Glencore Plc Unsp/Adr (GLNCY) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, good afternoon everyone. Welcome to our 2023 financial results. Joining us today is Gary Nagel, CEO, Stephen Kalman, CFO, Peter Freyberg, our Head of Industrial Assets, and Xavier Wagner, who's going to be replacing Peter when Peter retires next week. I'll hand over to Gary. Thanks, Martin. Good morning to those in the room. Good morning and good afternoon. Good evening to those dialing in or by the webcast. Appreciate your time and thank you for joining us today for our 2023 results presentation. So we'll follow a similar format to previous years. We'll start with a scorecard on how we've done. And a very, very strong financial year for Glencore. Adjusted EBITDA of over $17 billion. Made up predominantly, obviously given our business structure of our industrial asset business of $13.2 billion. That's the biggest proportion of that coming out of our energy business, in particular our coal business. Coal had a very strong year, clearly lower than the previous year after the extreme highs we saw in 2022, given the geopolitical tensions and the higher energy markets, but still a very strong coal year and a pleasing result for coal. Metal's a little bit weaker, as a result largely from weaker metal prices, particularly in cobalt and cobalt payables, and some weaker nickel and zinc prices. Our marketing, once again, achieving above the top end of our range. As you know, our EBIT range and guidance for marketing is $2.2 to $3.2 billion. So very pleasing results of $3.5 billion above the top end of the range. We've done that a number of years in a row now. And the opportunities have been there in the market for it. We've seen arbitrage opportunities. We've seen high vol. And that's allowed us to capitalize on these opportunities and post very good numbers. The...