Business
Half Yearly Financial Report to 30.06.19
Half Yearly Financial Report to 30.06.19.
About this update from Antofagasta Plc
[{"type":"text","content":"\n \nRNS Number : 8926J Antofagasta PLC 22 August 2019 \n\n \nNEWS RELEASE, 22 AUGUST 2019\n \nHALF YEARLY FINANCIAL REPORT\n FOR THE SIX MONTHS ENDED 30 JUNE 2019\n \nAntofagasta plc CEO Iván Arriagada said: \"We have delivered robust financial results for the first half of the year reflecting higher production at all of our operations with EBITDA increasing by 44% to $1.3 billion. \n\"In line with our plan for the year, copper production during the half year period increased by 22% and we expect this rate of production to continue into the second half of 2019, which we expect to be another year of record copper production.\n\"With Antofagasta's strategy focused on producing profitable tonnes, the successful Cost and Competitiveness Programme continues to deliver benefits and has yielded a cost saving of 7c/lb in the first half of the year helping us to reduce our net cash costs by 33c/lb to $1.19/lb.\n \"While the outlook for the copper market remains uncertain with the protracted negotiations between the USA and China impacting global trade, Antofagasta continues to be in a strong position generating solid cash flows and improving returns. We have the assets, capabilities and disciplined capital allocation strategy that allow us to deliver long-term value for all our stakeholders even in a challenging external macro environment.\"\n \nFinancial performance \n· Revenue up 19.1% to $2,525.6 million as higher copper sales volumes and by-product revenues were partially offset by a 6.3% lower realised copper price \n· EBITDA(2) for the first six months of the year was $1,305.9 million, 44.0% higher than in the first half of 2018\n· EBITDA margin(3) of 51.7%, increased from 42.6% during same period last year as unit production costs decreased\n· Cost and Competitiveness Programme achieved savings of $61 million in the first half of 2019, equivalent to 7c/lb of unit cash costs\n· Cash flow from operations(5) of $1,514.5 million, 70% higher than in the same period last year predominantly due to higher EBITDA \n· Capital expenditure of $465.5 million, 38.8% of full year guidance\n· Net d...