnings driver

  • Marketing Adjusted EBIT of $1.0 billion, down 35%, but only 13%, excluding a cobalt related loss on an ‘involuntary’ long cobalt position, against a particularly strong base period

 

Full year outlook factors…

  • On an annualised basis, pre-cobalt Marketing Adjusted EBIT of $1.3 billion tracking towards the middle of our $2.2-$3.2 billion long-term guidance range
  • Expected Industrial production weighted towards H2 for each of Copper, Zinc, Nickel, Coal and Oil
  • Extensive operational and cost improvement initiatives being undertaken at African Copper and Koniambo

 

…and balance sheet in strong shape for the medium term

  • Debt facilities renewed in March/April. Bond maturities continue to be capped at ~$3 billion in any given year
  • Although Net debt of $16.3 billion is at the upper end of our target range, on account of a new lease accounting standard, $1.1 billion of new lease liabilities were recognised during H1 2019, that previously would have been treated as operating leases
  • Conservative 1.24x Net debt/Adjusted EBITDA ratio. Intend to manage the balance sheet over the next 6-12 months towards our target of around 1x, in the current uncertain economic cycle backdrop

 

To view the full report please click 
http://www.women-jordan-shoes.com/dam/jcr:de09eded-6a3b-42f7-9b82-f40d1a257dcd/GLEN-2019-Half-Year-Report.pdf 

For further information please contact:

Investors
Martin Fewings    
t: +41 41 709 2880    
m: +41 79 737 5642    
martin.fewings@women-jordan-shoes.com
            
Media            
Charles Watenphul    
t: +41 41 709 2462    
m: +41 79 904 3320    
charles.watenphul@women-jordan-shoes.com

Glencore LEI: 2138002658CPO9NBH955

Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.

With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 158,000 people, including contractors.

日日夜夜撸Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

Important notice concerning this document including forward looking statements 
This document contains statements that are, or may be deemed to be, “forward looking statements” which are prospective in nature. These forward looking statements may be identified by the use of forward looking terminology, or the negative thereof such as “outlook”, "plans", "expects" or "does not expect", "is expected", "continues", "assumes", "is subject to", "budget", "scheduled", "estimates", "aims", "forecasts", "risks", "intends", "positioned", "predicts", "anticipates" or "does not anticipate", or "believes", or variations of such words or comparable terminology and phrases or statements that certain actions, events or results "may", "could", "should", “shall”, "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial condition and discussions of strategy. 
By their nature, forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond Glencore’s control. Forward looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause these uncertainties include, but are not limited to, those disclosed in the last published annual report and half-year report, both of which are freely available on Glencore’s website.
For example, our future revenues from our assets, projects or mines will be based, in part, on the market price of the commodity products produced, which may vary significantly from current levels. These may materially affect the timing and feasibility of particular developments. Other factors include (without limitation) the ability to produce and transport products profitably, demand for our products, changes to the assumptions regarding the recoverable value of our tangible and intangible assets, the effect of foreign currency exchange rates on market prices and operating costs, and actions by governmental authorities, such as changes in taxation or regulation, and political uncertainty.
Neither Glencore nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. You are cautioned not to place undue reliance on these forward-looking statements which only speak as of the date of this document. 
Except as required by applicable regulations or by law, Glencore is not under any obligation and Glencore and its affiliates expressly disclaim any intention, obligation or undertaking, to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. This document shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Glencore since the date of this document or that the information contained herein is correct as at any time subsequent to its date.
No statement in this document is intended as a profit forecast or a profit estimate and past performance cannot be relied on as a guide to future performance. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. 
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies.  Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.
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