Business
2024 Half-Year Report
2024 Half-Year Report.
About this update from Glencore Plc
[{"type":"text","content":"\n\nNEWS RELEASE\nBaar, 7 August 2024\n \n2024 Half-Year Report\nHighlights\n \nGlencore's Chief Executive Officer, Gary Nagle, commented:\n\"We are pleased to report strong strategic achievements for the Group over the year to date. Our Industrial portfolio has been further streamlined with the sale of our Volcan stake and strengthened with the addition of a 77% interest in Elk Valley Resources (EVR). Our updated Climate Action Transition Plan (CATP) received more than 90% shareholder support at our 2024 AGM, the Swiss and Dutch government investigations have been resolved and our 2024 production guidance has been maintained and enhanced, with a skew to the second half of 2024.\n\"Critically, we have also clarified the immediate future of our coal and carbon steel materials business. Following completion of the acquisition of EVR in early July, we undertook an extensive consultation with shareholders and based on the outcome of that process and the Group's own analysis, Glencore's Board, considering both risk and opportunity scenarios, endorsed the retention, rather than demerger, of the coal and carbon steel materials business, as currently providing the optimal pathway for demonstrable and realisable value creation for Glencore shareholders.\n\"Some shareholders stated that this was a decision for the Board alone to make, but of the others, the overwhelming majority had a clear preference for retention. This was primarily on the basis that retention should enhance Glencore's cash-generating capacity to fund opportunities in our transition metals portfolio, such as our copper growth project pipeline, as well as accelerate and optimise the return of excess cash flows to shareholders.\n\"Against the backdrop of lower average prices for many of our key commodities during the period, particularly thermal coal, our overall Group Adjusted EBITDA of $6.3 billion was 33% below the comparable prior year period, however Funds from Operations were up 9%, due to the timing of income tax payments . We reported a Net loss attributable to equity holders of $233 million, after recognising $1.7 billion of significant items, including c.$1.0 billion of impairment charges.\n\"Reflecting healthy cash generation and after funding $2.9 billion of net capital expenditure and $1.0 billion of shareholder returns, Net debt, including Marketin...