Business
HALF YEARLY FINANCIAL REPORT JUNE 2017
HALF YEARLY FINANCIAL REPORT JUNE 2017.
About this update from Antofagasta Plc
[{"type":"text","content":"\n \nRNS Number : 5934O Antofagasta PLC 22 August 2017 \n\n \nNEWS RELEASE, 22 AUGUST, 2017\n \nHALF YEARLY FINANCIAL REPORT\n FOR THE SIX MONTHS ENDED 30 JUNE 2017\nSTRONG FIRST HALF\n \nAntofagasta plc CEO Iván Arriagada said: \"Antofagasta has had a strong first half year, with EBITDA up 88% versus HY 2016. Our performance benefited from increases in the copper price, higher sales volumes and tight cost management. As a result, EBITDA margins have returned to over 50% and cash flow from operations is up 48% to $1.1 billion.\n\"This better performance means the Company's interim dividend has significantly increased compared to last year to 10.3 cents per share with the Company's policy of paying out a minimum of 35% of underlying net earnings unchanged. \n\"Antofagasta's strategy remains focused on producing profitable tonnes through reducing costs, making improvements in productivity and efficiency and the application of innovative solutions. A disciplined approach to capital allocation underpins our decision-making process. Projects and future developments must compete internally for capital with any excess cash distributed to shareholders.\n\"The Company is well positioned for future growth, generating strong cash flows and improving returns against a background of a recovery in copper demand. The outlook for Antofagasta is positive - we have the assets, capabilities and strategy to continue to create long-term value for all of our stakeholders.\"\n \nHY 2017 financial performance compared with HY 2016\n· Revenue 41.9% higher at $2,049 million, as realised copper prices increased by 25.3% and sales volumes increased by 14.3%\n· EBITDA(1) increased 87.8% to $1,079.8 million mainly due to higher revenues\n· EBITDA margin(2) strengthened to 52.7%, up from 39.8% in the same period last year and 44.9% for the full year 2016\n· Operating cost reductions of $44 million achieved, as part of the Costs and Competitiveness Programme, contributing to savings of $0.06/lb in cash costs during the current period \n· Operating profit and net earnings per share rose by 149.9% and 231.5% respectively\n· Operating cash flow generation ...